
	Third Avenue Management 13F
	Third Avenue Management

	Last update 2025-05-14	61 Stocks (2 new)
	Value $499.00 Mil	Turnover 6 %
	Countries: Top Holdings: TDW(6.86%)DB(6.84%)HCC(5.87%)VAL(4.49%)FPH(4.42%) SEC Filings Portfolio Report

Third Avenue Management Profile

Founded by legendary value investor Martin Whitman, Third Avenue Management manages mutual funds, separate accounts and hedge funds. Since 2002, Third Avenue Management has partnered with Affiliated Managers Group, a publicly traded asset manager that has invested in a diverse stable of boutique asset management firms. This partnership allowed Third Avenue to extend ownership rights to its senior professionals, including key members of the investment team, providing a clear and transparent succession plan for the Firm and all of its principals.
Third Avenue Management manages assets across four core strategies — Value, Small-Cap, Real Estate and International Real Estate – which are available to investors through 40Act mutual funds, institutional separately managed accounts and a Real Estate Value Fund UCITS for non-U.S. investors.

Third Avenue Management Investing Philosophy

For over 25 years, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing. Third Avenue takes an unconstrained investment approach and pursues opportunities across market capitalizations and geographies. The firm's core real estate, value and small-cap strategies focus on high-conviction ideas, pursuing maximum allocation to the best risk-adjusted return prospects across our universe.

Third Avenue Management Portfolio and Latest Trades

Ticker
Ticker
DB
TDW
PHM
VAL
AMH
ORI
SEB
BXC
SUI
LEN.B
ROIC Unlock Delisted
RYN
HCC
AMBC
ALG
CBRE
FR
OCFC
BN
HBB
ICFI
ITIC
CMA
KALU
PLD
WCC
LAZ
HCC
CMA
TDW
DB
IVT
FPH
AMBC
BN
WY
UHAL.B
ORI
PBF
OCFC
CBRE
UMBF
COLL
SD
HBB
VTMX
VAL
TPHS
SUI
ORI
LAZ
WASH
DHI
SD
UMBF
LOW
TDW
PBF
HCC
WCC
BN
WY
VAL
MYRG
DB
AMH
BATRK
CBRE
COLL
CMA
ECPG
FRPH
HBB
ICFI
IVT
ITIC
LXU
PRA
PLD
PB
RYN
SUPN
TPH
UHAL.B
HA Unlock Delisted
LOW
DHI
KALU
SUI
COLL
PLD
WY
SUPN
LEN.B
WCC
RYN
AMH
UHAL.B
PRA
UNF

