Jeffrey E. Smith Institute of Real Estate and Capital Markets Advisory Board

Ryan Dobratz

Portfolio Manager

Third Avenue Management

Mr. Dobratz is the Co-Lead Portfolio Manager of the Third Avenue Real Estate Value Fund. In this role he collaborates with the other Real Estate Portfolio Managers to oversee Third Avenue’s Real Estate strategy and the Firm’s investments in real estate equities, debt, restructurings, and other special situations. Mr. Dobratz also serves as a member of Third Avenue’s Management Committee.

Prior to joining Third Avenue in 2006, Mr. Dobratz was a research analyst at Morningstar where he was the primary analyst on several North American Real Estate Investment Trusts, real estate holding companies and homebuilders.

At Third Avenue, Mr. Dobratz has been involved with identifying and overseeing a wide range of value-oriented investments in real estate operating companies, real estate investment trusts (“REITs”), and real estate related companies in North America, Europe, Asia, and Australia. These investments have populated the Real Estate portfolios as well as funds managed in other strategies at Third Avenue. Mr. Dobratz has also played a role in the Firm’s real estate related restructuring activities, which have included investments in one of the largest commercial real estate bankruptcies in U.S. history, the reorganization of one of the leading land development companies in North America, and the repositioning of one of the largest office companies in continental Europe.

Mr. Dobratz holds an M.B.A. with distinction and a B.S. with honors in Business Administration from the University of Missouri. He is a CFA© charterholder, has studied at the Imperial College of Science & Technology in London, England, and is a member of the New York Society of Security Analysts and the New York Private Equity Network Real Estate Group.