Flexible Real Estate Income Fund (REFLX)


Updated December 02, 2022


The Fund’s primary investment objective is to provide current income with a secondary objective of long- term capital appreciation.



Fund Overview

PIMCO’s flagship offering in core real estate

The fund’s investment strategy will be, under normal circumstances, primarily to acquire stabilized, income-oriented commercial real estate and debt secured by commercial real estate.

Why Invest In This Fund

Flexibility to pursue the most attractive opportunities

Asset classes that the fund may target include, among others, private CRE equity investments, private CRE debt investments, CMBS, and other publicly traded CRE securities.

Focus on income potential:

The fund seeks to invest in property-backed investments that may provide stable cash flow streams and can potentially be a hedge against inflation.

PIMCO’s deep resources

As one of the largest real estate managers globally, we believe PIMCO has the scale to source efficiently, influence terms, and analyze relative value across private and public CRE markets.


Monthly with Daily Accrual







Daniel J. Ivascyn

Group Chief Investment Officer

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Christoph Donner

CEO, Allianz Real Estate, U.S.

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Devin Chen

Portfolio Manager, Commercial Real Estate

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Peggy DaSilva

Head of Asset Management, Allianz Real Estate, U.S.

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John Lee

Portfolio Manager, Commercial Real Estate

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Russell Gannaway

Portfolio Manager, Alternative Credit

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Fees & Expenses

Effective as of 11/14/2022
Gross Expense Ratio 2.97%
Net Expense Ratio 2.33%
The Net Expense Ratio reflects the effect of contractual fee waivers and/or expense reduction arrangements, which are in place through at least 11/14/2023, unless terminated by PIMCO in accordance with the terms of the agreement. See the Fund’s prospectus for more information.
Adjusted Expense Ratio 1.82%
The Adjusted Expense Ratio excludes certain investment expenses, such as expenses from borrowings and repurchase agreements, any dividend and other costs paid on preferred shares issued by the Fund, and dividend expenses from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying PIMCO Funds (if applicable), none of which are paid to PIMCO.
Management Fee (on Net Assets) 1.75%


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Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO representative.  Please read them carefully before you invest or send money.

Management Fee (on Net Assets) is comprised of an advisory fee of 1.25% and a supervisory and administrative fee of 0.50% of the Fund’s average daily net assets.

Mr. Donner and Ms. DaSilva are dual personnel of Allianz Real Estate and PIMCO, and provide services to the Fund on behalf of PIMCO. Allianz Real Estate is a PIMCO company.

The fund is an unlisted closed-end “interval fund.” Limited liquidity is provided to shareholders only through the fund’s quarterly offers to repurchase between 5% to 25%, or such other amount as may be permitted under applicable rules and regulations or no-action, exemptive or other relief, of its outstanding shares at net asset value (subject to applicable law and approval of the Board of Trustees, the Fund currently expects to offer to repurchase 5% of outstanding shares per quarter). There is no secondary market for the fund’s shares and none is expected to develop. Investors should consider shares of the fund to be an illiquid investment.


It is important to note that differences exist between the fund’s daily internal accounting records, the fund’s financial statements prepared in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. It is possible that the fund may not issue a Section 19 Notice in situations where the fund’s financial statements prepared later and in accordance with U.S. GAAP or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please see the fund’s most recent shareholder report for more details.


Investments in residential and commercial real estate debt are subject to risks that include prepayment, delinquency, foreclosure, risks of loss, servicing risks and adverse regulatory developments, which risks may be heightened in the case of non-performing loans. The proposed Fund will also have exposure to such risks through its investments in mortgage and asset-backed securities, which are highly complex instruments that may be sensitive to changes in interest rates and subject to early repayment risk. Equity investments may decline in value due to both real and perceived general market, economic and industry conditions, while debt investments are subject to credit, interest rate and other risks. Private credit and private equity involves an investment in non-publically traded securities which are subject to illiquidity risk.  Portfolios that invest in private credit and private equity may be leveraged and engage in speculative investment practices that increase the risk of investment loss. Private Credit funds will also be subject to real estate-related risks, which include new regulatory or legislative developments, the attractiveness and location of properties, the financial condition of tenants, potential liability under environmental and other laws, as well as natural disasters and other factors beyond the proposed Fund’s control. The value of real estate and portfolios that invest in real estate may fluctuate due to: losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, property tax rates, regulatory limitations on rents, zoning laws, and operating expenses.


Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage-related assets and other asset-backed instruments may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee, there is no assurance that private guarantors will meet their obligations. U.S. agency mortgage-backed securities issued by Ginnie Mae (GNMA) are backed by the full faith and credit of the United States government. Securities issued by Freddie Mac (FHLMC) and Fannie Mae (FNMA) provide an agency guarantee of timely repayment of principal and interest but are not backed by the full faith and credit of the U.S. government. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. REITs are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged.


An investment in an interval fund is not appropriate for all investors. Unlike typical closed-end funds an interval fund’s shares are not typically listed on a stock exchange. Although interval funds provide limited liquidity to investors by offering to repurchase a limited amount of shares on a periodic basis, investors should consider shares of the Fund to be an illiquid investment.  Investments in interval funds are therefore subject to liquidity risk as an investor may not be able to sell the shares at an advantageous time or price. There is also no secondary market for the proposed Fund’s shares and none is expected to develop. There is no guarantee that an investor will be able to tender all or any of their requested proposed Fund shares in a periodic repurchase offer.


There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for along-term especially during periods of downturn in the market. An investment in the proposed Fund is speculative involving a high degree of risk, including the risk of a substantial loss of investment. Investors should consult their investment professional prior to making an investment decision.


PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns.

Mr. Donner and Ms. DaSilva are dual personnel of Allianz Real Estate and PIMCO, and provide services to the Fund on behalf of PIMCO. Allianz Real Estate is a PIMCO company.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. For Informational Purposes Only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2022, PIMCO
PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO.