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Inside the Vault
What was Stephen A. Schwarzman’s (CEO of Blackstone Group, the sponsor of Blackstone Real Estate Income Trust, Inc., a nontraded REIT) estimated net worth as of 2019? March 21, 2019

What was Stephen A. Schwarzman’s (CEO of Blackstone Group, the sponsor of Blackstone Real Estate Income Trust, Inc., a nontraded REIT) estimated net worth as of 2019?

Answer: According to Forbes, Mr. Schwarzman’s estimated net worth was $13.3 billion as of February 25, 2019. The son of a dry goods store owner, he founded private equity firm Blackstone with fellow billionaire Peter Peterson in 1985. He has pledged or given away $350 million to Yale University, New York Public Library and others.…
Bluerock Total Income+ Real Estate Fund, an Interval Fund, surpassed $1 billion in assets in 2018. According to its 2018 annual report, how did the volatility of the fund’s share values compare to the volatility of the leading stock and public REIT indices? March 8, 2019

Bluerock Total Income+ Real Estate Fund, an Interval Fund, surpassed $1 billion in assets in 2018. According to its 2018 annual report, how did the volatility of the fund’s share values compare to the volatility of the leading stock and public REIT indices?

Answer: The fund, since inception in October 2012, has recorded approximately 90% lower volatility than leading stock and public REIT indices.  The fund has paid 23 consecutive quarterly distributions and its latest distribution is equivalent to a 5.25% annualized rate based on the September 26, 2018 record date NAV of $30.27 per share, and an…
As of October 31, 2018, the date with the most recently filed semi-annual and annual statements, how many interval funds had net assets in excess of $1.0 billion? February 14, 2019

As of October 31, 2018, the date with the most recently filed semi-annual and annual statements, how many interval funds had net assets in excess of $1.0 billion?

Answer:  Eight interval funds had net assets in excess of $1.0 billion, led by Stone Ridge Trust II ($6.0 billion), Stone Ridge Trust V ($3.5 billion), ACAP Strategic Fund ($3.3 billion), Griffin Institutional Access Real Estate Fund ($2.6 billion), and Versus Capital Multi-Manager Real Estate Income Fund ($2.5 billion).
Which Business Development Company (“BDC”) had investments in the common stock of at least 25 different nontraded REITs as of September 30, 2018, with a total cost basis of over $22 million? January 31, 2019

Which Business Development Company (“BDC”) had investments in the common stock of at least 25 different nontraded REITs as of September 30, 2018, with a total cost basis of over $22 million?

Answer: MacKenzie Realty Capital, Inc., a nontraded BDC, owned common shares in at least 25 different nontraded REITs as of September 30, 2018. The cost basis of the 19 million shares was $22.6 million as of September 30, 2018, with an estimated fair value of $25.2 million. The BDC’s largest investment among the nontraded REITs…
Which previously nontraded REIT completed its full liquidity event when its last tranche of common shares were converted to listed shares on January 9, 2019? January 16, 2019

Which previously nontraded REIT completed its full liquidity event when its last tranche of common shares were converted to listed shares on January 9, 2019?

American Finance Trust, Inc. (“AFIN”) announced on December 20, 2018, that all issued and outstanding shares of its Class B-2 common stock would automatically convert into shares of its Class A common stock on January 9, 2019.  Class A shares trade on the Nasdaq under the ticker symbol AFIN.  The Class B-2 shares represent approximately…
Which sponsor of a nontraded REIT has been investing in real estate since 1934 and had $988 billion in assets under management, including $45 billion in U.S. real estate as of September 30, 2018? January 10, 2019

Which sponsor of a nontraded REIT has been investing in real estate since 1934 and had $988 billion in assets under management, including $45 billion in U.S. real estate as of September 30, 2018?

Nuveen Global Cities REIT is sponsored by Nuveen. The REIT is currently offering up to $5 billion of common stock in a perpetual life offering, featuring monthly Net Asset Values (NAVs). The public offering includes four share classes (T, S, D, and I shares). Teachers Insurance and Annuity Association of America (“TIAA”) is the ultimate…
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