Shrewsbury, New Jersey, August 22, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, today released its Q2 2025 edition of Stanger Privates, now capturing more than $84 billion of net asset value (NAV) across nearly 120 private placement REITs and BDCs.
Private placement REITs outraised their publicly registered counterparts by over 45% to start the year, attracting over $4.2 billion of investor capital compared to $2.9 billion, respectively, as of June 30, 2025. In Q2 2025, private placement REITs grew their aggregate NAV to $24.0 billion, a 10.5% quarter-over-quarter increase, further cementing their expanding share of the non-traded REIT market. Meanwhile, credit continues to dominate fundraising, capturing more than $31 billion of capital in six months, with publicly registered BDCs attracting $23.1 billion compared to $8.5 billion for private placement BDCs. Private placement BDCs grew their aggregate NAV 8.8% quarter-over-quarter, excluding Blue Owl Technology Finance Corp., which listed its shares on the NYSE in June 2025. Prior to its listing, Blue Owl Technology Finance Corp. was the largest private placement BDC, with an aggregate NAV just under $8 billion as of March 31, 2025.
"Private placements continue to gain traction in the alternative investment market as they benefit from fewer regulatory restrictions, higher concentration limits, and the absence of legacy asset drag,” said Kevin T. Gannon, Chairman and CEO of Robert A. Stanger & Company, Inc. “Private placement REITs are on pace for over $8 billion of capital formation for 2025, a 60% year-over-year increase, and private placement BDCs are on pace for $19 billion of capital formation. Private placement REITs are now positioned to outraise their publicly registered counterparts this year.”
Key Developments in Q2 2025:
- Regulatory Tailwinds: Following SEC exemptive relief for multiple share classes in BDCs earlier this year, two private placement BDCs reclassified and redesignated their share structures.
- Strategic Consolidation: Goldman Sachs’ $7 billion BDC announced plans to acquire a smaller Goldman-sponsored BDC, underscoring ongoing consolidation in the space.
- Institutional Partnerships: Starwood Credit Real Estate Income Trust closed a $200 million strategic investment with CalSTRS, one of the largest U.S. pension funds.
- New Offerings: Blue Owl and CNL both launched perpetual, private REIT vehicles, expanding investor choice in the sector.
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
