Marty Whitman's Third Avenue Management Q4 2025 Portfolio Activity: Key Purchases and Sales
Analysis of Marty Whitman's investment actions during Q4 2025, highlighting significant changes in holdings at Third Avenue Management.
Third Avenue Management, helmed by veteran investor Marty Whitman, saw its portfolio holdings undergo notable changes during the fourth quarter of 2025, as reflected in the latest filing data. The total portfolio value stood at approximately $550 million as of December 31, 2025.
Whitman's strategy appears to have involved both selective buying and selling during the quarter. In the Energy sector, there was a discernible shift. Tidewater Inc. (TDW) saw a reduction in Third Avenue's stake, with shares decreased by 0.18% and 1,596 shares sold. Similarly, Valaris Ltd. (VAL) experienced a slight decline, with share count dropping by 0.21% and 1,229 shares sold.
Conversely, in the Real Estate sector, activity was mixed. The stake in CBRE Group, Inc. (CBRE) was significantly reduced, with shares falling by 5.07% (7,837 shares sold). However, Prologis Inc. (PLD) showed minimal change, with only a 0.04% increase in holdings (57 additional shares purchased).
The Basic Materials sector also featured contrasting actions. On one hand, Warrior Met Coal Inc. (HCC) saw a reduction, with shares decreased by 9.13% (58,596 shares sold). On the other hand, Boise Cascade Company (BCC) experienced substantial growth, with holdings increasing by 57.1% (156,294 shares purchased).
In the Technology sector, Rogers Corp. (ROG) maintained its position with minimal change, while in Consumer Cyclical, Lennar Corp. (Class B - LEN-B) saw a very slight increase of 0.11% in holdings.
Financial Services witnessed activity with Brookfield Corp. (BN), where Third Avenue increased its stake by a substantial 44.91% (169,870 shares purchased).
Notably, the position in Deutsche Bank AG (DB) was significantly trimmed during the quarter, with shares reduced by 66.99% (684,365 shares sold).
For a comprehensive view of Marty Whitman's investment approach and Third Avenue Management's portfolio, please visit Third Avenue Management's profile. Detailed information on each stock position, including the companies mentioned, can be found by visiting their respective pages: Warrior Met Coal Inc. (HCC), Tidewater Inc. (TDW), Boise Cascade Company (BCC), Valaris Ltd. (VAL), Brookfield Corp. (BN), CBRE Group, Inc. (CBRE), Prologis Inc. (PLD), Rogers Corp. (ROG), Lennar Corp. - Class B (LEN-B), and Deutsche Bank AG (DB).