Third Avenue Management 13F, Q3 2025
Third Avenue Management · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1099281
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 50 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| Tidewater Inc. | TDW | $47.93M | 9.0% | unchanged |
| Warrior Met Coal Inc. | HCC | $42.32M | 7.9% | unchanged |
| Valaris Ltd. | $29.99M | 5.6% | unchanged | |
| Brookfield Corp. | BN | $25.68M | 4.8% | unchanged |
| Five Point Holdings LLC - CL A | FPH | $25.22M | 4.7% | unchanged |
| CBRE Group, Inc. | CBRE | $24.22M | 4.5% | -6% shares |
| Boise Cascade Company | BCC | $21.18M | 4.0% | new |
| Lennar Corp - Class B | LEN/B | $18.03M | 3.4% | unchanged |
| Prologis Inc. | PLD | $16.94M | 3.2% | unchanged |
| Rogers Corp. | ROG | $16.31M | 3.1% | new |
| Jones Lang Lasalle | JLL | $15.35M | 2.9% | unchanged |
| DR Horton Inc. | DHI | $13.46M | 2.5% | unchanged |
| U-Haul Holding Company | UHAL/B | $13.26M | 2.5% | unchanged |
| PulteGroup Inc. | PHM | $13.01M | 2.4% | unchanged |
| Sun Communities Inc. | SUI | $12.44M | 2.3% | unchanged |
| UMB Financial Corporation | UMBF | $11.54M | 2.2% | -5% shares |
| Comerica Inc. | CMA | $10.80M | 2.0% | -9% shares |
| Supernus Pharmaceuticals, Inc. | SUPN | $9.10M | 1.7% | unchanged |
| Proassurance Corp. | $8.73M | 1.6% | -5% shares | |
| Champion Homes, Inc. | SKY | $8.29M | 1.6% | +78% shares |
| Atlanta Braves Holdings Inc - A | BATRA | $7.42M | 1.4% | unchanged |
| MYR Group Inc. | MYRG | $7.18M | 1.4% | -35% shares |
| FNF Group | FNF | $7.16M | 1.3% | unchanged |
| Collegium Pharmaceutical Inc. | COLL | $7.15M | 1.3% | unchanged |
| Kaiser Aluminum Corp. | KALU | $7.01M | 1.3% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Third Avenue Management opened 2 new positions, added to 2, trimmed 10, left 36 unchanged and exited 4. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001099281-25-000017, 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.