Non-Traded BDC NAV Surges to $127B as Private Credit Demand Accelerates 

Aggregate net asset value for non-traded business development companies (BDCs) reached $127.0 billion in Q3 2025, rising more than 9% quarter-over-quarter and 45% year-over-year, underscoring the continued strength of private credit strategies in a high-rate environment, according to the latest Non-Listed BDC Edition of The Stanger Report by Robert A. Stanger & Co. 

Fundraising remains highly concentrated. Over the past 12 months, non-traded BDCs raised $43.5 billion, with the top five sponsors — Blackstone, Blue Owl, Apollo, Ares, and HPS — accounting for more than 83% of total inflows. 

Performance continues to support demand. The Stanger NL BDC Index rose 2.1% in Q3 and 8.6% over the past year, sharply outperforming the S&P BDC Total Return Index, which declined 5.9% in Q3 and delivered only a 0.3% gain over the same 12-month period — pressured by a 7.5% year-over-year decline in public BDC price-to-book values. 

While public BDCs have delivered higher long-term returns — 56.8% over three years and 106.1% over five years versus 33.1% and 57.9%, respectively, for the Stanger Index — non-traded structures continue to offer lower volatility and greater NAV stability, a key draw for private wealth investors. 

“The private credit market remains the most coveted strategy among private wealth investors,” said Kevin T. Gannon, Chairman & CEO of Stanger. “With nearly $35 billion raised year-to-date, publicly registered non-traded BDCs are providing investors access to institutional-quality credit and capturing the lion’s share of new allocations.” 

Including private-placement BDCs, total capital formation is on track to exceed $60 billion by year-end, signaling sustained investor preference for flexible, income-oriented structures in the current market, Gannon added.