Newsletter Update
As we close out September 2025, I'm increasingly optimistic about the tailwinds building for our REIT portfolio. While the broader markets continue to grapple with uncertainty, we're approaching what I believe will be a pivotal six-month period for real estate investment trusts. The combination of expected interest rate declines and the resulting compression in capitalization rates is setting up what could be a significant value creation opportunity for our holdings.
The numbers from this year already tell a compelling story of REIT resilience. When the S&P 500 stumbled 4.4% in the first quarter, our REIT holdings gained 2.8%—a preview of how defensive these assets can be. But what excites me more is what's coming next. To read the rest and the REIT Portfolio I just updated, upgrade to Premium right here.
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