Third Avenue Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Third Avenue Management LLC reported 52 stock positions worth $484.9 million. Its top holding was Tidewater (TDW) at 8.3% of the portfolio, followed by Deutsche Bank AG-Registered (DB, 6.2%) and Warrior Met Coal (HCC, 6.1%). Compared with Q1 2025, it opened 3 new positions, sold out of 12, added to 13 and reduced 19. The biggest buy was Tidewater (TDW, shares +8%) and the biggest sale Old Republic Intl (ORI, shares −71%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001099281
- Portfolio Value
- $484.9M (Q2 2025)
- SEC Filing
- 0001099281-25-000009 ↗ filed Aug 13, 2025
Holdings Value
Holdings 52 stocks · $484.9M
| TDW Tidewater Inc. | 8.33% | 875,157 | $40.4M | Add +8.1% |
| DB Deutsche Bank AG-Registered | 6.22% | 1,021,558 | $30.2M | Reduce -29.4% |
| HCC Warrior Met Coal Inc. | 6.06% | 641,684 | $29.4M | Add +4.6% |
| VAL Valaris Ltd. | 5.09% | 585,921 | $24.7M | Add +2.8% |
| BN Brookfield Corp. | 4.82% | 378,249 | $23.4M | No change |
| CBRE CBRE Group Inc. Class A | 4.76% | 164,710 | $23.1M | Reduce -0.2% |
| FPH Five Point Holdings LLC Class A | 4.68% | 4,125,911 | $22.7M | No change |
| LEN.B Lennar Corp. Class B | 3.21% | 148,033 | $15.6M | Add +0.2% |
| PLD Prologis Inc. | 3.15% | 145,522 | $15.3M | Add +12.7% |
| UHAL.B U-Haul Holding Co.-Non Voting | 2.91% | 259,510 | $14.1M | Add +3.9% |
| JLL Jones Lang Lasalle Inc. | 2.73% | 51,690 | $13.2M | Reduce -0.6% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 2.54% | 97,210 | $12.3M | Add +7.2% |
| UMBF Umb Financial Corp. | 2.23% | 102,763 | $10.8M | Reduce -0.0% |
| PHM Pultegroup Inc. | 2.11% | 96,931 | $10.2M | Add +51.9% |
| CMA Comerica Inc. | 2.11% | 171,210 | $10.2M | Reduce -43.5% |
| DHI D.R. Horton Inc. | 2.08% | 78,189 | $10.1M | Reduce -0.7% |
| MYRG MYR Group Inc./Delaware | 2.04% | 54,595 | $9.9M | Reduce -25.0% |
| PRA Proassurance Corp. | 1.81% | 384,640 | $8.8M | Reduce -31.8% |
| BATRA Atlanta Braves Holdings in-A | 1.67% | 164,438 | $8.1M | No change |
| ITIC Investors Title Co. | 1.56% | 35,752 | $7.6M | Reduce -8.1% |
| PB Prosperity Bancshares Inc. | 1.48% | 102,168 | $7.2M | No change |
| KALU Kaiser Aluminum Corp. | 1.48% | 89,535 | $7.2M | Add +12.2% |
| AMH American Homes 4 Rent- A | 1.42% | 191,066 | $6.9M | Reduce -0.8% |
| FNF Fidelity National Financial | 1.37% | 118,656 | $6.7M | No change |
| ECPG Encore Capital Group Inc. | 1.37% | 171,022 | $6.6M | No change |
| FR First Industrial Realty TR | 1.32% | 132,663 | $6.4M | Reduce -1.4% |
| SBSI Southside Bancshares Inc. | 1.27% | 209,426 | $6.2M | No change |
