BPRE is in a category of one: the only dedicated listed closed-end fund that invests directly in private real estate, and does so at scale as the largest real estate closed-end fund on the market.

It is also one of the top performing real estate closed-end funds year to date and since its listing in December 2025.

In a focused 5-minute conversation, Ryan MacDonald, Chief Investment Officer, and Steve Baffico, Head of Listed Products cover the macro backdrop for private real estate, why we believe today represents a historically compelling entry point, and BPRE’s strategic roadmap for how we intend to maximize shareholder value from here.

What’s covered:

• The macro backdrop. Why real estate cycles tend to rhyme, and why we believe today’s pricing is rivaling the aftermath of the GFC on an inflation-adjusted basis. Vintage year, history tells us, is the single most powerful determinant of long-term real estate returns.
• The income story. How BPRE’s favorable tax treatment translates an 8.1% market distribution rate into a 12.6% tax-equivalent yield, more than double the 10-year Treasury at 4.3%.
• Today’s potentially attractive valuation opportunity. Two distinct discounts working in your favor simultaneously: the cyclical repricing of private real estate, and an event-driven post-listing discount.
• BPRE’s three-stage roadmap to maximize value. How we plan to rotate out of legacy core+ real estate into high-growth next-generation sectors — and our path to systematically raising distributions over the next 6–12 quarters.

We believe there is a compelling opportunity in private real estate today and BPRE is well-positioned to deliver strong results for our shareholders.