On this episode of the Chit Chat Stocks Podcast, Ryan and Brett talk with Phil Bak on all things Real Estate funds and Blackstone's BREIT story. We discuss:
(00:00) Introduction and Background
(02:32) Misconceptions about REITs
(04:29) Armada Investors: A Quantitative Approach
(07:46) HAUS: Pure Play Exposure to Residential Real Estate
(12:10) REAL: A Multi-Factor Approach to Real Estate Investing
(15:27) The BREIT Controversy
(30:53) The Issues with BREIT: Elevated NAV, Redemptions, and Fake Dividends
(37:15) Strategies to Address the BREIT Situation: Selling Properties and Raising New Money
(40:25) The Material Impact of BREIT on Blackstone
(45:10) The Logic of the BREIT Structure: Promising Liquidity in Illiquid Assets
(47:42) The Importance of Understanding the Risks of Private Market Real Estate
FIND MORE OF PHIL's WORK
https://philbak.substack.com/
https://www.armadainvestors.com/
https://x.com/philbak1
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Disclosure: Chit Chat Stocks hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation.
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