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THIRD AVENUE MANAGEMENT LLC

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13F filer, CIK 1099281, NEW YORK, NY

THIRD AVENUE MANAGEMENT LLC reported $550,214,835 across 51 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-12. Its ten largest share positions make up 50.76% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001099281-26-000003

Period
2025-12-31
Reported value
$550M
Holdings
51
Top 10 weight
50.76%
New
4
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DBnew+337,193$13M
BCCadded+156,294$11.5M
BNadded+169,870$7.8M
FNFadded+86,664$4.73M
FSVnew+18,714$2.91M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CMAexited-156,314-$10.8M
JLLreduced-17,268-$5.81M
HCCreduced-58,596-$5.17M
SEBexited-1,015-$3.76M
SBSIreduced-92,547-$2.81M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001099281-26-000003, largest first. % of portfolio is the value over $550,214,835, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
HCCWARRIOR MET COAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 795,414 shares; 2024Q4: 587,445 shares; 2025Q1: 613,206 shares; 2025Q2: 641,684 shares; 2025Q3: 641,916 shares; 2025Q4: 583,320 shares 583,320$51.4M9.35%-58,596Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 481,474 shares; 2024Q4: 588,179 shares; 2025Q1: 809,258 shares; 2025Q2: 875,157 shares; 2025Q3: 874,667 shares; 2025Q4: 873,071 shares 873,071$44.1M8.01%-1,596Timeline
BCCBOISE CASCADE CO DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 273,705 shares; 2025Q4: 429,999 shares 429,999$31.6M5.75%+156,294Timeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 432,347 shares; 2024Q4: 426,608 shares; 2025Q1: 569,839 shares; 2025Q2: 585,921 shares; 2025Q3: 585,602 shares; 2025Q4: 584,373 shares 584,373$29.5M5.35%-1,229Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 454,794 shares; 2024Q4: 391,478 shares; 2025Q1: 378,249 shares; 2025Q2: 378,249 shares; 2025Q3: 378,249 shares; 2025Q4: 548,119 shares 548,119$25.2M4.57%+169,870Timeline
CBRECBRE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 183,011 shares; 2024Q4: 174,018 shares; 2025Q1: 165,109 shares; 2025Q2: 164,710 shares; 2025Q3: 154,672 shares; 2025Q4: 146,835 shares 146,835$23.6M4.29%-7,837Timeline
FPHFIVE POINT HOLDINGS LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,310,930 shares; 2024Q4: 4,125,911 shares; 2025Q1: 4,125,911 shares; 2025Q2: 4,125,911 shares; 2025Q3: 4,113,917 shares; 2025Q4: 4,113,917 shares 4,113,917$23M4.18%0Timeline
PLDPROLOGIS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 128,943 shares; 2024Q4: 128,943 shares; 2025Q1: 129,162 shares; 2025Q2: 145,522 shares; 2025Q3: 145,394 shares; 2025Q4: 145,451 shares 145,451$18.6M3.37%+57Timeline
ROGROGERS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 199,368 shares; 2025Q4: 199,474 shares 199,474$18.3M3.32%+106Timeline
LEN-BLENNAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 161,781 shares; 2024Q4: 161,781 shares; 2025Q1: 147,770 shares; 2025Q2: 148,033 shares; 2025Q3: 147,843 shares; 2025Q4: 148,008 shares 148,008$14.1M2.56%+165Timeline
DBDEUTSCHE BK AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,488,930 shares; 2024Q4: 2,186,504 shares; 2025Q1: 1,447,570 shares; 2025Q2: 1,021,558 shares; 2025Q3: not reported; 2025Q4: 337,193 shares 337,193$13M2.36%newTimeline
UHAL-BU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 284,528 shares; 2024Q4: 249,865 shares; 2025Q1: 249,865 shares; 2025Q2: 259,510 shares; 2025Q3: 259,225 shares; 2025Q4: 259,246 shares 259,246$12.1M2.2%+21Timeline
SUISUN CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 107,795 shares; 2024Q4: 108,137 shares; 2025Q1: 90,715 shares; 2025Q2: 97,210 shares; 2025Q3: 96,786 shares; 2025Q4: 96,922 shares 96,922$12M2.18%+136Timeline
PHMPULTE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 63,800 shares; 2025Q2: 96,931 shares; 2025Q3: 96,766 shares; 2025Q4: 100,684 shares 100,684$11.8M2.15%+3,918Timeline
