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In late 2022 we analyzed BREIT and concluded that BREIT had been systematically inflating its NAV, smoothing its returns and misleading investors. The intervening 18 months have confirmed our opinions.
We focused on BREIT because it was a juggernaut and a poster child for the nontraded REIT industry trying to rebuild after its prior "lifecycle" flimflam was no longer tenable in the face of...
