Group 1 - 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 - Rayonier Inc. is highlighted as a key holding, specializing in land resources and sustainable timberland management [2] - As of March 06, 2026, Rayonier Inc. stock closed at $21.55, with a one-month return of -3.79% and a 52-week loss of 20.74% [2] - Rayonier Inc. has a market capitalization of $6.551 billion [2] Group 3 - The recent quarter was notably active for resource conversion among the Fund's holdings, with over one-third of the portfolio engaging in such initiatives [3] - Rayonier Inc. completed the divestiture of its New Zealand venture, paid a special dividend, and announced a merger with PotlatchDeltic [3] - The merger is expected to enhance efficiencies in Rayonier's timber segment and increase scale in its real estate and resources portfolio [3]

Core Insights - Third Avenue Management celebrates 40 years of operations, indicating a significant milestone in the firm's history and stability in the investment management industry [2] Company Overview - The firm has demonstrated resilience and adaptability over four decades, which reflects positively on its management strategies and investment philosophy [2]