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
DB	Deutsche Bank AG	2025-03-31	Reduce Reduce	-2.46%	● 17.16 ($20.98) 25.25	$29.25	39.42%	Reduce -33.8%	1,447,570	-738,934
TDW	Tidewater Inc	2025-03-31	Add Add	+1.87%	● 39.93 ($49.72) 57.69	$48.11	-3.24%	Add 37.59%	809,258	221,079
PHM	PulteGroup Inc	2025-03-31	New Buy New Buy	+1.32%	● 101.09 ($108.01) 118.51	$109.36	1.25%	New holding	63,800	63,800
VAL	Valaris Ltd	2025-03-31	Add Add	+1.13%	● 32.85 ($42.87) 49.52	$45.44	5.99%	Add 33.57%	569,839	143,231
AMH	American Homes 4 Rent	2025-03-31	Reduce Reduce	-0.93%	● 34.43 ($35.72) 37.81	$35.60	-0.34%	Reduce -40.05%	192,560	-128,661
ORI	Old Republic International Corp	2025-03-31	Reduce Reduce	-0.90%	● 33.46 ($36.67) 39.22	$37.97	3.55%	Reduce -27.73%	336,388	-129,090
SEB	Seaboard Corp	2025-03-31	Reduce Reduce	-0.48%	● 2422.16 ($2630.43) 2992.67	$3,013.06	14.55%	Reduce -43.49%	1,319	-1,015
BXC	BlueLinx Holdings Inc	2025-03-31	New Buy New Buy	+0.45%	● 74.77 ($92.88) 112.26	$84.13	-9.42%	New holding	29,869	29,869
SUI	Sun Communities Inc	2025-03-31	Reduce Reduce	-0.41%	● 120.53 ($127.85) 136.43	$129.26	1.10%	Reduce -16.11%	90,715	-17,422
LEN.B	Lennar Corp	2025-03-31	Reduce Reduce	-0.33%	● 108.33 ($118.6) 131.13	$105.62	-10.94%	Reduce -8.66%	147,770	-14,011
ROIC Unlock Delisted	Retail Opportunity Investments Corp	2025-03-31	Sold Out Sold Out	-0.30%	● 17.35 ($17.44) 17.5	$17.49	0.29%	Sold Out	0	-90,000
RYN	Rayonier Inc	2025-03-31	Reduce Reduce	-0.29%	● 24.95 ($26.57) 28.24	$23.10	-13.06%	Reduce -18.14%	258,499	-57,301
HCC	Warrior Met Coal Inc	2025-03-31	Add Add	+0.25%	● 46.21 ($51.06) 57.16	$50.01	-2.06%	Add 4.39%	613,206	25,761
AMBC	Ambac Financial Group Inc	2025-03-31	Add Add	+0.24%	● 8.25 ($10.53) 12.41	$7.19	-31.72%	Add 59.04%	366,461	136,045
ALG	Alamo Group Inc	2025-03-31	Reduce Reduce	-0.23%	● 172.9 ($183.65) 190.49	$226.21	23.17%	Reduce -19.87%	25,546	-6,334
CBRE	CBRE Group Inc	2025-03-31	Reduce Reduce	-0.23%	● 121.79 ($135.89) 147.13	$143.18	5.36%	Reduce -5.12%	165,109	-8,909
FR	First Industrial Realty Trust Inc	2025-03-31	Reduce Reduce	-0.22%	● 48.46 ($54.09) 57.99	$49.17	-9.10%	Reduce -14.37%	134,558	-22,572
OCFC	OceanFirst Financial Corp	2025-03-31	Add Add	+0.19%	● 16.44 ($17.8) 19.15	$18.78	5.51%	Add 91.66%	116,643	55,784
BN	Brookfield Corp	2025-03-31	Reduce Reduce	-0.15%	● 48.64 ($56.7) 62.05	$64.30	13.40%	Reduce -3.38%	378,249	-13,229
HBB	Hamilton Beach Brands Holding Co	2025-03-31	Reduce Reduce	-0.15%	● 15.51 ($18) 20.31	$18.82	4.56%	Reduce -15.97%	249,969	-47,521
ICFI	ICF International Inc	2025-03-31	Add Add	+0.05%	● 77.68 ($104.74) 133.28	$88.43	-15.57%	Add 6.42%	47,024	2,836
ITIC	Investors Title Co	2025-03-31	Reduce Reduce	-0.01%	● 214.82 ($231.57) 245.71	$221.13	-4.51%	Reduce -0.56%	38,919	-220
CMA	Comerica Inc	2025-03-31	Add Add	0%	● 56.11 ($62.83) 68.38	$63.78	1.51%	Add 0.01%	302,904	23
KALU	Kaiser Aluminum Corp	2025-03-31	Add Add	0%	● 60.62 ($70.01) 74.84	$85.64	22.33%	Add 0.26%	79,828	205
