Public Non-Traded BDC Aggregate NAV Surpasses $114 Billion
Shrewsbury, New Jersey, August 27, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q2 2025 edition of The Stanger Chairman’s Report, complete with fundraising and redemption data on all current offerings of public non-traded REITs and BDCs. In addition to tracking fundraising and redemptions, monthly aggregate NAVs and changes in NAV per share are included.
Non-traded NAV REITs have reported second quarter investor redemption results that revealed an overall decrease in redemptions from the prior quarter, driven largely by Blackstone’s BREIT reporting redemptions totaling 2.7% of aggregate NAV as compared to 3.9% in the first quarter of 2025. Collectively, non-traded NAV REIT redemptions totaled 2.5% of aggregate NAV as compared to 3.4% the prior quarter. Despite this decrease, year-to-date investor redemptions of $4.9 billion are still outpacing public non-traded NAV REIT fundraising of $2.9 billion through Q2 2025.
According to Kevin T. Gannon, Chairman of Robert A. Stanger & Co., Inc, “Cantor Fitzgerald, RREEF, StratCap and Starwood reported investor redemption requests that exceeded capacity limits, but redemption levels overall remain well within the expected 5% quarterly cap imposed by most programs. Since reducing their capacity limits, we estimate that Starwood’s unmet investor redemptions have grown to nearly $1 billion.”
Non-traded BDC investor redemptions, which have remained at approximately 1.5% of aggregate NAV for the prior seven quarters, reported an increase to 2.4% of aggregate NAV for the second quarter of 2025. While redemptions have increased in the quarter, year-to-date fundraising of $23.2 billion far exceeds the $3.8 billion of investor redemptions reported by current offerings of public non-traded BDCs. During the second quarter of 2025, the overall aggregate NAV of non-traded BDCs currently offered in space soared past $114 billion as retail investors continue to shift their portfolio allocations to BDCs and other credit-oriented products with higher yields.
The Stanger Chairman’s Report is exclusively available as a supplement to subscribers of The Stanger Market Pulse. To request a copy of The Stanger Market Pulse, The Stanger Chairman’s Report, or for further information on all available Stanger Publications, please 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
