Third Avenue Posts Strong Real Estate Fund Returns

Third Avenue Management released its Fourth-Quarter 2025 investor letter on March 9, 2026, reporting the Third Avenue Real Estate Value Fund returned +11.61% in calendar 2025, outperforming the MSCI ACWI IMI Core Real Estate Index's +9.86%. The fund, with 40.3% U.S., 27.5% North American, 27.6% international real estate allocations and 4.6% cash, highlighted active portfolio conversions including Lennar's exchange shifting it toward a land-light model.