Third Avenue Management 13F, Q1 2025
Third Avenue Management · quarter ending 31 March 2025 · filed 14 May 2025 · SEC CIK 1099281
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q1 2025
The 25 largest of 61 positions. Weights are against the whole filed book. Changes are in shares held, against the Q4 2024 filing.
| Company | Ticker | Value | % of book | vs Q4 2024 |
|---|---|---|---|---|
| Tidewater Inc. | TDW | $34.21M | 6.9% | +38% shares |
| Deutsche Bank AG | $34.12M | 6.8% | -34% shares | |
| Warrior Met Coal Inc. | HCC | $29.26M | 5.9% | +4% shares |
| Valaris Ltd. | $22.37M | 4.5% | +34% shares | |
| Five Point Holdings LLC - CL A | FPH | $22.03M | 4.4% | unchanged |
| CBRE Group, Inc. | CBRE | $21.59M | 4.3% | -5% shares |
| Brookfield Corp. | BN | $19.82M | 4.0% | -3% shares |
| Comerica Inc. | CMA | $17.89M | 3.6% | unchanged |
| Lennar Corp - Class B | LEN/B | $16.12M | 3.2% | -9% shares |
| U-Haul Holding Company | UHAL/B | $14.79M | 3.0% | unchanged |
| Prologis Inc. | PLD | $14.44M | 2.9% | unchanged |
| Old Republic International Corp. | ORI | $13.19M | 2.6% | -28% shares |
| Proassurance Corp. | $13.17M | 2.6% | unchanged | |
| Jones Lang Lasalle | JLL | $12.89M | 2.6% | unchanged |
| Sun Communities Inc. | SUI | $11.67M | 2.3% | -16% shares |
| UMB Financial Corporation | UMBF | $10.39M | 2.1% | unchanged |
| DR Horton Inc. | DHI | $10.01M | 2.0% | unchanged |
| Investors Title Co. | ITIC | $9.38M | 1.9% | unchanged |
| MYR Group Inc. | MYRG | $8.23M | 1.6% | unchanged |
| FNF Group | FNF | $7.72M | 1.6% | unchanged |
| Prosperity Bancshares Inc. | PB | $7.29M | 1.5% | unchanged |
| American Homes 4 Rent | AMH | $7.28M | 1.5% | -40% shares |
| First Industrial Realty Trust, Inc. | FR | $7.26M | 1.5% | -14% shares |
| FRP Holdings Inc. | FRPH | $7.23M | 1.4% | unchanged |
| Atlanta Braves Holdings Inc - A | BATRA | $7.21M | 1.4% | unchanged |
What changed since Q4 2024
Against the Q4 2024 filing, Third Avenue Management opened 3 new positions, added to 6, trimmed 12, left 40 unchanged and exited 1. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Exited
- Retail Opportunity Investments Corp.was $1.56M
Other quarters
Source: SEC Form 13F-HR, accession 0001099281-25-000006, filed by THIRD AVENUE MANAGEMENT LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.