PLD	Prologis Inc	2025-03-31	Add Add	0%	● 103.59 ($115.69) 124.04	$108.02	-6.63%	Add 0.17%	129,162	219
WCC	WESCO International Inc	2025-03-31	Add Add	0%	● 155.3 ($178.9) 199.95	$194.29	8.60%	Add 0.56%	14,822	83
LAZ	Lazard Inc	2024-12-31	Sold Out Sold Out	-2.99%	● 48.35 ($53.63) 61.01	$50.37	-6.08%	Sold Out	0	-362,515
HCC	Warrior Met Coal Inc	2024-12-31	Reduce Reduce	-2.17%	● 53.63 ($63.9) 74.78	$50.01	-21.74%	Reduce -26.15%	587,445	-207,969
CMA	Comerica Inc	2024-12-31	Reduce Reduce	-1.69%	● 57.88 ($65.11) 72.73	$63.78	-2.04%	Reduce -36.35%	302,881	-173,002
TDW	Tidewater Inc	2024-12-31	Add Add	+1.13%	● 47 ($56.66) 72	$48.11	-15.09%	Add 22.16%	588,179	106,705
DB	Deutsche Bank AG	2024-12-31	Reduce Reduce	-0.86%	● 16.2 ($17.2) 17.97	$29.25	70.06%	Reduce -12.15%	2,186,504	-302,426
IVT	InvenTrust Properties Corp	2024-12-31	Reduce Reduce	-0.67%	● 28.52 ($30.11) 31.3	$27.46	-8.80%	Reduce -79.25%	38,000	-145,176
FPH	Five Point Holdings LLC	2024-12-31	Add Add	+0.60%	● 3.43 ($3.91) 4.29	$5.76	47.31%	Add 24.61%	4,125,911	814,981
AMBC	Ambac Financial Group Inc	2024-12-31	New Buy New Buy	+0.56%	● 10.97 ($12.07) 13.55	$7.19	-40.43%	New holding	230,416	230,416
BN	Brookfield Corp	2024-12-31	Reduce Reduce	-0.55%	● 52.4 ($56.56) 61.51	$64.30	13.68%	Reduce -13.92%	391,478	-63,316
WY	Weyerhaeuser Co	2024-12-31	Reduce Reduce	-0.48%	● 27.21 ($31.17) 33.62	$26.43	-15.21%	Reduce -28.3%	220,849	-87,158
UHAL.B	U-Haul Holding Co	2024-12-31	Reduce Reduce	-0.41%	● 60.25 ($65.66) 70.91	$56.76	-13.55%	Reduce -12.18%	249,865	-34,663
ORI	Old Republic International Corp	2024-12-31	Reduce Reduce	-0.26%	● 34.4 ($36.5) 38.98	$37.97	4.03%	Reduce -8.74%	465,478	-44,576
PBF	PBF Energy Inc	2024-12-31	Add Add	+0.23%	● 25.15 ($30.42) 33.7	$24.10	-20.78%	Add 52.46%	131,050	45,092
OCFC	OceanFirst Financial Corp	2024-12-31	New Buy New Buy	+0.21%	● 17.54 ($19.11) 21.27	$18.78	-1.73%	New holding	60,859	60,859
CBRE	CBRE Group Inc	2024-12-31	Reduce Reduce	-0.18%	● 119.22 ($131.05) 140.71	$143.18	9.26%	Reduce -4.91%	174,018	-8,993
UMBF	UMB Financial Corp	2024-12-31	Reduce Reduce	-0.14%	● 101.49 ($115.86) 127.6	$110.35	-4.76%	Reduce -7.3%	102,796	-8,100
COLL	Collegium Pharmaceutical Inc	2024-12-31	Add Add	+0.12%	● 28.61 ($32.98) 41.86	$30.35	-7.97%	Add 11.36%	203,401	20,750
SD	SandRidge Energy Inc	2024-12-31	Add Add	+0.11%	● 10.5 ($11.54) 12.95	$10.99	-4.77%	Add 17.87%	330,698	50,144
HBB	Hamilton Beach Brands Holding Co	2024-12-31	Reduce Reduce	-0.10%	● 16.21 ($23.01) 31.36	$18.82	-18.21%	Reduce -6.05%	297,490	-19,144
VTMX	Corporacion Inmobiliaria Vesta SAB de CV Corporacion Inmobiliaria Vesta SAB de CV	2024-12-31	Add Add	+0.07%	● 23.44 ($25.57) 27.38	$27.54	7.70%	Add 150%	25,000	15,000
VAL	Valaris Ltd	2024-12-31	Reduce Reduce	-0.05%	● 40.92 ($48.03) 56.38	$45.44	-5.39%	Reduce -1.33%	426,608	-5,739
TPHS	Trinity Place Holdings Inc	2024-12-31	Sold Out Sold Out	-0.02%	● 0.03 ($0.04) 0.07	$0.05	25.13%	Sold Out	0	-3,475,472
SUI	Sun Communities Inc	2024-12-31	Add Add	+0.01%	● 119.89 ($127.92) 139.05	$129.26	1.05%	Add 0.32%	108,137	342