JLLJONES LANG LASALLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,990 shares; 2024Q4: 51,990 shares; 2025Q1: 51,990 shares; 2025Q2: 51,690 shares; 2025Q3: 51,619 shares; 2025Q4: 34,351 shares 34,351$11.6M2.1%-17,268Timeline
DHID R HORTON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 78,745 shares; 2024Q4: 78,745 shares; 2025Q1: 78,745 shares; 2025Q2: 78,189 shares; 2025Q3: 78,078 shares; 2025Q4: 78,194 shares 78,194$11.3M2.05%+116Timeline
FNFFIDELITY NATL FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 118,656 shares; 2024Q4: 118,656 shares; 2025Q1: 118,656 shares; 2025Q2: 118,656 shares; 2025Q3: 118,656 shares; 2025Q4: 205,320 shares 205,320$11.2M2.04%+86,664Timeline
KALUKAISER ALUMINIUM CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 79,623 shares; 2024Q4: 79,623 shares; 2025Q1: 79,828 shares; 2025Q2: 89,535 shares; 2025Q3: 89,535 shares; 2025Q4: 85,363 shares 85,363$9.8M1.78%-4,172Timeline
SUPNSUPERNUS PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 189,493 shares; 2024Q4: 189,493 shares; 2025Q1: 189,493 shares; 2025Q2: 189,493 shares; 2025Q3: 189,493 shares; 2025Q4: 189,493 shares 189,493$9.42M1.71%0Timeline
COLLCOLLEGIUM PHARMACEUTICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 182,651 shares; 2024Q4: 203,401 shares; 2025Q1: 203,401 shares; 2025Q2: 203,401 shares; 2025Q3: 203,401 shares; 2025Q4: 203,401 shares 203,401$9.42M1.71%0Timeline
ECPGENCORE CAP GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,022 shares; 2024Q4: 171,022 shares; 2025Q1: 171,022 shares; 2025Q2: 171,022 shares; 2025Q3: 171,022 shares; 2025Q4: 171,022 shares 171,022$9.3M1.69%0Timeline
UMBFUMB FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,896 shares; 2024Q4: 102,796 shares; 2025Q1: 102,796 shares; 2025Q2: 102,763 shares; 2025Q3: 97,518 shares; 2025Q4: 78,245 shares 78,245$9M1.64%-19,273Timeline
SKYCHAMPION HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 59,865 shares; 2025Q3: 106,409 shares; 2025Q4: 106,409 shares 106,409$8.99M1.63%0Timeline
AMHAMERICAN HOMES 4 RENTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 321,221 shares; 2024Q4: 321,221 shares; 2025Q1: 192,560 shares; 2025Q2: 191,066 shares; 2025Q3: 191,066 shares; 2025Q4: 278,512 shares 278,512$8.94M1.62%+87,446Timeline
MYRGMYR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 72,797 shares; 2024Q4: 72,797 shares; 2025Q1: 72,797 shares; 2025Q2: 54,595 shares; 2025Q3: 35,554 shares; 2025Q4: 35,554 shares 35,554$7.77M1.41%0Timeline
PRAPROASSURANCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 563,988 shares; 2024Q4: 563,988 shares; 2025Q1: 563,988 shares; 2025Q2: 384,640 shares; 2025Q3: 364,013 shares; 2025Q4: 292,990 shares 292,990$7.08M1.29%-71,023Timeline
PBPROSPERITY BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 102,168 shares; 2024Q4: 102,168 shares; 2025Q1: 102,168 shares; 2025Q2: 102,168 shares; 2025Q3: 102,168 shares; 2025Q4: 102,168 shares 102,168$7.06M1.28%0Timeline
BATRAATLANTA BRAVES HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 164,438 shares; 2024Q4: 164,438 shares; 2025Q1: 164,438 shares; 2025Q2: 164,438 shares; 2025Q3: 164,438 shares; 2025Q4: 164,438 shares 164,438$6.99M1.27%0Timeline
LXULSB INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 789,447 shares; 2024Q4: 789,447 shares; 2025Q1: 789,447 shares; 2025Q2: 789,447 shares; 2025Q3: 789,447 shares; 2025Q4: 789,447 shares 789,447$6.71M1.22%0Timeline
OSGOCTAVE SPECIALTY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 230,416 shares; 2025Q1: 366,461 shares; 2025Q2: 603,391 shares; 2025Q3: 603,391 shares; 2025Q4: 782,093 shares 782,093$6.08M1.11%+178,702Timeline
FRFIRST INDL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 157,130 shares; 2024Q4: 157,130 shares; 2025Q1: 134,558 shares; 2025Q2: 132,663 shares; 2025Q3: 106,342 shares; 2025Q4: 104,728 shares 104,728$6M1.09%-1,614Timeline
UNFUNIFIRST CORP MASSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,356 shares; 2024Q4: 23,356 shares; 2025Q1: 23,356 shares; 2025Q2: 23,356 shares; 2025Q3: 25,929 shares; 2025Q4: 28,434 shares 28,434$5.48M1%+2,505Timeline
