Third Avenue

Q3 2025 13F · by Matthew Fine, portfolio manager

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $533M · prev $485M
Positions: 50 · prev 52
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%

Moves31 since the prior filing

+9.5 pp in · −8.8 pp out

New 2 +7.04 pp
Added 5 +2.48 pp
Trimmed 20 −1.03 pp
Exited 4 −7.78 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions32% of US stock

TDW Tidewater, Inc. trimmed+0.67 pp trimmed+0.679.0%
HCC Warrior Met Coal, Inc. added+1.88 pp added+1.887.9%
VAL Valaris Limited trimmed+0.54 pp trimmed+0.545.6%
BN Brookfield Corporation held held4.8%
FPH Five Point Holdings, LLC Class A trimmed+0.05 pp trimmed+0.054.7%

Positions50 in this filing · 4 exited


TDWTidewater, Inc.	9.00%	874,667	$48M	trimmed−0%	+0.67 pp	33 q
HCCWarrior Met Coal, Inc.	7.94%	641,916	$42M	added0%	+1.88 pp	32 q
VALValaris Limited	5.63%	585,602	$30M	trimmed−0%	+0.54 pp	17 q
BNBrookfield Corporation	4.82%	378,249	$26M	held	—	12 q
FPHFive Point Holdings, LLC Class A	4.73%	4,113,917	$25M	trimmed−0%	+0.05 pp	34 q
CBRECbre Group, Inc.	4.55%	154,672	$24M	trimmed−6%	−0.21 pp	23 q
BCCBoise Cascade Company	3.98%	273,705	$21M	new	+3.98 pp	new
LEN.BLennar Corporation Class B	3.39%	147,843	$18M	trimmed−0%	+0.18 pp	36 q
PLDPrologis, Inc.	3.18%	145,394	$17M	trimmed−0%	+0.03 pp	23 q
ROGRogers Corporation	3.06%	199,368	$16M	new	+3.06 pp	new
JLLJones Lang LaSalle, Inc.	2.88%	51,619	$15M	trimmed−0%	+0.15 pp	11 q
DHID.R. Horton Inc.	2.53%	78,078	$13M	trimmed−0%	+0.45 pp	15 q
UHAL.BU-Haul Holding Company	2.49%	259,225	$13M	trimmed−0%	−0.42 pp	12 q
PHMPultegroup, Inc.	2.44%	96,766	$13M	trimmed−0%	+0.33 pp	3 q
SUISun Communities, Inc	2.33%	96,786	$12M	trimmed−0%	−0.21 pp	10 q
UMBFUMB Financial Corp	2.17%	97,518	$12M	trimmed−5%	−0.06 pp	50 q
CMAComerica Incorporated	2.03%	156,314	$11M	trimmed−9%	−0.08 pp	50 q
SUPNSupernus Pharmaceuticals, Inc.	1.71%	189,493	$9M	held	—	14 q
PRAProAssurance Corporation	1.64%	364,013	$9M	trimmed−5%	−0.17 pp	20 q
SKYChampion Homes, Inc.	1.56%	106,409	$8M	added+78%	+0.79 pp	2 q
BATRAAtlanta Braves Holdings, Inc. Series A	1.39%	164,438	$7M	held	—	23 q
MYRGMYR Group, Inc.	1.35%	35,554	$7M	trimmed−35%	−0.69 pp	40 q
COLLCollegium Pharmaceutical, Inc.	1.34%	203,401	$7M	held	—	8 q
FNFFidelity National Financial, Inc.	1.34%	118,656	$7M	held	—	39 q
KALUKaiser Aluminum Corporation	1.32%	89,535	$7M	held	—	50 q
ECPGEncore Capital Group, Inc.	1.30%	171,022	$7M	held	—	12 q
PBProsperity Bancshares Inc	1.28%	102,168	$7M	held	—	47 q
AMHAmerican Homes 4 Rent	1.18%	191,066	$6M	held	—	22 q
LXULsb Industries Inc	1.15%	789,447	$6M	held	—	9 q
ITICInvestors Title Co	1.10%	21,883	$6M	trimmed−39%	−0.46 pp	10 q
RYNRayonier Inc.	1.10%	218,052	$6M	trimmed−16%	−0.08 pp	48 q
SBSISouthside Bancshares, Inc.	1.09%	209,426	$6M	held	—	41 q
FRFirst Industrial Realty Trust, Inc.	1.04%	106,342	$6M	trimmed−20%	−0.28 pp	50 q
TPHTri Pointe Homes, Inc.	1.00%	155,855	$5M	added0%	−0.03 pp	35 q
CETCentral Securities Corp.	0.98%	101,812	$5M	held	—	23 q
OSGOctave Specialty Group, Inc.	0.92%	603,391	$5M	held	—	4 q
ICFIICF International, Inc.	0.83%	47,024	$4M	held	—	50 q
FRPHFRP Holdings, Inc.	0.81%	178,530	$4M	trimmed−16%	−0.36 pp	31 q
UNFUnifirst Corp	0.81%	25,929	$4M	added+11%	−0.10 pp	50 q
WCCWesco International Inc.	0.80%	20,093	$4M	held	—	6 q
WYWeyerhaeuser Company	0.76%	161,920	$4M	trimmed−27%	−0.41 pp	50 q
PBFPbf Energy Inc.	0.74%	131,050	$4M	held	—	5 q
UTE0USA Technologies, Inc.	0.73%	370,013	$4M	held	—	2 q
SDSandRidge Energy, Inc.	0.73%	330,698	$4M	held	—	5 q
SEBSeaboard Corporation	0.71%	1,015	$4M	held	—	39 q
BXCBlueLinx Holdings Inc.	0.64%	46,357	$3M	held	—	3 q
ALGAlamo Group, Inc.	0.53%	14,869	$3M	held	—	50 q
OCFCOceanFirst Financial Corp	0.53%	162,331	$3M	added0%	−0.06 pp	4 q
VCVisteon Corporation	0.23%	10,298	$1M	held	—	2 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.20%	26,104	$1M	held	—	9 q
DBDeutsche Bank Aktiengesellschaft	—	−1,021,558	—	exited	−6.22 pp	—
ORIOld Republic International Corporation	—	−98,535	—	exited	−0.78 pp	—
HBBHamilton Beach Brands Holding Company Class A	—	−131,461	—	exited	−0.48 pp	—
MRPMillrose Properties, Inc.	—	−50,697	—	exited	−0.30 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001099281-25-000017
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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