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 ...

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Monetary Perspective - Housing affordability is framed as a monetary issue, not a real estate issue [1] - In gold terms, housing is 25% cheaper than in 1950 [1] - In Bitcoin (BTC) terms, housing is 99.7% cheaper over the last decade [1] Proposed Solution - The solution is to "fix the money" to restore the American dream [1]

Property Tax Assessment in Puerto Rico - Properties in Puerto Rico are valued based on 1957 levels for tax purposes [1] - The property tax rate is approximately 0.8% to 0.82% [1] - The effective tax rate can be as low as 0.3% due to the 1957 valuation method [1]

Core Viewpoint - Zacks Investment Research has initiated coverage of Stratus Properties Inc. with a Neutral recommendation, highlighting a combination of development potential and operational challenges [1] Group 1: Company Overview - Stratus Properties Inc. is a Texas-based real estate development and leasing company, positioned to unlock value through disciplined capital recycling and a substantial land bank in high-growth markets [2] - The company has recently refinanced major properties, resulting in over $12 million in cash and expanded credit capacity, as it shifts focus to new developments in Austin and surrounding areas [2] Group 2: Valuation and Asset Management - Asset sales have validated Stratus's valuation strategy, with the sale of West Killeen Market generating $7.8 million in net proceeds, exceeding the company's NAV estimate [3] - Management's ability to extract value and redeploy capital is further demonstrated through transactions involving Magnolia Place and Amarra Villas [3] Group 3: Development Pipeline - Stratus controls over 1,500 acres of entitled land, with projects like Holden Hills and The Saint George addressing housing demand in Austin [4] - Recent regulatory changes in Texas have eased permitting constraints, enhancing long-term development potential [4] Group 4: Financial Performance and Challenges - Revenues fell sharply in Q1 2025 to $5 million from $26.5 million a year earlier, leading to a $2.9 million quarterly net loss due to no property sales during the period [5] - The company faces high leverage with $210 million in floating-rate debt, exposing it to interest rate volatility and liquidity pressures, as indicated by negative operating cash flow in Q1 2025 [6] Group 5: Market Position and Investor Sentiment - Stratus's stock performance has lagged behind peers, trading at a discount to its underlying asset value, but with elevated valuation multiples relative to the broader sector [7] - The market appears to be pricing in execution risks and limited earnings visibility, warranting caution for investors [8]