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Third Avenue Management

THIRD AVENUE MANAGEMENT LLC · CIK: 1099281 · Report Period: 2025-12-31 · Filed: Feb 12 2026

Portfolio Concentration

Top 10 holdings by weight — hover for cross-investor insights

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Holdings Total: $550,214,835 · 51 positions

#	Ticker	Issuer	Class	% of Portfolio	Value ($)	Shares	Activity	Share Change
1	HCC	Warrior Met Coal Inc.	COM	9.3%	$51,431,324	583,320	REDUCE	-58,596
2	TDW	Tidewater Inc.	COM	8.0%	$44,098,816	873,071	REDUCE	-1,596
3	BCC	Boise Cascade Company	COM	5.8%	$31,647,926	429,999	ADD	+156,294
4	VAL	Valaris Ltd.	COM	5.3%	$29,452,399	584,373	REDUCE	-1,229
5	BN	Brookfield Corp.	COM	4.6%	$25,153,181	548,119	ADD	+169,870
6	CBRE	CBRE Group, Inc.	COM	4.3%	$23,609,600	146,835	REDUCE	-7,837
7	FPH	Five Point Holdings LLC - CL A	COM	4.2%	$22,996,796	4,113,917	-	-
8	PLD	Prologis Inc.	COM	3.4%	$18,568,275	145,451	ADD	+57
9	ROG	Rogers Corp.	COM	3.3%	$18,265,834	199,474	ADD	+106
10	LENB	Lennar Corp - Class B	COM	2.6%	$14,078,521	148,008	ADD	+165
11	DB	Deutsche Bank AG	COM	2.4%	$13,002,162	337,193	NEW BUY	+337,193
12	UHALB	U-Haul Holding Company	COM	2.2%	$12,117,158	259,246	ADD	+21
13	SUI	Sun Communities Inc.	COM	2.2%	$12,009,605	96,922	ADD	+136
14	PHM	PulteGroup Inc.	COM	2.1%	$11,806,206	100,684	ADD	+3,918
15	JLL	Jones Lang Lasalle	COM	2.1%	$11,558,081	34,351	REDUCE	-17,268
16	DHI	DR Horton Inc.	COM	2.0%	$11,262,282	78,194	ADD	+116
17	FNF	FNF Group	COM	2.0%	$11,208,419	205,320	ADD	+86,664
18	KALU	Kaiser Aluminum Corp.	COM	1.8%	$9,804,794	85,363	REDUCE	-4,172
19	SUPN	Supernus Pharmaceuticals, Inc.	COM	1.7%	$9,417,802	189,493	-	-
20	COLL	Collegium Pharmaceutical Inc.	COM	1.7%	$9,417,466	203,401	-	-
21	ECPG	Encore Capital Group Inc.	COM	1.7%	$9,295,046	171,022	-	-
22	UMBF	UMB Financial Corporation	COM	1.6%	$9,001,305	78,245	REDUCE	-19,273
23	SKY	Champion Homes, Inc.	COM	1.6%	$8,991,561	106,409	-	-
24	AMH	American Homes 4 Rent	COM	1.6%	$8,940,235	278,512	ADD	+87,446
25	MYRG	MYR Group Inc.	COM	1.4%	$7,768,549	35,554	-	-

