The firm has reportedly engaged with prospective buyers to facilitate liquidity for investors in a US-based open-ended fund managed by Blackstone Property Partners.
The non-traded BDC reduced its revolver to $975 million to lower borrowing costs and align with its target leverage.
"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 former Sixth Street Senior Advisor will oversee portfolio construction for the firm's solutions, including credit secondaries and direct credit.
Repurchase requests in the $4.3 billion private debt fund have now fallen for two consecutive quarters, more than halving from 8.5% in Q1 to 3.8% in Q3.
The non-traded BDC completed another private placement offering, with proceeds earmarked to repay existing debt, including its 3.125% notes due later this month.
