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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Fund outperformed its benchmark in 2025 with an 11.61% return, driven by high resource-conversion activity and a newly initiated position in FirstService."
In Q4 2025, the Third Avenue Real Estate Value Fund gained 11.61% for the calendar year, outperforming its benchmark's 9.86% return. This period was marked by highly active 'resource conversion' initiatives across more than one-third of the portfolio, including National Storage's privatization, Rayonier's merger with PotlatchDeltic, Brookfield's Oaktree acquisition, and Lennar's land-light exchange offer. The fund initiated a key position in FirstService Corp., citing its robust balance sheet, defensive cash flows, and historically attractive multiples. Additionally, the letter highlights a structural opportunity in listed real estate, which is trading at an average discount of more than 20% to NAV, arguing that listed markets are poised for a significant wave of capital inflows from overvalued and gated private vehicles.
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