
	Third Avenue Management 13F
	Third Avenue Management

	Last update 2023-02-10	55 Stocks (5 new)
	Value $575.00 Mil	Turnover 11 %
	Top Holdings: TDW(11.61%) HCC(7.68%) DB(5.68%) LEN.B(4.27%) CMA(3.53%) Portfolio Report

Third Avenue Management Profile

Founded by legendary value investor Martin Whitman, Third Avenue Management manages mutual funds, separate accounts and hedge funds. Since 2002, Third Avenue Management has partnered with Affiliated Managers Group, a publicly traded asset manager that has invested in a diverse stable of boutique asset management firms. This partnership allowed Third Avenue to extend ownership rights to its senior professionals, including key members of the investment team, providing a clear and transparent succession plan for the Firm and all of its principals.
Third Avenue Management manages assets across four core strategies — Value, Small-Cap, Real Estate and International Real Estate – which are available to investors through 40Act mutual funds, institutional separately managed accounts and a Real Estate Value Fund UCITS for non-U.S. investors.

Third Avenue Management Investing Philosophy

For over 25 years, Third Avenue Management has consistently pursued a fundamental, bottom-up approach to deep value and distressed investing. Third Avenue takes an unconstrained investment approach and pursues opportunities across market capitalizations and geographies. The firm's core real estate, value and small-cap strategies focus on high-conviction ideas, pursuing maximum allocation to the best risk-adjusted return prospects across our universe.

Third Avenue Management Portfolio and Latest Trades

Ticker
Ticker
DB
UHAL
UHAL.B
TDW
ECPG
LEN.B
HA
BAM
HCC
LOW
BSIG
FPH
SBSI
CALM
EME
FIX
RYN
VAL
DHI
MSGE
WY
FNF
IVT
PRA
PLD
BN
AMH
TPH
STRS
WHLRD.PFD
URTH
FR
LAZ
TPHS
FRPH
CMA
CBRE
ORI
FPH
VC
LAZ
CMA
CALM
HA
BN
LOW
STRS
FRPH
RYN
TPH
KALU
PRA
NXRT
HCC
LEN.B
PLD
UHAL
GRBK
WY
HBB
DHI
AMH
CBRE
IVT
FR
FNF
MSGE
TDW
TPHS
ORI
WHLRP.PFD
VAL
DHI
PLD
RYN
HA
WY
JBGS
FPH
BN
LEN.B
CCF
UHAL
IVT
LOW
CTT
DORM
HCC
AMH
TPHS
FNF
CBRE
FR
ICFI
MSGE
LAZ
TPH
STRS
PB
SBSI

