Saba Capital Management, L.P. → Bluerock Private Real Estate Fund BPRE

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.