Third Avenue Management LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Third Avenue Management LLC reported 59 stock positions worth $516.8 million. Its top holding was Deutsche Bank AG-Registered (DB) at 7.3% of the portfolio, followed by Tidewater (TDW, 6.2%) and Warrior Met Coal (HCC, 6.2%). Compared with Q3 2024, it opened 2 new positions, sold out of 2, added to 7 and reduced 12. The biggest buy was Five Point Class A (FPH, shares +25%) and the biggest sale an exit from Lazard (LAZ).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001099281
Portfolio Value
$516.8M (Q4 2024)
SEC Filing
0001099281-25-000002 ↗ filed Feb 13, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $626.7M Q1 2024 Q2 2024: $583.0M Q2 2024 Q3 2024: $611.6M Q3 2024 Q4 2024: $516.8M $516.8M Q4 2024 Q1 2025: $498.7M Q1 2025 Q2 2025: $484.9M Q2 2025 Q3 2025: $532.7M Q3 2025 Q4 2025: $550.2M Q4 2025 Q1 2026: $616.0M Q1 2026 Q2 2026: $625.3M Q2 2026

Holdings 59 stocks · $516.8M
DB Deutsche Bank AG-Registered 7.29% 2,186,504 $37.7M Reduce -12.2%
TDW Tidewater Inc. 6.23% 588,179 $32.2M Add +22.2%
HCC Warrior Met Coal Inc. 6.17% 587,445 $31.9M Reduce -26.1%
CBRE CBRE Group Inc. Class A 4.42% 174,018 $22.8M Reduce -4.9%
BN Brookfield Corp. 4.35% 391,478 $22.5M Reduce -13.9%
LEN.B Lennar Corp. Class B 4.14% 161,781 $21.4M No change
VAL Valaris Ltd. 3.65% 426,608 $18.9M Reduce -1.3%
CMA Comerica Inc. 3.62% 302,881 $18.7M Reduce -36.4%
ORI Old Republic Intl Corp. 3.26% 465,478 $16.8M Reduce -8.7%
UHAL.B U-Haul Holding Co.-Non Voting 3.10% 249,865 $16.0M Reduce -12.2%
FPH Five Point Holdings LLC Class A 3.02% 4,125,911 $15.6M Add +24.6%
PLD Prologis Inc. 2.64% 128,943 $13.6M No change
SUI Sun Communities Inc. filed as SUN CMNTYS INC 2.57% 108,137 $13.3M Add +0.3%
JLL Jones Lang Lasalle Inc. 2.55% 51,990 $13.2M No change
AMH American Homes 4 Rent- A 2.33% 321,221 $12.0M No change
UMBF Umb Financial Corp. 2.24% 102,796 $11.6M Reduce -7.3%
DHI D.R. Horton Inc. 2.13% 78,745 $11.0M No change
MYRG MYR Group Inc./Delaware 2.10% 72,797 $10.8M No change
ITIC Investors Title Co. 1.79% 39,139 $9.3M No change
PRA Proassurance Corp. 1.74% 563,988 $9.0M No change
RYN Rayonier Inc. 1.59% 315,800 $8.2M No change
ECPG Encore Capital Group Inc. 1.58% 171,022 $8.2M No change
FR First Industrial Realty TR 1.52% 157,130 $7.9M No change
FRPH FRP Holdings Inc. filed as FRP HLDGS INC 1.50% 252,952 $7.7M No change
PB Prosperity Bancshares Inc. 1.49% 102,168 $7.7M No change
BAM Brookfield Asset Mgmt-A 1.39% 132,103 $7.2M No change
SUPN Supernus Pharmaceuticals Inc. 1.33% 189,493 $6.9M No change
BATRA Atlanta Braves Holdings in-A 1.30% 164,438 $6.7M No change
FNF Fidelity National Financial 1.29% 118,656 $6.7M No change
SBSI Southside Bancshares Inc. 1.29% 209,426 $6.7M No change
WY Weyerhaeuser Co. 1.20% 220,849 $6.2M Reduce -28.3%
LXU LSB Industries Inc. 1.16% 789,447 $6.0M No change
ALG Alamo Group Inc. 1.15% 31,880 $5.9M No change
COLL Collegium Pharmaceutical Inc. 1.13% 203,401 $5.8M Add +11.4%
SEB Seaboard Corp. 1.10% 2,334 $5.7M No change
TPH Tri Pointe Homes Inc. 1.09% 155,830 $5.7M No change
KALU Kaiser Aluminum Corp. 1.08% 79,623 $5.6M No change
ICFI Icf International Inc. 1.02% 44,188 $5.3M No change
CET Central Securities Corp. 0.98% 111,210 $5.1M No change
HBB Hamilton Beach Brand-A 0.97% 297,490 $5.0M Reduce -6.0%
UNF Unifirst Corp. 0.77% 23,356 $4.0M No change
SD Sandridge Energy Inc. 0.75% 330,698 $3.9M Add +17.9%
PBF PBF Energy Inc. Class A 0.67% 131,050 $3.5M Add +52.5%
OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC 0.56% 230,416 $2.9M New
WCC Wesco International Inc. 0.52% 14,739 $2.7M No change
ROIC Retail Opportunity Investmen 0.30% 90,000 $1.6M No change
ELME Elme Communities 0.27% 93,000 $1.4M No change
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 0.24% 63,000 $1.2M No change
IVT Inventrust Properties Corp. 0.22% 38,000 $1.1M Reduce -79.3%
WSR Whitestone REIT 0.22% 80,000 $1.1M No change
OCFC Oceanfirst Financial Corp. 0.21% 60,859 $1.1M New
BATRK Atlanta Braves Holdings in-C 0.19% 26,104 $999K No change
PCH Potlatchdeltic Corp. 0.15% 20,000 $785K No change
RMR RMR Group Inc./the - A 0.15% 37,000 $764K No change
VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP 0.12% 25,000 $640K Add +150.0%
STC Stewart Information Services 0.07% 5,194 $351K No change
GRBK Green Brick Partners Inc. 0.05% 5,000 $282K No change
UHAL U-Haul Holding Co. 0.02% 1,456 $101K No change
EQC Equity Commonwealth 0.02% 55,000 $97K No change

