Form 4: Bluerock Total Income (plus) Real Estate Fund Trustee Acquires Shares as Part of Compensation Plan

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

Summary

• I. Bobby Majumder, a Trustee of Bluerock Total Income (plus) Real Estate Fund (TIPWX), acquired 192.0861 Class I Shares.
• The transaction occurred on June 30, 2025, at a price of $26.03 per share.
• This acquisition is part of the independent trustees' compensation plan, which grants $5,000 of Class I Shares per quarter, totaling $20,000 annually.
• Following this transaction, Majumder directly beneficially owns 3,397.6 Class I Shares.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 6

Explanation: Slightly positive, as it indicates alignment of interests between management (trustee) and shareholders through a routine, pre-planned equity compensation.

Positives

• The acquisition of shares by a trustee aligns their interests with those of the shareholders, indicating confidence in the fund's performance.
• The transaction is part of a pre-established compensation plan, demonstrating a structured approach to executive remuneration.

Future Outlook

The transaction date of June 30, 2025, indicates a future grant of shares as part of an ongoing, pre-established compensation plan for independent trustees, ensuring continued alignment of interests.

Management Comments

• Shares were granted in conjunction with the trustees' compensation plan.
• Under the compensation plan, each independent trustee is entitled to receive $5,000 of Class I Shares per quarter, or $20,000 of Class I shares annually.

Industry Context

Insider transactions, particularly those related to compensation plans, are common in the financial industry. For real estate funds like Bluerock Total Income (plus) Real Estate Fund, such grants help retain experienced trustees and align their financial incentives with the long-term performance of the fund, which is a standard practice across the investment management sector.

Comparison to Industry Standards

• The practice of compensating independent trustees with equity is a common corporate governance standard across the investment fund industry, aligning their interests with unitholders.
• The specific quarterly grant of $5,000 in shares is a defined component of the fund's compensation structure, comparable to similar arrangements seen in other publicly traded REITs or income-focused funds, though the exact amounts vary by fund size and complexity.

Corporate Governance

Related Party Transactions

• The acquisition of shares by I. Bobby Majumder, a trustee of the fund, is a related party transaction as it involves compensation from the fund to a key personnel.

Stakeholder Impact

• Shareholders: The transaction aligns the trustee's interests with shareholders, potentially leading to more shareholder-centric decisions.
• Trustees: The compensation plan provides a clear and consistent method of remuneration, including equity participation.

Next Steps

• Continued quarterly grants of Class I Shares to independent trustees as per the compensation plan.

Key Dates

Keywords

Bluerock Total Income (plus) Real Estate Fund, TIPWX, SEC Form 4, Insider Transaction, Trustee Compensation, Share Acquisition, Real Estate Fund, Beneficial Ownership, Rule 10b5-1