Bluerock Private Real Estate Fund · NYSE:BPRE
Bluerock Private Real Estate Fund — Investor Presentation (October 2026)
27 slides from Bluerock Private Real Estate Fund's investor presentation, Oct 6, 2026
Slide 1: BPRE Strategic Roadmap
FOR PUBLIC USE 1 OCTOBER 2026 PROGRESS REPORT BPRE Strategic Roadmap Ramin Kamfar Ryan MacDonald Steve Baffico Chairman & CEO Chief Investment Officer Head of Listed Products FOR PUBLIC USE WWW.BPREFUND.COM
Slide 2: Forward-Looking Statements
FOR PUBLIC USE 2 Forward-Looking Statements Statements included herein may constitute “forward-looking” statements as that term is defined in Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995,
Slide 3: Risk Factors
FOR PUBLIC USE 3 Risk Factors Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. The ability of the Fund to achieve its investment objective depends, in part, on the ability of the
Slide 4: Our Strategic Roadmap to Maximize Shareholder Value
FOR PUBLIC USE 4 Our Strategic Roadmap to Maximize Shareholder Value MARCH 17, 2026 MAY 18, 2026 OCTOBER 6, 2026 We presented our First Today: Second Strategic Roadmap Progress Report Progress Report A plan built to maximize value Presented our first update on A scorecard update on our and seek to d
Slide 5: What you can expect from us
FOR PUBLIC USE 5 What you can expect from us 1 2 3 Our interests are Focused on closing The plan is built aligned with yours the discount on evidence Senior management already hold Concentrated efforts on converting Of every tool to close the discount, significant positions in BPRE1, legacy funds ne
Slide 6: BPRE's Strategic Roadmap: The plan to durably grow shareholder value
FOR PUBLIC USE 6 BPRE’s Strategic Roadmap: The plan to durably grow shareholder value STAGE III STAGE II STAGE I Seek to Raise Rotation into Distributions Transition to a High-Growth & Listed CEF High-Income RE IN PROGRESS COMPLETE IN PROGRESS Q1 2026 – Ongoing Q1 2026 – Ongoing Seek to raise distri
Slide 7: Macro backdrop: 10-year at 25-year high and deal volume favor funded buyers
FOR PUBLIC USE 7 Macro backdrop: 10-year at 25-year high and deal volume favor funded buyers U.S. 10-Year Treasury Yield1 Commercial Real Estate Sales Volume2 2001-2026 (billions, 2001-2026) 6.0% $500 5.34% as of 10.1.2026 5.0% $400 4.0% $300 3.0% $200 2.0% $100 1.0% 0.0% $0 '01 '06 '11 '16 '21 '26
Slide 8: Aggressively requesting redemptions from legacy funds but liquidity still limited
FOR PUBLIC USE 8 Aggressively requesting redemptions from legacy funds but liquidity still limited We have asked for substantial redemptions every year since 2023. The funds have paid $12 dollars for every $100 dollars of Legacy fund liquidity is still constrained today redemption requests outstandi
Slide 9: What the rotation earns
FOR PUBLIC USE 9 What the rotation earns BPRE’s legacy funds returned 1.8% over the last year. The real estate credit allocation we are building pays a 11.5% contractual rate and has generated a 21.1% total return since inception. BPRE LEGACY FUNDS REAL ESTATE CREDIT BOOK REAL ESTATE CREDIT BOOK WE
Slide 10: From fund positions to direct investments
FOR PUBLIC USE 10 From 34 fund positions to 500 direct investments Each $1B rotated into direct real estate turns about 10 fund positions into about 48 investments that we source, underwrite, close and manage ourselves. LEGACY MODEL · JUNE 30, 2025 1 DIRECT MODEL · AT FULL ROTATION 2 $1B 34 $97M $44
Slide 11: Each direct investment is a full transaction we run end-to-end
FOR PUBLIC USE 11 Each direct investment is a full transaction we run end-to-end A fund subscription is one decision. A direct investment is a complete acquisition or loan closing, and it stays our responsibility through exit. THE FUNNEL · SINCE SEPTEMBER 30, 2025 1 FUND SUBSCRIPTION DIRECT INVESTME
Slide 12: Progress against our scorecard
FOR PUBLIC USE 12 01 Progress against our scorecard
Slide 13: October 2026 Scorecard
FOR PUBLIC USE 13 OCTOBER 2026 SCORECARD 01 Capital Rotation ON SCHEDULE 02 Allocation to Direct RE ON SCHEDULE 03 Cost Savings DELIVERED 04 Distributions on NAV IN PROGRESS
Slide 14: Capital rotation is on schedule
FOR PUBLIC USE 14 SCORECARD 1 Capital rotation is on schedule $700M MAY 2026 $903M OCTOBER 2026 Direct real estate investments closed, under contract or in pipeline1 Capital Rotation ON SCHEDULE $400M MAY 2026 $623M OCTOBER 2026 Direct real estate investments closed or under contract2 1 Represents i
Slide 15: Compounding opportunity over multi-year horizon in our target sectors
SCORECARD 1: CAPITAL ROTATION FOR PUBLIC USE 15 Compounding opportunity over multi-year horizon in our target sectors 01 02 03 Shallow Bay Institutional- Real Estate Industrial Grade Credit Credit NNN See Slide 2 for definitions of key terms.
