MacKenzie Capital Management has offered shareholders of Blackstone Real Estate Income Trust (BREIT) an immediate cash payment of $9.27 per share, which is nearly 38% below BREIT's net asset value of $14.88 per share.

MacKenzie's offer of quick cash for nontraded BREIT shares, known in the industry as a mini-tender offer, is for up to 1.5M shares and expires on December 11.

MacKenzie is aiming the offer at BREIT shareholders who have been filing redemption requests with the $70B fund since November 30 2022, when BREIT began prorating these withdrawals.

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