Q4 2025 Shareholder Letters

About Us

Third Avenue Management is a New York City-based asset manager that utilizes a disciplined, value-oriented, and asset-based approach to investing in publicly traded securities.

Rooted in our founder Marty Whitman’s time-tested philosophy, Third Avenue adheres to a value approach when evaluating commercial enterprises and the securities they issue.

A Pioneer in Value Investing

For four decades, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing.

We focus on four key investment pillars

Third Avenue Management’s unique value investing philosophy was developed by our late founder, Martin J. Whitman, a veritable legend of deep-value investing.

Meet Our Team

At Third Avenue, we understand that our greatest strength lies in our people. We also believe that stability across all facets of the organization is critical to long-term success.

Explore Careers at Third Avenue

A career with Third Avenue Management provides the opportunity to work with a leading value-oriented investment adviser.

A Pioneer in Value Investing

For more than three decades, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing.

The Aggressive Conservative Approach

We focus on four key investment pillars when evaluating companies.

Long Tenured Management Team

Third Avenue’s Management Committee has full responsibility for the leadership of the Firm. The Management Committee has been in place since 2002 when Affiliated Managers Group (“AMG”) invested in Third Avenue. Collectively, the Management Committee has provided five decades of service to the Firm. Our refined management structure ensures that its leadership team is represented by senior members of each of our functional departments.

Join our Team

Explore careers at Third Avenue

Strategies

Global Value

Small-Cap Value

Real Estate Value

International Real Estate Value

International Value

Variable Series

Third Avenue offers multiple investment solutions focused on the team’s highest-conviction ideas, an approach that leads to high Active Share across our portfolios.

The Firm’s core investment strategies each construct concentrated portfolios of high-conviction investments within their respective investment universes.

An Uncommon Approach to All Cap Value Investing.

Our strategy seeks long-term capital appreciation by investing opportunistically across a global universe of sectors, geographies and security types to build a differentiated portfolio of contrarian and special-situation opportunities. The strategy’s investments are generally characterized by what we believe are strong financial positions, valuation supported by tangible assets and market prices substantially below our estimate of intrinsic business value.

An Uncommon Approach to Small-Cap Value Investing.

The Small-Cap Value strategy is derived from Third Avenue’s value-oriented approach and is driven by our focus on well-managed companies with financial strength, potential to compound NAV, and securities priced at a discount to our conservative estimates of NAV. This leads to a portfolio of what we believe are high-quality businesses trading at deep discounts to intrinsic value.

Strategic Real Estate at Value Prices, Since 1998.

For more than 25 years, Third Avenue’s Real Estate Value strategy has sought out value-oriented opportunities through investments in the securities of well-capitalized and strategic real estate enterprises on a global basis.

Capturing excess returns from inefficient markets.

Our International Real Estate Value strategy employs a high-conviction approach to investing in listed real estate securities outside the U.S., with a differentiated style focused on high-quality compounding real estate entities, complemented with special situation opportunities.

An Uncommon Approach to All Cap International Value Investing.

The International Value strategy’s flexible mandate takes an opportunistic, all-cap, and benchmark-agnostic approach to non-US equity investing. Opportunities are evaluated with an emphasis on financial strength and an ability to compound net asset value, while our price-consciousness restricts our investment activity to securities priced at significant discounts to our conservative estimates of net asset value.

An Uncommon Approach to All Cap International Value Investing.

A Pioneer in Value Investing

For more than three decades, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing.

We focus on four key investment pillars

Third Avenue Management’s unique value investing philosophy was developed by our late founder, Martin J. Whitman, a veritable legend of deep-value investing. Having spent much of his career as a renowned restructuring and bankruptcy expert, Marty developed an acute appreciation for the importance of balance sheet analysis as it relates to both corporate creditworthiness and corporate asset value.

Long Tenured Management Team

Explore Careers at Third Avenue

A career with Third Avenue Management provides the opportunity to work with a leading value-oriented investment adviser. Based in New York, the Firm was founded in 1986 by legendary investor Martin J. Whitman.

Global Value

Small-Cap

Real Estate

International Real Estate

International Value

Opportunistic, Ecelectic, Go Anywhere.