| LXU LSB Industries Inc. | 1.27% | 789,447 | $6.2M | No change |
| COLL Collegium Pharmaceutical Inc. | 1.24% | 203,401 | $6.0M | No change |
| SUPN Supernus Pharmaceuticals Inc. | 1.23% | 189,493 | $6.0M | No change |
| RYN Rayonier Inc. | 1.18% | 258,129 | $5.7M | Reduce -0.1% |
| FRPH FRP Holdings Inc. filed as FRP HLDGS INC | 1.17% | 211,440 | $5.7M | Reduce -16.4% |
| WY Weyerhaeuser Co. | 1.17% | 220,849 | $5.7M | No change |
| TPH Tri Pointe Homes Inc. | 1.03% | 155,830 | $5.0M | No change |
| CET Central Securities Corp. | 1.00% | 101,812 | $4.9M | Reduce -8.4% |
| UNF Unifirst Corp. | 0.91% | 23,356 | $4.4M | No change |
| OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC | 0.88% | 603,391 | $4.3M | Add +64.7% |
| CTLP Cantaloupe Inc. | 0.84% | 370,013 | $4.1M | New |
| ICFI Icf International Inc. | 0.82% | 47,024 | $4.0M | No change |
| ORI Old Republic Intl Corp. | 0.78% | 98,535 | $3.8M | Reduce -70.7% |
| SKY Champion Homes Inc. | 0.77% | 59,865 | $3.7M | New |
| WCC Wesco International Inc. | 0.77% | 20,093 | $3.7M | Add +35.6% |
| SD Sandridge Energy Inc. | 0.74% | 330,698 | $3.6M | No change |
| BXC Bluelinx Holdings Inc. | 0.71% | 46,357 | $3.4M | Add +55.2% |
| ALG Alamo Group Inc. | 0.67% | 14,869 | $3.2M | Reduce -41.8% |
| SEB Seaboard Corp. | 0.60% | 1,015 | $2.9M | Reduce -23.1% |
| OCFC Oceanfirst Financial Corp. | 0.59% | 162,238 | $2.9M | Add +39.1% |
| PBF PBF Energy Inc. Class A | 0.59% | 131,050 | $2.8M | No change |
| HBB Hamilton Beach Brand-A | 0.48% | 131,461 | $2.4M | Reduce -47.4% |
| MRP Millrose Properties | 0.30% | 50,697 | $1.4M | Reduce -37.3% |
| BATRK Atlanta Braves Holdings in-C | 0.25% | 26,104 | $1.2M | No change |
| VC Visteon Corp. | 0.20% | 10,298 | $961K | New |
Portfolio Sells Q1 2025 → Q2 2025
| ORI Old Republic Intl Corp. | Reduce -70.7% | 0.78% | −1.86 |
| CMA Comerica Inc. | Reduce -43.5% | 2.11% | −1.48 |
| BAM Brookfield Asset Mgmt-A | Sold out | 0.00% | −1.28 |
| PRA Proassurance Corp. | Reduce -31.8% | 1.81% | −0.83 |
| DB Deutsche Bank AG-Registered | Reduce -29.4% | 6.22% | −0.62 |
| HBB Hamilton Beach Brand-A | Reduce -47.4% | 0.48% | −0.49 |
| ELME Elme Communities | Sold out | 0.00% | −0.32 |
| ITIC Investors Title Co. | Reduce -8.1% | 1.56% | −0.32 |
| FRPH FRP Holdings Inc. | Reduce -16.4% | 1.17% | −0.28 |
| RYN Rayonier Inc. | Reduce -0.1% | 1.18% | −0.26 |
| CTO Cto Realty Growth Inc. | Sold out | 0.00% | −0.24 |
| ALG Alamo Group Inc. | Reduce -41.8% | 0.67% | −0.24 |
| WSR Whitestone REIT | Sold out | 0.00% | −0.23 |
