Third Avenue Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Third Avenue Management LLC reported 50 stock positions worth $532.7 million. Its top holding was Tidewater (TDW) at 9.0% of the portfolio, followed by Warrior Met Coal (HCC, 7.9%) and Valaris (VAL, 5.6%). Compared with Q2 2025, it opened 2 new positions, sold out of 4, added to 5 and reduced 20. The biggest buy was a new position in Boise Cascade (BCC) and the biggest sale an exit from Deutsche Bank AG-Registered (DB).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001099281
Portfolio Value
$532.7M (Q3 2025)
SEC Filing
0001099281-25-000017 ↗ filed Nov 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 Q1 2025 Q2 2025: $484.9M Q2 2025 Q3 2025: $532.7M $532.7M Q3 2025 Q4 2025: $550.2M Q4 2025 Q1 2026: $616.0M Q1 2026 Q2 2026: $625.3M Q2 2026

Holdings 50 stocks · $532.7M
TDW Tidewater Inc. 9.00% 874,667 $47.9M Reduce -0.1%
HCC Warrior Met Coal Inc. 7.94% 641,916 $42.3M Add +0.0%
VAL Valaris Ltd. 5.63% 585,602 $30.0M Reduce -0.1%
BN Brookfield Corp. 4.82% 378,249 $25.7M No change
FPH Five Point Holdings LLC Class A 4.73% 4,113,917 $25.2M Reduce -0.3%
CBRE CBRE Group Inc. Class A 4.55% 154,672 $24.2M Reduce -6.1%
BCC Boise Cascade Co. 3.98% 273,705 $21.2M New
LEN.B Lennar Corp. Class B 3.39% 147,843 $18.0M Reduce -0.1%
PLD Prologis Inc. 3.18% 145,394 $16.9M Reduce -0.1%
ROG Rogers Corp. 3.06% 199,368 $16.3M New
JLL Jones Lang Lasalle Inc. 2.88% 51,619 $15.3M Reduce -0.1%
DHI D.R. Horton Inc. 2.53% 78,078 $13.5M Reduce -0.1%
UHAL.B U-Haul Holding Co.-Non Voting 2.49% 259,225 $13.3M Reduce -0.1%
PHM Pultegroup Inc. 2.44% 96,766 $13.0M Reduce -0.2%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 2.33% 96,786 $12.4M Reduce -0.4%
UMBF Umb Financial Corp. 2.17% 97,518 $11.5M Reduce -5.1%
CMA Comerica Inc. 2.03% 156,314 $10.8M Reduce -8.7%
SUPN Supernus Pharmaceuticals Inc. 1.71% 189,493 $9.1M No change
PRA Proassurance Corp. 1.64% 364,013 $8.7M Reduce -5.4%
SKY Champion Homes Inc. 1.56% 106,409 $8.3M Add +77.8%
BATRA Atlanta Braves Holdings in-A 1.39% 164,438 $7.4M No change
MYRG MYR Group Inc./Delaware 1.35% 35,554 $7.2M Reduce -34.9%
FNF Fidelity National Financial 1.34% 118,656 $7.2M No change
COLL Collegium Pharmaceutical Inc. 1.34% 203,401 $7.2M No change
KALU Kaiser Aluminum Corp. 1.32% 89,535 $7.0M No change
ECPG Encore Capital Group Inc. 1.30% 171,022 $6.9M No change
PB Prosperity Bancshares Inc. 1.28% 102,168 $6.8M No change
AMH American Homes 4 Rent- A 1.18% 191,066 $6.3M No change
LXU LSB Industries Inc. 1.15% 789,447 $6.1M No change
ITIC Investors Title Co. 1.10% 21,883 $5.9M Reduce -38.8%
RYN Rayonier Inc. 1.10% 218,052 $5.9M Reduce -15.5%
SBSI Southside Bancshares Inc. 1.09% 209,426 $5.8M No change
FR First Industrial Realty TR 1.04% 106,342 $5.5M Reduce -19.8%
TPH Tri Pointe Homes Inc. 1.00% 155,855 $5.3M Add +0.0%
CET Central Securities Corp. 0.98% 101,812 $5.2M No change
OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC 0.92% 603,391 $4.9M No change
ICFI Icf International Inc. 0.83% 47,024 $4.4M No change
UNF Unifirst Corp. 0.81% 25,929 $4.3M Add +11.0%
FRPH FRP Holdings Inc. filed as FRP HLDGS INC 0.81% 178,530 $4.3M Reduce -15.6%
WCC Wesco International Inc. 0.80% 20,093 $4.3M No change
WY Weyerhaeuser Co. 0.76% 161,920 $4.0M Reduce -26.7%
PBF PBF Energy Inc. Class A 0.74% 131,050 $3.9M No change
CTLP Cantaloupe Inc. 0.73% 370,013 $3.9M No change
SD Sandridge Energy Inc. 0.73% 330,698 $3.9M No change
SEB Seaboard Corp. 0.71% 1,015 $3.8M No change
BXC Bluelinx Holdings Inc. 0.64% 46,357 $3.4M No change
OCFC Oceanfirst Financial Corp. 0.53% 162,331 $2.8M Add +0.1%
ALG Alamo Group Inc. 0.53% 14,869 $2.8M No change
VC Visteon Corp. 0.23% 10,298 $1.2M No change
BATRK Atlanta Braves Holdings in-C 0.20% 26,104 $1.1M No change