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
DB	Deutsche Bank AG	2022-12-31	New Buy	+5.68%	● 7.44 ($9.86) 11.52	$9.35	-5.17%	New holding	2,888,365	2,888,365
UHAL	U-Haul Holding Co	2022-12-31	Reduce	-3.70%	● 50.32 ($57.53) 66.84	$54.17	-5.84%	Reduce -99.59%	1,508	-369,442
UHAL.B	U-Haul Holding Co	2022-12-31	New Buy	+2.99%	● 52.06 ($57.91) 66.74	$48.65	-15.99%	New holding	312,444	312,444
TDW	Tidewater Inc	2022-12-31	Reduce	-1.23%	● 22.88 ($30.42) 36.85	$40.50	33.14%	Reduce -13.68%	1,810,925	-286,932
ECPG	Encore Capital Group Inc	2022-12-31	New Buy	+1.00%	● 45.06 ($48.23) 50.98	$45.27	-6.14%	New holding	119,531	119,531
LEN.B	Lennar Corp	2022-12-31	Reduce	-0.77%	● 57.92 ($68.29) 77.74	$87.48	28.10%	Reduce -16.64%	328,008	-65,463
HA	Hawaiian Holdings Inc	2022-12-31	Reduce	-0.66%	● 9.67 ($13.36) 15.33	$7.75	-41.99%	Reduce -28.33%	645,702	-255,286
BAM	Brookfield Asset Management Ltd	2022-12-31	New Buy	+0.65%	● 27.11 ($30.09) 33.01	$31.02	3.09%	New holding	130,159	130,159
HCC	Warrior Met Coal Inc	2022-12-31	Reduce	-0.55%	● 29.84 ($35.37) 39.08	$34.54	-2.35%	Reduce -7.18%	1,274,614	-98,620
LOW	Lowe's Companies Inc	2022-12-31	Reduce	-0.50%	● 178.3 ($199.87) 215.48	$189.46	-5.21%	Reduce -17.96%	62,159	-13,607
BSIG	BrightSphere Investment Group Inc	2022-12-31	Sold Out	-0.40%	● 15.15 ($18.88) 20.82	$22.59	19.65%	Sold Out	0	-137,908
FPH	Five Point Holdings LLC	2022-12-31	Reduce	-0.37%	● 1.98 ($2.26) 2.71	$2.25	-0.44%	Reduce -13.51%	4,679,003	-730,748
SBSI	Southside Bancshares Inc	2022-12-31	Add	+0.33%	● 32.2 ($35.47) 38.15	$34.32	-3.24%	Add 33.3%	209,426	52,317
CALM	Cal-Maine Foods Inc	2022-12-31	Sold Out	-0.31%	● 52.97 ($57.83) 64.63	$54.46	-5.83%	Sold Out	0	-28,403
EME	EMCOR Group Inc	2022-12-31	Reduce	-0.30%	● 118.62 ($141.94) 155.4	$156.70	10.40%	Reduce -28.81%	32,597	-13,191
FIX	Comfort Systems USA Inc	2022-12-31	Reduce	-0.26%	● 100.76 ($116.29) 126.92	$137.89	18.57%	Reduce -31.83%	28,902	-13,498
RYN	Rayonier Inc	2022-12-31	Reduce	-0.25%	● 30.82 ($33.87) 36.17	$32.07	-5.31%	Reduce -8.51%	457,950	-42,570
VAL	Valaris Ltd	2022-12-31	Reduce	-0.23%	● 53.7 ($62.39) 69.1	$62.41	0.03%	Reduce -7.3%	299,935	-23,616
DHI	D.R. Horton Inc	2022-12-31	Reduce	-0.18%	● 67.14 ($80.15) 90.45	$96.93	20.94%	Reduce -6.12%	210,497	-13,715
MSGE	Madison Square Garden Entertainment Corp	2022-12-31	Reduce	-0.17%	● 40.31 ($45.3) 50.2	$53.92	19.03%	Reduce -23.64%	63,558	-19,679
WY	Weyerhaeuser Co	2022-12-31	Reduce	-0.17%	● 28.66 ($30.99) 33.09	$28.54	-7.91%	Reduce -5.74%	498,725	-30,348
FNF	Fidelity National Financial Inc	2022-12-31	Reduce	-0.15%	● 35.07 ($37.52) 40.88	$33.32	-11.19%	Reduce -10.79%	178,625	-21,598
IVT	InvenTrust Properties Corp	2022-12-31	Reduce	-0.14%	● 21.62 ($23.87) 26.11	$22.40	-6.16%	Reduce -4.46%	692,220	-32,282
PRA	ProAssurance Corp	2022-12-31	Add	+0.13%	● 16.99 ($19.71) 22.44	$17.81	-9.64%	Add 12.46%	379,043	42,008
PLD	Prologis Inc	2022-12-31	Reduce	-0.12%	● 98.9 ($110.78) 121.58	$117.03	5.64%	Reduce -3.49%	170,864	-6,177
