Key Takeaways
- • Neuberger Real Estate Securities Income Fund (NRO) is a closed-end management investment company with primary objective of high current income and secondary objective of capital appreciation, investing primarily in real estate securities and REITs.
- • Fund trades at a 6.36% discount to NAV as of July 6, 2026, with NAV of $3.30 per share versus market price of $3.09, while offering a 12.12% distribution yield.
- • Portfolio strategy utilizes leverage through issuance of preferred stock and debt to enhance returns, with broad sector diversification including apartments, office, data centers, lodging, gaming, manufactured homes, telecommunications, and healthcare real estate.
- • Total expense ratio stands at 3.12% (1.64% management fee), positioning the fund within the typical cost structure for actively managed closed-end real estate funds.
- • Fund name simplified on December 18, 2025, removing "Berman" from its official designation to become Neuberger Real Estate Securities Income Fund, reflecting a branding adjustment by sponsor Neuberger Berman LLC.
Summary
Neuberger Real Estate Securities Income Fund (NRO) represents a closed-end investment vehicle managed by Neuberger Berman LLC, designed to deliver high current income through real estate exposure with capital appreciation as a secondary consideration. The fund pursues its objectives through a diversified portfolio of real estate securities, predominantly composed of Real Estate Investment Trusts (REITs) and securities issued by real estate companies across multiple property sectors.
As of July 6, 2026, NRO traded at $3.09 per share against a net asset value of $3.30, reflecting a 6.36% discount to NAV—a valuation dynamic commonly observed in closed-end funds during periods of market repricing. The fund's distribution yield of 12.12% provides income-focused investors with material yield support, with distributions potentially comprising net investment income, net realized capital gains, and return of capital components.
The fund's portfolio strategy emphasizes superior security selection and property sector allocation across a diversified real estate landscape. Sector exposure spans apartments, office space, data centers, lodging and resort properties, gaming facilities, manufactured housing, telecommunications infrastructure, and healthcare real estate—providing investors with broad exposure to evolving property market dynamics. To enhance income generation and returns, NRO employs leverage through the issuance of preferred stock and debt instruments, a capital structure mechanism common among closed-end real estate funds seeking to amplify yields for equity shareholders.
The fund operates with a total expense ratio of 3.12%, comprised of a 1.64% management fee, reflecting standard cost structures for professionally managed closed-end real estate funds. On December 18, 2025, the fund underwent a naming adjustment, removing "Berman" from its official designation to streamline its market identity while maintaining Neuberger Berman LLC as the managing sponsor.
As of July 6, 2026, NRO traded at $3.09 per share against a net asset value of $3.30, reflecting a 6.36% discount to NAV—a valuation dynamic commonly observed in closed-end funds during periods of market repricing. The fund's distribution yield of 12.12% provides income-focused investors with material yield support, with distributions potentially comprising net investment income, net realized capital gains, and return of capital components.
The fund's portfolio strategy emphasizes superior security selection and property sector allocation across a diversified real estate landscape. Sector exposure spans apartments, office space, data centers, lodging and resort properties, gaming facilities, manufactured housing, telecommunications infrastructure, and healthcare real estate—providing investors with broad exposure to evolving property market dynamics. To enhance income generation and returns, NRO employs leverage through the issuance of preferred stock and debt instruments, a capital structure mechanism common among closed-end real estate funds seeking to amplify yields for equity shareholders.
The fund operates with a total expense ratio of 3.12%, comprised of a 1.64% management fee, reflecting standard cost structures for professionally managed closed-end real estate funds. On December 18, 2025, the fund underwent a naming adjustment, removing "Berman" from its official designation to streamline its market identity while maintaining Neuberger Berman LLC as the managing sponsor.
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