Third Avenue

Q2 2026 13F · by Matthew Fine, portfolio manager

As of: Jun 30, 2026
Filed: Aug 12, 2026
US stock: $625M · prev $616M
Positions: 55 · prev 53
Options notional: $0
Documents: 1· no amendments

Picture99.4% US stock

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

US stock listed on a US exchange 99.4%
Foreign stock not listed in the US 0.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves42 since the prior filing

+3.5 pp in · −4.7 pp out

New 4 +2.73 pp
Added 13 +0.81 pp
Trimmed 23 −2.46 pp
Exited 2 −2.23 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions35% of US stock

Positions55 in this filing · 2 exited


TDWTidewater, Inc.	9.95%	934,121	$62M	added+1%	−2.54 pp	36 q
BCCBoise Cascade Company	7.47%	602,086	$47M	added+7%	+0.55 pp	4 q
VALValaris Limited	5.99%	516,313	$37M	added+2%	−2.10 pp	20 q
RHIRobert Half Inc.	5.93%	1,208,336	$37M	added+34%	+2.20 pp	2 q
HOGHarley-Davidson, Inc.	5.79%	1,480,880	$36M	added+1%	+0.99 pp	2 q
HCCWarrior Met Coal, Inc.	3.70%	285,398	$23M	trimmed−22%	−1.80 pp	35 q
FPHFive Point Holdings, LLC Class A	3.11%	3,696,155	$19M	trimmed−4%	+0.08 pp	37 q
CBRECbre Group, Inc.	2.93%	135,896	$18M	trimmed−0%	−0.07 pp	26 q
BNBrookfield Corporation	2.69%	394,929	$17M	trimmed−18%	−0.47 pp	15 q
UHAL.BU-Haul Holding Company	2.62%	283,872	$16M	trimmed−0%	+0.56 pp	15 q
PLDPrologis, Inc.	2.27%	104,823	$14M	trimmed−17%	−0.43 pp	26 q
LEN.BLennar Corporation Class B	2.12%	149,658	$13M	added+5%	+0.17 pp	39 q
PHMPultegroup, Inc.	2.09%	95,111	$13M	trimmed−0%	+0.27 pp	6 q
ECPGEncore Capital Group, Inc.	1.94%	129,717	$12M	trimmed−9%	+0.32 pp	15 q
DHID.R. Horton Inc.	1.80%	69,205	$11M	trimmed−6%	+0.16 pp	18 q
UMBFUMB Financial Corp	1.79%	78,245	$11M	held	—	53+ q
SUISun Communities, Inc	1.75%	91,454	$11M	trimmed0%	−0.12 pp	13 q
ROGRogers Corporation	1.61%	61,584	$10M	trimmed−59%	−1.02 pp	4 q
JLLJones Lang LaSalle, Inc.	1.59%	32,053	$10M	trimmed−1%	−0.01 pp	14 q
FNFFidelity National Financial, Inc.	1.46%	193,119	$9M	trimmed−0%	0.00 pp	42 q
SKYChampion Homes, Inc.	1.42%	100,576	$9M	trimmed−0%	+0.20 pp	5 q
FSVFirstService Corporation	1.41%	61,951	$9M	added+23%	+0.27 pp	3 q
AMHAmerican Homes 4 Rent	1.40%	262,058	$9M	trimmed−0%	+0.21 pp	25 q
OSGOctave Specialty Group, Inc.	1.34%	1,341,879	$8M	added0%	+0.33 pp	7 q
BKDBrookdale Senior Living, Inc.	1.27%	494,826	$8M	added+7%	+0.24 pp	2 q
PBProsperity Bancshares Inc	1.19%	102,168	$7M	held	—	50 q
ICFIICF International, Inc.	1.15%	98,893	$7M	added+38%	+0.39 pp	53+ q
SUPNSupernus Pharmaceuticals, Inc.	1.14%	152,724	$7M	held	—	17 q
ALGAlamo Group, Inc.	1.11%	42,265	$7M	added+23%	+0.19 pp	53+ q
CPRXCatalyst Pharmaceuticals Inc	1.06%	210,161	$7M	held	—	2 q
COLLCollegium Pharmaceutical, Inc.	1.06%	182,645	$7M	added+18%	+0.23 pp	11 q
MYRGMYR Group, Inc.	1.05%	13,066	$7M	trimmed−55%	−0.27 pp	43 q
BATRAAtlanta Braves Holdings, Inc. Series A	1.01%	111,880	$6M	trimmed−32%	−0.25 pp	26 q
TMHCTaylor Morrison Home Corporation	0.99%	85,941	$6M	new	+0.99 pp	new
ITICInvestors Title Co	0.96%	21,894	$6M	held	—	13 q
PBFPbf Energy Inc.	0.95%	131,050	$6M	held	—	8 q
WCCWesco International Inc.	0.94%	16,963	$6M	trimmed−12%	+0.09 pp	9 q
KALUKaiser Aluminum Corporation	0.93%	29,848	$6M	trimmed−0%	+0.35 pp	53+ q
UNFUnifirst Corp	0.88%	20,802	$6M	trimmed−27%	−0.28 pp	53+ q
QLYSQualys, Inc.	0.86%	39,120	$5M	held	—	2 q
CETCentral Securities Corp.	0.85%	101,812	$5M	held	—	26 q
FLGFlagstar Bank, National Association	0.79%	331,241	$5M	held	—	3 q
OCFCOceanFirst Financial Corp	0.77%	246,662	$5M	held	—	7 q
SDSandRidge Energy, Inc.	0.77%	352,558	$5M	added+7%	−0.11 pp	8 q
FRFirst Industrial Realty Trust, Inc.	0.76%	77,498	$5M	trimmed−4%	0.00 pp	53+ q
LXULsb Industries Inc	0.66%	381,096	$4M	held	—	12 q
SBSISouthside Bancshares, Inc.	0.66%	116,879	$4M	held	—	44 q
BXCBlueLinx Holdings Inc.	0.64%	64,369	$4M	held	—	6 q
MMSMAXIMUS, Inc.	0.64%	74,085	$4M	new	+0.64 pp	new
HKHGFHongkong Land Hldgs Ord	0.63%	550,300	$4M	new	+0.63 pp	new
WYWeyerhaeuser Company	0.62%	162,097	$4M	trimmed−0%	−0.02 pp	53+ q
CRAICRA International, Inc.	0.47%	20,819	$3M	new	+0.47 pp	new
FRPHFRP Holdings, Inc.	0.43%	107,160	$3M	held	—	34 q
COMPCompass, Inc.	0.37%	187,469	$2M	held	—	2 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.22%	26,027	$1M	trimmed−0%	+0.04 pp	12 q
TPHTri Pointe Homes, Inc.	—	−155,855	—	exited	−1.18 pp	—
PRAProAssurance Corporation	—	−260,608	—	exited	−1.05 pp	—