Private Real Estate NAVs: Independent, Institutional, and Accurate

February 12, 2026 / Education
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Bluerock Private Real Estate Fund’s (BPRE) quarterly net asset value (“NAV”) represents the fair market value of our private real estate portfolio, which is determined based on a rigorous, independent valuation process that meets the standards of many of the world’s largest pension funds, helping to ensure accuracy in our carrying marks.

How are Private Real Estate NAVs Calculated?

NAV-Icon-WHITE-v3
Private real estate NAV represents the fundamental value of the underlying assets
Completely independent marks

  • Independent, third-party appraisal based
  • Require appraiser rotation to ensure accuracy

Institutional ``gold standard`` methodology

  • Adheres to rigorous ERISA valuation standards
  • BPRE invested alongside leading institutional investors using same marks in their portfolios

Select institutional investors in underlying BPRE funds

Certain institutional investors are not simply co-investors in underlying BPRE funds—they are fiduciaries that require and adhere to strict ERISA valuation standards, meaning the same marks used for BPRE are relied upon by some of the world’s largest pension and retirement plans.

Logos represent sample investors in BPRE underlying private investments. There is no assurance of any investment strategy.

Institutional Private Real Estate NAVs are rigorous and independent

Institutional Private Real Estate NAVsPrivate Credit NAVs
Third-party valuations determined independent of sponsor
Independent valuation firms regularly rotated
Institutional-grade ERISA standards
High-volume secondary market enabling price discovery

BPRE’s NAV accuracy is real-world validated

BPRE Underlying Liquidity ($MM)
Secondary Market Sales$1,304
Primary Fund Redemptions$2,104
Total Underlying Liquidity$3,408
Weighted Average Premium/Discount-to-NAV(2.1%)
Over $3.4B in
BPRE assets liquidated
within

2%

of NAV over
the last 3 years, in the depth
of the real estate downturn

Source: Company Materials as of 12.31.2025