Bluerock Falls Short of Shareholder Votes to Go Public With Real Estate Fund
Shareholders of Bluerock’s flagship real estate fund, the Bluerock Total Income+ Real Estate Fund, or TI+, approved a majority of proposals at a recent special meeting, but the key vote on a potential public listing remained undecided.
According to a company statement, shareholders approved proposals 1 and proposals 3-14. However, proposal 2, which would allow the fund to list its shares on the New York Stock Exchange, had not yet met the required quorum for approval. As a result, its board adjourned the meeting until Sept. 25, 2025, to attempt to solicit additional votes.
The company noted that a majority of shareholders who have already voted on proposal 2 are in favor, with approximately 80% of votes cast being “for” the measure.
A successful vote on proposal 2 is crucial for the fund’s plan to list on the NYSE. If approved, the listing would provide all shareholders with the ability to buy and sell fund shares on a daily basis at their market price. The company also anticipates that a public listing would lead to a decrease in the fund’s total annual operating expenses. According to the company, the fund’s investment objective and policies would remain unchanged regardless of the outcome.
As previously reported by AltsWire, if approved, the event would convert TI+ from a closed-end interval fund to a listed closed-end fund.
In a Sept. 3 letter to stockholders, the fund’s board and independent proxy advisory firms ISS and Glass Lewis recommended shareholders still vote “for” proposal 2.
“We need your vote to achieve quorum and approve proposal 2. We ask that you join your fellow shareholders,” said Ramin Kamfar, founder and chief executive officer of Bluerock.
According to third-party reporting, industry observers speculate that the fund, after a listing, could trade below its net asset value. Thus, long-time holders of the fund and retail investors, would get less per share than the fund has been offering in its limited quarterly purchases per share.
TI+ has said as much; a filing with the U.S. Securities and Exchange Commission stated that it expected the fund to trade at a substantial discount to its current NAV.
The fund has approximately $4.1 billion in assets under management, comprised of more than 6,000 underlying properties with a gross asset value in excess of $343 billion. Since its inception in 2012, TI+ has completed gross sales totaling more than $9.2 billion as of May 31, 2025. It has also paid out redemptions in excess of $4.7 billion over the same period, including approximately $423.6 million thus far in 2025.
Bluerock is an institutional alternative asset manager with more than $19 billion of acquired and managed assets headquartered in Manhattan with regional offices across the nation.
For more Bluerock news, click here to visit their directory page.
