NAV BDCs Deliver Record $7.4B in Q1 Liquidity as Redemption Requests Hit $13.9B

Net asset value business development company sponsors have delivered more than $7.4 billion in liquidity to investors in the first quarter of 2026, a record for the product type, with approximately 96% of the market reporting. The figure is up from the $5.8 billion previously reported.

Since the previous analysis from Robert A. Stanger & Company Inc., five additional NAV BDCs have reported Q1 2026 tender offer results, including both Blue Owl BDCs, Oaktree, Crescent, and John Hancock.

“With more than 96% of the market now reporting, NAV BDC sponsors have returned more than $7.4 billion to investors in Q1 – a record for the product type,” said Kevin T. Gannon, chairman and chief executive officer of Stanger. “Total redemption requests reached approximately $13.9 billion this quarter, reflecting significant investor demand.”

Investors in two of Blue Owl’s flagship funds sought to withdraw $5.4 billion during Q1 2026. The requests targeted the $36 billion Blue Owl Credit Income Corp., or OCIC, and Blue Owl Technology Income Corp., or OTIC. Investors asked to redeem 22% of OCIC and more than 40% of OTIC.

• OCIC (large fund) honored roughly $988 million in redemptions, or 23%, leaving $3.2 billion in requests unfulfilled.

• OTIC (tech fund) honored $179 million in redemptions, or 14%, leaving roughly $1 billion in unfulfilled redemption requests.

Oaktree Strategic Credit Fund faced a significant surge in redemption requests, but unlike many of its peers, it successfully met 100% of investor demand. The fund received withdrawal requests totaling 8.5% of its outstanding shares – a figure well above the standard 5% quarterly cap typically adhered to by BDCs.

The fund increased its tender offer to approximately 6.8% of outstanding shares, or about 13.9 million shares. Parent company Brookfield Asset Management then purchased the remaining 1.7% of shares directly.

Crescent Private Credit Income Corp and John Hancock Comvest Private Income Fund each had zero redemption requests from investors in Q1 2026.

Reported Q1 2026 tender offer results for the full NAV BDC landscape are detailed in the table below.

“The fact that sponsors were able to deliver this level of liquidity within the defined program limits demonstrates exactly what these structures were built to do. As we saw with NAV REITs in 2022, elevated redemption periods are a feature of semi-liquid vehicles, not a flaw – and the data continues to bear that out,” said Gannon.

Founded in 1978, Robert A. Stanger & Co. is an investment banking firm providing advisory, valuation and capital markets services to real estate investment trusts, partnerships and related entities.

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