With approximately 99 percent of the market reporting, NAV BDC sponsors have delivered nearly $5.9 billion in liquidity to investors so far in the second quarter of 2026, demonstrating the resilience of the semi-liquid vehicle structure even in the face of historically elevated redemption demand, according to Robert A. Stanger & Co., Inc. Year-to-date, total redemptions met by NAV BDCs has exceeded $12.7 billion.
“While redemption requests in private credit remain elevated, sponsors are continuing to meet those requests within defined program limits,” said Kevin T. Gannon, chairman and CEO of Stanger. “What we're watching is a rotation, not a retreat, with investors rebalancing out of credit and into HALO strategies. The semi-liquid structure allows them to do so on defined terms, protecting the investors who want to stay without forcing distressed sales inside the fund. That's the mechanism working exactly as intended.”
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