Continued stability with increasing return potential
Oct 10, 2025
Seventh consecutive quarter of positive returns across real estate, private credit, and venture capital.
Positive performance continues through first half of year
Jul 02, 2025
Strong fundamentals and continued operating rigor resulted in yet another quarter of positive returns across all three primary asset classes.
Outperformance amidst market uncertainty
Apr 10, 2025
Strong operating performance resulted in generally positive returns for the first quarter of 2025 across real estate, credit, and venture capital.
The case for real estate in 2025
Jan 02, 2025
In our annual letter to investors, we discuss how falling interest rates over the course of the year kicked off what we expect to be an extended period of positive returns for real estate (and private markets more broadly), with the potential for even more positive tailwinds in 2025.
Positive momentum through the quarter with rate cuts continuing to drive value
Oct 11, 2024
Strong operating performance continued across the portfolio with the majority of Funds delivering positive results.
Positive second quarter results continue to build on momentum from earlier in the year
Aug 02, 2024
After a strong start to the year, continued momentum in property fundamentals led to another quarter of positive returns across the majority of the portfolio.
Strong first quarter results signal rebound for real estate
Apr 15, 2024
Ongoing improvement in property operations combined with stabilizing rates has driven strong positive performance that we expect to continue.
The hard part is over… for real estate.
Jan 11, 2024
In our 2023 year-end letter to investors, we discuss the anticipated peak of interest rates, its impact on real estate returns, and our optimistic outlook about future values improving due to expected lower rates.
Q3 2023 letter to investors
Nov 15, 2023
Real estate prices continue to move countercyclically with interest rates, however cracks appear to be emerging in the broader economy signaling the potential for a long-awaited downturn.
2023 mid-year letter — The long game
Jul 27, 2023
Decades of data show a stubborn trend: Recessions take months, or years, to reveal themselves. With no reason to think this time is different, we continue to protect the downside while optimizing for opportunity.
