Third Avenue Management, an investment management firm based in New York City, released its “Third Avenue Real Estate Value Fund” fourth quarter 2025 investor letter. A copy of the letter can be downloaded here. The Third Avenue Real Estate Value Fund posted a return of +11.61% (after fees) in the calendar year, compared to a return of +9.86% (before fees) for the MSCI ACWI IMI Home Real Estate Index. Since its inception in 1998, the fund has generated an annualized return of +8.96% (after fees). This year marks the 40th anniversary of Third Way Management, highlighting its core principles and its adaptability in the pursuit of long-term wealth creation for its clients. The fund invests 40.3% of its capital in US-based companies, 27.5% in North American-based companies, 27.6% in international real estate companies, and the remaining 4.6% in cash, debt and options. The fund predicts that the next five years could be similar to the early 2000s, a time characterized by attractive valuations in US-listed real estate. Please review the portfolio’s top five properties to gain insight into their key choices for 2025.
In its Q4 2025 investor letter, Third Avenue Real Estate Value Fund highlighted stocks like Brookfield Corporation (NYSE:BN). Brookfield Corporation (NYSE:BN) is a leading multi-asset manager focused on growth investments and growth investments, including real estate, credit, renewable energy and transmission, infrastructure, venture capital, and private equity. On March 06, 2026, Brookfield Corporation (NYSE:BN) stock closed at $41.20 per share. Brookfield Corporation (NYSE:BN)’s one-month return was -12.10%, and its shares have grown 22.74% over the past 52 weeks. Brookfield Corporation (NYSE:BN) has a market capitalization of $92.587 billion.
Third Avenue Real Estate Value Fund said the following about Brookfield Corporation (NYSE:BN) in its fourth quarter 2025 investor letter:
“Incidentally, the last quarter was the most active period of resource turnover for holding real estate value funds in many years. In fact, more than a third of the core portfolio engaged in (or announced) such initiatives during the period, some of the most notable including: Brookfield Corporation (NYSE:BN), a leading global real estate investor and manager, together with an affiliate (Brookfield Asset Management) announces the acquisition of the remaining 26% of Oaktree Capital. In addition, the company (i) announced that certain subsidiaries have entered into an $80 billion strategic partnership with the US government to build a new fleet of nuclear plants and (ii) indicated that it intends to reinvest its Center Parks hospitality business for approximately $6 billion, valued on both fronts.
