Third Avenue Management is a New York–based, value-oriented asset manager that operates a public-market real estate strategy through registered funds. The firm was founded in 1986 by Martin J. Whitman and maintains a value- and asset-based investing approach. Third Avenue runs the Third Avenue Real Estate Value Fund (TAREX), a strategy in place since 1998 that invests in the securities of real estate and real-estate-related companies and holds primarily U.S. REITs and similar public real-estate securities. Firmwide discretionary assets are in the neighborhood of $1.6 billion, and the Real Estate Value Fund’s assets are approximately $302.5 million. Third Avenue’s real-estate activity is implemented via public equity and registered-fund structures rather than private JV equity or direct lending. Third Avenue is useful to market participants seeking a public-market REIT/value specialist with a long-running, asset-based real estate strategy and experience comparing public REIT valuations to private-market values.