Key Takeaways
- • Bluerock Total Income+ Real Estate Fund (TI+) shareholders approved a proposal on September 25, 2025, with over 81% of the 40,445 votes cast in favor, to list the fund on the New York Stock Exchange.
- • The fund is anticipated to list on the NYSE on December 16, 2025, and will be rebranded as Bluerock Private Real Estate Fund, enabling daily liquidity in place of quarterly repurchase offers.
- • Management expects the fund to become the largest real estate-focused listed closed-end fund in the world, though it anticipates an initial discount to NAV upon listing.
- • As of September 30, 2025, the fund's one-year return on Class A shares (load-waived) was -3.18%, with a five-year annualized return of 2.20% and a since-inception return of 5.12%.
Summary
The Bluerock Total Income+ Real Estate Fund's annual report for the period ending September 30, 2025, describes 2025 as a transformational year driven by shareholder approval of proposals tied to a listing on the New York Stock Exchange. According to the report, the key proposal, which eliminates the fund's fundamental policy of quarterly repurchase offers, was recommended by Institutional Shareholder Services Inc., Glass Lewis & Co., and the Board of Trustees. It passed at a special meeting on September 25 with over 81% of 40,445 votes cast in favor. An earlier special meeting on September 3 approved 13 additional listing-related proposals.
The fund is expected to list on the NYSE on December 16, 2025, and will be renamed Bluerock Private Real Estate Fund. Management argues that the conversion to a listed closed-end fund will provide full daily liquidity and more agile capital deployment, positioning the fund to take advantage of what it describes as historically compelling valuations in private real estate. Upon listing, the fund expects to become the largest real estate-focused listed closed-end fund in the world, which it says should broaden its investor base to include retail and institutional buyers. Management anticipates the shares will initially trade at a discount to NAV, reflecting pent-up liquidity demand from existing shareholders, though it notes that larger real estate closed-end funds typically trade near or above NAV.
The report's outlook cites the NCREIF Property Index, which experienced its third significant drawdown in its nearly 48-year history from 2023 to mid-2024. Management states that the index generated a 12.9% average annualized total return in the four years following previous drawdowns and believes a similar opportunity will emerge in 2026 and beyond. The fund signals strong conviction in industrial, residential, specialty (including data centers), and real estate credit sectors.
As of September 30, 2025, the fund reported total investment holdings of $4,081 million, with 87.24% allocated to private real estate across roughly 35 to 45 target managers, 12.76% to real estate debt and preferred investments, and 9.53% in cash. Fund performance through September 30, 2025 showed a one-year load-waived return of -3.18% for Class A shares (-8.74% with sales charge), a five-year annualized return of 2.20%, and a since-inception return of 5.12%. Past performance is not a guarantee of future results.
The fund is expected to list on the NYSE on December 16, 2025, and will be renamed Bluerock Private Real Estate Fund. Management argues that the conversion to a listed closed-end fund will provide full daily liquidity and more agile capital deployment, positioning the fund to take advantage of what it describes as historically compelling valuations in private real estate. Upon listing, the fund expects to become the largest real estate-focused listed closed-end fund in the world, which it says should broaden its investor base to include retail and institutional buyers. Management anticipates the shares will initially trade at a discount to NAV, reflecting pent-up liquidity demand from existing shareholders, though it notes that larger real estate closed-end funds typically trade near or above NAV.
The report's outlook cites the NCREIF Property Index, which experienced its third significant drawdown in its nearly 48-year history from 2023 to mid-2024. Management states that the index generated a 12.9% average annualized total return in the four years following previous drawdowns and believes a similar opportunity will emerge in 2026 and beyond. The fund signals strong conviction in industrial, residential, specialty (including data centers), and real estate credit sectors.
As of September 30, 2025, the fund reported total investment holdings of $4,081 million, with 87.24% allocated to private real estate across roughly 35 to 45 target managers, 12.76% to real estate debt and preferred investments, and 9.53% in cash. Fund performance through September 30, 2025 showed a one-year load-waived return of -3.18% for Class A shares (-8.74% with sales charge), a five-year annualized return of 2.20%, and a since-inception return of 5.12%. Past performance is not a guarantee of future results.
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