J Studios/DigitalVision 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 September 30, 2025. For the first nine months of the calendar year, the Fund generated a return of +13.54% (after fees) versus +11.26% (before fees) for the Fund’s most-relevant benchmark, the FTSE EPRA/NAREIT Developed Index¹. The primary contributors to performance during the period included the Fund’s investments in U ...