Shrewsbury, New Jersey, May 21, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published the Q1 2026 edition of Stanger Privates. The report highlights continued momentum across private placement REITs, including benchmark-leading performance, aggregate NAV growth, elevated fundraising, and clear redemption queues. The edition also includes comprehensive fundraising and redemption data across the private placement REIT and BDC universes, along with early Q2 2026 tender offer results for select private placement BDCs.
Private placement REITs continued to expand in Q1 2026, with aggregate NAV reaching $33.1 billion — up 9.4% from Q4 2025 and 52.2% year-over-year. These vehicles now represent 26.9% of the $123 billion non-listed REIT market, up from 25.1% at year-end 2025 and 16.5% at year-end 2024.
The Stanger Private NAV REIT Total Return Index rose 2.3% in Q1 2026. Over the trailing twelve months, the Index gained 9.8%, outperforming the Stanger Public NAV REIT Total Return Index by more than 360 basis points and the Stanger Composite NAV REIT Total Return Index by nearly 300 basis points. The Private NAV REIT Index also exceeded all three major public REIT benchmarks tracked by Stanger, which averaged a 5.8% return over the past year.
Fundraising activity also remained elevated. Private placement REITs raised $2.3 billion in Q1 2026, the second-highest quarterly total on record and an 8.5% increase over Q1 2025. Trailing twelve-month fundraising reached $9.8 billion through March 2026, slightly above the $9.6 billion raised in full-year 2025. Fund-by-fund fundraising detail, published exclusively in Stanger Privates, is available in this edition.
Private placement NAV REITs also continued to satisfy redemption demand in full, standing in contrast to elevated redemption activity across the non-listed BDC landscape. Across all private placement NAV REITs tracked by Stanger, there were zero unsatisfied redemption requests in Q1 2026, while the group returned approximately $272 million to investors.
“Capital continues to flow toward private placement real estate vehicles, and performance is validating that shift,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Private NAV REITs have delivered more than 360 basis points of outperformance over their publicly registered counterparts during the past year, driven by newer portfolios built closer to current market pricing and limited legacy asset drag. With redemption queues clear and fundraising near record levels, the case for hard assets with low obsolescence is being made in the data.”
Private placement BDC aggregate NAV reached $78.2 billion in Q1, up 7.4% quarter-over-quarter and 23.1% year-over-year. Fundraising momentum slowed during the quarter, with private placement BDCs raising $4.1 billion, the lowest quarterly total since Q1 2024. Fundraising declined 37.0% quarter-over-quarter from Q4 2025 levels.
Finalized Q1 2026 redemption data was largely consistent with preliminary data published in the prior edition of Stanger Privates, confirming the continuation of the Stanger Liquidity Cycle across the broader non-listed BDC landscape. Across the 22 private placement BDCs that conduct regular quarterly tender offers, sponsors returned $1.2 billion to investors and fulfilled 74% of total redemption requests. Six funds prorated, leaving an estimated $424 million in unmet demand.
The edition also includes early Q2 2026 tender offer results for select private placement BDCs, including approximately $208 million already returned to investors and an early read on redemption activity entering the second quarter.
Private placement NAV REIT performance leaders across key time periods are summarized in the table below:
Availability
Stanger Privates is available exclusively to subscribers of the Institutional Access plan. For more information on all available Stanger Publications, please visit our website or contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
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About Robert A. Stanger & Co., Inc.
Robert A. Stanger & Co., Inc., founded in 1978, is a nationally recognized investment banking firm specializing in providing investment banking, financial advisory, fairness opinion and asset and securities valuation services to partnerships, real estate investment trusts and real estate advisory and management companies in support of strategic planning, capital formation and financings, mergers, acquisitions, reorganizations, and consolidations.
Stanger is also well known for its industry leading publications: The Stanger Report, a nationally recognized comprehensive report focused on non-traded REIT and BDC investing, including aggregate market statistics, total returns by company and total return indices, fee structure comparisons, and profiles of current offerings; The Stanger Market Pulse, a monthly deep-dive into alternative investment fundraising; The Stanger Chairman’s Report, focused on NAV REIT and non-traded BDC sales and redemptions; The Stanger Closed-End Fund Report, focused on non-traded interval fund and tender offer fund investing; Stanger Privates, a quarterly publication focused on Private Placement REITs and BDCs exclusively available to Stanger Institutional Access subscribers; and The Alt Street Journal, a weekly newsletter providing an update on industry activities.
For More Information:
Kevin T. Gannon | Chairman & CEO | (732) 389-3600
Robert A. Stanger & Co., Inc.
1129 Broad Street, Suite 201
Shrewsbury, NJ 07702
www.rastanger.com
Member: SIPC
