Robert A. Stanger & Co. has published its Second Quarter 2026 Non-Listed BDC Edition of The Stanger Report, highlighting the sector’s lowest quarterly fundraising total since 2020 and highest quarterly redemption demand on record.
Publicly registered non-listed Business Development Companies (BDCs) raised $2 billion in second quarter 2026, down 82 percent from second quarter 2025. That is the lowest quarterly total since fourth quarter 2020, before Blackstone Private Credit Fund and Blue Owl Credit Income Corp. began raising capital. First-half 2026 fundraising totaled $7.1 billion, down 70 percent from $23.5 billion during the first six months of 2025.
Redemption demand reached a new high in second quarter, and despite elevated demand, BDCs continue to provide liquidity without gating redemptions. Repurchase requests equaled 12.4 percent of net asset value (NAV) in second quarter. That compares with 10.4 percent in first quarter and represents the highe
