Bluerock Interval Fund Reports Record Monthly Raise, Surpasses $5 Billion in Net Assets
Bluerock Total Income+ Real Estate Fund, a closed-end interval fund, has reported a new monthly record of capital inflows in March 2022.
Bluerock Total Income+ Real Estate Fund, a closed-end interval fund, has reported a new monthly record of capital inflows in March 2022 of approximately $471 million, up 40 percent from the prior record set in February of $336 million. This brings the fund’s first quarter 2022 equity raise to approximately $1.1 billion.
The fund reported record-high shareholder net returns of 27.63 percent over the trailing 12-months with a 1.7 percent annualized standard deviation since inception (Class I: TIPWX) as of March 31, 2022. Since inception, Class I shares had an annualized net return to shareholders of 9.17 percent.
Bluerock Total Income+ has also surpassed $5 billion in net assets in March, roughly two months after posting assets of $4 billion.
Citing data from Robert A. Stanger & Co and Interval Fund Tracker, the fund reportedly had the highest capital inflows from the beginning of the COVID-19 pandemic in April 2020 through February 2022 of all active interval funds within the direct investment industry and is the fourth largest interval fund among all 78 active interval funds ranked by assets under management.
TI+ 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 more than 43 percent from $25.00 per share to $35.86 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.
Citing Morningstar data, Bluerock Total Income+ reported the highest Sharpe and Sortino Ratios, key measures of risk-adjusted returns, of all domestic ‘40 Act funds in the trailing five years (out of 7,894 funds) and since inception (out of 6,153 funds), as of February 28, 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.
“There are a number of substantial macro-economic catalysts that are causing major disruption and high volatility in the equity and fixed income markets from which investors are seeking reprieve and increasing allocations into institutional real estate and to Bluerock Total Income+ Fund”, said Jeffrey Schwaber, chief executive officer of Bluerock Capital Markets. “We believe institutional real estate is demonstrating its ability to provide stable and tax efficient income returns, inflation hedging growth and outperformance of its long-term average during inflationary and rising rate environments.”
The Bluerock Total Income+ Real Estate Fund is a closed-end interval fund that invests the majority 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 $328 billion, including investments managed by Ares, Blackstone, Morgan Stanley, Prudential, Clarion Partners, Invesco, RREEF, and others.
Bluerock is an alternative asset manager with more than $13 billion of acquired and managed assets.
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