Third Avenue Management

Latest 13F filing

Q1 2026

filed May 13, 2026

Portfolio value

$616.04M

Positions

Top 10 concentration

53.4%

QoQ change

+12.0%

+$65.82M

Activity vs. Q4 2025

New positions

Added to

Unchanged

Reduced

Exited

Portfolio composition — Q1 2026

TDWTidewater Inc.12.5%
?Valaris Ltd.8.1%
BCCBoise Cascade Company6.9%
HCCWarrior Met Coal Inc.5.5%
HOGHarley-Davidson Inc4.8%
RHIRobert Half, Inc.3.7%
BNBrookfield Corp.3.2%
FPHFive Point Holdings LLC - CL A3.0%
CBRECBRE Group, Inc.3.0%
PLDPrologis Inc.2.7%
Other43 more positions46.6%

Top buys

New & added positions, by size

TDWADD
Tidewater Inc.
$76.96M
+5.5%
BCCADD
Boise Cascade Company
$42.63M
+30.7%
HOGNEW
Harley-Davidson Inc
$29.58M
NEW
RHINEW
Robert Half, Inc.
$22.96M
NEW
UHAL/BADD
U-Haul Holding Company
$12.70M
+9.7%

Top sells

Reduced & exited positions, biggest cuts first

ELMEEXIT
Elme Communities
-100.0%
Exited
BAMEXIT
Brookfield Asset Mgmt. CL A
-100.0%
Exited
GRBKEXIT
Green Brick Partners
-100.0%
Exited
PCHEXIT
Potlatchdeltic Corp.
-100.0%
Exited
IVTEXIT
Inventrust Properties Corp.
-100.0%
Exited

