TAREX Fees and Costs — Third Avenue Real Estate Value Fund, Institutional Class
Data updated: 2026-09-22
The net expense ratio is 1.17%: a 0.90% management fee plus 0.27% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $103K in broker commissions, 0.0310% of average net assets, and portfolio turnover was 16%.
TAREX Fees and Expenses
Annual operating expenses and sales charges of TAREX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.18% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.17% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
TAREX Costs Over Time
On $10,000 invested in TAREX, assuming 5% a year before costs, total costs come to $748 over 5 years, cutting the return by 1.26% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.17%) | $123 | $383 | $662 |
| Trading costs (broker commissions) | $3 | $10 | $18 |
| Lost growth on money paid in costs | $0 | $19 | $69 |
| Total costs | $126 | $412 | $748 |
| Value after costs | $10,374 | $11,164 | $12,015 |
| Impact on return, per year | 1.26% | 1.26% | 1.26% |
TAREX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0310%
- Total broker commissions: $103K
- Bought from dealers (principal trades, not a cost): $4.5M
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
TAREX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET, LLC | $32K | 31.36% |
| BTIG, LLC | $29K | 27.96% |
| CLSA Americas, LLC | $9K | 8.82% |
| UBS Securities LLC | $7K | 7.27% |
| EVERCORE GROUP L.L.C. | $7K | 6.67% |
| CITIGROUP GLOBAL MARKETS INC. | $5K | 4.77% |
| J.P. MORGAN SECURITIES LLC | $4K | 4.11% |
| VIRTU AMERICAS LLC | $4K | 4.04% |
| BARCLAYS CAPITAL, INC. | $4K | 3.79% |
| JEFFERIES LLC | $1K | 1.22% |
TAREX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $3.4M | 76.89% |
| EVERCORE GROUP L.L.C. | $912K | 20.36% |
| J.P. Morgan Securities LLC | $112K | 2.51% |
| VIRTU AMERICAS LLC | $11K | 0.25% |
Third Avenue Real Estate Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TARZX | Z Class | 1.07% | none |
| TAREX | Institutional Class | 1.17% | none |
| TVRVX | Investor Class | 1.42% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.