Non traded BDCs offer no exchange liquidity. They redeem only through quarterly tender offers, capped at 5% of NAV per quarter as the industry standard. When requests exceed the cap, the fund pro rates the fill or gates entirely. This module tracks request rates, fill rates, and gate status across the universe, following the Stanger liquidity cycle framework that called the non traded REIT redemption wave 18 months ahead.
Each fund's most recent reported tender outcome maps to one of four classifications. GATED means the BDC's gate was active and fill rate was below 100% in the latest quarter. PRESSURED means request rate is above 5% (above the industry standard cap) even if currently being filled. HEALTHY means fill rate is at 100% and request rate within normal range. CALM means request rate is well below the cap, indicating minimal investor exit pressure.
The Stanger cycle reads from fundraising peak (Stage 1) through oversubscription (Stage 4) to gating (Stage 5) and back to recovery. The non traded REIT universe completed this cycle from 2022 to 2024 over approximately 18 months. The current non traded BDC universe sits at Stage 3 (redemption rise) per aggregate data, though individual funds span the full range.
Request rate = total quarterly redemption requests divided by beginning of quarter NAV. Industry standard cap is 5%. Some funds have a tighter cap (2.5% or 3.5%).
Fill rate = redemptions actually paid divided by requests received. 100% means the BDC paid every request in full. Below 100% means investors were pro rated and the remainder was deferred or denied.
Backlog = unfulfilled requests carried forward. Material backlogs indicate sustained selling pressure that exceeds the fund's quarterly redemption capacity.
Coverage varies. Most BDCs with active redemption programs disclose request and fill data in their 10-Qs, but some private placement BDCs file later or with different granularity. Funds without a tender program (older private vehicles) do not appear in this monitor.