J Studios/DigitalVision via Getty Images Dear Fellow Shareholders, We are pleased to provide you with the Third Avenue International Real Estate Value Fund’s (the “Fund”) report for the quarter ended September 30, 2025. During the quarter, the Fund generated a return of +3.96% (after fees) compared to the most relevant benchmark, the FTSE EPRA/NAREITEIT Global ex US Index1 (the “Index”), which returned +4.03% (before fees) for the same period. ‍ ‍ Activity The Fund takes a cautious approach when inv ...