Position Changes 6 quarters available

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	ICFI	ICF International, Inc.	ADD	+5,840	+12.4%	52,864	$4,509,299
2	-	Comerica Inc.	SOLD	-156,314	Exit	-	-
3	KALU	Kaiser Aluminum Corp.	REDUCE	-4,172	-4.7%	85,363	$9,804,794
4	WCC	Wesco International	ADD	+202	+1.0%	20,295	$4,964,969
5	-	Seaboard Corp.	SOLD	-1,015	Exit	-	-
6	UNF	UniFirst Corporation	ADD	+2,505	+9.7%	28,434	$5,484,919
7	AMH	American Homes 4 Rent	ADD	+87,446	+45.8%	278,512	$8,940,235
8	RYN	Rayonier Inc.	REDUCE	-29,712	-13.6%	188,340	$4,077,561
9	FSV	FirstService Corp.	NEW BUY	+18,714	New	18,714	$2,910,588
10	DHI	DR Horton Inc.	ADD	+116	+0.1%	78,194	$11,262,282
11	AMBC	Octave Specialty Group	ADD	+178,702	+29.6%	782,093	$6,084,684
12	OCFC	OceanFirst Financial Trust	ADD	+30,476	+18.8%	192,807	$3,460,886
13	UHALB	U-Haul Holding Company	ADD	+21	+0.0%	259,246	$12,117,158
14	DB	Deutsche Bank AG	NEW BUY	+337,193	New	337,193	$13,002,162
15	UMBF	UMB Financial Corporation	REDUCE	-19,273	-19.8%	78,245	$9,001,305
16	WY	Weyerhaeuser Company	ADD	+9,662	+6.0%	171,582	$4,064,778
17	CBRE	CBRE Group, Inc.	REDUCE	-7,837	-5.1%	146,835	$23,609,600
18	PLD	Prologis Inc.	ADD	+57	+0.0%	145,451	$18,568,275
19	SUI	Sun Communities Inc.	ADD	+136	+0.1%	96,922	$12,009,605
20	FG	F&G Annuities and Life	NEW BUY	+12,319	New	12,319	$380,047
21	BXC	Bluelinx Holdings Inc.	ADD	+17,982	+38.8%	64,339	$3,952,345
22	ITIC	Investors Title Co.	ADD	+11	+0.1%	21,894	$5,465,618
23	PRA	Proassurance Corp.	REDUCE	-71,023	-19.5%	292,990	$7,078,638
24	TDW	Tidewater Inc.	REDUCE	-1,596	-0.2%	873,071	$44,098,816
25	JLL	Jones Lang Lasalle	REDUCE	-17,268	-33.5%	34,351	$11,558,081
26	BCC	Boise Cascade Company	ADD	+156,294	+57.1%	429,999	$31,647,926
27	BN	Brookfield Corp.	ADD	+169,870	+44.9%	548,119	$25,153,181
28	FR	First Industrial Realty Trust, Inc.	REDUCE	-1,614	-1.5%	104,728	$5,997,773
29	SBSI	Southside Bancshares Inc.	REDUCE	-92,547	-44.2%	116,879	$3,551,953
30	-	Visteon Corp.	SOLD	-10,298	Exit	-	-
31	FNF	FNF Group	ADD	+86,664	+73.0%	205,320	$11,208,419
32	SD	Sandridge Energy Inc.	ADD	+120	+0.0%	330,818	$4,773,704
33	FRPH	FRP Holdings Inc.	REDUCE	-71,101	-39.8%	107,429	$2,448,307
34	LENB	Lennar Corp - Class B	ADD	+165	+0.1%	148,008	$14,078,521
35	VAL	Valaris Ltd.	REDUCE	-1,229	-0.2%	584,373	$29,452,399
36	ROG	Rogers Corp.	ADD	+106	+0.1%	199,474	$18,265,834
37	ALG	Alamo Group, Inc.	ADD	+9,140	+61.5%	24,009	$4,030,391
38	PHM	PulteGroup Inc.	ADD	+3,918	+4.0%	100,684	$11,806,206
39	FLG	Flagstar Bank	NEW BUY	+217,305	New	217,305	$2,735,870
40	HCC	Warrior Met Coal Inc.	REDUCE	-58,596	-9.1%	583,320	$51,431,324

