Form 8-K
8-K — Bluerock Private Real Estate Fund
Accession: 0001398344-26-011663
Filed: 2026-07-02
Period: 2026-07-01
CIK: 0001551047
Item: Entry into a Material Definitive Agreement
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
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8-K — fp0099747-1_8kixbrl.htm (Primary)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported): July 1,
2026
BLUEROCK PRIVATE REAL ESTATE FUND
(Exact name of registrant as specified in its charter)
Delaware
001-43017
46-0724240
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification Number)
919 Third Ave, 40th Floor
New York, NY 10022
(Address of principal executive offices, including
zip code)
(844) 819-8287
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares
BPRE
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
§240.12b-2).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. [ ]
Item 1.01 Entry into a Material Definitive Agreement.
On July 1, 2026, Bluerock Private Real Estate Fund (the “Fund”)
entered into an Administrative Services Agreement (the “ASA”) with Bluerock Fund Advisor, LLC (the “Adviser”),
the Fund’s investment adviser. Currently, the Fund's investments in Institutional Investment Funds bear significant expenses at
the underlying fund level (“Underlying Fund Expenses”), which reduce the net returns of those investments to the Fund. As
assets are redeemed from the Institutional Investment Funds and rotated into direct real estate investments, these Underlying Fund Expenses
are eliminated to the benefit of shareholders, but additional services are required to be undertaken on behalf of the Fund, including
Joint Venture Administration, Property Operations, Property-Level Debt Administration, Subsidiary and Entity Governance, Legal/Compliance
Services, REIT Qualification Monitoring, and Accounting and Tax Services for the Fund’s direct real estate investments.
The ASA engages the Adviser to provide such services, along with
other services such as NYSE Listing Compliance, Proxy and Annual Meeting Process, Exchange Act Reporting and Regulation FD Compliance,
and other additional services to the extent agreed upon by the parties, all of which are distinct from and in addition to those provided
by the Adviser pursuant to the existing investment management agreement between the Fund and the Adviser.. In consideration for such services,
commencing July 1, 2026, the Fund agreed to pay the Adviser an Administrative and Accounting Services Fee (the “ASA Fee”)
at an annual rate of 0.20% of the Fund’s average managed assets, calculated and paid monthly. For this purpose, “managed assets”
means the Fund’s net assets plus the principal amount of any outstanding borrowings plus the liquidation preference of any outstanding
preferred stock. Given the ASA Fee is at a significantly lower rate than the Underlying Fund Expense levels, and to ensure that the significant
net savings flow to the investors, the Adviser has elected to voluntarily waive a portion of the ASA Fee in an amount equal to the ASA
Fee which would otherwise be payable with respect to managed assets represented by the Fund’s investments in Institutional Investment
Funds. Based on the Fund’s investments as of July 1, 2026, this would result in a waiver of approximately 53% of the ASA Fee owed
to the Adviser. The ASA continues in effect until terminated and may be terminated at any time upon 60 days’ written notice, without
payment of any penalty, by a vote of a majority of the independent members of the Board of Trustees, by a vote of a majority of the outstanding
voting securities of the Fund, or by the Adviser. Any amendment to the ASA requires approval by the Board of Trustees, including a majority
of the independent members of the Board of Trustees.
The ASA is filed as Exhibit 10.1 hereto and incorporated herein
by reference. The foregoing description does not purport to be complete and is qualified in its entirety by reference to such exhibit.
Item 7.01 Regulation FD Disclosure.
On July 1, 2026, the Fund updated investors on the progress of its rotation
into direct real estate.
As of July 1, 2026, the Fund has closed approximately $250 million
of direct real estate investments and has approximately $450 million of direct real estate investments under contract or in its investment
pipeline.
The information disclosed under this Item 7.01 is being furnished and shall
not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated
by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
10.1
Administrative Services Agreement, dated July 1, 2026, by and
between Bluerock Private Real Estate Fund and Bluerock Fund Advisor, LLC.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BLUEROCK PRIVATE REAL ESTATE FUND
Date: July 2, 2026
By: /s/ Jordan Ruddy
Name: Jordan Ruddy
Title: President
EX-10.1
EX-10.1
Filename: fp0099747-1_ex101.htm · Sequence: 2
ADMINISTRATIVE SERVICES
AGREEMENT
This Administrative Services Agreement
(the “Agreement”) is made this 1st day of July, 2026 by and between Bluerock Private Real Estate Fund (the
“Trust” or the “Fund”) and Bluerock Fund Advisor, LLC (the “Adviser”).
WHEREAS, The Trust is a non-diversified,
closed-end management investment company registered under the Investment Company Act of 1940, as amended.
WHEREAS, The Trust and the Adviser
are parties to the Investment Management Agreement dated August 19, 2012 (the “Management Agreement”) pursuant to which
the Adviser provides investment advisory services to the Trust.
