While Alphabet fell 12.7% and the AI trade fractured, one director bought the same stock every trading day for five weeks. The full timeline, tonight.
This morning I told you Ramin Kamfar added $2.23 million to his position in Bluerock Private Real Estate Fund. That was two days. He has bought shares on 25 of the last 26 trading days.
You read this morning that Kamfar has purchased shares on numerous days throughout October, building a stake of over three million shares. Tonight, let’s lay out the full sequence.
Three questions I’ll answer
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How many consecutive days has Kamfar purchased — and how much has he invested in total? |
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What is the fund trading at relative to the value of the real estate it owns? |
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What does 25 days of buying in a row tell you that a single filing cannot? |
One day of buying is routine. Twenty-five straight days is a campaign. I’ll show you the full timeline. ↓
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Twenty-Five Days
Bluerock Private Real Estate Fund (ticker: BPRE) is a publicly traded closed-end fund on the NYSE that invests in diversified private real estate across the United States. A closed-end fund is a pool of capital that trades on an exchange like a stock — and like a stock, its market price can differ from the value of what it owns. Ramin Kamfar, a director and controlling owner of Bluerock Asset Management, has purchased shares through his entities on nearly every trading day since September 23. The campaign continued without interruption across five weeks of market turmoil.
THE BUYING SEQUENCE — FROM EDGAR, IN ORDER
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SEP 23–25
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~301K shares at ~$12.43 — $3.7M
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SEP 28–OCT 5
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~695K shares at ~$12.56 — $8.7M
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OCT 6–9
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~651K shares at ~$13.05 — $8.5M
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OCT 12–16
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~622K shares at ~$12.68 — $7.9M
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OCT 19–23
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~442K shares at ~$12.38 — $5.5M
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OCT 26–27
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~179K shares at ~$12.49 — $2.2M
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WHERE HE STANDS NOW
Total open-market purchases since September 23: approximately 2.89 million shares for roughly $36.5 million, all through Bluerock Asset Management and Savr Holdings — two entities Kamfar controls. His total position now exceeds three million shares. The fund trades near $12.50. Closed-end real estate funds routinely trade at a discount to net asset value — the value of the properties and investments they hold minus their debts. When a director with a controlling interest puts $36.5 million into a fund at $12.50, the implied view is that the real estate inside is worth meaningfully more than the market price.
NATE’S TAKE
In 25 years I have seen insiders buy for a week, sometimes two. I have not seen a director purchase shares on 25 of 26 consecutive trading days, investing over $36 million through two separate entities, across a period that included a 7% semiconductor selloff, a Fed hold with two dissenters, Brent crude above $115, and Alphabet erasing $470 billion. Kamfar bought through all of it. The real estate inside the fund is valued above the price he paid. When someone with control of the management company puts $36 million into that gap over five weeks without missing a day, he is telling you the discount is temporary. That is the read twenty-five straight days of buying gives you that a single filing cannot.
— Nate Fowler
After the Bell · Evening Special Edition
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