Portfolio Sells Q2 2025 → Q3 2025
DB Deutsche Bank AG-Registered Sold out 0.00% −6.22
ORI Old Republic Intl Corp. Sold out 0.00% −0.78
MYRG MYR Group Inc./Delaware Reduce -34.9% 1.35% −0.69
HBB Hamilton Beach Brand-A Sold out 0.00% −0.48
ITIC Investors Title Co. Reduce -38.8% 1.10% −0.45
UHAL.B U-Haul Holding Co.-Non Voting Reduce -0.1% 2.49% −0.42
WY Weyerhaeuser Co. Reduce -26.7% 0.76% −0.41
FRPH FRP Holdings Inc. Reduce -15.6% 0.81% −0.37
MRP Millrose Properties Sold out 0.00% −0.30
FR First Industrial Realty TR Reduce -19.8% 1.04% −0.28
CBRE CBRE Group Inc. Class A Reduce -6.1% 4.55% −0.21
SUI Sun Communities Inc. Reduce -0.4% 2.33% −0.20
PRA Proassurance Corp. Reduce -5.4% 1.64% −0.17
RYN Rayonier Inc. Reduce -15.5% 1.10% −0.08
CMA Comerica Inc. Reduce -8.7% 2.03% −0.08
UMBF Umb Financial Corp. Reduce -5.1% 2.17% −0.06
PLD Prologis Inc. Reduce -0.1% 3.18% +0.02
FPH Five Point Holdings LLC Class A Reduce -0.3% 4.73% +0.05
JLL Jones Lang Lasalle Inc. Reduce -0.1% 2.88% +0.15
LEN.B Lennar Corp. Class B Reduce -0.1% 3.39% +0.17
PHM Pultegroup Inc. Reduce -0.2% 2.44% +0.33
DHI D.R. Horton Inc. Reduce -0.1% 2.53% +0.45
VAL Valaris Ltd. Reduce -0.1% 5.63% +0.54
TDW Tidewater Inc. Reduce -0.1% 9.00% +0.67

Portfolio Buys Q2 2025 → Q3 2025
BCC Boise Cascade Co. New 3.98% +3.98
ROG Rogers Corp. New 3.06% +3.06
HCC Warrior Met Coal Inc. Add +0.0% 7.94% +1.88
SKY Champion Homes Inc. Add +77.8% 1.56% +0.78
TPH Tri Pointe Homes Inc. Add +0.0% 1.00% −0.02
OCFC Oceanfirst Financial Corp. Add +0.1% 0.53% −0.06
UNF Unifirst Corp. Add +11.0% 0.81% −0.10

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