Ryan Dobratz, a portfolio manager at Third Avenue Management specializing in real estate, shares insights on the firm's real estate strategy. He advocates for real estate operating companies over traditional REITs, exploring investment potential in firms like CBRE. The discussion includes challenges in the office market and a deep dive into opportunities within Fannie Mae and Freddie Mac. Dobratz also reflects on his career journey and highlights the shifting dynamics in residential real estate amid rising mortgage rates.