Bailard Real Estate Completes Leadership Transition

Bailard’s real estate platform begins 2026 following a carefully planned leadership transition. Effective January 1, Tess Gruenstein and James Pinkerton now serve as co-heads of the platform, succeeding Preston Sargent, who retired as President and CEO of the Bailard Real Estate Fund (BREF) at year-end. The transition followed nine months of planning and implementation that began in the spring of 2025. While Sargent has stepped back from day-to-day responsibilities, he remains involved as a strategic advisor and continues to serve on the Fund’s Board of Directors.

“This was the right move for our real estate team,” said Sonya Mughal, CFA, CEO of Bailard. “Care and discipline are core to how this group works. Tess and James have built their experience at Bailard together over time, and this next step follows naturally from that.”

At a glance
Co-Heads: Tess Gruenstein; James Pinkerton
Gruenstein: Head of Portfolio Management
Pinkerton: Head of Investments
Fund leadership: Co-CEOs, Bailard Real Estate Fund
Effective: January 1, 2026
Continuity: Alex Spotswood (SVP); Preston Sargent (Strategic Advisor)
New hire: Neha Desai (VP, New York)

Leadership Experience and Responsibilities
Gruenstein has been with Bailard for more than a decade and has played a central role in the development and oversight of the firm’s real estate business. As Executive Vice President and Head of Portfolio Management, she oversees portfolio management, fund operations, and compliance, and serves on the firm’s executive leadership team.

Pinkerton’s experience spans property types and market cycles, grounded in years of hands-on work across acquisitions, dispositions, and financings. As Executive Vice President and Head of Investments, he leads transaction activity and execution across Bailard’s real estate platform, with responsibility for acquisitions, research, and institutional business development.

Together, Gruenstein and Pinkerton serve as co-CEOs of BREF, the firm’s open-end, diversified core private real estate fund. Pinkerton also joins the Fund’s Board of Directors.

Depth and Momentum as 2026 Begins
The real estate team’s leadership builds on a year of meaningful investment activity and an experienced bench. Alex Spotswood, Senior Vice President, continues to focus on sourcing acquisitions and driving portfolio management, working closely with Gruenstein and Pinkerton across the investment cycle.

Following his retirement at year-end 2025, Sargent remains involved as a strategic advisor, providing continuity and perspective. The team has also expanded its senior bench with the addition of Neha Desai, Vice President, who joined Bailard in December and is based in New York, extending coverage in a key market.

Taken together, the leadership structure supports consistent decision-making, clear ownership, and a long-term approach to managing real estate investments.

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About the Bailard Real Estate Fund
The Fund is an actively managed, open-end core equity real estate vehicle diversified within property type, major metro areas, and investment life cycle. As of December 31, 2025, the Fund’s Gross Asset Value was $1.3 billion, invested in 31 properties across 21 U.S. markets. An investor in the Bailard Real Estate Fund must be an “accredited investor” as defined in Regulation D and provide documentation verifying such status as requested by the Fund.

About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven wealth and asset management firm serving individuals, families, and institutions. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, private real estate, and sustainable, responsible, and impact investing. The firm helps clients align their financial goals with their values. Headquartered in the San Francisco Bay Area, Bailard had over $7.7 billion in assets under management as of 12/31/2025. Bailard is majority employee-owned, woman-led, a Certified B Corporation™, and a UN Principles of Responsible Investing signatory.

Disclosures
Bailard, Inc. (Bailard) is the investment and operating manager of the Bailard Real Estate Investment Trust, Inc. (the “Bailard Real Estate Fund” or the “Fund”); Bailard receives annual fees from the Fund, which are based on the Net Asset Value (NAV). As of 12/31/2025, the Fund’s NAV was $1.0 billion. The Fund invests primarily in real estate and, as a result, an investment in the Fund entails significant risks that are customarily associated with the development and ownership of income-producing real estate, including illiquidity, changes in supply and demand, and inexact valuation. The Fund’s shares fluctuate in value and may be illiquid due to a lack of redemption, the lack of a secondary market and restrictions on transfer. Fees and expenses may offset the return on the investment. The Fund may be leveraged. While projections utilized for acquisitions are based on assumptions that Bailard believes are reasonable under the circumstances, they are subject to uncertainties, changes (e.g., changes in public health, economic, operational, political, legal, tax, and other circumstances), and other risks including, but not limited to, future operating results including rents, occupancy, and other property cash flows, and other expenses. Investors may lose all or a substantial portion of their investment. For a more thorough discussion of the fees and the risks involved in making an investment in the Fund, please refer to its Offering Memorandum. Past performance is no indication of future results. All investments have the risk of loss.