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	-	Comerica Inc.	REDUCE	-14,896	-8.7%	156,314	$10,799,734
2	UNF	UniFirst Corporation	ADD	+2,573	+11.0%	25,929	$4,312,252
3	RYN	Rayonier Inc.	REDUCE	-40,077	-15.5%	218,052	$5,869,960
4	-	Millrose Properties, Inc.	SOLD	-50,697	Exit	-	-
5	DHI	DR Horton Inc.	REDUCE	-111	-0.1%	78,078	$13,463,770
6	-	Hamilton Beach Brand	SOLD	-131,461	Exit	-	-
7	MYRG	MYR Group Inc.	REDUCE	-19,041	-34.9%	35,554	$7,181,908
8	OCFC	OceanFirst Financial Trust	ADD	+93	+0.1%	162,331	$2,818,066
9	UHALB	U-Haul Holding Company	REDUCE	-285	-0.1%	259,225	$13,259,359
10	DB	Deutsche Bank AG	SOLD	-1,021,558	Exit	-	-
11	UMBF	UMB Financial Corporation	REDUCE	-5,245	-5.1%	97,518	$11,536,379
12	WY	Weyerhaeuser Company	REDUCE	-58,929	-26.7%	161,920	$4,039,904
13	CBRE	CBRE Group, Inc.	REDUCE	-10,038	-6.1%	154,672	$24,215,448
14	PLD	Prologis Inc.	REDUCE	-128	-0.1%	145,394	$16,935,493
15	TPH	Tri Pointe Group Inc.	ADD	+25	+0.0%	155,855	$5,342,709
16	SUI	Sun Communities Inc.	REDUCE	-424	-0.4%	96,786	$12,437,001
17	PRA	Proassurance Corp.	REDUCE	-20,627	-5.4%	364,013	$8,729,032
18	FPH	Five Point Holdings LLC - CL A	REDUCE	-11,994	-0.3%	4,113,917	$25,218,311
19	TDW	Tidewater Inc.	REDUCE	-490	-0.1%	874,667	$47,931,752
20	JLL	Jones Lang Lasalle	REDUCE	-71	-0.1%	51,619	$15,347,361
21	BCC	Boise Cascade Company	NEW BUY	+273,705	New	273,705	$21,179,293
22	SKY	Champion Homes, Inc.	ADD	+46,544	+77.7%	106,409	$8,287,133
23	FR	First Industrial Realty Trust, Inc.	REDUCE	-26,321	-19.8%	106,342	$5,537,228
24	FRPH	FRP Holdings Inc.	REDUCE	-32,910	-15.6%	178,530	$4,293,647
25	LENB	Lennar Corp - Class B	REDUCE	-190	-0.1%	147,843	$18,032,411
26	VAL	Valaris Ltd.	REDUCE	-319	-0.1%	585,602	$29,994,534
27	ROG	Rogers Corp.	NEW BUY	+199,368	New	199,368	$16,314,283
28	PHM	PulteGroup Inc.	REDUCE	-165	-0.2%	96,766	$13,009,221
29	ITIC	Investors Title Co.	REDUCE	-13,869	-38.8%	21,883	$5,883,901
30	-	Old Republic International Corp.	SOLD	-98,535	Exit	-	-
31	HCC	Warrior Met Coal Inc.	ADD	+232	+0.0%	641,916	$42,315,103