Holdings as of Q1 2026

#	Ticker	Issuer	Shares	Value	% Portfolio	Reported price	Action	Δ Shares
1	TDW	Tidewater Inc.	921,181	$76.96M	12.49%	$83.55	ADD	+5.5%
2	—	Valaris Ltd.	508,186	$49.82M	8.09%	$98.04	REDUCE	-13.0%
3	BCC	Boise Cascade Company	562,021	$42.63M	6.92%	$75.85	ADD	+30.7%
4	HCC	Warrior Met Coal Inc.	364,002	$33.91M	5.50%	$93.15	REDUCE	-37.6%
5	HOG	Harley-Davidson Inc	1,462,670	$29.58M	4.80%	$20.22	NEW	—
6	RHI	Robert Half, Inc.	903,905	$22.96M	3.73%	$25.40	NEW	—
7	BN	Brookfield Corp.	481,495	$19.49M	3.16%	$40.47	REDUCE	-12.2%
8	FPH	Five Point Holdings LLC - CL A	3,861,162	$18.69M	3.03%	$4.84	REDUCE	-6.1%
9	CBRE	CBRE Group, Inc.	136,330	$18.47M	3.00%	$135.46	REDUCE	-7.2%
10	PLD	Prologis Inc.	125,945	$16.65M	2.70%	$132.18	REDUCE	-13.4%
11	ROG	Rogers Corp.	151,025	$16.21M	2.63%	$107.33	REDUCE	-24.3%
12	UHAL/B	U-Haul Holding Company	284,375	$12.70M	2.06%	$44.67	ADD	+9.7%
13	LEN/B	Lennar Corp - Class B	142,843	$12.02M	1.95%	$84.12	REDUCE	-3.5%
14	SUI	Sun Communities Inc.	91,455	$11.52M	1.87%	$125.96	REDUCE	-5.6%
15	PHM	PulteGroup Inc.	95,128	$11.19M	1.82%	$117.61	REDUCE	-5.5%
16	DHI	DR Horton Inc.	73,836	$10.13M	1.64%	$137.22	REDUCE	-5.6%
17	ECPG	Encore Capital Group Inc.	142,512	$9.99M	1.62%	$70.12	REDUCE	-16.7%
18	JLL	Jones Lang Lasalle	32,407	$9.86M	1.60%	$304.32	REDUCE	-5.7%
19	FNF	FNF Group	193,455	$8.97M	1.46%	$46.38	REDUCE	-5.8%
20	UMBF	UMB Financial Corporation	78,245	$8.83M	1.43%	$112.79	—	0%
21	MYRG	MYR Group Inc.	28,819	$8.14M	1.32%	$282.32	REDUCE	-18.9%
22	SUPN	Supernus Pharmaceuticals, Inc.	152,724	$7.89M	1.28%	$51.69	REDUCE	-19.4%
23	BATRA	Atlanta Braves Holdings Inc - A	164,438	$7.75M	1.26%	$47.15	—	0%
24	SKY	Champion Homes, Inc.	100,757	$7.49M	1.22%	$74.37	REDUCE	-5.3%
25	AMH	American Homes 4 Rent	262,520	$7.33M	1.19%	$27.92	REDUCE	-5.7%
26	TPH	Tri Pointe Group Inc.	155,855	$7.28M	1.18%	$46.73	—	0%
27	UNF	UniFirst Corporation	28,434	$7.15M	1.16%	$251.59	—	0%
28	FSV	FirstService Corp.	50,452	$7.01M	1.14%	$138.94	ADD	+169.6%
29	PB	Prosperity Bancshares Inc.	102,168	$6.86M	1.11%	$67.18	—	0%
30	PRA	Proassurance Corp.	260,608	$6.44M	1.05%	$24.72	REDUCE	-11.1%
31	BKD	Brookdale Senior Living Inc.	463,664	$6.34M	1.03%	$13.68	NEW	—
32	PBF	PBF Energy Inc.	131,050	$6.24M	1.01%	$47.62	—	0%
33	OSG	Octave Specialty Group	1,341,211	$6.24M	1.01%	$4.65	ADD	+71.5%
34	LXU	LSB Industries Inc.	381,096	$5.68M	0.92%	$14.90	REDUCE	-51.7%
35	ALG	Alamo Group, Inc.	34,332	$5.66M	0.92%	$164.97	ADD	+43.0%
36	SD	Sandridge Energy Inc.	330,818	$5.40M	0.88%	$16.31	—	0%
37	WCC	Wesco International	19,243	$5.27M	0.85%	$273.62	REDUCE	-5.2%
38	CPRX	Catalyst Pharmaceuticals	210,161	$5.20M	0.84%	$24.76	NEW	—
39	COLL	Collegium Pharmaceutical Inc.	155,143	$5.13M	0.83%	$33.07	REDUCE	-23.7%
40	CET	Central Securities Corporation	101,812	$5.06M	0.82%	$49.66	—	0%
41	ITIC	Investors Title Co.	21,894	$4.76M	0.77%	$217.34	—	0%
42	FR	First Industrial Realty Trust, Inc.	81,016	$4.69M	0.76%	$57.85	REDUCE	-22.6%
43	ICFI	ICF International, Inc.	71,736	$4.68M	0.76%	$65.29	ADD	+35.7%
44	OCFC	OceanFirst Financial Trust	246,662	$4.45M	0.72%	$18.04	ADD	+27.9%
45	FLG	Flagstar Bank	331,241	$4.36M	0.71%	$13.17	ADD	+52.4%
46	WY	Weyerhaeuser Company	162,377	$3.97M	0.64%	$24.43	REDUCE	-5.4%
47	SBSI	Southside Bancshares Inc.	116,879	$3.63M	0.59%	$31.09	—	0%
48	KALU	Kaiser Aluminum Corp.	29,881	$3.60M	0.58%	$120.51	REDUCE	-65.0%
49	BXC	Bluelinx Holdings Inc.	64,369	$3.49M	0.57%	$54.18	ADD	+0.0%
50	QLYS	Qualy's, Inc.	39,120	$3.44M	0.56%	$87.85	NEW	—
51	FRPH	FRP Holdings Inc.	107,160	$2.34M	0.38%	$21.88	REDUCE	-0.3%
52	COMP	Compass Inc.	187,469	$1.37M	0.22%	$7.31	NEW	—
53	BATRK	Atlanta Braves Holdings Inc - C	26,104	$1.11M	0.18%	$42.70	—	0%

Positions exited in Q1 2026

Ticker	Issuer	Prior shares
ELME	Elme Communities	0
BAM	Brookfield Asset Mgmt. CL A	0
GRBK	Green Brick Partners	0
PCH	Potlatchdeltic Corp.	0
IVT	Inventrust Properties Corp.	0
ROICUSD	Retail Opportunity Investments Corp.	0
LAZ	Lazard Ltd.	0
LOW	Lowe's Companies Inc.	0
HAN	Hawaiian Holdings Inc.	0
FIX	Comfort Systems USA Inc.	0
WASH	Washington Trust Bancorp.	0
TPHS	Trinity Place Holdings	0
STC	Stewart Information Services Corp.	0
WSR	Whitestone REIT	0
VTMX	Vesta Real Estate Corp.	0
RMR	The RMR Group Inc.	0
SPHR	Madison Square Garden Entertainment	0
VC	Visteon Corp.	0
RYN	Rayonier Inc.	188,340
UHAL	U-Haul Holding Company	0
FG	F&G Annuities and Life	12,319
UTE0	Cantaloupe, Inc.	370,013
DB	Deutsche Bank AG	337,193
CMA	Comerica Inc.	0
SEB	Seaboard Corp.	0
HBB	Hamilton Beach Brand	0
MRP	Millrose Properties, Inc.	0
ORI	Old Republic International Corp.	0
HP5A	Equity Commonwealth	0
CTO	CTO Realty Growth, Inc.	0

Source: SEC EDGAR 13F-HR filing May 13, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001099281.