ORI	Old Republic International Corp	2024-09-30	Reduce Reduce	-1.69%	● 29.89 ($33.84) 35.9	$37.97	12.20%	Reduce -38.39%	510,054	-317,794
LAZ	Lazard Inc	2024-09-30	Reduce Reduce	-1.23%	● 38.76 ($46.33) 51.03	$50.37	8.72%	Reduce -34.18%	362,515	-188,294
WASH	Washington Trust Bancorp Inc	2024-09-30	Sold Out Sold Out	-0.94%	● 25.83 ($30.56) 34.26	$29.65	-2.98%	Sold Out	0	-199,119
DHI	D.R. Horton Inc	2024-09-30	Reduce Reduce	-0.66%	● 135.21 ($175.74) 197.06	$131.90	-24.95%	Reduce -25.71%	78,745	-27,245
SD	SandRidge Energy Inc	2024-09-30	New Buy New Buy	+0.56%	● 11.62 ($12.78) 13.82	$10.99	-14.01%	New holding	280,554	280,554
UMBF	UMB Financial Corp	2024-09-30	Reduce Reduce	-0.55%	● 81.41 ($97.49) 108.86	$110.35	13.19%	Reduce -25.71%	110,896	-38,388
LOW	Lowe's Companies Inc	2024-09-30	Sold Out Sold Out	-0.53%	● 213.3 ($242.19) 270.85	$228.31	-5.73%	Sold Out	0	-14,096
TDW	Tidewater Inc	2024-09-30	Reduce Reduce	-0.46%	● 69.32 ($87.13) 106.47	$48.11	-44.78%	Reduce -5.56%	481,474	-28,337
PBF	PBF Energy Inc	2024-09-30	New Buy New Buy	+0.43%	● 30.68 ($36.33) 46.49	$24.10	-33.66%	New holding	85,958	85,958
HCC	Warrior Met Coal Inc	2024-09-30	Add Add	+0.32%	● 51.68 ($62.15) 73.37	$50.01	-19.53%	Add 4.06%	795,414	31,012
WCC	WESCO International Inc	2024-09-30	Add Add	+0.27%	● 149.47 ($162.34) 183.24	$194.29	19.68%	Add 211.21%	14,739	10,003
BN	Brookfield Corp	2024-09-30	Reduce Reduce	-0.21%	● 40.93 ($47.34) 53.42	$64.30	35.83%	Reduce -6.14%	454,794	-29,736
WY	Weyerhaeuser Co	2024-09-30	Reduce Reduce	-0.18%	● 27.05 ($30.73) 33.86	$26.43	-13.99%	Reduce -10.66%	308,007	-36,733
VAL	Valaris Ltd	2024-09-30	Add Add	+0.11%	● 53.76 ($65.5) 79.98	$45.44	-30.63%	Add 2.9%	432,347	12,189
MYRG	MYR Group Inc	2024-09-30	Add Add	+0.08%	● 88.59 ($113.49) 150.09	$188.88	66.43%	Add 7.44%	72,797	5,040
DB	Deutsche Bank AG	2024-09-30	Add Add	+0.02%	● 14.08 ($16.06) 17.36	$29.25	82.13%	Add 0.29%	2,488,930	7,232
AMH	American Homes 4 Rent	2024-09-30	Add Add	0%	● 34.87 ($38.14) 41.12	$35.60	-6.66%	Add 0.19%	321,221	600
BATRK	Atlanta Braves Holdings Inc	2024-09-30	Reduce Reduce	0%	● 39.04 ($41.82) 43.97	$46.65	11.55%	Reduce -0.72%	26,104	-188
CBRE	CBRE Group Inc	2024-09-30	Add Add	0%	● 85.97 ($109.03) 124.48	$143.18	31.32%	Add 0.11%	183,011	210
COLL	Collegium Pharmaceutical Inc	2024-09-30	Add Add	0%	● 31.4 ($35.66) 39.07	$30.35	-14.89%	Add 0.2%	182,651	370
CMA	Comerica Inc	2024-09-30	Reduce Reduce	0%	● 49.93 ($55.15) 61.49	$63.78	15.65%	Reduce -0.11%	475,883	-529
ECPG	Encore Capital Group Inc	2024-09-30	Add Add	0%	● 41.28 ($47.46) 50.68	$41.17	-13.25%	Add 0.2%	171,022	344
FRPH	FRP Holdings Inc	2024-09-30	Reduce Reduce	0%	● 27.48 ($29.19) 30.48	$27.24	-6.68%	Reduce -0.04%	252,952	-103
HBB	Hamilton Beach Brands Holding Co	2024-09-30	Reduce Reduce	0%	● 16.46 ($24.42) 30.81	$18.82	-22.93%	Reduce -0.21%	316,634	-679
ICFI	ICF International Inc	2024-09-30	Reduce Reduce	0%	● 129.47 ($153.69) 169.48	$88.43	-42.46%	Reduce -0.16%	44,188	-69
IVT	InvenTrust Properties Corp	2024-09-30	Reduce Reduce	0%	● 24.41 ($27.74) 29.87	$27.46	-1.01%	Reduce -0.07%	183,176	-120
