Bluerock (BPRE) Trustee Ryan MacDonald Buys Shares

What Happened
Trustee Ryan S. MacDonald made multiple open-market acquisitions of Bluerock Private Real Estate Fund (BPRE) common shares on September 14, 2026. The purchases totaled 20,745 shares for about $248,048 across ten lots, including: 5,500 @ $12.00 ($66,000); 4,000 @ $11.99 ($47,960); 2,895 @ $11.93 ($34,537); 2,600 @ $11.92 ($30,992); 2,550 @ $11.90 ($30,345); 1,900 @ $11.94 ($22,686); 500 @ $11.91 ($5,955); 400 @ $11.98 ($4,792); 300 @ $11.95 ($3,585); and 100 @ $11.96 ($1,196). These are coded as P (purchase) on the Form 4 — purchases are generally viewed as a stronger signal than routine sales, though this filing alone doesn't explain motivations.

Key Details

• Transaction date: 2026-09-14 (all trades); prices ranged from $11.90 to $12.00 per share.
• Total acquired: 20,745 shares for approximately $248,048.
• Filing date: 2026-09-18 — filed four days after the transactions; appears later than the typical two-business-day Form 4 deadline.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: Filing executed by an attorney-in-fact pursuant to a Limited Power of Attorney for Section 16(a) filings dated May 26, 2021.
• Transaction code: P = Purchase (open market or private purchase).

Context
These were multiple small-to-midsize open-market buys executed the same day at prices clustered around $12. As a trustee, MacDonald may be transacting in a fiduciary capacity; Form 4 purchases are factual disclosures and do not by themselves indicate the insider’s private motives. The late filing may be worth noting for compliance monitoring.