THIRD AVENUE MANAGEMENT LLC

Q4 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
12/31/2025
Date filed
2/12/2026
Form type
13F-HR
Num holdings
51
Total value ($000)
$550,215
Net value change ($000)
+17,536 (3.3%)
New positions
4
Sold out positions
3
Turnover %
6.3%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
DB 13,002 NEW
BCC 10,469 49.4%
HCC 9,116 21.5%
FNF 4,048 56.5%
FSV 2,911 NEW
KALU 2,791 39.8%
FLG 2,736 NEW
AMH 2,667 42.5%
ECPG 2,352 33.9%
COLL 2,263 31.6%
Top Reduces (Value $000, Stocks/ETFs)
CMA -10,800 -100.0%
LEN -3,953 -21.9%
TDW -3,833 -8.0%
JLL -3,789 -24.7%
SEB -3,759 -100.0%
UMBF -2,535 -22.0%
SBSI -2,274 -39.0%
FPH -2,221 -8.8%
DHI -2,202 -16.4%
FRPH -1,846 -43.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type