HAKINMHAN/iStock via Getty Images Dear Fellow Shareholders, We are pleased to provide you with the Third Avenue Real Estate Value Fund’s (the “Fund”) report for the quarter ended December 31, 2025. For the most recent calendar year, the Fund generated a return of +11.61% (after fees). In comparison, the Fund’s most relevant benchmark, the MSCI ACWI IMI Core Real Estate Index¹, generated a return of +9.86% (before fees) over the same time period. The primary contributors to the Fund’s performance this qu ...