Third Avenue Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Third Avenue Management LLC reported 61 stock positions worth $498.7 million. Its top holding was Tidewater (TDW) at 6.9% of the portfolio, followed by Deutsche Bank AG-Registered (DB, 6.8%) and Warrior Met Coal (HCC, 5.9%). Compared with Q4 2024, it opened 3 new positions, sold out of 1, added to 10 and reduced 13. The biggest buy was a new position in Pultegroup (PHM) and the biggest sale Lennar Class B (LEN.B, shares −9%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001099281
Portfolio Value
$498.7M (Q1 2025)
SEC Filing
0001099281-25-000006 ↗ filed May 14, 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 Q4 2024 Q1 2025: $498.7M $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 61 stocks · $498.7M
TDW Tidewater Inc. 6.86% 809,258 $34.2M Add +37.6%
DB Deutsche Bank AG-Registered 6.84% 1,447,570 $34.1M Reduce -33.8%
HCC Warrior Met Coal Inc. 5.87% 613,206 $29.3M Add +4.4%
VAL Valaris Ltd. 4.49% 569,839 $22.4M Add +33.6%
FPH Five Point Holdings LLC Class A 4.42% 4,125,911 $22.0M No change
CBRE CBRE Group Inc. Class A 4.33% 165,109 $21.6M Reduce -5.1%
BN Brookfield Corp. 3.98% 378,249 $19.8M Reduce -3.4%
CMA Comerica Inc. 3.59% 302,904 $17.9M Add +0.0%
LEN.B Lennar Corp. Class B 3.23% 147,770 $16.1M Reduce -8.7%
UHAL.B U-Haul Holding Co.-Non Voting 2.97% 249,865 $14.8M No change
PLD Prologis Inc. 2.90% 129,162 $14.4M Add +0.2%
ORI Old Republic Intl Corp. 2.65% 336,388 $13.2M Reduce -27.7%
PRA Proassurance Corp. 2.64% 563,988 $13.2M No change
JLL Jones Lang Lasalle Inc. 2.58% 51,990 $12.9M No change
SUI Sun Communities Inc. filed as SUN CMNTYS INC 2.34% 90,715 $11.7M Reduce -16.1%
UMBF Umb Financial Corp. 2.08% 102,796 $10.4M No change
DHI D.R. Horton Inc. 2.01% 78,745 $10.0M No change
ITIC Investors Title Co. 1.88% 38,919 $9.4M Reduce -0.6%
MYRG MYR Group Inc./Delaware 1.65% 72,797 $8.2M No change
FNF Fidelity National Financial 1.55% 118,656 $7.7M No change
PB Prosperity Bancshares Inc. 1.46% 102,168 $7.3M No change
AMH American Homes 4 Rent- A 1.46% 192,560 $7.3M Reduce -40.0%
FR First Industrial Realty TR 1.46% 134,558 $7.3M Reduce -14.4%
FRPH FRP Holdings Inc. filed as FRP HLDGS INC 1.45% 252,952 $7.2M No change
BATRA Atlanta Braves Holdings in-A 1.45% 164,438 $7.2M No change
RYN Rayonier Inc. 1.45% 258,499 $7.2M Reduce -18.1%
PHM Pultegroup Inc. 1.32% 63,800 $6.6M New
WY Weyerhaeuser Co. 1.30% 220,849 $6.5M No change
BAM Brookfield Asset Mgmt-A 1.28% 132,103 $6.4M No change
SUPN Supernus Pharmaceuticals Inc. 1.24% 189,493 $6.2M No change
COLL Collegium Pharmaceutical Inc. 1.22% 203,401 $6.1M No change
SBSI Southside Bancshares Inc. 1.22% 209,426 $6.1M No change
ECPG Encore Capital Group Inc. 1.18% 171,022 $5.9M No change
LXU LSB Industries Inc. 1.04% 789,447 $5.2M No change
CET Central Securities Corp. 1.00% 111,210 $5.0M No change
TPH Tri Pointe Homes Inc. 1.00% 155,830 $5.0M No change
HBB Hamilton Beach Brand-A 0.97% 249,969 $4.9M Reduce -16.0%
KALU Kaiser Aluminum Corp. 0.97% 79,828 $4.8M Add +0.3%
ALG Alamo Group Inc. 0.91% 25,546 $4.6M Reduce -19.9%
UNF Unifirst Corp. 0.81% 23,356 $4.1M No change
ICFI Icf International Inc. 0.80% 47,024 $4.0M Add +6.4%
SD Sandridge Energy Inc. 0.76% 330,698 $3.8M No change
SEB Seaboard Corp. 0.71% 1,319 $3.6M Reduce -43.5%
OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC 0.64% 366,461 $3.2M Add +59.0%
PBF PBF Energy Inc. Class A 0.50% 131,050 $2.5M No change
WCC Wesco International Inc. 0.46% 14,822 $2.3M Add +0.6%
BXC Bluelinx Holdings Inc. 0.45% 29,869 $2.2M New
MRP Millrose Properties 0.43% 80,890 $2.1M New
OCFC Oceanfirst Financial Corp. 0.40% 116,643 $2.0M Add +91.7%
ELME Elme Communities 0.32% 93,000 $1.6M No change
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 0.24% 63,000 $1.2M No change
WSR Whitestone REIT 0.23% 80,000 $1.2M No change
IVT Inventrust Properties Corp. 0.22% 38,000 $1.1M No change
BATRK Atlanta Braves Holdings in-C 0.21% 26,104 $1.0M No change
PCH Potlatchdeltic Corp. 0.18% 20,000 $902K No change
RMR RMR Group Inc./the - A 0.12% 37,000 $616K No change
VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP 0.11% 25,000 $570K No change
STC Stewart Information Services 0.07% 5,194 $371K No change
GRBK Green Brick Partners Inc. 0.06% 5,000 $292K No change
UHAL U-Haul Holding Co. 0.02% 1,456 $95K No change
EQC Equity Commonwealth 0.02% 55,000 $89K No change