BN	Brookfield Corp	2022-12-31	Reduce	-0.10%	● 30.75 ($33.83) 38.41	$29.97	-11.41%	Reduce -2.28%	520,642	-12,155
AMH	American Homes 4 Rent	2022-12-31	Reduce	-0.09%	● 29.76 ($31.71) 34.34	$29.84	-5.90%	Reduce -3.27%	413,163	-13,967
TPH	Tri Pointe Homes Inc	2022-12-31	Add	+0.07%	● 14.85 ($17.39) 19.34	$24.72	42.15%	Add 7.44%	330,178	22,873
STRS	Stratus Properties Inc	2022-12-31	Reduce	-0.07%	● 18.88 ($24.01) 29.56	$18.97	-20.99%	Reduce -20.79%	60,245	-15,813
WHLRD.PFD	Wheeler Real Estate Investment Trust Inc	2022-12-31	Sold Out	-0.06%	● 10.1 ($11.61) 13.19	$12.26	5.60%	Sold Out	0	-24,000
URTH	iShares MSCI World ETF	2022-12-31	New Buy	+0.05%	● 99.01 ($107.91) 114.97	$113.42	5.11%	New holding	2,631	2,631
FR	First Industrial Realty Trust Inc	2022-12-31	Reduce	-0.05%	● 43.82 ($47.7) 50.68	$50.62	6.12%	Reduce -3.49%	157,452	-5,700
LAZ	Lazard Ltd	2022-12-31	Reduce	-0.03%	● 31.28 ($35.56) 38.84	$32.73	-7.96%	Reduce -0.97%	456,286	-4,447
TPHS	Trinity Place Holdings Inc	2022-12-31	Reduce	-0.03%	● 0.45 ($0.73) 1.04	$0.56	-23.29%	Reduce -3.49%	5,127,785	-185,237
FRPH	FRP Holdings Inc	2022-12-31	Reduce	-0.02%	● 53.5 ($57.05) 61.81	$56.90	-0.26%	Reduce -1.74%	126,671	-2,244
CMA	Comerica Inc	2022-12-31	Reduce	0%	● 63.52 ($69.27) 76.44	$40.40	-41.68%	Reduce -0.04%	303,446	-113
CBRE	CBRE Group Inc	2022-12-31	Reduce	0%	● 67.54 ($73.85) 79.86	$68.86	-6.76%	Reduce -0.03%	180,742	-57
ORI	Old Republic International Corp	2022-12-31	Reduce	0%	● 21.4 ($23.45) 24.5	$24.01	2.39%	Reduce -0.05%	837,681	-382
FPH	Five Point Holdings LLC	2022-09-30	Reduce	-1.55%	● 2.53 ($3.66) 4.5	$2.25	-38.52%	Reduce -29.13%	5,409,751	-2,223,623
VC	Visteon Corp	2022-09-30	Sold Out	-0.59%	● 99.38 ($119.27) 131.4	$153.84	28.98%	Sold Out	0	-31,848
LAZ	Lazard Ltd	2022-09-30	Add	+0.38%	● 31.83 ($35.96) 39.66	$32.73	-8.98%	Add 15.19%	460,733	60,754
CMA	Comerica Inc	2022-09-30	Reduce	-0.36%	● 71.1 ($78.79) 86.59	$40.40	-48.72%	Reduce -8.35%	303,559	-27,651
CALM	Cal-Maine Foods Inc	2022-09-30	Reduce	-0.33%	● 48.7 ($54.66) 60.87	$54.46	-0.37%	Reduce -56.99%	28,403	-37,641
HA	Hawaiian Holdings Inc	2022-09-30	Add	+0.31%	● 13.14 ($15.26) 17.21	$7.75	-49.21%	Add 15.1%	900,988	118,196
BN	Brookfield Asset Management Inc	2022-09-30	Reduce	-0.28%	● 40.72 ($48.04) 53.72	$29.97	-37.61%	Reduce -6.13%	532,797	-34,815
LOW	Lowe's Companies Inc	2022-09-30	Reduce	-0.28%	● 177.36 ($194.76) 216.47	$189.46	-2.72%	Reduce -10.52%	75,766	-8,904
STRS	Stratus Properties Inc	2022-09-30	Reduce	-0.26%	● 23.28 ($31.55) 36.3	$18.97	-39.87%	Reduce -37.37%	76,058	-45,383
FRPH	FRP Holdings Inc	2022-09-30	Reduce	-0.25%	● 53.24 ($58.28) 62.57	$56.90	-2.37%	Reduce -15.43%	128,915	-23,520
RYN	Rayonier Inc	2022-09-30	Reduce	-0.21%	● 29.78 ($35.59) 38.27	$32.07	-9.89%	Reduce -5.92%	500,520	-31,503
TPH	Tri Pointe Homes Inc	2022-09-30	Add	+0.18%	● 15.07 ($17.65) 19.51	$24.72	40.06%	Add 25.11%	307,305	61,669
