Armada CEO Phil Bak Quoted in Business Insider’s BREIT Deep-Dive

Blackstone's big gamble. Has the world's largest private equity firm built a $114 billion house of cards?

"If BREIT has to sell properties to meet redemptions, and they have to dip deeper into their portfolio to sell less desirable properties, they'll have to mark their NAV to reflect the actual sales prices," says Phil Bak, the founder and CEO of Armada Investors, a quantitative asset manager that specializes in REITs. "That could scare the people who have been clinging to fund performance as a reason not to redeem, which in turn causes a death spiral." [6]

[6] Inside the Growing Alarm Over Blackstone's BREIT Real-Estate Fund (businessinsider.com)