Third Avenue

Q1 2026 13F · by Matthew Fine, portfolio manager

As of: Mar 31, 2026
Filed: May 13, 2026
US stock: $616M · prev $550M
Positions: 53 · prev 51
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%

Moves46 since the prior filing

+17.5 pp in · −17.5 pp out

New 6 +11.18 pp
Added 10 +6.30 pp
Trimmed 26 −13.65 pp
Exited 4 −3.88 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 58% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions38% of US stock

Positions53 in this filing · 4 exited


TDWTidewater, Inc.	12.49%	921,181	$77M	added+6%	+4.48 pp	35 q
VALValaris Limited	8.09%	508,186	$50M	trimmed−13%	+2.74 pp	19 q
BCCBoise Cascade Company	6.92%	562,021	$43M	added+31%	+1.17 pp	3 q
HCCWarrior Met Coal, Inc.	5.50%	364,002	$34M	trimmed−38%	−3.85 pp	34 q
HOGHarley-Davidson, Inc.	4.80%	1,462,670	$30M	new	+4.80 pp	new
RHIRobert Half Inc.	3.73%	903,905	$23M	new	+3.73 pp	new
BNBrookfield Corporation	3.16%	481,495	$19M	trimmed−12%	−1.41 pp	14 q
FPHFive Point Holdings, LLC Class A	3.03%	3,861,162	$19M	trimmed−6%	−1.15 pp	36 q
CBRECbre Group, Inc.	3.00%	136,330	$18M	trimmed−7%	−1.29 pp	25 q
PLDPrologis, Inc.	2.70%	125,945	$17M	trimmed−13%	−0.67 pp	25 q
ROGRogers Corporation	2.63%	151,025	$16M	trimmed−24%	−0.69 pp	3 q
UHAL.BU-Haul Holding Company	2.06%	284,375	$13M	added+10%	−0.14 pp	14 q
LEN.BLennar Corporation Class B	1.95%	142,843	$12M	trimmed−3%	−0.61 pp	38 q
SUISun Communities, Inc	1.87%	91,455	$12M	trimmed−6%	−0.31 pp	12 q
PHMPultegroup, Inc.	1.82%	95,128	$11M	trimmed−6%	−0.33 pp	5 q
DHID.R. Horton Inc.	1.64%	73,836	$10M	trimmed−6%	−0.41 pp	17 q
ECPGEncore Capital Group, Inc.	1.62%	142,512	$10M	trimmed−17%	−0.07 pp	14 q
JLLJones Lang LaSalle, Inc.	1.60%	32,407	$10M	trimmed−6%	−0.50 pp	13 q
FNFFidelity National Financial, Inc.	1.46%	193,455	$9M	trimmed−6%	−0.58 pp	41 q
UMBFUMB Financial Corp	1.43%	78,245	$9M	held	—	52 q
MYRGMYR Group, Inc.	1.32%	28,819	$8M	trimmed−19%	−0.09 pp	42 q
SUPNSupernus Pharmaceuticals, Inc.	1.28%	152,724	$8M	trimmed−19%	−0.43 pp	16 q
BATRAAtlanta Braves Holdings, Inc. Series A	1.26%	164,438	$8M	held	—	25 q
SKYChampion Homes, Inc.	1.22%	100,757	$7M	trimmed−5%	−0.41 pp	4 q
AMHAmerican Homes 4 Rent	1.19%	262,520	$7M	trimmed−6%	−0.43 pp	24 q
TPHTri Pointe Homes, Inc.	1.18%	155,855	$7M	held	—	37 q
UNFUnifirst Corp	1.16%	28,434	$7M	held	—	52 q
FSVFirstService Corporation	1.14%	50,452	$7M	added×2.7	+0.61 pp	2 q
PBProsperity Bancshares Inc	1.11%	102,168	$7M	held	—	49 q
PRAProAssurance Corporation	1.05%	260,608	$6M	trimmed−11%	−0.24 pp	22 q
BKDBrookdale Senior Living, Inc.	1.03%	463,664	$6M	new	+1.03 pp	new
OSGOctave Specialty Group, Inc.	1.01%	1,341,211	$6M	added+71%	−0.10 pp	6 q
PBFPbf Energy Inc.	1.01%	131,050	$6M	held	—	7 q
ALGAlamo Group, Inc.	0.92%	34,332	$6M	added+43%	+0.19 pp	52 q
LXULsb Industries Inc	0.92%	381,096	$6M	trimmed−52%	−0.30 pp	11 q
SDSandRidge Energy, Inc.	0.88%	330,818	$5M	held	—	7 q
WCCWesco International Inc.	0.85%	19,243	$5M	trimmed−5%	−0.05 pp	8 q
CPRXCatalyst Pharmaceuticals Inc	0.84%	210,161	$5M	new	+0.84 pp	new
COLLCollegium Pharmaceutical, Inc.	0.83%	155,143	$5M	trimmed−24%	−0.88 pp	10 q
CETCentral Securities Corp.	0.82%	101,812	$5M	held	—	25 q
ITICInvestors Title Co	0.77%	21,894	$5M	held	—	12 q
FRFirst Industrial Realty Trust, Inc.	0.76%	81,016	$5M	trimmed−23%	−0.33 pp	52 q
ICFIICF International, Inc.	0.76%	71,736	$5M	added+36%	−0.06 pp	52 q
OCFCOceanFirst Financial Corp	0.72%	246,662	$4M	added+28%	+0.09 pp	6 q
FLGFlagstar Bank, National Association	0.71%	331,241	$4M	added+52%	+0.21 pp	2 q
WYWeyerhaeuser Company	0.64%	162,377	$4M	trimmed−5%	−0.10 pp	52 q
SBSISouthside Bancshares, Inc.	0.59%	116,879	$4M	held	—	43 q
KALUKaiser Aluminum Corporation	0.58%	29,881	$4M	trimmed−65%	−1.20 pp	52 q
BXCBlueLinx Holdings Inc.	0.57%	64,369	$3M	added0%	−0.15 pp	5 q
QLYSQualys, Inc.	0.56%	39,120	$3M	new	+0.56 pp	new
FRPHFRP Holdings, Inc.	0.38%	107,160	$2M	trimmed−0%	−0.06 pp	33 q
COMPCompass, Inc.	0.22%	187,469	$1M	new	+0.22 pp	new
BATRKAtlanta Braves Holdings, Inc. Series C	0.18%	26,104	$1M	held	—	11 q
DBDeutsche Bank Aktiengesellschaft	—	−337,193	—	exited	−2.36 pp	—
RYNRayonier Inc.	—	−188,340	—	exited	−0.74 pp	—
UTE0USA Technologies, Inc.	—	−370,013	—	exited	−0.71 pp	—
FGF&G Annuities & Life, Inc.	—	−12,319	—	exited	−0.07 pp	—