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Third Avenue

Q2 2025 13F · by Matthew Fine, portfolio manager

As of
Jun 30, 2025
Filed
Aug 13, 2025
US stock
$485M · prev $499M
Positions
52 · prev 61
Options notional
$0
Documents
1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 100.0%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves47 since the prior filing

The book

Focused · behaves like 29 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 21% a year, about 4.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions31% of US stock

  1. TDW Tidewater, Inc. added+1.47 pp added+1.478.3%
  2. DB Deutsche Bank Aktiengesellschaft trimmed−0.62 pp trimmed−0.626.2%
  3. HCC Warrior Met Coal, Inc. added+0.19 pp added+0.196.1%
  4. VAL Valaris Limited added+0.60 pp added+0.605.1%
  5. BN Brookfield Corporation held held4.8%

Positions52 in this filing · 12 exited

TDWTidewater, Inc.8.33%875,157$40Madded+8%+1.47 pp32 q
DBDeutsche Bank Aktiengesellschaft6.22%1,021,558$30Mtrimmed−29%−0.62 pp11 q
HCCWarrior Met Coal, Inc.6.06%641,684$29Madded+5%+0.19 pp31 q
VALValaris Limited5.09%585,921$25Madded+3%+0.60 pp16 q
BNBrookfield Corporation4.82%378,249$23Mheld—11 q
CBRECbre Group, Inc.4.76%164,710$23Mtrimmed−0%+0.43 pp22 q
FPHFive Point Holdings, LLC Class A4.68%4,125,911$23Mheld—33 q
LEN.BLennar Corporation Class B3.21%148,033$16Madded0%−0.02 pp35 q
PLDPrologis, Inc.3.15%145,522$15Madded+13%+0.25 pp22 q
UHAL.BU-Haul Holding Company2.91%259,510$14Madded+4%−0.06 pp11 q
JLLJones Lang LaSalle, Inc.2.73%51,690$13Mtrimmed−1%+0.15 pp10 q
SUISun Communities, Inc2.54%97,210$12Madded+7%+0.20 pp9 q
UMBFUMB Financial Corp2.23%102,763$11Mtrimmed−0%+0.15 pp49 q
CMAComerica Incorporated2.11%171,210$10Mtrimmed−43%−1.48 pp49 q
PHMPultegroup, Inc.2.11%96,931$10Madded+52%+0.79 pp2 q
DHID.R. Horton Inc.2.08%78,189$10Mtrimmed−1%+0.07 pp14 q
MYRGMYR Group, Inc.2.04%54,595$10Mtrimmed−25%+0.39 pp39 q
PRAProAssurance Corporation1.81%384,640$9Mtrimmed−32%−0.83 pp19 q
BATRAAtlanta Braves Holdings, Inc. Series A1.67%164,438$8Mheld—22 q
ITICInvestors Title Co1.56%35,752$8Mtrimmed−8%−0.32 pp9 q
KALUKaiser Aluminum Corporation1.48%89,535$7Madded+12%+0.51 pp49 q
PBProsperity Bancshares Inc1.48%102,168$7Mheld—46 q
AMHAmerican Homes 4 Rent1.42%191,066$7Mtrimmed−1%−0.04 pp21 q
ECPGEncore Capital Group, Inc.1.37%171,022$7Mheld—11 q
FNFFidelity National Financial, Inc.1.37%118,656$7Mheld—38 q
FRFirst Industrial Realty Trust, Inc.1.32%132,663$6Mtrimmed−1%−0.14 pp49 q
LXULsb Industries Inc1.27%789,447$6Mheld—8 q
SBSISouthside Bancshares, Inc.1.27%209,426$6Mheld—40 q
COLLCollegium Pharmaceutical, Inc.1.24%203,401$6Mheld—7 q
SUPNSupernus Pharmaceuticals, Inc.1.23%189,493$6Mheld—13 q
RYNRayonier Inc.1.18%258,129$6Mtrimmed−0%−0.27 pp47 q
FRPHFRP Holdings, Inc.1.17%211,440$6Mtrimmed−16%−0.28 pp30 q
WYWeyerhaeuser Company1.17%220,849$6Mheld—49 q
TPHTri Pointe Homes, Inc.1.03%155,830$5Mheld—34 q
CETCentral Securities Corp.1.00%101,812$5Mtrimmed−8%0.00 pp22 q
UNFUnifirst Corp0.91%23,356$4Mheld—49 q
OSGOctave Specialty Group, Inc.0.88%603,391$4Madded+65%+0.24 pp3 q
UTE0USA Technologies, Inc.0.84%370,013$4Mnew+0.84 ppnew
ICFIICF International, Inc.0.82%47,024$4Mheld—49 q
ORIOld Republic International Corporation0.78%98,535$4Mtrimmed−71%−1.87 pp22 q
SKYChampion Homes, Inc.0.77%59,865$4Mnew+0.77 ppnew
WCCWesco International Inc.0.77%20,093$4Madded+36%+0.31 pp5 q
SDSandRidge Energy, Inc.0.74%330,698$4Mheld—4 q
BXCBlueLinx Holdings Inc.0.71%46,357$3Madded+55%+0.26 pp2 q
ALGAlamo Group, Inc.0.67%14,869$3Mtrimmed−42%−0.24 pp49 q
SEBSeaboard Corporation0.60%1,015$3Mtrimmed−23%−0.11 pp38 q
OCFCOceanFirst Financial Corp0.59%162,238$3Madded+39%+0.19 pp3 q
PBFPbf Energy Inc.0.59%131,050$3Mheld—4 q
HBBHamilton Beach Brands Holding Company Class A0.48%131,461$2Mtrimmed−47%−0.49 pp20 q
MRPMillrose Properties, Inc.0.30%50,697$1Mtrimmed−37%−0.13 pp2 q
BATRKAtlanta Braves Holdings, Inc. Series C0.25%26,104$1Mheld—8 q
VCVisteon Corporation0.20%10,298$960,803new+0.20 ppnew
BAMBrookfield Asset Management Ltd.—−132,103—exited−1.28 pp—
ELMEElme Communities—−93,000—exited−0.32 pp—
CTOCTO Realty Growth, Inc.—−63,000—exited−0.24 pp—
WSRWhitestone REIT—−80,000—exited−0.23 pp—
IVTInvenTrust Properties Corp.—−38,000—exited−0.22 pp—
PCHPotlatchDeltic Corporation—−20,000—exited−0.18 pp—
RMRThe RMR Group Inc. Class A—−37,000—exited−0.12 pp—
VTMXCorporacion Inmobiliaria Vesta, S.A.B de C.V.—−25,000—exited−0.11 pp—
STCStewart Information Services Corporation—−5,194—exited−0.07 pp—
GRBKGreen Brick Partners, Inc—−5,000—exited−0.06 pp—
UHALU-Haul Holding Company—−1,456—exited−0.02 pp—
HP5AEquity Commonwealth—−55,000—exited−0.02 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001099281-25-000009
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet