13F filing recap · Q1 2025

What did Third Avenue Management buy in Q1 2025?

Reported stock-position changes between this filing and the previous one. US-listed stocks across every Third Avenue account, including accounts that belong to no fund below.

Stock value

$498.71M

Positions

Estimated turnover

14.1%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Third Avenue Management opened new positions in Pultegroup, Bluelinx Holdings, and Millrose Properties, while exiting Retail Opportunity Investments entirely. The firm substantially increased its Tidewater stake and added to Valaris and Octave Specialty Group. It trimmed Deutsche Bank, Old Republic International, Sun Communities, American Homes 4 Rent, and Seaboard, among others.

New positions

PHMPultegroup, Inc.$6.56Mreported value+63.8K shares BXCBluelinx Holdings Inc.$2.24Mreported value+29.9K shares MRPMillrose Properties, Inc.$2.14Mreported value+80.9K shares

Increased positions

TDWTidewater Inc$34.21Mreported value+221.1K shares+37.6%HCCWarrior Met Coal, Inc.$29.26Mreported value+25.8K shares+4.4%VALValaris Limited$22.37Mreported value+143.2K shares+33.6%CMAComerica Inc$17.89Mreported value+23 shares

Reduced positions

DBDeutsche Bank Aktiengesellschaft$34.12Mreported value-738.9K shares-33.8%CBRECbre Group, Inc.$21.59Mreported value-8.9K shares-5.1%BNBrookfield Corporation$19.82Mreported value-13.2K shares-3.4%LEN.BLennar Corp /new/$16.12Mreported value-14.0K shares

Exited positions

ROICRetail Opportunity Investments Corp.$1.56Mprior reported value-90.0K shares-100.0%