THIRD AVENUE MANAGEMENT LLC Diversified Active

CIK: 0001099281 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $550,215 (100.0% shares, 0.0% debt)

Holdings (51)

New Positions (4)

DB Deutsche Bank AG 2.4%

Value ($000) $13,002 Shares 337,193 Est. Cost $36.09 Unrealized 0.0%

FSV FirstService Corp. 0.5%

Value ($000) $2,911 Shares 18,714 Est. Cost $162.42 Unrealized 0.0%

FLG Flagstar Bank 0.5%

Value ($000) $2,736 Shares 217,305 Est. Cost $11.95 Unrealized 0.0%

FG F&G Annuities and Life 0.1%

Value ($000) $380 Shares 12,319 Est. Cost $31.09 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DB	Deutsche Bank AG	337,193	$13,002	2.4%	$36.09	0.0%	COM	D18190898
FSV	FirstService Corp.	18,714	$2,911	0.5%	$162.42	0.0%	COM	33767E202
FLG	Flagstar Bank	217,305	$2,736	0.5%	$11.95	0.0%	COM	649445400
FG	F&G Annuities and Life	12,319	$380	0.1%	$31.09	0.0%	COM	30190A104

Increased Positions (13)

BCC Boise Cascade Company 5.8%

Value ($000) $31,648 (+49.4%) Shares 429,999 (+57.1%) Est. Cost $80.70 Unrealized -9.8%

FNF FNF Group 2.0%

Value ($000) $11,208 (+56.5%) Shares 205,320 (+73.0%) Est. Cost $34.45 Unrealized +59.0%

AMH American Homes 4 Rent 1.6%

Value ($000) $8,940 (+42.5%) Shares 278,512 (+45.8%) Est. Cost $29.21 Unrealized —

ALG Alamo Group, Inc. 0.7%

Value ($000) $4,030 (+43.3%) Shares 24,009 (+61.5%) Est. Cost $90.84 Unrealized +91.3%

PHM PulteGroup Inc. 2.1%

Value ($000) $11,806 (-9.2%) Shares 100,684 (+4.0%) Est. Cost $105.48 Unrealized +16.1%

OSG Octave Specialty Group 1.1%

Value ($000) $6,085 (+24.0%) Shares 782,093 (+29.6%) Est. Cost $9.59 Unrealized -10.9%

UNF UniFirst Corporation 1.0%

Value ($000) $5,485 (+27.2%) Shares 28,434 (+9.7%) Est. Cost $125.74 Unrealized +34.0%

WCC Wesco International 0.9%

Value ($000) $4,965 (+16.2%) Shares 20,295 (+1.0%) Est. Cost $163.73 Unrealized +49.6%

OCFC OceanFirst Financial Trust 0.6%

Value ($000) $3,461 (+22.8%) Shares 192,807 (+18.8%) Est. Cost $17.29 Unrealized +6.6%

BXC Bluelinx Holdings Inc. 0.7%

Value ($000) $3,952 (+15.7%) Shares 64,339 (+38.8%) Est. Cost $79.08 Unrealized -18.4%

BN Brookfield Corp. 4.6%

Value ($000) $25,153 (-2.0%) Shares 548,119 (+44.9%) Est. Cost $29.23 Unrealized +55.8%

ICFI ICF International, Inc. 0.8%

Value ($000) $4,509 (+1.5%) Shares 52,864 (+12.4%) Est. Cost $40.85 Unrealized +107.8%

