Over the past six months, Fidelity National Financial’s stock price fell to $49.21. Shareholders have lost 17.9% of their capital, which is disappointing considering the S&P 500 has climbed by 4.8%.

Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Real Estate Value Fund” fourth-quarter 2025 investor letter. A copy of the letter can be ...