13F filing recap · Q4 2025

What did Third Avenue Management buy in Q4 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

$550.21M

Positions

Estimated turnover

16.6%

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 Deutsche Bank, Firstservice, Flagstar Bank, and F&G Annuities & Life, while exiting Comerica, Seaboard, and Visteon. The firm substantially added to Boise Cascade, Brookfield, Fidelity National Financial, American Homes 4 Rent, Alamo Group, and Bluelinx, and trimmed Jones Lang LaSalle, UMB Financial, Proassurance, Rayonier, Southside Bancshares, and FRP Holdings.

New positions

DBDeutsche Bank Aktiengesellschaft$13.00Mreported value+337.2K shares FSVFirstservice Corp$2.91Mreported value+18.7K shares FLGFlagstar Bank, National Association$2.74Mreported value+217.3K shares FGF&G Annuities & Life, Inc.$380.0Kreported value+12.3K shares

Increased positions

BCCBoise Cascade Company$31.65Mreported value+156.3K shares+57.1%BNBrookfield Corporation$25.15Mreported value+169.9K shares+44.9%PLDPrologis, Inc.$18.57Mreported value+57 shares+0.0%ROGRogers Corporation$18.27Mreported value+106 shares

Reduced positions

HCCWarrior Met Coal, Inc.$51.43Mreported value-58.6K shares-9.1%TDWTidewater Inc$44.10Mreported value-1.6K shares-0.2%VALValaris Limited$29.45Mreported value-1.2K shares-0.2%CBRECbre Group, Inc.$23.61Mreported value-7.8K shares

Exited positions

CMAComerica Inc$10.80Mprior reported value-156.3K shares-100.0%SEBSeaboard Corporation$3.76Mprior reported value-1.0K shares-100.0%VCVisteon Corporation$1.25Mprior reported value-10.3K shares-100.0%