Group 1: Fund Performance - Third Avenue Real Estate Value Fund achieved a return of +11.61% in 2025, outperforming the MSCI ACWI IMI Core Real Estate Index, which returned +9.86% [1] - Since its inception in 1998, the Fund has generated an annualized return of +8.96% [1] - The Fund's capital allocation includes 40.3% in U.S.-based companies, 27.5% in North American-based companies, 27.6% in International Real Estate companies, and 4.6% in Cash, Debt & Options [1] Group 2: Market Outlook - The Fund anticipates that the next five years may resemble the early 2000s, characterized by attractive valuations in U.S.-listed real estate [1] Group 3: Company Highlight - Prologis, Inc. - Prologis, Inc. is a leader in logistics real estate, focusing on high-barrier, high-growth markets, with a market capitalization of $125.06 billion [2] - Prologis, Inc. stock closed at $134.54 per share on March 06, 2026, with a one-month return of -2.00% and a 52-week gain of 14.14% [2] - The recent quarter was notably active for resource conversion among the Fund's holdings, with Prologis sponsoring a REIT listed in China to invest in strategic properties within the "Greater Bay" region [3] - Prologis is expanding its $65 billion investment management platform and is focusing on unlocking data center opportunities alongside institutional partners [3]