Data as of Q4 2025 (Dec 31, 2025)

THIRD AVENUE MANAGEMENT LLC

•CIK: 1099281•Filing: Q4 2025

**THIRD AVENUE MANAGEMENT LLC** manages $550M across a concentrated portfolio of 51 positions. The fund exhibits significant exposure to real estate and related sectors, with top holdings including HCC at $51.4M and TDW at $44.1M. Further notable allocations include BCC ($31.6M) and BK-PK ($29.5M). This structure suggests a focused, high-conviction approach within its investment mandate.

Total AUM
$550.2M
QoQ Performance
+3.3%
Positions
51
Top 10 Concentration
50.8%
Latest Filing
Q4 2025

Top Holdings Allocation

HCC
TDW
BCC
VAL
HCC9.3%
TDW8.0%
BCC5.8%
VAL5.4%
BN4.6%
CBRE4.3%
FPH4.2%
PLD3.4%

📈 Biggest Buys

DB
Deutsche Bank AG
NEW
2.4% of portfolio
BCC
Boise Cascade Company
+57.1%
5.8% of portfolio
BN
Brookfield Corp.
+44.9%
4.6% of portfolio
FNF
FNF Group
+73.0%
2.0% of portfolio
FSV
FirstService Corp.
NEW
0.5% of portfolio

📉 Biggest Sells

JLL
Jones Lang Lasalle
-33.5%
2.1% of portfolio
HCC
Warrior Met Coal Inc.
-9.1%
9.3% of portfolio
SBSI
Southside Bancshares Inc.
-44.2%
0.6% of portfolio
UMBF
UMB Financial Corporation
-19.8%
1.6% of portfolio
PRA
Proassurance Corp.
-19.5%
1.3% of portfolio

Sector Breakdown

Other92.1%
Financial4.6%
Real Estate3.4%

🚪 Exited Positionssold since Q3 2025

CMA
Comerica Inc.
SOLD
$10.8M
SEB
Seaboard Corp.
SOLD
$3.8M
VC
Visteon Corp.
SOLD
$1.2M

Changes from Q3 2025

NEW4 new positions
↑21 increased
↓12 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

HCC9.3%
Warrior Met Coal Inc.
$51.4M
TDW8.0%
Tidewater Inc.
$44.1M
BCC5.8%
Boise Cascade Company
$31.6M
VAL5.4%
Valaris Ltd.
$29.5M
BN4.6%
Brookfield Corp.
$25.2M

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