Portfolio Sells Q4 2024 → Q1 2025
LEN.B Lennar Corp. Class B Reduce -8.7% 3.23% −0.90
AMH American Homes 4 Rent- A Reduce -40.0% 1.46% −0.87
ORI Old Republic Intl Corp. Reduce -27.7% 2.65% −0.61
DB Deutsche Bank AG-Registered Reduce -33.8% 6.84% −0.45
SEB Seaboard Corp. Reduce -43.5% 0.71% −0.38
BN Brookfield Corp. Reduce -3.4% 3.98% −0.38
ROIC Retail Opportunity Investmen Sold out 0.00% −0.30
ALG Alamo Group Inc. Reduce -19.9% 0.91% −0.23
SUI Sun Communities Inc. Reduce -16.1% 2.34% −0.23
RYN Rayonier Inc. Reduce -18.1% 1.45% −0.15
CBRE CBRE Group Inc. Class A Reduce -5.1% 4.33% −0.09
FR First Industrial Realty TR Reduce -14.4% 1.46% −0.07
HBB Hamilton Beach Brand-A Reduce -16.0% 0.97% +0.01
ITIC Investors Title Co. Reduce -0.6% 1.88% +0.09

Portfolio Buys Q4 2024 → Q1 2025
PHM Pultegroup Inc. New 1.32% +1.32
VAL Valaris Ltd. Add +33.6% 4.49% +0.83
TDW Tidewater Inc. Add +37.6% 6.86% +0.63
BXC Bluelinx Holdings Inc. New 0.45% +0.45
MRP Millrose Properties New 0.43% +0.43
PLD Prologis Inc. Add +0.2% 2.90% +0.26
OCFC Oceanfirst Financial Corp. Add +91.7% 0.40% +0.18
OSG Octave Specialty Group Inc. Add +59.0% 0.64% +0.08
CMA Comerica Inc. Add +0.0% 3.59% −0.04
WCC Wesco International Inc. Add +0.6% 0.46% −0.05
KALU Kaiser Aluminum Corp. Add +0.3% 0.97% −0.11
ICFI Icf International Inc. Add +6.4% 0.80% −0.22
HCC Warrior Met Coal Inc. Add +4.4% 5.87% −0.30

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