WY Weyerhaeuser Company 0.7%

Value ($000) $4,065 (+0.6%) Shares 171,582 (+6.0%) Est. Cost $19.65 Unrealized +17.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BCC	Boise Cascade Company	429,999 (+57.1%)	$31,648 (+49.4%)	5.8%	$80.70	-9.8%	COM	09739D100
FNF	FNF Group	205,320 (+73.0%)	$11,208 (+56.5%)	2.0%	$34.45	+59.0%	COM	31620R303
AMH	American Homes 4 Rent	278,512 (+45.8%)	$8,940 (+42.5%)	1.6%	$29.21	—	CL A	02665T306
ALG	Alamo Group, Inc.	24,009 (+61.5%)	$4,030 (+43.3%)	0.7%	$90.84	+91.3%	COM	011311107
PHM	PulteGroup Inc.	100,684 (+4.0%)	$11,806 (-9.2%)	2.1%	$105.48	+16.1%	COM	745867101
OSG	Octave Specialty Group	782,093 (+29.6%)	$6,085 (+24.0%)	1.1%	$9.59	-10.9%	COM	023139884
UNF	UniFirst Corporation	28,434 (+9.7%)	$5,485 (+27.2%)	1.0%	$125.74	+34.0%	COM	904708104
WCC	Wesco International	20,295 (+1.0%)	$4,965 (+16.2%)	0.9%	$163.73	+49.6%	COM	95082P105
OCFC	OceanFirst Financial Trust	192,807 (+18.8%)	$3,461 (+22.8%)	0.6%	$17.29	+6.6%	COM	675234108
BXC	Bluelinx Holdings Inc.	64,339 (+38.8%)	$3,952 (+15.7%)	0.7%	$79.08	-18.4%	COM	09624H208
BN	Brookfield Corp.	548,119 (+44.9%)	$25,153 (-2.0%)	4.6%	$29.23	+55.8%	COM	11271J107
ICFI	ICF International, Inc.	52,864 (+12.4%)	$4,509 (+1.5%)	0.8%	$40.85	+107.8%	COM	44925C103
WY	Weyerhaeuser Company	171,582 (+6.0%)	$4,065 (+0.6%)	0.7%	$19.65	+17.0%	COM	962166104

Exited Positions (3)

CMA Comerica Inc. 2.0%

Value ($000) $10,800 Shares 156,314 Est. Cost $36.84 Unrealized +117.1%

SEB Seaboard Corp. 0.7%

Value ($000) $3,759 Shares 1,015 Est. Cost $3285.11 Unrealized +20.4%

VC Visteon Corp. 0.2%

Value ($000) $1,247 Shares 10,298 Est. Cost $81.84 Unrealized +29.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMA	Comerica Inc.	156,314	$10,800	2.0%	$36.84	+117.1%	—	200340107
SEB	Seaboard Corp.	1,015	$3,759	0.7%	$3285.11	+20.4%	—	811543107
VC	Visteon Corp.	10,298	$1,247	0.2%	$81.84	+29.2%	—	92839U206

Decreased Positions (10)

HCC Warrior Met Coal Inc. 9.3%

Value ($000) $51,431 (+21.5%) Shares 583,320 (-9.1%) Est. Cost $28.42 Unrealized +164.5%

JLL Jones Lang Lasalle 2.1%

Value ($000) $11,558 (-24.7%) Shares 34,351 (-33.5%) Est. Cost $158.94 Unrealized +97.2%

KALU Kaiser Aluminum Corp. 1.8%

Value ($000) $9,805 (+39.8%) Shares 85,363 (-4.7%) Est. Cost $56.70 Unrealized +66.6%

UMBF UMB Financial Corporation 1.6%

Value ($000) $9,001 (-22.0%) Shares 78,245 (-19.8%) Est. Cost $63.49 Unrealized +78.4%

SBSI Southside Bancshares Inc. 0.6%

Value ($000) $3,552 (-39.0%) Shares 116,879 (-44.2%) Est. Cost $29.01 Unrealized +1.0%

FRPH FRP Holdings Inc. 0.4%

Value ($000) $2,448 (-43.0%) Shares 107,429 (-39.8%) Est. Cost $27.39 Unrealized -13.7%

RYN Rayonier Inc. 0.7%

Value ($000) $4,078 (-30.5%) Shares 188,340 (-13.6%) Est. Cost $28.39 Unrealized —

PRA Proassurance Corp. 1.3%

Value ($000) $7,079 (-18.9%) Shares 292,990 (-19.5%) Est. Cost $16.22 Unrealized +48.3%

CBRE CBRE Group, Inc. 4.3%

Value ($000) $23,610 (-2.5%) Shares 146,835 (-5.1%) Est. Cost $58.12 Unrealized +170.5%