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	-	Comerica Inc.	REDUCE	-131,694	-43.5%	171,210	$10,212,677
2	-	Brookfield Asset Mgmt. CL A	SOLD	-132,103	Exit	-	-
3	KALU	Kaiser Aluminum Corp.	ADD	+9,707	+12.2%	89,535	$7,153,847
4	WCC	Wesco International	ADD	+5,271	+35.6%	20,093	$3,721,224
5	-	Stewart Information Services Corp.	SOLD	-5,194	Exit	-	-
6	-	Seaboard Corp.	REDUCE	-304	-23.0%	1,015	$2,904,118
7	AMH	American Homes 4 Rent	REDUCE	-1,494	-0.8%	191,066	$6,891,751
8	RYN	Rayonier Inc.	REDUCE	-370	-0.1%	258,129	$5,725,301
9	-	Millrose Properties, Inc.	REDUCE	-30,193	-37.3%	50,697	$1,445,371
10	-	Vesta Real Estate Corp.	SOLD	-25,000	Exit	-	-
11	DHI	DR Horton Inc.	REDUCE	-556	-0.7%	78,189	$10,080,126
12	-	Hamilton Beach Brand	REDUCE	-118,508	-47.4%	131,461	$2,351,837
13	-	The RMR Group Inc.	SOLD	-37,000	Exit	-	-
14	MYRG	MYR Group Inc.	REDUCE	-18,202	-25.0%	54,595	$9,906,263
15	AMBC	Ambac Financial Group	ADD	+236,930	+64.7%	603,391	$4,284,076
16	CET	Central Securities Corporation	REDUCE	-9,398	-8.5%	101,812	$4,872,722
17	-	Inventrust Properties Corp.	SOLD	-38,000	Exit	-	-
18	OCFC	OceanFirst Financial Trust	ADD	+45,595	+39.1%	162,238	$2,857,011
19	UHALB	U-Haul Holding Company	ADD	+9,645	+3.9%	259,510	$14,109,559
20	DB	Deutsche Bank AG	REDUCE	-426,012	-29.4%	1,021,558	$30,182,748
21	-	Potlatchdeltic Corp.	SOLD	-20,000	Exit	-	-
22	UMBF	UMB Financial Corporation	REDUCE	-33	-0.0%	102,763	$10,806,557
23	CBRE	CBRE Group, Inc.	REDUCE	-399	-0.2%	164,710	$23,079,165
24	PLD	Prologis Inc.	ADD	+16,360	+12.7%	145,522	$15,297,273
25	SUI	Sun Communities Inc.	ADD	+6,495	+7.2%	97,210	$12,296,093
26	-	U-Haul Holding Company	SOLD	-1,456	Exit	-	-
27	-	Green Brick Partners	SOLD	-5,000	Exit	-	-
28	BXC	Bluelinx Holdings Inc.	ADD	+16,488	+55.2%	46,357	$3,448,034
29	PRA	Proassurance Corp.	REDUCE	-179,348	-31.8%	384,640	$8,781,331
30	-	Equity Commonwealth	SOLD	-55,000	Exit	-	-
31	TDW	Tidewater Inc.	ADD	+65,899	+8.1%	875,157	$40,370,992
32	JLL	Jones Lang Lasalle	REDUCE	-300	-0.6%	51,690	$13,221,268
33	SKY	Champion Homes, Inc.	NEW BUY	+59,865	New	59,865	$3,748,148
34	FR	First Industrial Realty Trust, Inc.	REDUCE	-1,895	-1.4%	132,663	$6,385,070
35	-	Whitestone REIT	SOLD	-80,000	Exit	-	-
36	-	Visteon Corp.	NEW BUY	+10,298	New	10,298	$960,803
37	FRPH	FRP Holdings Inc.	REDUCE	-41,512	-16.4%	211,440	$5,685,622
38	LENB	Lennar Corp - Class B	ADD	+263	+0.2%	148,033	$15,580,473
39	CTLP	Cantaloupe, Inc.	NEW BUY	+370,013	New	370,013	$4,066,443
40	-	Elme Communities	SOLD	-93,000	Exit	-	-
41	VAL	Valaris Ltd.	ADD	+16,082	+2.8%	585,921	$24,673,133
42	-	CTO Realty Growth, Inc.	SOLD	-63,000	Exit	-	-
43	ALG	Alamo Group, Inc.	REDUCE	-10,677	-41.8%	14,869	$3,247,092
44	PHM	PulteGroup Inc.	ADD	+33,131	+51.9%	96,931	$10,222,343
45	ITIC	Investors Title Co.	REDUCE	-3,167	-8.1%	35,752	$7,554,398
46	-	Old Republic International Corp.	REDUCE	-237,853	-70.7%	98,535	$3,787,685
47	HCC	Warrior Met Coal Inc.	ADD	+28,478	+4.6%	641,684	$29,408,378

