Form 4: Bluerock Total Income Fund Trustee Acquires Additional Shares Under Compensation Plan

A trustee of Bluerock Total Income (plus) Real Estate Fund acquired additional Class I Shares as part of their established compensation plan.

Summary

• Tio Romano, a trustee of Bluerock Total Income (plus) Real Estate Fund (TIPWX), acquired 192.0861 Class I Shares.
• The acquisition occurred on June 30, 2025, at a price of $26.03 per share.
• Following this transaction, Tio Romano directly beneficially owns 3,397.6 Class I Shares.
• The shares were granted in conjunction with the trustees' compensation plan, which entitles each independent trustee to receive $5,000 of Class I Shares per quarter, totaling $20,000 annually.

Sentiment

Score: 7

Explanation: The acquisition of shares by a trustee, even as part of a compensation plan, generally indicates alignment of interests and confidence in the fund's future, which is a positive signal. It's a routine internal mechanism that supports positive sentiment.

Positives

• An independent trustee acquired additional shares, indicating alignment of interests with shareholders.
• The acquisition is part of a structured compensation plan, demonstrating a consistent approach to trustee remuneration in company shares.

Future Outlook

The document indicates a continuing compensation plan for independent trustees, where they receive Class I Shares quarterly, suggesting a consistent approach to aligning trustee interests with the fund's performance.

Industry Context

This transaction is a routine insider filing for a real estate fund, reflecting a standard compensation practice for independent trustees. Such share-based compensation aligns the interests of the fund's governance with its long-term performance, a common practice in the investment fund industry.

Comparison to Industry Standards

• The practice of compensating independent trustees with fund shares is a common corporate governance standard across the investment management industry, including other real estate investment trusts (REITs) and funds.
• This aligns trustee incentives with shareholder returns, similar to practices seen in funds like Vanguard Real Estate Index Fund (VNQ) or Fidelity Real Estate Index Fund (FSRNX), where management and board compensation often includes equity components to foster long-term commitment and performance.

Corporate Governance

Stakeholder Impact

• Shareholders: The acquisition of shares by a trustee, as part of a compensation plan, aligns the trustee's financial interests with the long-term performance of the fund, potentially benefiting shareholders through improved governance and decision-making.

Next Steps

• Independent trustees are expected to continue receiving $5,000 of Class I Shares per quarter as part of their compensation plan.

Key Dates

Recommendation

Keywords

Bluerock Total Income (plus) Real Estate Fund, TIPWX, SEC Form 4, Insider Transaction, Trustee, Share Acquisition, Compensation Plan, Real Estate Fund, Beneficial Ownership