Based on 51 hedge funds · latest filing: 2025 Q4 · updated quarterly
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Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their BBRE positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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At the ownership peak (96% of max)
96% of all-time peak
51 hedge funds hold BBRE right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
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Stable — ownership unchanged year-over-year
fund count last 6Q
The number of hedge funds holding BBRE is almost the same as a year ago (-1 funds, -2% change). No significant rush to buy or sell — institutional backing is holding steady.
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More sellers than buyers — 48% buying
24 buying26 selling
Last quarter: 26 funds reduced or exited vs 24 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
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Steady new buyers — ~7 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 6 → 10 → 8 → 7. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 24% medium
■ 16% new
31 out of 51 hedge funds have held BBRE for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
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Steady discovery — ~7 new funds/quarter
13 → 6 → 10 → 8 → 7 new funds/Q
New funds entering each quarter: 6 → 10 → 8 → 7. Consistent flow of new institutional buyers without clear acceleration or slowdown.
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Deep conviction — 59% of holders stayed 2+ years
■ 59% veterans
■ 16% 1-2yr
■ 25% new
Of 51 current holders: 30 (59%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
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Elite ownership — 50% AUM from top-100 funds
50% from top-100 AUM funds
9 of 51 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in BBRE. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.