Bluerock Total Income+ Real Estate Fund Shareholders OK Listing on NYSE
Alternative asset manager Bluerock received shareholder approval of a key proposal in connection with the listing of the Bluerock Total Income+ Real Estate Fund on the New York Stock Exchange. The proposal was approved by shareholders at the fund’s special meeting in late September, with over 81% of votes cast in favor of the initiative. The company expects the fund to begin trading on the NYSE in mid-December 2025.
This good news for Bluerock came after the fund fell short of the needed votes in an earlier special meeting held Sept. 3-4. At that time, shareholders approved 13 additional proposals related to the listing but not proposal 2, needed to move forward with publicly listing on a national securities exchange.
Industry observers speculated that the vote on the fund likely stalled because of its future net asset value. A TI+ 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.
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.
Nevertheless, following the first special meeting, Ramin Kamfar, founder and chief executive officer of Bluerock, began what ended up being a successful campaign to get shareholders to reconsider their vote.
“We are grateful for the trust our investors continue to place in us,” said Kamfar. “This transformative moment serves as a strong vote of confidence that shareholders share in our conviction that listing TI+ is the optimal path to unlocking full daily liquidity and enhanced shareholder value.”
As previously reported by AltsWire, TI+ can now convert from a closed-end interval fund to a listed closed-end fund. Upon listing, TI+ is expected to become the largest real estate-focused listed closed-end fund in the world. The company said the fund’s substantial scale will expand TI+’s investor base to a broader universe of retail and institutional buyers, strengthening the fund’s visibility and liquidity.
Where the fund trades is, of course, unknown but the fund is expected to trade below its NAV. As of Sept. 30, its Class C shares had a NAV of $22.74.
“We believe a diverse base of individual and institutional investors will find compelling value in TI+’s unique access to high-growth private real estate, invested alongside some of the most sophisticated institutions in the world,” said Ryan MacDonald, Bluerock’s chief investment officer.
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.
“We are entering an exciting new chapter for TI+ with the resounding support of our shareholders. By providing liquidity through the public markets, we are well-positioned to capitalize on the historically attractive buying opportunities in the real estate market today,” added Kamfar.
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.
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