A Year in Review and Looking at 2026
Moooo from the Bull Pen / Former Doc Holliday Museum (HQ)
As we close out the year, we are pausing to reflect not just on performance metrics, but on the broader forces shaping our work and our focus. This year is capped off by incredible unity among our team - focussed and positive. Thank you for everything you do!
Warren Buffett once said, “Someone’s sitting in the shade today because someone planted a tree a long time ago.”
At Three Bulls, we firmingly stand behind a belief that has guided us from the beginning: workforce housing isn’t a niche asset class, it is essential infrastructure.
2025: Execution in a Complex Environment
This year tested operators across the real estate landscape though we posted industry leading results when benchmarked against much larger peers. Transaction volumes remained muted early, with the environment improving slightly. Insurance, taxes, and operating costs continued to rise. Meanwhile, we focused on execution:
Stabilizing most of the homes acquired
Delivering best in class resident experiences
Leveraging rapidly developing technology
Improving our stakeholder communications
Preparing for future growth
Housing as Economic Infrastructure
One of Buffett’s most enduring principles is to invest in businesses and assets that are simple, understandable, and essential. And housing meets that test. Across the Southeast, manufacturing reshoring, logistics, food processing, and aerospace clusters continue to expand. Without attainable, well-located housing, labor mobility breaks down.
Why Small Cities Still Matter
Former mill towns were once engines of American productivity. Their decline (1990’s-2005) was accelerated by global capital shifts (which are reversing). Today, many of these communities sit at the intersection of: (1) Strategic logistics access (2) Available workforce (3) Lower cost structure (4) Strong community identity (5) Housing undersupply.
Looking Ahead
We are building communities focussed around long-duration demand supported by our platform and partnerships. We believe the next phase of the cycle will reward investors who focus on the fundamentals and remain disciplined in our approach.
Gratitude
We are grateful to our investors, partners (including other local landlords who share our vision), municipal leaders, and our amazing team members who share a long-term perspective. We look forward to the year ahead.
