Blackstone’s (NYSE:BX) non-publicly traded actual property funding belief continued to see requests for redemptions exceed its restrict in February, although the quantity of requests declined from January.

Blackstone Actual Property Earnings Belief (BREIT) acquired requests of $3.9B in February, down 25% from January. The fund fulfilled $1.4B of repurchase requests, equal to 2% of internet asset worth and represents ~35% of the shares submitted for requests, it mentioned in a letter to buyers.

The fund’s restrict of redeeming 2% of NAV in any month 5% of NAV in a calendar quarter “was designed to each forestall a liquidity mismatch and maximized long-term shareholder worth,” it mentioned.

BREIT’s annualized internet return since its inception on Jan. 1, 2017 was 12.3%, “outperforming publicly traded REITs by greater than 2x,” the letter mentioned. Up to now three years, the annualized internet return was 14.4%.

It additionally pointed to eight.4% internet return in 20223, “supported by 13% estimated money circulate progress from our actual property property, whereas most asset lessons suffered vital losses.”

BREIT additionally reminded buyers that repurchase requests that weren’t fulfilled don’t routinely carry over to the following month.

In January, the fund did not disclose the quantity of redemption requests it acquired, however mentioned it fulfilled repurchase requests of $1.3B, which represented 25% of the shares buyers sought to redeem. That implied complete request as $5.2B.