Blackstone said redemption requests for its flagship $69 billion real estate investment trust (BRIET) hit its monthly limit in January amid investor concerns over the outlook for the commercial real estate market.

BREIT said it fulfilled redemption requests of about $1.3 billion in January, representing 25% of the approximately $5.3 billion of the total withdrawal requests it had received during the month.

The fulfilled withdrawal requests also represent 2% of the net asset value of fund, the firm said in a stockholder letter posted to its website. Unfulfilled requests will not be carried over automatically to the next month.

“We remain confident that BREIT’s portfolio can deliver strong performance and a tax-advantaged distribution yield,” BREIT noted in the letter to stockholders. “We believe we have selected the right sectors and geographies and positioned our balance sheet to continue to produce meaningful cash flow growth.”

Blackstone began to limit investor withdrawals from BREIT last November after a barrage of requests that surpassed a preset 5% of the net asset value of the fund.

Still, some analysts believe concerns about BREIT are “overblown,” according to Wells Fargo analyst Finian O’Shea who recently upgraded the private equity firm to overweight from equalweight, in a note to clients.

Wells Fargo believes Blackstone can “stem the tide” of BREIT redemption requests, especially in light of its recent deal with UC Investments.

UC investments recently announced it would invest another $500 million in BREIT, bringing its total investment to $4.5 billion.