Our strategy seeks long term capital appreciation by investing opportunistically across a global universe of sectors, geographies and security types to build a differentiated portfolio of contrarian and special-situation opportunities.

Small in Market Cap, Seeks High Quality

The Small-Cap Strategy is derived from Third Avenue’s value-oriented approach and is driven by our focus on well-managed companies with financial strength, potential to compound NAV, and securities priced at a discount to our conservative estimates of NAV. This leads to a portfolio of what we believe are high-quality businesses trading at deep discounts to intrinsic value.

Pursuing Real Value in Global Real Estate Since 1998

Third Avenue’s real estate strategy seeks total return with an emphasis on long-term capital appreciation and low levels of portfolio turnover. The Fund invests across an expansive universe that includes the securities of real estate and real estate-related enterprises globally.

A Sustainable Approach to International Real Estate Investing

Our International Real Estate Strategy seeks to achieve long-term capital growth and current income through a portfolio of securities of publicly traded real estate companies located outside the U.S. that may include REITs, real estate operating companies and other publicly traded companies whose asset base is primarily real estate.

View the Latest Shareholder Letter >

Opportunistic, Ecelectic, Go Anywhere.

RESOURCES

Shareholder Letters

News and Media

Fund Literature and Tax Information

Resources

Get the latest in Third Avenue commentary, news, insights and important Fund documents.

Shareholder Letters

Third Avenue has been writing comprehensive quarterly letters to our shareholders for four decades. Please enjoy reading about our investment approach, how we analyze securities, the principles of value investing, and our most recent perspectives.

News and Media

Get the latest news, insights and more from Third Avenue.

Fund Literature

Get the latest fund documents and important information here.

A Sustainable Approach to International Real Estate Investing

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A Pioneer in Value Investing

For more than three decades, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing.

We focus on four key investment pillars

Long Tenured Management Team

Explore Careers at Third Avenue

Global Value

Small-Cap

Real Estate

International Real Estate

International Value

Opportunistic, Ecelectic, Go Anywhere.

Small in Market Cap, Seeks High Quality

Pursuing Real Value in Global Real Estate Since 1998

A Sustainable Approach to International Real Estate Investing

View the Latest Shareholder Letter >

Opportunistic, Ecelectic, Go Anywhere.

INVESTORS

BNY Shareholder Login

Investors

Check performance, invest directly and obtain statements through the Bank of New York Mellon client portal. If you are a non-U.S. investor you can access our UCITS Fund offering documents through our partner, GemCap, or reach out directly to learn more about our separate account offerings.

Performance

Get the latest Third Avenue Fund performance and Net Asset Values (NAV) here.

Invest

Invest in Third Avenue Funds or access your existing account through the Bank of New York Mellon Account Portal.

E-Delivery

Non-U.S. Investors

Non-U.S. investor can access our UCITS Fund offering documents through our partner, GemCap, or reach out directly to find out more about our separate account offerings.

BNY Shareholder Login

Through the Bank of New York Mellon’s client portal, existing shareholders can setup online access or access their existing online account.

A Pioneer in Value Investing

For more than three decades, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing.

We focus on four key investment pillars

Long Tenured Management Team

Explore Careers at Third Avenue

Global Value

Small-Cap

Real Estate

International Real Estate

International Value

Opportunistic, Ecelectic, Go Anywhere.

Small in Market Cap, Seeks High Quality

Pursuing Real Value in Global Real Estate Since 1998

A Sustainable Approach to International Real Estate Investing

View the Latest Shareholder Letter >

Opportunistic, Ecelectic, Go Anywhere.

Barrow Hanley is a leader in global value investing, partnering with clients around the world to provide attentive service, insightful perspectives, and competitive returns.

About Us

Our History Philosophy Team Careers

Strategies

Global Value Small-Cap Value Real Estate Value International Real Estate Value International Value

Resources

Shareholder Letters News and Media Fund Literature and Tax information

Investors

Performance Invest E-Delivery Non-US Investors BNY Shareholder Login

Q4 2025 Shareholder Letters

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Q4 2025 Shareholder Letters

Get in Touch

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