KALU	Kaiser Aluminum Corp	2022-09-30	Add	+0.15%	● 61.35 ($73.49) 83.86	$70.35	-4.27%	Add 23.3%	64,315	12,155
PRA	ProAssurance Corp	2022-09-30	Add	+0.15%	● 18.67 ($21.96) 24.15	$17.81	-18.90%	Add 13.47%	337,035	39,997
NXRT	NexPoint Residential Trust Inc	2022-09-30	Sold Out	-0.14%	● 44.83 ($57.63) 66.54	$40.69	-29.39%	Sold Out	0	-13,000
HCC	Warrior Met Coal Inc	2022-09-30	Reduce	-0.11%	● 27 ($30.76) 35.08	$34.54	12.29%	Reduce -1.51%	1,373,234	-21,046
LEN.B	Lennar Corp	2022-09-30	Reduce	-0.08%	● 58.1 ($63.98) 70.07	$87.48	36.73%	Reduce -1.98%	393,471	-7,941
PLD	Prologis Inc	2022-09-30	Reduce	-0.08%	● 101.19 ($124.02) 138.38	$117.03	-5.64%	Reduce -2.17%	177,041	-3,933
UHAL	Amerco Inc	2022-09-30	Reduce	-0.07%	● 46.59 ($52.39) 59.07	$54.17	3.40%	Reduce -2.17%	370,950	-823
GRBK	Green Brick Partners Inc	2022-09-30	Reduce	-0.07%	● 20.59 ($24.65) 30.64	$34.34	39.31%	Reduce -80.77%	5,000	-21,000
WY	Weyerhaeuser Co	2022-09-30	Reduce	-0.07%	● 27.75 ($34.04) 37.09	$28.54	-16.16%	Reduce -2.17%	529,073	-11,742
HBB	Hamilton Beach Brands Holding Co	2022-09-30	Reduce	-0.07%	● 10.86 ($11.92) 13.15	$9.89	-17.03%	Reduce -5.3%	570,298	-31,916
DHI	D.R. Horton Inc	2022-09-30	Reduce	-0.06%	● 67.35 ($73.57) 79.72	$96.93	31.75%	Reduce -2.17%	224,212	-4,978
AMH	American Homes 4 Rent	2022-09-30	Reduce	-0.06%	● 32.52 ($36.12) 38.74	$29.84	-17.39%	Reduce -2.17%	427,130	-9,486
CBRE	CBRE Group Inc	2022-09-30	Reduce	-0.05%	● 67.51 ($79.27) 87.68	$68.86	-13.13%	Reduce -2.17%	180,799	-4,013
IVT	InvenTrust Properties Corp	2022-09-30	Reduce	-0.04%	● 21.33 ($26.56) 29.94	$22.40	-15.66%	Reduce -1.25%	724,502	-9,199
FR	First Industrial Realty Trust Inc	2022-09-30	Reduce	-0.03%	● 44.14 ($50.6) 55.62	$50.62	0.04%	Reduce -2.18%	163,152	-3,629
FNF	Fidelity National Financial Inc	2022-09-30	Reduce	-0.03%	● 34.76 ($38.84) 42.04	$33.32	-14.21%	Reduce -2.18%	200,223	-4,453
MSGE	Madison Square Garden Entertainment Corp	2022-09-30	Reduce	-0.03%	● 44.09 ($56.12) 64.91	$53.92	-3.92%	Reduce -4.17%	83,237	-3,622
TDW	Tidewater Inc	2022-09-30	Reduce	-0.03%	● 18.03 ($21.32) 25.68	$40.50	89.96%	Reduce -0.38%	2,097,857	-8,073
TPHS	Trinity Place Holdings Inc	2022-09-30	Reduce	-0.02%	● 0.73 ($1.01) 1.19	$0.56	-44.55%	Reduce -1.92%	5,313,022	-104,009
ORI	Old Republic International Corp	2022-09-30	Reduce	-0.02%	● 20.42 ($22.51) 24.61	$24.01	6.66%	Reduce -0.47%	838,063	-3,961
WHLRP.PFD	Wheeler Real Estate Investment Trust Inc	2022-09-30	Sold Out	-0.01%	● 2.25 ($4.23) 5.42	$1.48	-65.01%	Sold Out	0	-17,614
VAL	Valaris Ltd	2022-09-30	Reduce	0%	● 38.51 ($47.94) 58.43	$62.41	30.18%	Reduce -0.18%	323,551	-597
DHI	D.R. Horton Inc	2022-06-30	Add	+2.66%	● 60.56 ($70.35) 76.66	$96.93	37.78%	Add 7469.02%	229,190	226,162
PLD	Prologis Inc	2022-06-30	Reduce	-1.35%	● 108.43 ($138.62) 173.01	$117.03	-15.57%	Reduce -25.29%	180,974	-61,251
RYN	Rayonier Inc	2022-06-30	Reduce	-1.29%	● 36.15 ($40.41) 45.44	$32.07	-20.64%	Reduce -30.21%	532,023	-230,347