FR First Industrial Realty Trust, Inc. 1.1%

Value ($000) $5,998 (+8.3%) Shares 104,728 (-1.5%) Est. Cost $17.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HCC	Warrior Met Coal Inc.	583,320 (-9.1%)	$51,431 (+21.5%)	9.3%	$28.42	+164.5%	COM	93627C101
JLL	Jones Lang Lasalle	34,351 (-33.5%)	$11,558 (-24.7%)	2.1%	$158.94	+97.2%	COM	48020Q107
KALU	Kaiser Aluminum Corp.	85,363 (-4.7%)	$9,805 (+39.8%)	1.8%	$56.70	+66.6%	COM	483007704
UMBF	UMB Financial Corporation	78,245 (-19.8%)	$9,001 (-22.0%)	1.6%	$63.49	+78.4%	COM	902788108
SBSI	Southside Bancshares Inc.	116,879 (-44.2%)	$3,552 (-39.0%)	0.6%	$29.01	+1.0%	COM	84470P109
FRPH	FRP Holdings Inc.	107,429 (-39.8%)	$2,448 (-43.0%)	0.4%	$27.39	-13.7%	COM	30292L107
RYN	Rayonier Inc.	188,340 (-13.6%)	$4,078 (-30.5%)	0.7%	$28.39	—	COM	754907103
PRA	Proassurance Corp.	292,990 (-19.5%)	$7,079 (-18.9%)	1.3%	$16.22	+48.3%	COM	74267C106
CBRE	CBRE Group, Inc.	146,835 (-5.1%)	$23,610 (-2.5%)	4.3%	$58.12	+170.5%	COM	12504L109
FR	First Industrial Realty Trust, Inc.	104,728 (-1.5%)	$5,998 (+8.3%)	1.1%	$17.08	—	COM	32054K103

Unchanged Positions (24)

