Third Avenue Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Third Avenue Management LLC reported 51 stock positions worth $550.2 million. Its top holding was Warrior Met Coal (HCC) at 9.3% of the portfolio, followed by Tidewater (TDW, 8.0%) and Boise Cascade (BCC, 5.8%). Compared with Q3 2025, it opened 4 new positions, sold out of 3, added to 20 and reduced 13. The biggest buy was a new position in Deutsche Bank AG-Registered (DB) and the biggest sale an exit from Comerica (CMA).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001099281
- Portfolio Value
- $550.2M (Q4 2025)
- SEC Filing
- 0001099281-26-000003 ↗ filed Feb 12, 2026
Holdings Value
Holdings 51 stocks · $550.2M
| HCC Warrior Met Coal Inc. | 9.35% | 583,320 | $51.4M | Reduce -9.1% |
| TDW Tidewater Inc. | 8.01% | 873,071 | $44.1M | Reduce -0.2% |
| BCC Boise Cascade Co. | 5.75% | 429,999 | $31.6M | Add +57.1% |
| VAL Valaris Ltd. | 5.35% | 584,373 | $29.5M | Reduce -0.2% |
| BN Brookfield Corp. | 4.57% | 548,119 | $25.2M | Reduce -3.4% |
| CBRE CBRE Group Inc. Class A | 4.29% | 146,835 | $23.6M | Reduce -5.1% |
| FPH Five Point Holdings LLC Class A | 4.18% | 4,113,917 | $23.0M | No change |
| PLD Prologis Inc. | 3.37% | 145,451 | $18.6M | Add +0.0% |
| ROG Rogers Corp. | 3.32% | 199,474 | $18.3M | Add +0.1% |
| LEN.B Lennar Corp. Class B | 2.56% | 148,008 | $14.1M | Add +0.1% |
| DB Deutsche Bank AG-Registered | 2.36% | 337,193 | $13.0M | New |
| UHAL.B U-Haul Holding Co.-Non Voting | 2.20% | 259,246 | $12.1M | Add +0.0% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 2.18% | 96,922 | $12.0M | Add +0.1% |
| PHM Pultegroup Inc. | 2.15% | 100,684 | $11.8M | Add +4.0% |
| JLL Jones Lang Lasalle Inc. | 2.10% | 34,351 | $11.6M | Reduce -33.5% |
| DHI D.R. Horton Inc. | 2.05% | 78,194 | $11.3M | Add +0.1% |
| FNF Fidelity National Financial | 2.04% | 205,320 | $11.2M | Add +73.0% |
| KALU Kaiser Aluminum Corp. | 1.78% | 85,363 | $9.8M | Reduce -4.7% |
| SUPN Supernus Pharmaceuticals Inc. | 1.71% | 189,493 | $9.4M | No change |
| COLL Collegium Pharmaceutical Inc. | 1.71% | 203,401 | $9.4M | No change |
| ECPG Encore Capital Group Inc. | 1.69% | 171,022 | $9.3M | No change |
| UMBF Umb Financial Corp. | 1.64% | 78,245 | $9.0M | Reduce -19.8% |
| SKY Champion Homes Inc. | 1.63% | 106,409 | $9.0M | No change |
| AMH American Homes 4 Rent- A | 1.62% | 278,512 | $8.9M | Add +45.8% |
| MYRG MYR Group Inc./Delaware | 1.41% | 35,554 | $7.8M | No change |
| PRA Proassurance Corp. | 1.29% | 292,990 | $7.1M | Reduce -19.5% |
| PB Prosperity Bancshares Inc. | 1.28% | 102,168 | $7.1M | No change |
| BATRA Atlanta Braves Holdings in-A | 1.27% | 164,438 | $7.0M | No change |
| LXU LSB Industries Inc. | 1.22% | 789,447 | $6.7M | No change |
| OSG Octave Specialty Group Inc. | 1.11% | 782,093 | $6.1M | Add +29.6% |
| FR First Industrial Realty TR | 1.09% | 104,728 | $6.0M | Reduce -1.5% |
| UNF Unifirst Corp. | 1.00% | 28,434 | $5.5M | Add +9.7% |
| ITIC Investors Title Co. | 0.99% | 21,894 | $5.5M | Add +0.1% |
| CET Central Securities Corp. | 0.94% | 101,812 | $5.2M | No change |
| WCC Wesco International Inc. | 0.90% | 20,295 | $5.0M | Add +1.0% |
| TPH Tri Pointe Homes Inc. | 0.89% | 155,855 | $4.9M | No change |
| SD Sandridge Energy Inc. | 0.87% | 330,818 | $4.8M | Add +0.0% |
| ICFI Icf International Inc. | 0.82% | 52,864 | $4.5M | Add +12.4% |
