Semi-Liquid Structures Demonstrate Durability as Net Capital Formation Approaches $125 Billion Over the Same Period
Shrewsbury, New Jersey, May 27, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published the Q1 2026 edition of The Stanger Chairman’s Report, highlighting the scale of liquidity delivered across publicly registered non-listed NAV REITs and NAV BDCs since the start of 2022. The report tracks fundraising, distribution reinvestment plan (“DRIP”) proceeds, redemptions, net capital formation, and aggregate NAV across both markets.
Since January 2022, publicly registered NAV REITs and NAV BDCs have collectively met more than $82 billion in investor redemptions while generating nearly $125 billion in net capital formation. Over that period, the NAV REIT market moved through a major redemption cycle, while NAV BDC redemption activity has more recently increased. As of March 31, 2026, combined aggregate NAV across the two markets stood at $209.3 billion, underscoring that substantial liquidity has been delivered while a significant investor capital base remains in place.
Among publicly registered NAV REITs, fundraising totaled nearly $56.9 billion from January 2022 through Q1 2026, with DRIP proceeds adding $8.0 billion, while sponsors met $53.7 billion of investor redemptions. Net capital formation totaled $11.3 billion over the period. REIT redemptions peaked at $18.4 billion in 2023 during the NAV REIT liquidity cycle and have declined year-over-year since, reflecting a market that has moved from elevated redemption pressure toward stabilization.
Annual and Q1 2026 fundraising, DRIP, and redemption data for publicly registered NAV REITs is summarized below:
Among publicly registered NAV BDCs, fundraising totaled $130.4 billion from January 2022 through Q1 2026, with DRIP proceeds adding $11.9 billion, while sponsors met $28.7 billion of investor redemptions. Net capital formation totaled $113.5 billion over the period, making NAV BDCs the primary driver of combined net capital formation across the two markets. Unlike the REIT market, NAV BDC redemption activity has accelerated, with redemptions reaching approximately $6.8 billion in Q1 2026 against fundraising of approximately $5.0 billion.
Annual and Q1 2026 fundraising, DRIP, and redemption data for publicly registered NAV BDCs is summarized below:
“Publicly registered NAV REITs and NAV BDCs have delivered more than $82 billion in redemptions to investors since 2022 — an unprecedented volume of liquidity through semi-liquid vehicles,” said Kevin T. Gannon, Chairman & CEO of Stanger. “The real story is not only the amount of capital returned, but the amount of capital that remains invested. With combined aggregate NAV still above $209 billion and nearly $125 billion of net capital formation over this period, the data shows that these structures have absorbed meaningful redemption pressure while continuing to retain and attract substantial investor capital. The REIT market has already moved through its redemption cycle, and the BDC market is now moving through a similar sequence.”
To request a copy of The Stanger Chairman’s Report or for more information on all available Stanger Publications, please visit our website or contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
***
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
