Bluerock Total Income+ Real Estate Fund to Go Public, Pending Shareholder Vote
Bluerock has proposed a shareholder liquidity event for its flagship real estate fund, the Bluerock Total Income+ Real Estate Fund, or TI+. Unanimously recommended by the fund’s board and now pending shareholder approval later this year, the event would convert TI+ from a closed-end interval fund to a listed closed-end fund, traded on the New York Stock Exchange.
The company said the decision to go public would deliver enhanced liquidity and the potential for stronger long-term returns to investors.
“This proposal is the result of thoughtful deliberation and direct engagement with our investors,” said Ramin Kamfar, founder and chief executive officer of Bluerock, the fund’s sponsor. “It reflects our unwavering commitment to acting in the best interest of shareholders and our conviction that a listed structure is the optimal path to unlock long-term value in TI+. The Bluerock executive team and the fund’s board are confident this is the right decision to position the fund and our investors for lasting success.”
The proposed conversion will allow for full daily liquidity while also enabling more agile capital deployment, better positioning the fund to capitalize on the attractive buying opportunities in today’s private real estate market. “By providing liquidity through the public markets, the fund will be empowered to put all its capital to work at a time when valuations are historically compelling. We believe this may lead to enhanced total returns, and in turn, stronger and more frequent distributions, paid on a monthly versus quarterly schedule,” said Ryan MacDonald, chief investment officer of Bluerock.
Certain steps toward listing the fund will require shareholder approval at a special meeting tentatively scheduled for Sept. 3, 2025. Upon listing, according to Bluerock, TI+ would become the largest real estate-focused listed closed-end fund in the world.
“We believe TI+ would enjoy a substantial scale advantage in the public markets, enhancing visibility and liquidity. We also believe that listing the fund will expand TI+’s investor universe, opening access to a much broader base of retail investors and institutional buyers, who we believe will find compelling value in TI+’s differentiated access to a curated portfolio of high-growth private real estate, invested alongside some of the most sophisticated institutional investors in the world,” said Jeffrey Schwaber, CEO of Bluerock Capital Markets.
“We strongly believe the proposed listing marks a pivotal evolution in the fund’s structure, allowing us to deliver a better path forward for our investors,” added Schwaber.
Shareholders are already being encouraged to examine proxy materials and cast their vote. Among the proposals in review is the removal of the interval fund’s fundamental policy of providing quarterly repurchase offers.
In anticipation of the prospective listing, TI+ suspended its offering of shares effective July 3. However, the automatic distribution reinvestment program will continue to operate for shareholders who have elected to participate.
“This conversion represents a structural evolution for TI+,” said Kamfar. “It will allow shareholders to buy and sell shares on the NYSE without redemption queues or proration and will support the potential for higher returns and stronger, more frequent distributions. We are excited for the Fund’s next chapter and are grateful for the trust our investors continue to place in us.”
Last fall, AltsWire reported that TI+ closed on a $750 million revolving line of credit with J.P. Morgan Chase Bank and RBC Capital Markets. The fund said it will use the new line of credit “to enhance the fund’s balance sheet and support treasury operations at an accretively lower cost of capital versus its previous non-bank credit facility.” The fund’s previous line of credit was retired as part of this transaction.
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 the fund’s inception in 2012, it 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.
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