| Item 1. | Security and Issuer |
| (a) | Title of Class of Securities:
Common Shares, no par value |
| (b) | Name of Issuer:
Bluerock Private Real Estate Fund |
| (c) | Address of Issuer's Principal Executive Offices:
919 Third Avenue, 40th Floor, New York,
NEW YORK
, 10022. |
Item 1 Comment:
This Amendment No. 1 amends Items 3, 4, 5, and 7. |
| Item 2. | Identity and Background |
|
| (a) | This Schedule 13D/A is being jointly filed by:
(i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital");
(ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and
(iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"),
(together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein. |
| (b) | The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174. |
| (c) | The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities. |
| (d) | The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). |
| (e) | The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws. |
| (f) | Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States. |
| Item 3. | Source and Amount of Funds or Other Consideration |
| | Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $107,845,238 was paid to acquire the Common Shares reported herein. |
| Item 4. | Purpose of Transaction |
| | Item 4 is hereby amended and supplemented as follows: On August 26, 2026, Saba Capital filed a demand to inspect shareholder list materials of the Issuer pursuant to Section 3819 of the Delaware Statutory Trust Act in order to enable Saba Capital and certain of its affiliates and its representatives to communicate with other holders of common shares of the Issuer in connection with Saba Capital's anticipated solicitation of proxies from the Issuer's shareholders in connection with the 2027 annual meeting of shareholders of the Issuer, including any adjournments, postponements, reschedulings or continuations thereof or special meeting that may be called in lieu thereof (the "2027 Annual Meeting"). At the 2027 Annual Meeting, Saba Capital intends to submit a shareholder proposal to terminate the Issuer's investment manager, seek Board change and conduct a proxy solicitation. |
| Item 5. | Interest in Securities of the Issuer |
| (a) | See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 143,044,372 shares of common stock outstanding as of 6/15/26, as disclosed in the company's 8-K filed 8/7/26. |
| (b) | See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition. |
| (c) | The transactions in the Common Shares effected from the filing of the Schedule 13D on 8/3/26 by the Reporting Persons to 8/26/26, the date of the event which required filing of this Schedule 13D/A are set forth in Schedule A, and are incorporated herein by reference. All trades were effected in the open market. |
| (d) | The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares. |
| (e) | Not Applicable. |
| Item 7. | Material to be Filed as Exhibits. |
| | Exhibit 3 - Schedule A |