ITICINVESTORS TITLE CO NCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,139 shares; 2024Q4: 39,139 shares; 2025Q1: 38,919 shares; 2025Q2: 35,752 shares; 2025Q3: 21,883 shares; 2025Q4: 21,894 shares 21,894$5.47M0.99%+11Timeline
CETCENTRAL SECS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 111,210 shares; 2024Q4: 111,210 shares; 2025Q1: 111,210 shares; 2025Q2: 101,812 shares; 2025Q3: 101,812 shares; 2025Q4: 101,812 shares 101,812$5.16M0.94%0Timeline
WCCWESCO INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,739 shares; 2024Q4: 14,739 shares; 2025Q1: 14,822 shares; 2025Q2: 20,093 shares; 2025Q3: 20,093 shares; 2025Q4: 20,295 shares 20,295$4.96M0.9%+202Timeline
TPHTRI POINTE HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,830 shares; 2024Q4: 155,830 shares; 2025Q1: 155,830 shares; 2025Q2: 155,830 shares; 2025Q3: 155,855 shares; 2025Q4: 155,855 shares 155,855$4.9M0.89%0Timeline
SDSANDRIDGE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 280,554 shares; 2024Q4: 330,698 shares; 2025Q1: 330,698 shares; 2025Q2: 330,698 shares; 2025Q3: 330,698 shares; 2025Q4: 330,818 shares 330,818$4.77M0.87%+120Timeline
ICFIICF INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 44,188 shares; 2024Q4: 44,188 shares; 2025Q1: 47,024 shares; 2025Q2: 47,024 shares; 2025Q3: 47,024 shares; 2025Q4: 52,864 shares 52,864$4.51M0.82%+5,840Timeline
RYNRAYONIER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 315,800 shares; 2024Q4: 315,800 shares; 2025Q1: 258,499 shares; 2025Q2: 258,129 shares; 2025Q3: 218,052 shares; 2025Q4: 188,340 shares 188,340$4.08M0.74%-29,712Timeline
WYWEYERHAEUSER COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 308,007 shares; 2024Q4: 220,849 shares; 2025Q1: 220,849 shares; 2025Q2: 220,849 shares; 2025Q3: 161,920 shares; 2025Q4: 171,582 shares 171,582$4.06M0.74%+9,662Timeline
ALGALAMO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,880 shares; 2024Q4: 31,880 shares; 2025Q1: 25,546 shares; 2025Q2: 14,869 shares; 2025Q3: 14,869 shares; 2025Q4: 24,009 shares 24,009$4.03M0.73%+9,140Timeline
BXCBLUELINX HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 29,869 shares; 2025Q2: 46,357 shares; 2025Q3: 46,357 shares; 2025Q4: 64,339 shares 64,339$3.95M0.72%+17,982Timeline
CTLPCANTALOUPE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 370,013 shares; 2025Q3: 370,013 shares; 2025Q4: 370,013 shares 370,013$3.93M0.71%0Timeline
PBFPBF ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,958 shares; 2024Q4: 131,050 shares; 2025Q1: 131,050 shares; 2025Q2: 131,050 shares; 2025Q3: 131,050 shares; 2025Q4: 131,050 shares 131,050$3.55M0.65%0Timeline
SBSISOUTHSIDE BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 209,426 shares; 2024Q4: 209,426 shares; 2025Q1: 209,426 shares; 2025Q2: 209,426 shares; 2025Q3: 209,426 shares; 2025Q4: 116,879 shares 116,879$3.55M0.65%-92,547Timeline
OCFCOCEANFIRST FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 60,859 shares; 2025Q1: 116,643 shares; 2025Q2: 162,238 shares; 2025Q3: 162,331 shares; 2025Q4: 192,807 shares 192,807$3.46M0.63%+30,476Timeline
FSVFIRSTSERVICE CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 18,714 shares 18,714$2.91M0.53%newTimeline
FLGFLAGSTAR BANK NATIONAL ASSOCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 217,305 shares 217,305$2.74M0.5%newTimeline
FRPHFRP HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 252,952 shares; 2024Q4: 252,952 shares; 2025Q1: 252,952 shares; 2025Q2: 211,440 shares; 2025Q3: 178,530 shares; 2025Q4: 107,429 shares 107,429$2.45M0.44%-71,101Timeline
BATRKATLANTA BRAVES HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,104 shares; 2024Q4: 26,104 shares; 2025Q1: 26,104 shares; 2025Q2: 26,104 shares; 2025Q3: 26,104 shares; 2025Q4: 26,104 shares 26,104$1.03M0.19%0Timeline
FGF&G ANNUITIES & LIFE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 12,319 shares 12,319$380K0.07%newTimeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CMACOMERICA INC156,314$10.8Mshares
SEBSEABOARD CORP DEL1,015$3.76Mshares
VCVISTEON CORP10,298$1.25Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001099281-26-000003 base2026-02-12acceptance time not in the bulk data set