HA	Hawaiian Holdings Inc	2022-06-30	Reduce	-1.18%	● 12.9 ($16.75) 20.79	$7.75	-53.73%	Reduce -35.88%	782,792	-438,109
WY	Weyerhaeuser Co	2022-06-30	Reduce	-1.17%	● 32.77 ($38.12) 42.22	$28.54	-25.13%	Reduce -29.45%	540,815	-225,804
JBGS	JBG SMITH Properties	2022-06-30	Sold Out	-0.95%	● 23.05 ($25.92) 29.55	$14.10	-45.60%	Sold Out	0	-239,262
FPH	Five Point Holdings LLC	2022-06-30	Reduce	-0.93%	● 3.85 ($5.18) 6.24	$2.25	-56.56%	Reduce -12.76%	7,633,374	-1,116,539
BN	Brookfield Asset Management Inc	2022-06-30	Reduce	-0.88%	● 43.18 ($49.69) 58.62	$29.97	-39.69%	Reduce -16.75%	567,612	-114,179
LEN.B	Lennar Corp	2022-06-30	Reduce	-0.68%	● 53.79 ($64.01) 70.55	$87.48	36.67%	Reduce -15.4%	401,412	-73,079
CCF	Chase Corp	2022-06-30	New Buy	+0.56%	● 74.36 ($81.99) 89.22	$100.94	23.11%	New holding	40,292	40,292
UHAL	Amerco Inc	2022-06-30	Reduce	-0.47%	● 45.17 ($51.83) 59.69	$54.17	4.51%	Reduce -13.19%	379,180	-5,760
IVT	InvenTrust Properties Corp	2022-06-30	Reduce	-0.46%	● 25.61 ($29.28) 32.52	$22.40	-23.50%	Reduce -13.05%	733,701	-110,077
LOW	Lowe's Companies Inc	2022-06-30	Reduce	-0.46%	● 171.61 ($192.96) 208.74	$189.46	-1.81%	Reduce -16.5%	84,670	-16,736
CTT	CatchMark Timber Trust Inc	2022-06-30	Sold Out	-0.45%	● 7.75 ($9.14) 12.06	$10.37	13.46%	Sold Out	0	-406,444
DORM	Dorman Products Inc	2022-06-30	Sold Out	-0.34%	● 92.25 ($98.96) 109.71	$82.50	-16.63%	Sold Out	0	-26,078
HCC	Warrior Met Coal Inc	2022-06-30	Add	+0.34%	● 30.61 ($34.67) 40.51	$34.54	-0.37%	Add 4.62%	1,394,280	61,569
AMH	American Homes 4 Rent	2022-06-30	Reduce	-0.34%	● 32.92 ($37.88) 43.35	$29.84	-21.22%	Reduce -12.4%	436,616	-61,828
TPHS	Trinity Place Holdings Inc	2022-06-30	Reduce	-0.28%	● 0.96 ($1.32) 1.9	$0.56	-57.58%	Reduce -16.85%	5,417,031	-1,097,405
FNF	Fidelity National Financial Inc	2022-06-30	Reduce	-0.28%	● 34.83 ($40.78) 48.84	$33.32	-18.29%	Reduce -17.11%	204,676	-42,239
CBRE	CBRE Group Inc	2022-06-30	Add	+0.27%	● 68.15 ($80.67) 92.25	$68.86	-14.64%	Add 12.79%	184,812	20,963
FR	First Industrial Realty Trust Inc	2022-06-30	Reduce	-0.26%	● 46.13 ($54.88) 65.32	$50.62	-7.76%	Reduce -15.83%	166,781	-31,360
ICFI	ICF International Inc	2022-06-30	Reduce	-0.25%	● 89.5 ($97.02) 103.34	$106.23	9.49%	Reduce -23.75%	63,802	-19,871
MSGE	Madison Square Garden Entertainment Corp	2022-06-30	Add	+0.18%	● 51.96 ($67.77) 83.31	$53.92	-20.44%	Add 27.65%	86,859	18,814
LAZ	Lazard Ltd	2022-06-30	Add	+0.17%	● 31.06 ($33.77) 36.47	$32.73	-3.08%	Add 7.93%	399,979	29,398
TPH	Tri Pointe Homes Inc	2022-06-30	Add	+0.15%	● 15.45 ($19.62) 22.18	$24.72	25.99%	Add 25.87%	245,636	50,481
STRS	Stratus Properties Inc	2022-06-30	Reduce	-0.13%	● 30.77 ($39.27) 45.67	$18.97	-51.69%	Reduce -14.98%	121,441	-21,394
PB	Prosperity Bancshares Inc	2022-06-30	Reduce	-0.06%	● 65.09 ($68.69) 73.44	$62.97	-8.33%	Reduce -5.52%	101,965	-5,963
SBSI	Southside Bancshares Inc	2022-06-30	Reduce	-0.04%	● 36.42 ($38.96) 41.02	$34.32	-11.91%	Reduce -4.33%	157,109	-7,111

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