NAV REITs, BDCs Have Returned Over $82B to Investors Since ‘22

The publicly registered NAV REIT and NAV BDC markets have demonstrated a resilience that the headline redemption numbers alone do not fully capture, according to new data from investment banking and research firm Robert A. Stanger & Company.

Since January 2022, the two markets have collectively met more than $82 billion in investor redemptions while generating nearly $125 billion in net capital formation. As of March 31, 2026, combined aggregate NAV across both markets stood at $209.3 billion — evidence that substantial liquidity has been delivered while a significant investor capital base remains intact.

Among publicly registered NAV REITs, fundraising totaled nearly $56.9 billion from January 2022 through the first quarter of 2026, with dividend reinvestment plan proceeds adding $8.0 billion. Sponsors met $53.7 billion in investor redemptions over the period, producing net capital formation of $11.3 billion. REIT redemptions peaked at $18.4 billion in 2023 before declining year-over-year, reflecting a market that has moved from peak pressure toward stabilization.

“The real story is not only the amount of capital returned, but the amount of capital that remains invested,” said Kevin T. Gannon, Chairman and CEO of Stanger. “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 noted that the two markets are moving through similar but sequenced cycles. “The REIT market has already moved through its redemption cycle, and the BDC market is now moving through a similar sequence,” he said.