Third Avenue Management 13F, Q4 2025
Third Avenue Management · quarter ending 31 December 2025 · filed 12 February 2026 · SEC CIK 1099281
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 51 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| Warrior Met Coal Inc. | HCC | $51.43M | 9.3% | -9% shares |
| Tidewater Inc. | TDW | $44.10M | 8.0% | unchanged |
| Boise Cascade Company | BCC | $31.65M | 5.8% | +57% shares |
| Valaris Ltd. | $29.45M | 5.3% | unchanged | |
| Brookfield Corp. | BN | $25.15M | 4.6% | +45% shares |
| CBRE Group, Inc. | CBRE | $23.61M | 4.3% | -5% shares |
| Five Point Holdings LLC - CL A | FPH | $23.00M | 4.2% | unchanged |
| Prologis Inc. | PLD | $18.57M | 3.4% | unchanged |
| Rogers Corp. | ROG | $18.27M | 3.3% | unchanged |
| Lennar Corp - Class B | LEN/B | $14.08M | 2.6% | unchanged |
| Deutsche Bank AG | $13.00M | 2.4% | new | |
| U-Haul Holding Company | UHAL/B | $12.12M | 2.2% | unchanged |
| Sun Communities Inc. | SUI | $12.01M | 2.2% | unchanged |
| PulteGroup Inc. | PHM | $11.81M | 2.1% | +4% shares |
| Jones Lang Lasalle | JLL | $11.56M | 2.1% | -34% shares |
| DR Horton Inc. | DHI | $11.26M | 2.0% | unchanged |
| FNF Group | FNF | $11.21M | 2.0% | +73% shares |
| Kaiser Aluminum Corp. | KALU | $9.80M | 1.8% | -5% shares |
| Supernus Pharmaceuticals, Inc. | SUPN | $9.42M | 1.7% | unchanged |
| Collegium Pharmaceutical Inc. | COLL | $9.42M | 1.7% | unchanged |
| Encore Capital Group Inc. | ECPG | $9.30M | 1.7% | unchanged |
| UMB Financial Corporation | UMBF | $9.00M | 1.6% | -20% shares |
| Champion Homes, Inc. | SKY | $8.99M | 1.6% | unchanged |
| American Homes 4 Rent | AMH | $8.94M | 1.6% | +46% shares |
| MYR Group Inc. | MYRG | $7.77M | 1.4% | unchanged |
What changed since Q3 2025
Against the Q3 2025 filing, Third Avenue Management opened 4 new positions, added to 12, trimmed 9, left 26 unchanged and exited 3. 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 0001099281-26-000003, 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.