Bluerock Interval Fund Eclipses $6 Billion in Net AUM; Reports Record Return
Bluerock Total Income+ Real Estate Fund, a closed-end interval fund, has reportedly surpassed $6 billion in net assets.
Bluerock Total Income+ Real Estate Fund, a closed-end interval fund, has reportedly surpassed $6 billion in net assets, making it the first real estate focused interval fund to achieve such a milestone.
The fund is now the largest real estate interval fund and the third largest of all interval funds among all 72 active funds, ranked by net assets, Bluerock said, citing data from intervalfundtracker.com and Bloomberg.
Bluerock Total Income+ invests most of its assets in private equity real estate securities. As of the first quarter of 2022, the value of the underlying real estate held by the securities in which the fund is invested is approximately $334 billion, including investments managed by Ares, Blackstone, Morgan Stanley, Prudential, Clarion Partners, Invesco, RREEF, and others.
More than 88 percent of the portfolio is comprised of investments in the industrial, residential, life science and specialty sectors.
Bluerock Total Income+ also reported record-high shareholder net returns of 29.99 percent over the trailing 12 months (Class I: TIPWX) as of May 31, 2022.
Bluerock noted that the fund, which is approaching its 10-year anniversary, has had positive total returns in every year and an annualized net return to shareholders since inception of 9.56 percent, with a 1.70 percent annualized standard deviation (Class I: TIPWX).
Citing Morningstar data, Bluerock reported that the fund had the highest Sharpe and Sortino Ratios, key measures of risk-adjusted returns, of all 6,153 domestic ‘40 Act funds, including equities, fixed income and specialty sector, since inception, as of March 31, 2022. In addition, Class A and Class I shares both had the highest total net returns in the trailing five-year period out of all seven active real estate-focused interval funds, the company said.
Bluerock Total Income+ recently paid its 37th consecutive quarterly distribution in March 2022 at the annual rate of 5.25 percent. Since inception in 2012, the fund’s NAV per share has increased nearly 50 percent from $25.00 per share to $37.45 per Class A share. Shareholders who purchased at the inception NAV of $25/share earned an equivalent 7.6 percent annualized distribution rate, the company said.
“We are both pleased and proud that Bluerock Total Income+ Fund has earned the honor of being the largest real estate interval fund by net assets,” said Jeffrey Schwaber, chief executive officer of Bluerock Capital Markets. “TI+ has continued to be a leading performer in delivering high risk-adjusted returns across all ‘40 Act funds over nearly 10 years, through multiple market cycles, and is in the midst of delivering some of its best performance now and over the past 18 months.”
Bluerock is an alternative asset manager with more than $14 billion of acquired and managed assets.
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