Bluerock Capital Markets LLC, a distributor of alternative investment products and the dealer manager for Bluerock Real Estate, has reported another record-setting month of new equity capital inflows with approximately $196 million raised in August.
The record-setting month was led by Bluerock’s closed-end interval fund, Bluerock Total Income+ Real Estate Fund, with nearly $127 million raised. The company said that the fund’s market share among all direct industry capital placed into closed-end interval funds has increased to 21 percent year-to-date through July 2021, with approximately $730 million raised year-to-date through August 2021, citing data published by Robert A. Stanger & Co.
The company reported that Bluerock Total Income+ Real Estate Fund posted a 15 percent net return to shareholders (Class I share: TIPWX) from the trough of the pandemic in September 2020 through August 31, 2021, with a 95 percent up period percent (i.e., daily returns positive to neutral) over the same period.
“The fund’s peer-leading performance spans multiple time periods with the fund’s [Class A] and [Class I] both reporting the highest total net returns in the trailing three-year and five-year periods among all active real estate sector interval funds as of August 31, 2021,” the company said.
According to Bluerock, the fund has generated more than 265 basis points of growth over and above the 5.25 percent distribution for an annualized return since inception of 7.89 percent with a 1.7 percent standard deviation.
Bluerock’s 1031/Delaware statutory exchange platform, Bluerock Value Exchange, also reported a new monthly record with more than $32 million raised in August, eclipsing the previous monthly record set in 2019 by nearly 18 percent.
In addition, the non-traded Series T preferred stock program of Bluerock Residential Growth REIT raised more than $36 million of new equity in August. Bluerock Residential Growth REIT (NYSE: BRG) is a publicly traded real estate investment trust with $2.4 billion in assets and approximately 17,900 apartment units and holds a 48 percent market share of new investments into non-traded preferred stock within the direct investment industry, the company said.
“The pace and depth of our equity capital raise continues to grow at a very strong rate, and we believe it is in direct correlation to the continued strong performance of each of Bluerock’s business lines,” said Jeffrey Schwaber, chief executive officer of Bluerock Capital Markets. “New capital inflows are increasing from each of our intermediary distribution channels, including independent broker-dealers, registered investment advisors, regional member firms, banks and some notable institutional allocations.”
Bluerock is an alternative asset manager with approximately $9.7 billion of acquired and managed assets headquartered in Manhattan with regional offices across the U.S.