Some BREIT investors want their money back, and the fund isn’t putting up a fight.

Blackstone’s BREIT will fulfill 100% of repurchase requests made in June despite the total pushing the fund over its quarterly withdrawal limit, according to CityWire. This is the third time in four months BREIT has satisfied repurchases that surpass its stated limits, which allow for 2% of net asset value monthly and 5% quarterly.

Investors asked to withdraw $806M in June, or about 1.4% of monthly NAV, pushing the second-quarter NAV past 5%. BREIT has met repurchase requests in full every month since February.

BREIT withdrawal requests surged at the end of May, which executives attributed to another nontraded REIT restricting monthly repurchases and shaking investor confidence in the space. The May spike led to a 50% month-over-month decline in June, the third-lowest withdrawal request in two years.

Many assumed the unnamed fund was Starwood Real Estate Income Trust, which announced in May it would curtail its monthly limit from 2% to 0.33%.

Repurchases have been on the rise since the beginning of this year when BREIT was finally able to fulfill 100% of requests. The fund began to enforce its repurchase limits back in November 2022 as climbing interest rates spooked investors into trying to pull funds.

BREIT posted a 0.5% loss in 2023, marking its worst annual performance since its inception. The company reported a strong start to 2024, returning more than 1.8% in the first quarter and continuing to “deliver consistent, compelling distributions for investors.”

CORRECTION, JULY 3, 9:35 A.M. CT: A previous version of this story misstated BREIT's June performance. It has been updated.