WHEREAS, The Trust seeks to engage
the Adviser to provide certain administrative services, which are distinct from and in addition to those provided by the Adviser pursuant
to the Management Agreement.
WHEREAS, The terms of the Agreement
have been approved by the Board of Trustees of the Trust, including all of the independent Trustees.
NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:
1. SERVICES TO BE PROVIDED
Subject to the supervision of
the Board of Trustees, the Adviser will provide the following administrative services to the Fund:
• Accounting Services: Property-level accounting, consolidation into Fund financial statements, preparation and oversight of
GAAP financial reporting for subsidiary entities, and coordination of financial reporting across lower-tier structures.
• REIT Qualification Monitoring: Ongoing quarterly testing and monitoring of REIT income, asset, and distribution requirements
to maintain REIT status, separate from and in addition to annual tax filing and compliance activities.
• Tax Services: Tax compliance and reporting for the REIT subsidiary and lower-tier entities, including preparation of real estate-specific
tax calculations, Schedule K-1 reporting, and management of TRS activities.
• Subsidiary and Entity Governance: Corporate maintenance, board and officer administration, and books and records management
for the REIT subsidiary, operating partnerships, and other lower-tier holding entities.
• Joint Venture Administration: Management of joint venture reporting, partner distribution calculations, JV governance obligations,
and coordination with co-investment partners at the property level.
• Property Operations Coordination: Coordination with third-party property managers and service providers, including budget,
reporting and operational-information oversight.
• Property-Level Debt Administration: Monitoring of mortgage and loan covenant compliance, debt-service schedules, lender-reporting
obligations and related documentation and coordination.
• Legal/Compliance: Coordination of entity, REIT, environmental, zoning and other real-estate-related legal and compliance workstreams
with internal and external counsel and service providers.
-1-
• NYSE Listing Compliance: Management of ongoing NYSE Listed Company Manual requirements, including monitoring of ongoing quantitative
and qualitative listing standards, completing and filing annual and interim certifications to NYSE, and timely disclosure of press releases
and dividend declarations.
• Secondary Market Support: Ongoing monitoring of market price and trading volume; coordination with designated market maker
(DMM) at NYSE to support orderly trading and liquidity; coordination and scheduling of meetings and communications with institutional
investors, broker-dealer networks, and sell-side analysts, including related logistical and administrative support.
• Proxy and Annual Meeting Process: Management of annual shareholder meetings and proxy solicitation, including drafting and
filing of proxy statements, addressing SEC comments and coordinating third party proxy solicitors.
• Exchange Act Reporting and Regulation FD: Enhanced Exchange Act reporting obligations, including preparation and filing of
Form 8-K current reports for material events; enhanced Regulation FD compliance procedures.
The Adviser will furnish such
reports, evaluations, information or analyses to the Trust as the Board of Trustees may request from time to time or as it may deem to
be desirable.
2. COMPENSATION
OF THE ADVISER
For the services to be rendered
hereunder, as of the last business day of each month, the Fund will pay the Adviser an Administrative and Accounting Services Fee (the
“Fee”) based on the average value of the Fund’s managed assets for such month and paid at an annual rate of 0.20%.
Managed assets means the Fund's net assets plus the principal amount of any outstanding borrowings plus the liquidation preference of
any outstanding preferred stock. The Fee shall be earned beginning July 1, 2026.
The average value of the daily
managed assets of the Fund shall be determined pursuant to the applicable provisions of the Agreement and Declaration of Trust or a resolution
of the Board of Trustees, if required. If, pursuant to such provisions, the determination of the Fund’s net assets is suspended
for any particular business day, then for the purposes of this paragraph, the value of the net assets of the Fund as last determined shall
be deemed to be the value of the net assets as of the close of the business day, or as of such other time as the value of the Fund's net
assets may lawfully be determined, on that day. If the determination of the Fund’s net assets has been suspended for a period including
such month, the Fee payable at the end of such month shall be computed on the basis of the value of the net assets of the Fund as last
determined (whether during or prior to such month).
3. SERVICES NOT EXCLUSIVE
The services provided to the Fund
pursuant to this Agreement are not to be deemed to be exclusive, and it is understood that the Adviser may render services to others,
including other registered investment companies, provided, however, that such other services and activities do not, during the term of
this Agreement, interfere in a material manner, with its ability to meet all of its obligations with respect to rendering services to
the Fund.
