Shrewsbury, New Jersey, May 14, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q1 2026 Non-Listed BDC edition of The Stanger Report, highlighting a new phase in the non-listed BDC liquidity cycle as quarterly redemptions exceeded fundraising for the first time.
Pressure that began building late in 2025 became more apparent in Q1 2026, as publicly registered non-listed BDCs saw a sharp decline in fundraising. Q1 gross sales totaled $4.9 billion, down 46% from Q4 2025 and 59% from Q1 2025.
Non-listed BDC performance remained resilient compared to public market benchmarks. The Stanger NL BDC Total Return Index was essentially flat in Q1 at -0.03%, marking its first negative quarterly return since Q2 2022. Over the trailing twelve months, the Stanger Index returned 6.2%, compared with a 14.0% decline for the S&P BDC Total Return Index. The S&P BDC Total Return Index declined 10.1% in Q1 alone.
Redemption activity increased meaningfully in Q1. NAV BDC sponsors met approximately $6.9 billion of redemption requests, exceeding the $4.9 billion of new capital raised by publicly registered BDCs during the quarter. This marks the first time quarterly outflows have surpassed quarterly inflows.
Despite elevated redemption activity, NAV BDCs have continued to provide liquidity without gating redemptions. Five NAV BDCs fulfilled Q1 redemption requests up to their quarterly caps and prorated remaining requests. Two funds — Blackstone Private Credit Fund and Oaktree Strategic Credit Fund — exceeded the standard 5% quarterly repurchase limit to satisfy 100% of investor requests. More recently, Golub Capital Private Credit Fund reported Q2 requests of 8.5% of shares outstanding and intends to fulfill up to its 5% quarterly limit.
As redemption activity remains elevated, realized asset sales may provide an important market test of NAV marks and portfolio valuation discipline across the sector.
“The Stanger Liquidity Cycle is progressing as we anticipated,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Fundraising has slowed, redemptions have risen, and for the first time, more capital left non-listed BDCs in a quarter than came in. But the structures are functioning as designed: sponsors delivered a record level of liquidity in Q1, and no NAV BDC has gated redemptions. As we saw with NAV REITs in 2022, these vehicles were built to manage periods of elevated redemptions, and Q1 showed that the structure can absorb meaningful liquidity pressure.”
Performance leaders across key time periods are summarized in the table below:
For a copy of The Stanger Report or for further information on all available Stanger Publications, please visit our website or contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
The Stanger NL BDC Total Return Index measures the performance of non-listed business development companies on a quarterly basis. Stanger began calculating the index on December 31, 2015, with a base level of 100. Perpetually offered, non-listed BDCs that update their NAVs no less frequently than monthly and that have a minimum of one calendar quarter of performance are included in the index. All other non-listed BDCs are generally added to the index in the quarter that their first NAV is announced. Non-listed BDCs are removed from the index upon listing, merger, or in the case of a liquidation by disposition of investments, upon conversion to a liquidation basis of accounting or announcement of the effectiveness of a plan of liquidation. Non-listed BDCs may also be removed from the index for other special circumstances. As of Q1 2026, the index currently includes 24 BDCs with a total of 56 separate share classes.
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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