LEN/B Lennar Corp - Class B 2.6%

Value ($000) $14,079 Shares 148,008 Est. Cost $38.16 Unrealized +195.5%

TDW Tidewater Inc. 8.0%

Value ($000) $44,099 Shares 873,071 Est. Cost $36.25 Unrealized +45.7%

ECPG Encore Capital Group Inc. 1.7%

Value ($000) $9,295 Shares 171,022 Est. Cost $48.70 Unrealized -1.1%

COLL Collegium Pharmaceutical Inc. 1.7%

Value ($000) $9,417 Shares 203,401 Est. Cost $30.61 Unrealized +36.7%

FPH Five Point Holdings LLC - CL A 4.2%

Value ($000) $22,997 Shares 4,113,917 Est. Cost $10.41 Unrealized -43.2%

DHI DR Horton Inc. 2.0%

Value ($000) $11,262 Shares 78,194 Est. Cost $67.97 Unrealized +123.6%

ROG Rogers Corp. 3.3%

Value ($000) $18,266 Shares 199,474 Est. Cost $74.46 Unrealized +15.3%

PLD Prologis Inc. 3.4%

Value ($000) $18,568 Shares 145,451 Est. Cost $79.80 Unrealized +55.2%

UHAL/B U-Haul Holding Company 2.2%

Value ($000) $12,117 Shares 259,246 Est. Cost $57.83 Unrealized -15.8%

SD Sandridge Energy Inc. 0.9%

Value ($000) $4,774 Shares 330,818 Est. Cost $12.59 Unrealized +5.1%

SKY Champion Homes, Inc. 1.6%

Value ($000) $8,992 Shares 106,409 Est. Cost $74.66 Unrealized +5.6%

MYRG MYR Group Inc. 1.4%

Value ($000) $7,769 Shares 35,554 Est. Cost $36.53 Unrealized +495.8%

LXU LSB Industries Inc. 1.2%

Value ($000) $6,710 Shares 789,447 Est. Cost $8.67 Unrealized +1.7%

VAL Valaris Ltd. 5.4%

Value ($000) $29,452 Shares 584,373 Est. Cost $40.08 Unrealized +33.9%

TPH Tri Pointe Group Inc. 0.9%

Value ($000) $4,905 Shares 155,855 Est. Cost $15.05 Unrealized +115.9%

BATRA Atlanta Braves Holdings Inc - A 1.3%

Value ($000) $6,987 Shares 164,438 Est. Cost $42.37 Unrealized +1.4%

SUI Sun Communities Inc. 2.2%

Value ($000) $12,010 Shares 96,922 Est. Cost $125.57 Unrealized —

ITIC Investors Title Co. 1.0%

Value ($000) $5,466 Shares 21,894 Est. Cost $148.41 Unrealized +77.1%

PBF PBF Energy Inc. 0.6%

Value ($000) $3,554 Shares 131,050 Est. Cost $34.30 Unrealized -6.6%

SUPN Supernus Pharmaceuticals, Inc. 1.7%

Value ($000) $9,418 Shares 189,493 Est. Cost $30.85 Unrealized +57.6%

PB Prosperity Bancshares Inc. 1.3%

Value ($000) $7,061 Shares 102,168 Est. Cost $48.87 Unrealized +37.1%

— Central Securities Corporation 0.9%

Value ($000) $5,163 Shares 101,812 Est. Cost $25.83 Unrealized —

BATRK Atlanta Braves Holdings Inc - C 0.2%

Value ($000) $1,030 Shares 26,104 Est. Cost $37.83 Unrealized +4.5%

CTLP Cantaloupe, Inc. 0.7%

Value ($000) $3,930 Shares 370,013 Est. Cost $8.65 Unrealized +22.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LEN/B	Lennar Corp - Class B	148,008	$14,079	2.6%	$38.16	+195.5%	CL B	526057302
TDW	Tidewater Inc.	873,071	$44,099	8.0%	$36.25	+45.7%	COM	88642R109
ECPG	Encore Capital Group Inc.	171,022	$9,295	1.7%	$48.70	-1.1%	COM	292554102
COLL	Collegium Pharmaceutical Inc.	203,401	$9,417	1.7%	$30.61	+36.7%	COM	19459J104
FPH	Five Point Holdings LLC - CL A	4,113,917	$22,997	4.2%	$10.41	-43.2%	COM	33833Q106
DHI	DR Horton Inc.	78,194	$11,262	2.0%	$67.97	+123.6%	COM	23331A109
ROG	Rogers Corp.	199,474	$18,266	3.3%	$74.46	+15.3%	COM	775133101
PLD	Prologis Inc.	145,451	$18,568	3.4%	$79.80	+55.2%	COM	74340W103
UHAL/B	U-Haul Holding Company	259,246	$12,117	2.2%	$57.83	-15.8%	COM	023586506
SD	Sandridge Energy Inc.	330,818	$4,774	0.9%	$12.59	+5.1%	COM	80007P869
SKY	Champion Homes, Inc.	106,409	$8,992	1.6%	$74.66	+5.6%	COM	830830105
MYRG	MYR Group Inc.	35,554	$7,769	1.4%	$36.53	+495.8%	COM	55405W104
LXU	LSB Industries Inc.	789,447	$6,710	1.2%	$8.67	+1.7%	COM	502160104
VAL	Valaris Ltd.	584,373	$29,452	5.4%	$40.08	+33.9%	COM	G9460G101
TPH	Tri Pointe Group Inc.	155,855	$4,905	0.9%	$15.05	+115.9%	COM	87265H109
BATRA	Atlanta Braves Holdings Inc - A	164,438	$6,987	1.3%	$42.37	+1.4%	COM	047726104
SUI	Sun Communities Inc.	96,922	$12,010	2.2%	$125.57	—	COM	866674104
ITIC	Investors Title Co.	21,894	$5,466	1.0%	$148.41	+77.1%	COM	461804106
PBF	PBF Energy Inc.	131,050	$3,554	0.6%	$34.30	-6.6%	CL A	69318G106
SUPN	Supernus Pharmaceuticals, Inc.	189,493	$9,418	1.7%	$30.85	+57.6%	COM	868459108
PB	Prosperity Bancshares Inc.	102,168	$7,061	1.3%	$48.87	+37.1%	COM	743606105
—	Central Securities Corporation	101,812	$5,163	0.9%	$25.83	—	COM	155123102
BATRK	Atlanta Braves Holdings Inc - C	26,104	$1,030	0.2%	$37.83	+4.5%	COM	047726302
CTLP	Cantaloupe, Inc.	370,013	$3,930	0.7%	$8.65	+22.5%	COM	138103106