-2-
4. LIMITATION OF LIABILITY OF ADVISER
The Adviser may rely on information
reasonably believed by it to be accurate and reliable. Except as may otherwise be required by the Act or the rules thereunder, neither
the Adviser nor its directors, officers, employees, shareholders, members, agents, control persons or affiliates of any thereof shall
be subject to any liability for, or any damages, expenses or losses incurred by the Trust in connection with, any error of judgment, mistake
of law, any act or omission connected with or arising out of any services rendered under, or payments made pursuant to, this Agreement
or any other matter to which this Agreement relates, except by reason of willful misfeasance, bad faith or gross negligence on the part
of any such persons in the performance of the Adviser’s duties under this Agreement, or by reason of reckless disregard by any of
such persons of the Adviser’s obligations and duties under this Agreement.
Any person, even though also a
director, officer, employee, shareholder, member or agent of the Adviser, who may be or become a trustee, officer, employee or agent of
the Trust, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other than services or business
in connection with the Adviser’s duties hereunder), to be rendering such services to or acting solely for the Trust and not as a
director, officer, employee, shareholder, member, or agent of the Adviser, or one under its control or direction, even though paid by
the Adviser.
5. DURATION AND TERMINATION OF THIS AGREEMENT
The term of this Agreement shall
begin on the date hereof and shall continue in effect with respect to the Fund until terminated pursuant to the terms of this Agreement.
This Agreement may, on sixty (60)
days written notice, be terminated at any time without the payment of any penalty, by vote of a majority of the independent Trustees,
by a vote of a majority of the outstanding voting securities of the Fund, or by the Adviser.
6. AMENDMENT OF THIS AGREEMENT
No provision of this Agreement
may be changed, waived, discharged or terminated orally, and no amendment of this Agreement shall be effective until approved by the Board
of Trustees, including a majority of the independent Trustees.
7. LIMITATION OF LIABILITY TO TRUST PROPERTY
The term “Bluerock Private
Real Estate Fund” means and refers to the Trustees from time to time serving under the Trust's Agreement and Declaration of Trust
as the same may subsequently thereto have been, or subsequently hereto be, amended. It is expressly agreed that the obligations of the
Trust hereunder shall not be binding upon any of Trustees, officers, employees, agents or nominees of the Trust, or any shareholders of
any share of the Trust, personally, but bind only the trust property of the Trust (and only the property of the Fund), as provided in
the Agreement and Declaration of Trust. The execution and delivery of this Agreement have been authorized by the Trustees and signed by
officers of the Trust, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officers
shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only
the trust property of the Trust (and only the property of the Fund) as provided in its Agreement and Declaration of Trust.
-3-
8. SEVERABILITY
In the event any provision of
this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall
continue to be in force.
9. BOOKS AND RECORDS
In compliance with the requirements
of Rule 31a-3 under the Act, the Adviser agrees that all records which it maintains for the Trust are the property of the Trust and it
agrees to surrender promptly to the Trust such records upon the Trust's request. The Adviser further agrees to preserve for the periods
prescribed by Rule 31a-2 under the Act all records which it maintains for the Trust that are required to be maintained by Rule 31a-1 under
the Act.
10. QUESTIONS OF INTERPRETATION
(a)
This Agreement shall be governed by the laws of the State of New York.
(b)
For the purpose of this Agreement, the terms “majority of the outstanding voting securities,” and “control”
shall have their respective meanings as defined in the Act and rules and regulations thereunder, subject, however, to such
exemptions as may be granted by the Securities and Exchange Commission under the Act.
(c)
Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term
or provision of the Act shall be resolved by reference to such term or provision of the Act and to interpretation thereof, if any,
by the United States courts or in the absence of any controlling decision of any such court, by the Securities and Exchange
Commission or its staff. In addition, where the effect of a requirement of the Act, reflected in any provision of this Agreement, is
revised by rule, regulation, order or interpretation of the Securities and Exchange Commission or its staff, such provision shall be
deemed to incorporate the effect of such rule, regulation, order or interpretation.
11. NOTICES
Any notices under this Agreement
shall be in writing, addressed and delivered or mailed postage paid to the other party at the addresses set forth below, unless notice
is provided with respect to a change thereof:
To the Trust – Bluerock
Private Real Estate Fund – 919 Third Ave, 40th Floor, New York, NY 10022 – Attn: President.
To the Adviser –
Bluerock Fund Advisor – 919 Third Ave, 40th Floor, New York, NY 10022 – Attn: Chief Legal Officer.
12. COUNTERPARTS
This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
-4-
13. BINDING EFFECT
Each of the undersigned expressly
warrants and represents that he has the full power and authority to sign this Agreement on behalf of the party indicated, and that his
signature will operate to bind the party indicated to the foregoing terms.
14. CAPTIONS
The captions in this Agreement
are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their
construction or effect.
IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed on the date above written.
BLUEROCK PRIVATE REAL ESTATE FUND
By:
/s/ Jordan Ruddy
Name:
Jordan Ruddy
Title:
President
BLUEROCK FUND ADVISOR, LLC
By:
/s/ Jason Emala
Name:
Jason Emala
Title:
Chief Legal Officer
-5-
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