The latest data reveals a significant uptick in the performance and aggregate net asset value (NAV) of non-listed business development companies (BDCs) as of March 31, 2024. According to the Stanger NL BDC Total Return Index, BDCs experienced a 55% year-over-year increase, reaching a combined NAV of $67.9 billion.

As reported by DiWire, Stanger's index soared to an all-time high in Q1 2024, marking its seventh consecutive quarter of growth. This index recorded a 2.9 percent increase for the quarter and an impressive 12.7 percent growth over the trailing 12 months, its best performance since Q3 2021.

Kevin T. Gannon, Chairman and CEO of Stanger, highlighted the consistent positive returns of non-listed BDCs over the past 15 quarters, attributing their success partly to the current interest rate environment. Notably, these BDCs have outperformed traded BDCs.

Fundraising in the non-listed BDC space also has surged, with nearly $27 billion raised over the trailing 12 months, representing a substantial 59 percent increase year-over-year. DiWire also reports that this fundraising volume dwarfs that of non-traded REITs by over five times during the same period.

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