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	ICFI	ICF International, Inc.	ADD	+2,836	+6.4%	47,024	$3,995,629
2	-	Comerica Inc.	ADD	+23	+0.0%	302,904	$17,889,510
3	KALU	Kaiser Aluminum Corp.	ADD	+205	+0.3%	79,828	$4,839,173
4	WCC	Wesco International	ADD	+83	+0.6%	14,822	$2,301,857
5	-	Seaboard Corp.	REDUCE	-1,015	-43.5%	1,319	$3,557,501
6	AMH	American Homes 4 Rent	REDUCE	-128,661	-40.1%	192,560	$7,280,694
7	RYN	Rayonier Inc.	REDUCE	-57,301	-18.1%	258,499	$7,206,952
8	-	Millrose Properties, Inc.	NEW BUY	+80,890	New	80,890	$2,144,394
9	-	Hamilton Beach Brand	REDUCE	-47,521	-16.0%	249,969	$4,856,898
10	AMBC	Ambac Financial Group	ADD	+136,045	+59.0%	366,461	$3,206,534
11	OCFC	OceanFirst Financial Trust	ADD	+55,784	+91.7%	116,643	$1,984,097
12	DB	Deutsche Bank AG	REDUCE	-738,934	-33.8%	1,447,570	$34,119,225
13	-	Retail Opportunity Investments Corp.	SOLD	-90,000	Exit	-	-
14	CBRE	CBRE Group, Inc.	REDUCE	-8,909	-5.1%	165,109	$21,592,955
15	PLD	Prologis Inc.	ADD	+219	+0.2%	129,162	$14,439,020
16	SUI	Sun Communities Inc.	REDUCE	-17,422	-16.1%	90,715	$11,669,578
17	BXC	Bluelinx Holdings Inc.	NEW BUY	+29,869	New	29,869	$2,239,578
18	TDW	Tidewater Inc.	ADD	+221,079	+37.6%	809,258	$34,207,336
19	BN	Brookfield Corp.	REDUCE	-13,229	-3.4%	378,249	$19,824,030
20	FR	First Industrial Realty Trust, Inc.	REDUCE	-22,572	-14.4%	134,558	$7,260,750
21	LENB	Lennar Corp - Class B	REDUCE	-14,011	-8.7%	147,770	$16,117,274
22	VAL	Valaris Ltd.	ADD	+143,231	+33.6%	569,839	$22,371,879
23	ALG	Alamo Group, Inc.	REDUCE	-6,334	-19.9%	25,546	$4,552,553
24	PHM	PulteGroup Inc.	NEW BUY	+63,800	New	63,800	$6,558,640
25	ITIC	Investors Title Co.	REDUCE	-220	-0.6%	38,919	$9,382,593
26	-	Old Republic International Corp.	REDUCE	-129,090	-27.7%	336,388	$13,193,137
27	HCC	Warrior Met Coal Inc.	ADD	+25,761	+4.4%	613,206	$29,262,190

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	-	Comerica Inc.	REDUCE	-173,002	-36.4%	302,881	$18,733,190
2	-	Trinity Place Holdings	SOLD	-3,475,472	Exit	-	-
3	-	Vesta Real Estate Corp.	ADD	+15,000	+150.0%	25,000	$640,000
4	COLL	Collegium Pharmaceutical Inc.	ADD	+20,750	+11.4%	203,401	$5,827,439
5	PBF	PBF Energy Inc.	ADD	+45,092	+52.5%	131,050	$3,479,378
6	-	Hamilton Beach Brand	REDUCE	-19,144	-6.0%	297,490	$5,006,757
7	-	Lazard Ltd.	SOLD	-362,515	Exit	-	-
8	AMBC	Ambac Financial Group	NEW BUY	+230,416	New	230,416	$2,914,762
9	-	Inventrust Properties Corp.	REDUCE	-145,176	-79.3%	38,000	$1,144,940
10	OCFC	OceanFirst Financial Trust	NEW BUY	+60,859	New	60,859	$1,101,548
11	UHALB	U-Haul Holding Company	REDUCE	-34,663	-12.2%	249,865	$16,003,853
12	DB	Deutsche Bank AG	REDUCE	-302,426	-12.2%	2,186,504	$37,674,994
13	UMBF	UMB Financial Corporation	REDUCE	-8,100	-7.3%	102,796	$11,601,557
14	WY	Weyerhaeuser Company	REDUCE	-87,158	-28.3%	220,849	$6,216,899
15	CBRE	CBRE Group, Inc.	REDUCE	-8,993	-4.9%	174,018	$22,846,823
16	SUI	Sun Communities Inc.	ADD	+342	+0.3%	108,137	$13,297,607
17	FPH	Five Point Holdings LLC - CL A	ADD	+814,981	+24.6%	4,125,911	$15,595,944
18	TDW	Tidewater Inc.	ADD	+106,705	+22.2%	588,179	$32,179,273
19	BN	Brookfield Corp.	REDUCE	-63,316	-13.9%	391,478	$22,490,411
20	SD	Sandridge Energy Inc.	ADD	+50,144	+17.9%	330,698	$3,872,474
21	VAL	Valaris Ltd.	REDUCE	-5,739	-1.3%	426,608	$18,873,138
22	-	Old Republic International Corp.	REDUCE	-44,576	-8.7%	465,478	$16,845,649
23	HCC	Warrior Met Coal Inc.	REDUCE	-207,969	-26.1%	587,445	$31,863,017

