Marty Whitman – Third Avenue Management Portfolio Activity & Recent Trades (Dec 31, 2025)
As of Dec 31, 2025, the Third Avenue Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 12, 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 Q4 2025, the filing reported:
New Buys – Deutsche Bank, F&G Annuities & Life, Inc., FirstService Corporation, null
Increases – Alamo Group, Inc., Ambac Financial Group, Inc., American Homes 4 Rent, Boise Cascade, L.L.C., Brookfield Corporation, and 16 more
Reductions – CBRE Group Inc, First Industrial Realty Trust, , FRP Holdings, Inc., Warrior Met Coal, Inc., Jones Lang LaSalle Incorporated, and 7 more
Complete Exits – Comerica Incorporated, Seaboard Corporation, Visteon Corporation
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 |
|---|---|---|---|---|---|---|---|
Q4 2025 | ALG Alamo Group, Inc. | Alamo Group, Inc. | Buy | +9,140 | +61.5% | $4.03M | 24,009 |
Q4 2025 | AMBC Ambac Financial Group, Inc. | Ambac Financial Group, Inc. | Buy | +178,702 | +29.6% | $6.08M | 782,093 |
Q4 2025 | AMH American Homes 4 Rent | American Homes 4 Rent | Buy | +87,446 | +45.8% | $8.94M | 278,512 |
Q4 2025 | BCC Boise Cascade, L.L.C. | Boise Cascade, L.L.C. | Buy | +156,294 | +57.1% | $31.65M | 429,999 |
Q4 2025 | BN Brookfield Corporation | Brookfield Corporation | Buy | +169,870 | +44.9% | $25.15M | 548,119 |
Q4 2025 | BXC Bluelinx Holdings Inc. | Bluelinx Holdings Inc. | Buy | +17,982 | +38.8% | $3.95M | 64,339 |
Q4 2025 | CBRE CBRE Group Inc | CBRE Group Inc | Sell | -7,837 | -5.1% | $23.61M | 146,835 |
Q4 2025 | CMA Comerica Incorporated | Comerica Incorporated | Sell - Position Exit | -156,314 | -100.0% | $0.00 | - |
Q4 2025 | DB Deutsche Bank | Deutsche Bank | Buy - Position Entry | +337,193 | - | $13.00M | 337,193 |
Q4 2025 | DHI D.R. Horton, Inc. | D.R. Horton, Inc. | Buy | +116 | +0.1% | $11.26M | 78,194 |
Q4 2025 | FG F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | Buy - Position Entry | +12,319 | - | $380.05K | 12,319 |
Q4 2025 | FNF FNF Group of Fidelity National | FNF Group of Fidelity National | Buy | +86,664 | +73.0% | $11.21M | 205,320 |
Q4 2025 | FR First Industrial Realty Trust, | First Industrial Realty Trust, | Sell | -1,614 | -1.5% | $6.00M | 104,728 |
Q4 2025 | FRPH FRP Holdings, Inc. | FRP Holdings, Inc. | Sell | -71,101 | -39.8% | $2.45M | 107,429 |
Q4 2025 | FSV FirstService Corporation | FirstService Corporation | Buy - Position Entry | +18,714 | - | $2.91M | 18,714 |
Q4 2025 | HCC Warrior Met Coal, Inc. | Warrior Met Coal, Inc. | Sell | -58,596 | -9.1% | $51.43M | 583,320 |
Q4 2025 | ICFI ICF International, Inc. | ICF International, Inc. | Buy | +5,840 | +12.4% | $4.51M | 52,864 |
Q4 2025 | ITIC Investors Title Company | Investors Title Company | Buy | +11 | +0.1% | $5.47M | 21,894 |
Q4 2025 | JLL Jones Lang LaSalle Incorporated | Jones Lang LaSalle Incorporated | Sell | -17,268 | -33.5% | $11.56M | 34,351 |
Q4 2025 | KALU Kaiser Aluminum Corporation | Kaiser Aluminum Corporation | Sell | -4,172 | -4.7% | $9.80M | 85,363 |
Q4 2025 | LEN-B Lennar Corporation | Lennar Corporation | Buy | +165 | +0.1% | $14.08M | 148,008 |
Q4 2025 | Buy - Position Entry | +217,305 | - | $2.74M | 217,305 | ||
Q4 2025 | OCFC OceanFirst Financial Corp. | OceanFirst Financial Corp. | Buy | +30,476 | +18.8% | $3.46M | 192,807 |
Q4 2025 | PHM PulteGroup, Inc. | PulteGroup, Inc. | Buy | +3,918 | +4.0% | $11.81M | 100,684 |
Q4 2025 | PLD Prologis, Inc. | Prologis, Inc. | Buy | +57 | +0.0% | $18.57M | 145,451 |
Q4 2025 | PRA ProAssurance Corporation | ProAssurance Corporation | Sell | -71,023 | -19.5% | $7.08M | 292,990 |
Q4 2025 | ROG Rogers Corporation | Rogers Corporation | Buy | +106 | +0.1% | $18.27M | 199,474 |
Q4 2025 | RYN Rayonier Inc. REIT | Rayonier Inc. REIT | Sell | -29,712 | -13.6% | $4.08M | 188,340 |
Q4 2025 | SBSI Southside Bancshares, Inc. | Southside Bancshares, Inc. | Sell | -92,547 | -44.2% | $3.55M | 116,879 |
Q4 2025 | SD SandRidge Energy, Inc. | SandRidge Energy, Inc. | Buy | +120 | +0.0% | $4.77M | 330,818 |