Portfolio Sells Q3 2024 → Q4 2024
LAZ Lazard Inc. Sold out 0.00% −2.99
HCC Warrior Met Coal Inc. Reduce -26.1% 6.17% −2.14
CMA Comerica Inc. Reduce -36.4% 3.62% −1.04
IVT Inventrust Properties Corp. Reduce -79.3% 0.22% −0.63
HBB Hamilton Beach Brand-A Reduce -6.0% 0.97% −0.61
WY Weyerhaeuser Co. Reduce -28.3% 1.20% −0.50
VAL Valaris Ltd. Reduce -1.3% 3.65% −0.29
UHAL.B U-Haul Holding Co.-Non Voting Reduce -12.2% 3.10% −0.25
TPHS Trinity Place Holdings Inc. Sold out 0.00% −0.02
DB Deutsche Bank AG-Registered Reduce -12.2% 7.29% +0.25
ORI Old Republic Intl Corp. Reduce -8.7% 3.26% +0.31
UMBF Umb Financial Corp. Reduce -7.3% 2.24% +0.34
BN Brookfield Corp. Reduce -13.9% 4.35% +0.40
CBRE CBRE Group Inc. Class A Reduce -4.9% 4.42% +0.70

Portfolio Buys Q3 2024 → Q4 2024
FPH Five Point Holdings LLC Class A Add +24.6% 3.02% +0.77
TDW Tidewater Inc. Add +22.2% 6.23% +0.57
OSG Octave Specialty Group Inc. New 0.56% +0.56
PBF PBF Energy Inc. Class A Add +52.5% 0.67% +0.24
OCFC Oceanfirst Financial Corp. New 0.21% +0.21
SUI Sun Communities Inc. Add +0.3% 2.57% +0.19
SD Sandridge Energy Inc. Add +17.9% 0.75% +0.19
VTMX Corp. Inmobiliaria Vesta-ADR Add +150.0% 0.12% +0.08
COLL Collegium Pharmaceutical Inc. Add +11.4% 1.13% −0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 55$625.3MTDW, BCC, VAL, RHI, HOG
Q1 2026 53$616.0MTDW, VAL, BCC, HCC, HOG
Q4 2025 51$550.2MHCC, TDW, BCC, VAL, BN
Q3 2025 50$532.7MTDW, HCC, VAL, BN, FPH
Q2 2025 52$484.9MTDW, DB, HCC, VAL, BN
Q1 2025 61$498.7MTDW, DB, HCC, VAL, FPH
Q4 2024 59$516.8MDB, TDW, HCC, CBRE, BN
Q3 2024 59$611.6MHCC, DB, TDW, CMA, LEN.B
Q2 2024 59$583.0MTDW, HCC, DB, VAL, ORI
Q1 2024 58$626.7MTDW, HCC, DB, VAL, CMA