Third Avenue Management Real Estate Value Fund’s Q2 2025 Investor Letter

Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Real Estate Value Fund” second-quarter 2025 investor letter. For the six months ended June 30, 2025, the fund returned +6.38% (after fees) compared to +6.66% (before fees) for the FTSE EPRA NAREIT Developed Index. The fund generated an annualized return of +8.94% (after fees) since its inception in 1998. For more information on the fund’s top picks in 2025, please check its top five holdings.

A copy of Third Avenue Management Real Estate Value Fund’s Q2 2025 investor letter can be downloaded here.