NEW YORK–(BUSINESS WIRING) – The Broadstone Real Estate Access Fund (“BDREX” or “Fund”), a closed-end interval fund registered under the Investment Companies Act 1940, announced the elimination of a $ 4.3024 per share distribution for Class I and Class W. This represents an allocation of US $ 20.7 million or 67% of the Fund’s net asset value as at 24 August 2021. The distribution is payable on 25 August 2021 to registered shareholders as of 23 August 2021.1… BDREX is operated by Benefit Street Partners, LLC (“BSP”).
As announced on March 4, 2021, the Fund’s Board of Trustees approved a plan for the liquidation and dissolution of the Fund and the return of capital to the Fund’s investors. The fund made an earlier liquidation distribution on April 22, 2021. BDREX is closed to new investors and the Fund’s shares are no longer available for purchase, including shares purchased through the Fund’s automatic investment plan.
ALPS Fund Services, Inc. and ALPS Distributors, Inc. act as Administrator and Distributor of the Fund, respectively. DST Systems, Inc., the parent company of the Distributor, acts as the transfer agent for the Fund. UMB Bank, NA acts as custodian of the fund.
An interval fund such as BDREX is a closed-end investment company that periodically offers to buy back its shares from shareholders. The number of shares that BDREX will offer to buy back will be determined quarterly by the Board of Trustees. Repurchases within 90 days of purchase may incur a commission. There is no guarantee that the investor will be able to sell all shares that the investor wishes to sell in any buyback offer.
The fund’s shares will not be listed on the stock exchange and the secondary market is not expected to develop. Investments are not suitable for investors who require liquidity. Investing in BDREX involves risks including loss of principal and other risks identified in the Risk Factors section of the prospectus.
Since BDREX’s direct investment in real estate will be relatively illiquid, the Fund will not be able to change its portfolio in response to changes in economic and other conditions, which could result in losses for the Fund. The bankruptcy, insolvency or deterioration in the financial situation of any of the Fund’s direct investment tenants in real estate may significantly slow down the possibility of receiving unpaid rent or require the Fund to find new tenants. With regard to BDREX investments in private real estate investment funds, the Fund may not have the sole discretion to make decisions on such funds and may not be able to take steps to protect its interests in these investments. The Fund may be exposed to additional risks if it fails to meet the capital requirements of a private real estate investment fund and the underlying fund may be pursuing investment strategies that compete with each other or do not match those of the Fund. BDREX’s investments in securities of publicly traded REITs are subject to risks that directly affect those REITs.
BDREX is distributed by ALPS Distributors, Inc. (ALPS). ALPS is not affiliated with BDREX, Benefit Street Partners LLC or UMB Bank, NA.
1A portion of the distribution made by the Fund represents a return on money originally invested by shareholders and represents a return of equity to shareholders for tax purposes that will increase his or her profits (or reduce his or her losses). on the subsequent sale of shares. The shareholder must have an investment in the Fund as of the date of the distribution recording of 23 August 2021 in order to receive the distribution.