| IVT Inventrust Properties Corp. | Sold out | 0.00% | −0.22 |
| PCH Potlatchdeltic Corp. | Sold out | 0.00% | −0.18 |
| FR First Industrial Realty TR | Reduce -1.4% | 1.32% | −0.14 |
| MRP Millrose Properties | Reduce -37.3% | 0.30% | −0.13 |
| RMR RMR Group Inc./the - A | Sold out | 0.00% | −0.12 |
| SEB Seaboard Corp. | Reduce -23.1% | 0.60% | −0.11 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Sold out | 0.00% | −0.11 |
| STC Stewart Information Services | Sold out | 0.00% | −0.07 |
| GRBK Green Brick Partners Inc. | Sold out | 0.00% | −0.06 |
| AMH American Homes 4 Rent- A | Reduce -0.8% | 1.42% | −0.04 |
| UHAL U-Haul Holding Co. | Sold out | 0.00% | −0.02 |
| EQC Equity Commonwealth | Sold out | 0.00% | −0.02 |
| CET Central Securities Corp. | Reduce -8.4% | 1.00% | +0.00 |
| DHI D.R. Horton Inc. | Reduce -0.7% | 2.08% | +0.07 |
| JLL Jones Lang Lasalle Inc. | Reduce -0.6% | 2.73% | +0.14 |
| UMBF Umb Financial Corp. | Reduce -0.0% | 2.23% | +0.14 |
| MYRG MYR Group Inc./Delaware | Reduce -25.0% | 2.04% | +0.39 |
| CBRE CBRE Group Inc. Class A | Reduce -0.2% | 4.76% | +0.43 |
Portfolio Buys Q1 2025 → Q2 2025
| TDW Tidewater Inc. | Add +8.1% | 8.33% | +1.47 |
| CTLP Cantaloupe Inc. | New | 0.84% | +0.84 |
| PHM Pultegroup Inc. | Add +51.9% | 2.11% | +0.79 |
| SKY Champion Homes Inc. | New | 0.77% | +0.77 |
| VAL Valaris Ltd. | Add +2.8% | 5.09% | +0.60 |
| KALU Kaiser Aluminum Corp. | Add +12.2% | 1.48% | +0.50 |
| WCC Wesco International Inc. | Add +35.6% | 0.77% | +0.31 |
| BXC Bluelinx Holdings Inc. | Add +55.2% | 0.71% | +0.26 |
| PLD Prologis Inc. | Add +12.7% | 3.15% | +0.26 |
| OSG Octave Specialty Group Inc. | Add +64.7% | 0.88% | +0.24 |
| VC Visteon Corp. | New | 0.20% | +0.20 |
| HCC Warrior Met Coal Inc. | Add +4.6% | 6.06% | +0.20 |
| SUI Sun Communities Inc. | Add +7.2% | 2.54% | +0.20 |
| OCFC Oceanfirst Financial Corp. | Add +39.1% | 0.59% | +0.19 |
| LEN.B Lennar Corp. Class B | Add +0.2% | 3.21% | −0.02 |
| UHAL.B U-Haul Holding Co.-Non Voting | Add +3.9% | 2.91% | −0.06 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 55 | $625.3M | TDW, BCC, VAL, RHI, HOG |
| Q1 2026 | 53 | $616.0M | TDW, VAL, BCC, HCC, HOG |
| Q4 2025 | 51 | $550.2M | HCC, TDW, BCC, VAL, BN |
| Q3 2025 | 50 | $532.7M | TDW, HCC, VAL, BN, FPH |
| Q2 2025 | 52 | $484.9M | TDW, DB, HCC, VAL, BN |
| Q1 2025 | 61 | $498.7M | TDW, DB, HCC, VAL, FPH |
| Q4 2024 | 59 | $516.8M | DB, TDW, HCC, CBRE, BN |
| Q3 2024 | 59 | $611.6M | HCC, DB, TDW, CMA, LEN.B |
| Q2 2024 | 59 | $583.0M | TDW, HCC, DB, VAL, ORI |
| Q1 2024 | 58 | $626.7M | TDW, HCC, DB, VAL, CMA |