Boaz Weinstein's firm plans to solicit shareholder proxies as it seeks to terminate the closed-end fund's manager and pursue board changes.
The investment was made through a joint venture with specialized real estate investment firm the Sterling Organization.
Patrick Wolfe has resigned as COO of BlackRock Private Credit Fund, BlackRock Direct Lending Corp., and BlackRock TCP Capital Corp., weeks after CEO Philip Tseng left the same three funds.
Deutsche Bank's asset management arm is also moving to liquidate and dissolve its US-focused non-traded REIT, RREEF Property Trust.
"It's time for new management at BPRE. Read about the dumpsterš„ of their own making at fireBLUEROCK.com," Saba Founder Boaz Weinstein wrote on X.
The vote follows the board's termination of Octagon and clears the condition for the fund's previously announced liquidity plan.
"Octagon's proposals do not amount to a real plan forward," XAI president Kimberly Flynn exclusively told EvergreenLink.
Shareholders in the closed-end traded fund have until August 6 to approve the King Street sub-advisory agreement, as former sub-advisor Octagon denounced the decision arguing insufficient support.
The $580 million fund's former sub-adviser Octagon called the proposed tender offers "vote bait," while Egan-Jones maintained its recommendation against the proposed appointment.
The contested proxy campaign in the $580 million CLO fund was sparked by the board's decision to terminate Octagon as sub-adviser and propose Rockford Tower as its replacement.
