Shrewsbury, New Jersey, February 17, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published the Q4 2025 Stanger Privates – REIT Preview Edition. This edition provides year-end data on private placement REITs, while a final version – including BDC data as of December 31 – will be released following the filing of 10-Ks at the end of the first quarter.
Private placement REITs continued their recent expansion, with combined aggregate NAV surging to $30.5 billion in Q4 – a 17.4% quarter-over-quarter increase and a 66.4% year-over-year jump. These vehicles now represent 25.3% of the $120.7 billion total aggregate NAV across publicly registered and private placement REITs, up substantially from 16.5% at the end of 2024 and reflecting a meaningful acceleration in market share penetration.
The REIT Preview Edition introduces the new Stanger Private NAV REIT Total Return Index (Q4 2024 = 100), a weighted quarterly benchmark of private placement NAV REIT total return. The Private Index rose 2.5% in Q4 and gained 9.6% in 2025, outperforming Stanger’s Public NAV REIT Total Return Index (covering just publicly registered NAV REITs) which posted 2.3% and 5.8%, respectively.
“All new non-listed REIT offerings are now being launched as private placements, reflecting the realities of today’s regulatory environment,” said Kevin T. Gannon, Chairman and CEO of Robert A. Stanger & Company, Inc. “Performance has benefited from the absence of legacy asset drag, with newer portfolios constructed at current market pricing. This is evident in the Stanger Private NAV REIT Total Return Index, which posted a 9.6% full-year return, outperforming publicly registered NAV REIT benchmarks. As redemptions begin to build in BDCs, we expect private placement REITs to capture a disproportionate share of these flows.”
New and Expanded Features of Stanger Privates:
- New Private Index: Tracks performance across the full private placement NAV REIT universe
- Current Redemption Status: Comprehensive redemption data for all private placement NAV REITs under coverage.
- Market Overview: A concise summary of fund size, distribution rates, performance, fundraising, and portfolio composition.
As published in the Q4 2025 REIT Preview Edition, performance leaders across key time periods are summarized in the table below:
The final Q4 2025 edition of Stanger Privates, incorporating BDC data as of December 31, 2025, will be released upon the filing of BDC’s 10-Ks at the end of the first quarter.
Availability
Stanger Privates is available exclusively to subscribers of the Institutional Access plan. For more information or for a full list of available publications and reports, contact Gregory R. DiSalvo, at 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
