1、1Capital Markets and Alternatives InsightsJanuary 20252 2“Bluerock has been an educational partner to financial professionals in effectively utilizing alternative investments in client portfolios for over 20 years.As the alternatives landscape evolves,Bluerock is committed to serving as a leader in

2、delivering compelling next-generation alternative investment solutions to individual investors.”Bluerocks 23-year commitment to delivering leading alternatives solutions to private wealth investorsRamin KamfarCEO and Founder,Bluerock3 3Macroeconomic Outlook4Executive SummaryMacroeconomic and Capital

3、 Markets OutlookInflation has moderated,but remains a bit stubbornThe Feds annual 2%inflation target has still not been met,though much progress has been made.1 We anticipate annual inflation in the 2%-3%range in 2025.The Fed will tread carefully in 2025Despite recent moderation,the labor market rem

4、ains too strong to expect significant rate cuts.We expect the Fed to exercise caution in 2025,keeping the Fed Funds rate at or near 4%to avoid reigniting inflationary pressure and driving the 10-year US Treasury yields too high.Economic“goldilocks”period will benefit private real estate and private

5、creditEconomic data reflect a strong economy with moderating inflation creating a favorable environment for both private real estate benefitted by both moderating borrowing costs and strong NOI growth and private credit fueled by low default rates and relatively higher rates vs.recent standards.1 Bu

6、reau of Labor Statistics,year-over-year consumer price index5Inflation continues to moderateSources:JP Morgan Guide to the Markets,9.30.2024.Contribution to y/y%change in CPI,non-seasonally adjustedYear-over-Year%Change in CPI Inflation Inflation has moderated,nearingthe Feds year-over-year target.T