Slide 16: Racetrack senior loan financing
SCORECARD 1: CAPITAL ROTATION FOR PUBLIC USE 16 RACETRACK SENIOR LOAN FINANCING First realized direct investment beat underwriting 1st Realized 27% Realized net profit direct investment1,2 over 3.5 month holding period, not annualized3 Senior Loan Financing Deal BPRE’s first realized direct investme
Slide 17: Post-close update: leasing ahead of underwriting
SCORECARD 1: CAPITAL ROTATION FOR PUBLIC USE 17 REGIONAL INFILL SHALLOW BAY PORTFOLIO Post-close update: leasing ahead of underwriting LEASING UPDATE 1 20% Mark-to-Market +5%vs. underwriting DEAL SNAPSHOT 1 rent growth on new leases estimates2 Shallow Bay Portfolio $51M 33 96% Equity Property Leased
Slide 18: 24-property infill shallow bay portfolio
SCORECARD 1: CAPITAL ROTATION FOR PUBLIC USE 18 REGIONAL INFILL SHALLOW BAY PORTFOLIO 24-property infill shallow bay portfolio 88% 94% 12% +4% Leased1 Mark-to-Market Mark-to-Market rent growth on new leases rent growth on new leases2 DEAL SNAPSHOT Shallow Bay Portfolio Diversified portfolio in 3 hig
Slide 19: Direct real estate holdings increasing
FOR PUBLIC USE 19 SCORECARD 2 Direct real estate holdings increasing Allocation to 21.0% 33.5% Direct Real Estate MARCH 2026 SEPTEMBER 2026 Invested in direct real estate1 ON SCHEDULE 1 Source: Bluerock. Represents percentage of total investments as of March 31, 2026 and September 30, 2026, respecti
Slide 20: Significant realized cost savings
FOR PUBLIC USE 20 SCORECARD 3 Significant realized cost savings In the 12 months through August, the Fund has realized $36.6M, or 106 bps, in cost savings – benefiting the bottom line 1 Operating cost savings from conversion to a listed CEF1 $9.5M + Cost Savings 2 Lower interest expense2 $21.4M + $5
Slide 21: Four distribution increases since listing
FOR PUBLIC USE 21 SCORECARD 4 Four distribution increases since listing BPRE distribution increases1 1 2 3 4 7.3% 7.00% Effective distribution on NAV as of 9.28.20262 Distributions On NAV 6.17% 5.84% IN PROGRESS 5.53% 5.25% At Listing Increase 1 Increase 2 Increase 3 Increase 4 December 2025 January
Slide 22: The questions you are asking
FOR PUBLIC USE FOR PUBLIC USE 22 22 02 The questions you are asking
Slide 23: The components of NAV decline since listing
FOR PUBLIC USE 23 WHY HAS NAV DECLINED? The components of NAV decline since listing The Fund’s investments ex-life science equity added $0.35 to NAV after fees, expenses and interest. Of the $1.78 NAV decline, $1.00 is one sector and $1.13 is cash the Fund distributed to shareholders. Components of
Slide 24: Life science: strong returns drew leading institutions, then a historic correction
FOR PUBLIC USE 24 Life science: strong returns drew leading institutions, then a historic correction Through 2021 the sector outperformed and the largest institutions bought in at scale. Since 2022 it has re-priced: lab vacancy 5% → 24%1, Alexandria 82% off its peak2. Cumulative total returns, index
Slide 25: Where the IQHQ exposure stands today
FOR PUBLIC USE 25 WHAT IS YOUR POSITION IN IQHQ? Where the IQHQ exposure stands today IQHQ EXPOSURE SNAPSHOT We invested in The Life Science We took active Class A Life sector entered a steps to improve 20.8% of net assets3, across all three positions Sciences at a time historic downturn and protect
Slide 26: Our plan to durably grow share price
FOR PUBLIC USE 26 WHAT ARE YOU DOING ABOUT THE SHARE PRICE? Our plan to durably grow share price Concentrated efforts aimed at durably growing the share price. 01 02 03 $903M 5.25% → 7.3% DISTRIBUTION ON NAV 2 106 bps Rotating into higher growth Paying more Taking out cost and higher income investme
Slide 27: bprefund.com
FOR PUBLIC USE FOR PUBLIC USE 27 27 Stay current on fund updates, portfolio activity, and market commentary: bprefund.com @bluerock-real-estate @bluerockre @bluerockinvestments BPREFUND.COM | 877.826.BLUE (2583)
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