ITIC	Investors Title Co	2024-09-30	Reduce Reduce	0%	● 176.15 ($210.03) 234.63	$221.13	5.28%	Reduce -0.15%	39,139	-58
LXU	LSB Industries Inc	2024-09-30	Add Add	0%	● 7.05 ($7.94) 9.36	$8.22	3.53%	Add 0.2%	789,447	1,538
PRA	ProAssurance Corp	2024-09-30	Reduce Reduce	0%	● 10.89 ($12.76) 15.04	$23.63	85.19%	Reduce -0.01%	563,988	-81
PLD	Prologis Inc	2024-09-30	Add Add	0%	● 111.95 ($124.08) 132.4	$108.02	-12.94%	Add 0.04%	128,943	54
PB	Prosperity Bancshares Inc	2024-09-30	Add Add	0%	● 59.22 ($69.87) 74.26	$73.86	5.71%	Add 0.2%	102,168	203
RYN	Rayonier Inc	2024-09-30	Add Add	0%	● 27.69 ($30.08) 32.25	$23.10	-23.20%	Add 0.01%	315,800	47
SUPN	Supernus Pharmaceuticals Inc	2024-09-30	Add Add	0%	● 25.77 ($31.21) 35.16	$31.98	2.47%	Add 0.2%	189,493	375
TPH	Tri Pointe Homes Inc	2024-09-30	Reduce Reduce	0%	● 36.06 ($42.77) 46.59	$32.98	-22.89%	Reduce -0.11%	155,830	-167
UHAL.B	U-Haul Holding Co	2024-09-30	Add Add	0%	● 57.18 ($64.99) 73.21	$56.76	-12.66%	Add 0.01%	284,528	19
HA Unlock Delisted	Hawaiian Holdings Inc	2024-06-30	Sold Out Sold Out	-1.46%	● 12.12 ($13.07) 13.8	$18.00	37.72%	Sold Out	0	-686,011
LOW	Lowe's Companies Inc	2024-06-30	Reduce Reduce	-0.53%	● 214.27 ($228.13) 249.28	$228.31	0.08%	Reduce -48.05%	14,096	-13,039
DHI	D.R. Horton Inc	2024-06-30	Reduce Reduce	-0.45%	● 139.4 ($146.91) 161.88	$131.90	-10.22%	Reduce -13.83%	105,990	-17,008
KALU	Kaiser Aluminum Corp	2024-06-30	Reduce Reduce	-0.44%	● 85.94 ($93.06) 101.2	$85.64	-7.97%	Reduce -28.1%	79,623	-31,116
SUI	Sun Communities Inc	2024-06-30	Add Add	+0.43%	● 111.32 ($118.82) 128.2	$129.26	8.79%	Add 23.65%	107,795	20,617
COLL	Collegium Pharmaceutical Inc	2024-06-30	Add Add	+0.41%	● 31.36 ($34.67) 39.99	$30.35	-12.46%	Add 68.59%	182,281	74,161
PLD	Prologis Inc	2024-06-30	Add Add	+0.23%	● 101.88 ($110.77) 127.92	$108.02	-2.48%	Add 10.31%	128,889	12,043
WY	Weyerhaeuser Co	2024-06-30	Reduce Reduce	-0.15%	● 27.96 ($30.93) 35.56	$26.43	-14.55%	Reduce -7.03%	344,740	-26,064
SUPN	Supernus Pharmaceuticals Inc	2024-06-30	Add Add	+0.14%	● 25.99 ($28.98) 33.85	$31.98	10.35%	Add 18.41%	189,118	29,401
LEN.B	Lennar Corp	2024-06-30	Reduce Reduce	-0.14%	● 136.99 ($144.42) 158.89	$105.62	-26.87%	Reduce -3.3%	161,781	-5,513
WCC	WESCO International Inc	2024-06-30	New Buy New Buy	+0.13%	● 152.52 ($170.23) 191.18	$194.29	14.13%	New holding	4,736	4,736
RYN	Rayonier Inc	2024-06-30	Reduce Reduce	-0.13%	● 28.86 ($30.28) 32.5	$23.10	-23.71%	Reduce -6.95%	315,753	-23,595
AMH	American Homes 4 Rent	2024-06-30	Reduce Reduce	-0.11%	● 34.66 ($35.98) 37.16	$35.60	-1.06%	Reduce -5.56%	320,621	-18,887
UHAL.B	U-Haul Holding Co	2024-06-30	Reduce Reduce	-0.11%	● 59.37 ($62.91) 66.97	$56.76	-9.78%	Reduce -3.36%	284,509	-9,904
PRA	ProAssurance Corp	2024-06-30	Reduce Reduce	-0.10%	● 12.22 ($13.57) 15.16	$23.63	74.13%	Reduce -8%	564,069	-49,034
UNF	UniFirst Corp	2024-06-30	Add Add	+0.10%	● 151.12 ($161.27) 176.04	$175.01	8.52%	Add 17.74%	23,356	3,519

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