Marty Whitman - Third Avenue Management 13F Activity & Position Changes (Q1 2026)

As of Mar 31, 2026, the Third Avenue Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 13, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2026, the filing reported:

New Buys - Brookdale Senior Living Inc., Compass, Inc., Catalyst Pharmaceuticals, Inc., Harley-Davidson, Inc., Qualys, Inc., and 1 more

Increases - Alamo Group, Inc., Ambac Financial Group, Inc., Boise Cascade, L.L.C., Bluelinx Holdings Inc., FirstService Corporation, and 5 more

Reductions - American Homes 4 Rent, Brookfield Corporation, CBRE Group Inc, Collegium Pharmaceutical, Inc., D.R. Horton, Inc., and 21 more

Complete Exits - Cantaloupe, Inc., Deutsche Bank, F&G Annuities & Life, Inc., Rayonier Inc. REIT

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2026	ALG Alamo Group, Inc.	Alamo Group, Inc.	Buy	+10,323	+43.0%	$5.66M	34,332
Q1 2026	AMBC Ambac Financial Group, Inc.	Ambac Financial Group, Inc.	Buy	+559,118	+71.5%	$6.24M	1,341,211
Q1 2026	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-15,992	-5.7%	$7.33M	262,520
Q1 2026	BCC Boise Cascade, L.L.C.	Boise Cascade, L.L.C.	Buy	+132,022	+30.7%	$42.63M	562,021
Q1 2026	BKD Brookdale Senior Living Inc.	Brookdale Senior Living Inc.	Buy - Position Entry	+463,664	-	$6.34M	463,664
Q1 2026	BN Brookfield Corporation	Brookfield Corporation	Sell	-66,624	-12.2%	$19.49M	481,495
Q1 2026	BXC Bluelinx Holdings Inc.	Bluelinx Holdings Inc.	Buy	+30	+0.0%	$3.49M	64,369
Q1 2026	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-10,505	-7.2%	$18.47M	136,330
Q1 2026	COLL Collegium Pharmaceutical, Inc.	Collegium Pharmaceutical, Inc.	Sell	-48,258	-23.7%	$5.13M	155,143
Q1 2026	COMP Compass, Inc.	Compass, Inc.	Buy - Position Entry	+187,469	-	$1.37M	187,469
Q1 2026	CPRX Catalyst Pharmaceuticals, Inc.	Catalyst Pharmaceuticals, Inc.	Buy - Position Entry	+210,161	-	$5.20M	210,161
Q1 2026	CTLP Cantaloupe, Inc.	Cantaloupe, Inc.	Sell - Position Exit	-370,013	-100.0%	$0.00	-
Q1 2026	DB Deutsche Bank	Deutsche Bank	Sell - Position Exit	-337,193	-100.0%	$0.00	-
Q1 2026	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-4,358	-5.6%	$10.13M	73,836
Q1 2026	ECPG Encore Capital Group Inc	Encore Capital Group Inc	Sell	-28,510	-16.7%	$9.99M	142,512
Q1 2026	FG F&G Annuities & Life, Inc.	F&G Annuities & Life, Inc.	Sell - Position Exit	-12,319	-100.0%	$0.00	-
Q1 2026	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-11,865	-5.8%	$8.97M	193,455
Q1 2026	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-252,755	-6.1%	$18.69M	3,861,162
Q1 2026	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-23,712	-22.6%	$4.69M	81,016
Q1 2026	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Sell	-269	-0.3%	$2.34M	107,160
Q1 2026	FSV FirstService Corporation	FirstService Corporation	Buy	+31,738	+169.6%	$7.01M	50,452
Q1 2026	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-219,318	-37.6%	$33.91M	364,002
Q1 2026	HOG Harley-Davidson, Inc.	Harley-Davidson, Inc.	Buy - Position Entry	+1,462,670	-	$29.58M	1,462,670
Q1 2026	ICFI ICF International, Inc.	ICF International, Inc.	Buy	+18,872	+35.7%	$4.68M	71,736
Q1 2026	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-1,944	-5.7%	$9.86M	32,407
Q1 2026	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Sell	-55,482	-65.0%	$3.60M	29,881
Q1 2026	LEN-B Lennar Corporation	Lennar Corporation	Sell	-5,165	-3.5%	$12.02M	142,843
Q1 2026	LXU LSB Industries, Inc.	LSB Industries, Inc.	Sell	-408,351	-51.7%	$5.68M	381,096
Q1 2026	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-6,735	-18.9%	$8.14M	28,819
Q1 2026	NYCB		Buy	+113,936	+52.4%	$4.36M	331,241

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