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	ICFI	ICF International, Inc.	REDUCE	-69	-0.2%	44,188	$7,370,117
2	-	Comerica Inc.	REDUCE	-529	-0.1%	475,883	$28,510,151
3	WCC	Wesco International	ADD	+10,003	+211.2%	14,739	$2,475,857
4	AMH	American Homes 4 Rent	ADD	+600	+0.2%	321,221	$12,331,674
5	RYN	Rayonier Inc.	ADD	+47	+0.0%	315,800	$10,162,444
6	DHI	DR Horton Inc.	REDUCE	-27,245	-25.7%	78,745	$15,022,184
7	SUPN	Supernus Pharmaceuticals, Inc.	ADD	+375	+0.2%	189,493	$5,908,392
8	COLL	Collegium Pharmaceutical Inc.	ADD	+370	+0.2%	182,651	$7,057,635
9	PBF	PBF Energy Inc.	NEW BUY	+85,958	New	85,958	$2,660,400
10	-	Hamilton Beach Brand	REDUCE	-679	-0.2%	316,634	$9,635,173
11	-	Washington Trust Bancorp.	SOLD	-199,119	Exit	-	-
12	ECPG	Encore Capital Group Inc.	ADD	+344	+0.2%	171,022	$8,084,210
13	-	Lazard Ltd.	REDUCE	-188,294	-34.2%	362,515	$18,263,506
14	MYRG	MYR Group Inc.	ADD	+5,040	+7.4%	72,797	$7,442,037
15	-	Inventrust Properties Corp.	REDUCE	-120	-0.1%	183,176	$5,196,703
16	UHALB	U-Haul Holding Company	ADD	+19	+0.0%	284,528	$20,486,016
17	DB	Deutsche Bank AG	ADD	+7,232	+0.3%	2,488,930	$43,049,778
18	UMBF	UMB Financial Corporation	REDUCE	-38,388	-25.7%	110,896	$11,656,279
19	WY	Weyerhaeuser Company	REDUCE	-36,733	-10.7%	308,007	$10,429,117
20	CBRE	CBRE Group, Inc.	ADD	+210	+0.1%	183,011	$22,781,209
21	PLD	Prologis Inc.	ADD	+54	+0.0%	128,943	$16,282,922
22	TPH	Tri Pointe Group Inc.	REDUCE	-167	-0.1%	155,830	$7,060,657
23	PRA	Proassurance Corp.	REDUCE	-81	-0.0%	563,988	$8,482,380
24	TDW	Tidewater Inc.	REDUCE	-28,337	-5.6%	481,474	$34,565,018
25	-	Lowe's Companies Inc.	SOLD	-14,096	Exit	-	-
26	BATRK	Atlanta Braves Holdings Inc - C	REDUCE	-188	-0.7%	26,104	$1,038,939
27	BN	Brookfield Corp.	REDUCE	-29,736	-6.1%	454,794	$24,172,301
28	LXU	LSB Industries Inc.	ADD	+1,538	+0.2%	789,447	$6,347,154
29	FRPH	FRP Holdings Inc.	REDUCE	-103	-0.0%	252,952	$7,553,147
30	SD	Sandridge Energy Inc.	NEW BUY	+280,554	New	280,554	$3,431,175
31	VAL	Valaris Ltd.	ADD	+12,189	+2.9%	432,347	$24,103,345
32	PRSP	Prosperity Bancshares Inc.	ADD	+203	+0.2%	102,168	$7,363,248
33	ITIC	Investors Title Co.	REDUCE	-58	-0.1%	39,139	$8,994,142
34	-	Old Republic International Corp.	REDUCE	-317,794	-38.4%	510,054	$18,066,113
35	HCC	Warrior Met Coal Inc.	ADD	+31,012	+4.1%	795,414	$50,826,955

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