NAV REITs, BDCs Meet $82B in Redemptions Since 2022 on $125B Net Capital Formation
Publicly registered net asset value real estate investment trusts and NAV business development companies have collectively met more than $82 billion in investor redemptions since January 2022 while generating nearly $125 billion in net capital formation, according to analysis from investment banking firm Robert A. Stanger & Company Inc.
“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 and chief executive officer of Stanger.
As of March 31, 2026, combined aggregate NAV across the two markets stood at $209.3 billion, Stanger reported.
Among NAV REITs, fundraising totaled nearly $56.9 billion from January 2022 through the first quarter of 2026, with distribution reinvestment plan proceeds adding $8 billion. Sponsors met $53.7 billion in redemptions over the period, with net capital formation totaling $11.3 billion. REIT redemptions peaked at $18.4 billion in 2023 and have declined year-over-year since. Stanger characterized the trend as a move from peak redemption pressure toward stabilization.
Annual and Q1 2026 fundraising, DRIP, and redemption data for publicly registered NAV REITs is summarized below.
NAV BDCs drove the majority of combined net capital formation. Fundraising in that market totaled $130.4 billion from January 2022 through the first quarter of 2026, with DRIP proceeds adding $11.9 billion, while sponsors met $28.7 billion in redemptions. Net capital formation totaled $113.5 billion. Unlike the REIT market, NAV BDC redemption activity has accelerated. Redemptions reached approximately $6.8 billion in Q1 2026 against fundraising of approximately $5 billion, according to Stanger.
Annual and Q1 2026 fundraising, DRIP, and redemption data for publicly registered NAV BDCs is summarized below.
“The real story is not only the amount of capital returned, but the amount of capital that remains invested,” Gannon said. “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.”
Gannon said the REIT market has already moved through its redemption cycle and the BDC market is now moving through a similar sequence.
Founded in 1978, Robert A. Stanger & Company 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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