Private Placement REIT NAV Jumps 52% YoY to $33.1B as Segment Share Climbs to 27%

Aggregate net asset value at private placement REITs reached $33.1 billion in the first quarter of 2026, up 9.4% from Q4 2025 and 52.2% year-over-year, according to investment banking firm Robert A. Stanger & Company Inc. These vehicles now represent 26.9% of the $123 billion nontraded REIT market, up from 25.1% at year-end 2025 and 16.5% at year-end 2024.

“Capital continues to flow toward private placement real estate vehicles, and performance is validating that shift,” said Kevin T. Gannon, chairman and chief executive officer of Stanger.

The Stanger Private NAV REIT Total Return Index rose 2.3% in Q1 2026. Over the trailing 12 months, the Index gained 9.8%, outperforming the Stanger Public NAV REIT Total Return Index by more than 360 basis points and the Stanger Composite NAV REIT Total Return Index by nearly 300 basis points. The Private NAV REIT Index also exceeded all three major public REIT benchmarks tracked by Stanger, which averaged a 5.8% return over the past year.

Fundraising activity also remained elevated. Private placement REITs raised $2.3 billion in Q1 2026, the second highest quarterly total on record and an 8.5% increase over Q1 2025. Trailing 12-month fundraising reached $9.8 billion through March 2026, slightly above the $9.6 billion raised in full-year 2025.

Private placement NAV REITs also continued to satisfy redemption demand in full, standing in contrast to elevated redemption activity across the nontraded BDC landscape. Across all private placement NAV REITs tracked by Stanger, there were no unsatisfied redemption requests in Q1 2026, and the group returned approximately $272 million to investors.

“Private NAV REITs have delivered more than 360 basis points of outperformance over their publicly registered counterparts during the past year, driven by newer portfolios built closer to current market pricing and limited legacy asset drag,” said Gannon. “With redemption queues clear and fundraising near record levels, the case for hard assets with low obsolescence is being made in the data.”

Private placement BDC aggregate NAV reached $78.2 billion in Q1 2026, up 7.4% quarter-over-quarter and 23.1% year-over-year. Fundraising momentum slowed during the quarter, with private placement BDCs raising $4.1 billion, the lowest quarterly total since Q1 2024. Fundraising declined 37% quarter-over-quarter.

Across the 22 private placement BDCs that conduct regular quarterly tender offers, sponsors returned $1.2 billion to investors and fulfilled 74% of total redemption requests. Six funds prorated, leaving an estimated $424 million in unmet demand.

Stanger has also analyzed early Q2 2026 tender offer results for select private placement BDCs, with approximately $208 million already returned to investors.

Private placement NAV REIT performance leaders across key time periods are summarized in the table below.

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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