Getty Images Dear Fellow Shareholders, We are pleased to provide you with the Third Avenue International Real Estate Value Fund (the “Fund”) report for the quarter ended December 31, 2025. The Fund delivered a +25.56% return (after fees) for the calendar year, outperforming the MSCI ACWI ex USA IMI Core Real Estate Index[1], which returned +21.42% over the same time period. The Fund’s total return for the year was supported by the 13% share price appreciation for the holdings (in local currency), a ...