Marty Whitman - Third Avenue Management 13F Activity & Position Changes (Q4 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,

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	NYCB		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

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