| RYN Rayonier Inc. | 0.74% | 188,340 | $4.1M | Reduce -13.6% |
| WY Weyerhaeuser Co. | 0.74% | 171,582 | $4.1M | Add +6.0% |
| ALG Alamo Group Inc. | 0.73% | 24,009 | $4.0M | Add +61.5% |
| BXC Bluelinx Holdings Inc. | 0.72% | 64,339 | $4.0M | Add +38.8% |
| CTLP Cantaloupe Inc. | 0.71% | 370,013 | $3.9M | No change |
| PBF PBF Energy Inc. Class A | 0.65% | 131,050 | $3.6M | No change |
| SBSI Southside Bancshares Inc. | 0.65% | 116,879 | $3.6M | Reduce -44.2% |
| OCFC Oceanfirst Financial Corp. | 0.63% | 192,807 | $3.5M | Add +18.8% |
| FSV Firstservice Corp. | 0.53% | 18,714 | $2.9M | New |
| FLG Flagstar Bank NA | 0.50% | 217,305 | $2.7M | New |
| FRPH FRP Holdings Inc. filed as FRP HLDGS INC | 0.45% | 107,429 | $2.4M | Reduce -39.8% |
| BATRK Atlanta Braves Holdings in-C | 0.19% | 26,104 | $1.0M | No change |
| FG F&G Annuities & Life Inc. | 0.07% | 12,319 | $380K | New |
Portfolio Sells Q3 2025 → Q4 2025
| CMA Comerica Inc. | Sold out | 0.00% | −2.03 |
| TDW Tidewater Inc. | Reduce -0.2% | 8.01% | −0.98 |
| JLL Jones Lang Lasalle Inc. | Reduce -33.5% | 2.10% | −0.78 |
| SEB Seaboard Corp. | Sold out | 0.00% | −0.71 |
| UMBF Umb Financial Corp. | Reduce -19.8% | 1.64% | −0.53 |
| SBSI Southside Bancshares Inc. | Reduce -44.2% | 0.65% | −0.45 |
| FRPH FRP Holdings Inc. | Reduce -39.8% | 0.45% | −0.36 |
| RYN Rayonier Inc. | Reduce -13.6% | 0.74% | −0.36 |
| PRA Proassurance Corp. | Reduce -19.5% | 1.29% | −0.35 |
| VAL Valaris Ltd. | Reduce -0.2% | 5.35% | −0.28 |
| CBRE CBRE Group Inc. Class A | Reduce -5.1% | 4.29% | −0.26 |
| BN Brookfield Corp. | Reduce -3.4% | 4.57% | −0.25 |
| VC Visteon Corp. | Sold out | 0.00% | −0.23 |
| FR First Industrial Realty TR | Reduce -1.5% | 1.09% | +0.05 |
| KALU Kaiser Aluminum Corp. | Reduce -4.7% | 1.78% | +0.47 |
| HCC Warrior Met Coal Inc. | Reduce -9.1% | 9.35% | +1.40 |
Portfolio Buys Q3 2025 → Q4 2025
| DB Deutsche Bank AG-Registered | New | 2.36% | +2.36 |
| BCC Boise Cascade Co. | Add +57.1% | 5.75% | +1.78 |
| FNF Fidelity National Financial | Add +73.0% | 2.04% | +0.69 |
| FSV Firstservice Corp. | New | 0.53% | +0.53 |
| FLG Flagstar Bank NA | New | 0.50% | +0.50 |
| AMH American Homes 4 Rent- A | Add +45.8% | 1.62% | +0.45 |
| ROG Rogers Corp. | Add +0.1% | 3.32% | +0.26 |
| ALG Alamo Group Inc. | Add +61.5% | 0.73% | +0.20 |
| PLD Prologis Inc. | Add +0.0% | 3.37% | +0.20 |
| UNF Unifirst Corp. | Add +9.7% | 1.00% | +0.19 |
| OSG Octave Specialty Group Inc. | Add +29.6% | 1.11% | +0.18 |
| SD Sandridge Energy Inc. | Add +0.0% | 0.87% | +0.14 |
| WCC Wesco International Inc. | Add +1.0% | 0.90% | +0.10 |
| OCFC Oceanfirst Financial Corp. | Add +18.8% | 0.63% | +0.10 |
| BXC Bluelinx Holdings Inc. | Add +38.8% | 0.72% | +0.08 |
| FG F&G Annuities & Life Inc. | New | 0.07% | +0.07 |
| ICFI Icf International Inc. | Add +12.4% | 0.82% | −0.01 |
| WY Weyerhaeuser Co. | Add +6.0% | 0.74% | −0.02 |
| ITIC Investors Title Co. | Add +0.1% | 0.99% | −0.11 |
| SUI Sun Communities Inc. | Add +0.1% | 2.18% | −0.15 |
| UHAL.B U-Haul Holding Co.-Non Voting | Add +0.0% | 2.20% | −0.29 |
| PHM Pultegroup Inc. | Add +4.0% | 2.15% | −0.30 |
| DHI D.R. Horton Inc. | Add +0.1% | 2.05% | −0.48 |
| LEN.B Lennar Corp. Class B | Add +0.1% | 2.56% | −0.83 |
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 |