Video Highlights

Why we listed
BPRE listed on the NYSE in December 2025 with strong shareholder support, including favorable recommendations from ISS and Glass Lewis, positioning the Fund to achieve two key objectives:

• Maximizing shareholder value: Listing removes the liquidity constraints of the interval fund structure—allowing BPRE to invest more opportunistically at an attractive point in the cycle.
• Delivering full daily liquidity: Daily liquidity replaces quarterly, prorated liquidity.

BPRE’s NAV is independent, institutional, and accurate

• Set by independent third-party appraisers under rigorous institutional standards used by the some of the largest and most sophisticated institutions in the world
• BPRE executed over $3.4B of asset sales at an average price within ~2% of NAV during the depth of the real estate downturn over the last three years, underscoring the accuracy of the Fund’s carrying values

Listed Closed-End Funds often trade at a discount to NAV upon listing but trade in-line with NAV over time

• Following a listing, share price is driven by supply and demand and can temporarily diverge from NAV due to natural shareholder turnover
• This post-listing discount dynamic was expected and is well documented across listed closed-end funds, with history showing that it tends to narrow over time

BPRE is executing a plan to clear the discount-to-NAV

• Large listed CEFs historically clear the discount over time organically
  • The largest listed real estate closed-end funds tend to trade at or near NAV
  • BPRE is the largest listed real estate closed-end fund on the market and offers unique benefits:
    • The only dedicated institutional private real estate listed CEF
    • Offering a compelling after-tax yield of 12.89%
• Multi-pronged capital markets strategy
  • We have already begun actioning key capital markets initiatives to support BPRE’s price including introducing monthly distributions, a 25 basis point increase in nominal distribution, and establishing a share repurchase program.
• Strategic re-allocation into higher growth sectors to grow dividends significantly
  • We are executing on a strategic roadmap to rotate BPRE into our highest conviction themes in direct real estate to maximize shareholder value, including – shallow-bay industrial, industrial outdoor storage, NNN lease and private real estate credit