Third Avenue

Q4 2025 13F · by Matthew Fine, portfolio manager

As of: Dec 31, 2025
Filed: Feb 12, 2026
US stock: $550M · prev $533M
Positions: 51 · prev 50
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%

Moves40 since the prior filing

+5.6 pp in · −5.7 pp out

New 4 +3.46 pp
Added 20 +2.18 pp
Trimmed 13 −2.69 pp
Exited 3 −2.97 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions33% of US stock

HCC Warrior Met Coal, Inc. trimmed+1.41 pp trimmed+1.419.3%
TDW Tidewater, Inc. trimmed−0.99 pp trimmed−0.998.0%
BCC Boise Cascade Company added+1.77 pp added+1.775.8%
VAL Valaris Limited trimmed−0.28 pp trimmed−0.285.3%
BN Brookfield Corporation trimmed−0.25 pp trimmed−0.254.6%

Positions51 in this filing · 3 exited


HCCWarrior Met Coal, Inc.	9.35%	583,320	$51M	trimmed−9%	+1.41 pp	33 q
TDWTidewater, Inc.	8.01%	873,071	$44M	trimmed−0%	−0.99 pp	34 q
BCCBoise Cascade Company	5.75%	429,999	$32M	added+57%	+1.77 pp	2 q
VALValaris Limited	5.35%	584,373	$29M	trimmed−0%	−0.28 pp	18 q
BNBrookfield Corporation	4.57%	548,119	$25M	trimmed−3%	−0.25 pp	13 q
CBRECbre Group, Inc.	4.29%	146,835	$24M	trimmed−5%	−0.26 pp	24 q
FPHFive Point Holdings, LLC Class A	4.18%	4,113,917	$23M	held	—	35 q
PLDPrologis, Inc.	3.37%	145,451	$19M	added0%	+0.19 pp	24 q
ROGRogers Corporation	3.32%	199,474	$18M	added0%	+0.26 pp	2 q
LEN.BLennar Corporation Class B	2.56%	148,008	$14M	added0%	−0.83 pp	37 q
DBDeutsche Bank Aktiengesellschaft	2.36%	337,193	$13M	new	+2.36 pp	new
UHAL.BU-Haul Holding Company	2.20%	259,246	$12M	added0%	−0.29 pp	13 q
SUISun Communities, Inc	2.18%	96,922	$12M	added0%	−0.15 pp	11 q
PHMPultegroup, Inc.	2.15%	100,684	$12M	added+4%	−0.29 pp	4 q
JLLJones Lang LaSalle, Inc.	2.10%	34,351	$12M	trimmed−33%	−0.78 pp	12 q
DHID.R. Horton Inc.	2.05%	78,194	$11M	added0%	−0.48 pp	16 q
FNFFidelity National Financial, Inc.	2.04%	205,320	$11M	added+73%	+0.70 pp	40 q
KALUKaiser Aluminum Corporation	1.78%	85,363	$10M	trimmed−5%	+0.46 pp	51 q
COLLCollegium Pharmaceutical, Inc.	1.71%	203,401	$9M	held	—	9 q
SUPNSupernus Pharmaceuticals, Inc.	1.71%	189,493	$9M	held	—	15 q
ECPGEncore Capital Group, Inc.	1.69%	171,022	$9M	held	—	13 q
UMBFUMB Financial Corp	1.64%	78,245	$9M	trimmed−20%	−0.53 pp	51 q
SKYChampion Homes, Inc.	1.63%	106,409	$9M	held	—	3 q
AMHAmerican Homes 4 Rent	1.62%	278,512	$9M	added+46%	+0.44 pp	23 q
MYRGMYR Group, Inc.	1.41%	35,554	$8M	held	—	41 q
PRAProAssurance Corporation	1.29%	292,990	$7M	trimmed−20%	−0.35 pp	21 q
PBProsperity Bancshares Inc	1.28%	102,168	$7M	held	—	48 q
BATRAAtlanta Braves Holdings, Inc. Series A	1.27%	164,438	$7M	held	—	24 q
LXULsb Industries Inc	1.22%	789,447	$7M	held	—	10 q
OSGOctave Specialty Group, Inc.	1.11%	782,093	$6M	added+30%	+0.19 pp	5 q
FRFirst Industrial Realty Trust, Inc.	1.09%	104,728	$6M	trimmed−2%	+0.05 pp	51 q
UNFUnifirst Corp	1.00%	28,434	$5M	added+10%	+0.19 pp	51 q
ITICInvestors Title Co	0.99%	21,894	$5M	added0%	−0.11 pp	11 q
CETCentral Securities Corp.	0.94%	101,812	$5M	held	—	24 q
WCCWesco International Inc.	0.90%	20,295	$5M	added+1%	+0.10 pp	7 q
TPHTri Pointe Homes, Inc.	0.89%	155,855	$5M	held	—	36 q
SDSandRidge Energy, Inc.	0.87%	330,818	$5M	added0%	+0.14 pp	6 q
ICFIICF International, Inc.	0.82%	52,864	$5M	added+12%	−0.01 pp	51 q
RYNRayonier Inc.	0.74%	188,340	$4M	trimmed−18%	−0.36 pp	49 q
WYWeyerhaeuser Company	0.74%	171,582	$4M	added+6%	−0.02 pp	51 q
ALGAlamo Group, Inc.	0.73%	24,009	$4M	added+61%	+0.20 pp	51 q
BXCBlueLinx Holdings Inc.	0.72%	64,339	$4M	added+39%	+0.08 pp	4 q
UTE0USA Technologies, Inc.	0.71%	370,013	$4M	held	—	3 q
PBFPbf Energy Inc.	0.65%	131,050	$4M	held	—	6 q
SBSISouthside Bancshares, Inc.	0.65%	116,879	$4M	trimmed−44%	−0.44 pp	42 q
OCFCOceanFirst Financial Corp	0.63%	192,807	$3M	added+19%	+0.10 pp	5 q
FSVFirstService Corporation	0.53%	18,714	$3M	new	+0.53 pp	new
FLGFlagstar Bank, National Association	0.50%	217,305	$3M	new	+0.50 pp	new
FRPHFRP Holdings, Inc.	0.44%	107,429	$2M	trimmed−40%	−0.37 pp	32 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.19%	26,104	$1M	held	—	10 q
FGF&G Annuities & Life, Inc.	0.07%	12,319	$380,047	new	+0.07 pp	new
CMAComerica Incorporated	—	−156,314	—	exited	−2.03 pp	—
SEBSeaboard Corporation	—	−1,015	—	exited	−0.71 pp	—
VCVisteon Corporation	—	−10,298	—	exited	−0.23 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001099281-26-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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