# EDGAR Filing Document

**Accession Number:** 0001099281
**File Stem:** 0001099281-26-000003
**Filing Date:** 2026-2
**Character Count:** 8922
**Document Hash:** 2b8559c8ffd87197d9785276c4cabf0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099281-26-000003.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001099281-26-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THIRD AVENUE MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001099281

**ORGANIZATION NAME:**
- **EIN:** 010690900

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11289
- **FILM NUMBER:** 26626104

**BUSINESS ADDRESS:**
- **STREET 1:** 6 GRAND CENTRAL AT 666 THIRD AVE
- **STREET 2:** SUITE 1040
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2128885222

**MAIL ADDRESS:**
- **STREET 1:** 6 GRAND CENTRAL AT 666 THIRD AVE
- **STREET 2:** SUITE 1040
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EQSF ADVISERS INC
- **DATE OF NAME CHANGE:** 19991118

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** THIRD AVENUE MANAGEMENT LLC<br>**Address:** 6 GRAND CENTRAL AT 666 THIRD AVE<br>SUITE 1040<br>NEW YORK, NY 10017

**Form 13F File Number:** 028-11289

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Michael A. Buono<br>**Title:** Chief Financial Officer<br>**Phone:** 212-888-5222

**Signature, Place, and Date of Signing:**

Michael A. Buono  New York, NY  02-12-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 51

**Form 13F Information Table Value Total:** $550214835

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Alamo Group Inc. | COM | 011311107 |  | 4030391 | 24009 | SH |  | SOLE | 0 | 24009 | 0 | 0 |
| American Homes 4 Rent | CL A | 02665T306 |  | 8940235 | 278512 | SH |  | SOLE | 0 | 278512 | 0 | 0 |
| Atlanta Braves Holdings Inc - A | COM | 047726104 |  | 6986971 | 164438 | SH |  | SOLE | 0 | 164438 | 0 | 0 |
| Atlanta Braves Holdings Inc - C | COM | 047726302 |  | 1029803 | 26104 | SH |  | SOLE | 0 | 26104 | 0 | 0 |
| Bluelinx Holdings Inc. | COM | 09624H208 |  | 3952345 | 64339 | SH |  | SOLE | 0 | 64339 | 0 | 0 |
| Boise Cascade Company | COM | 09739D100 |  | 31647926 | 429999 | SH |  | SOLE | 0 | 429999 | 0 | 0 |
| Brookfield Corp. | COM | 11271J107 |  | 25153181 | 548119 | SH |  | SOLE | 0 | 548119 | 0 | 0 |
| Cantaloupe Inc. | COM | 138103106 |  | 3929538 | 370013 | SH |  | SOLE | 0 | 370013 | 0 | 0 |
| CBRE Group Inc. | COM | 12504L109 |  | 23609600 | 146835 | SH |  | SOLE | 0 | 146835 | 0 | 0 |
| Central Securities Corporation | COM | 155123102 |  | 5162887 | 101812 | SH |  | SOLE | 0 | 101812 | 0 | 0 |
| Champion Homes Inc. | COM | 830830105 |  | 8991561 | 106409 | SH |  | SOLE | 0 | 106409 | 0 | 0 |
| Collegium Pharmaceutical Inc. | COM | 19459J104 |  | 9417466 | 203401 | SH |  | SOLE | 0 | 203401 | 0 | 0 |
| Deutsche Bank AG | COM | D18190898 |  | 13002162 | 337193 | SH |  | SOLE | 0 | 337193 | 0 | 0 |
| DR Horton Inc. | COM | 23331A109 |  | 11262282 | 78194 | SH |  | SOLE | 0 | 78194 | 0 | 0 |
| Encore Capital Group Inc. | COM | 292554102 |  | 9295046 | 171022 | SH |  | SOLE | 0 | 171022 | 0 | 0 |
| F Annuities and Life | COM | 30190A104 |  | 380047 | 12319 | SH |  | SOLE | 0 | 12319 | 0 | 0 |
| First Industrial Realty Trust Inc. | COM | 32054K103 |  | 5997773 | 104728 | SH |  | SOLE | 0 | 104728 | 0 | 0 |
| FirstService Corp. | COM | 33767E202 |  | 2910588 | 18714 | SH |  | SOLE | 0 | 18714 | 0 | 0 |
| Five Point Holdings LLC - CL A | COM | 33833Q106 |  | 22996796 | 4113917 | SH |  | SOLE | 0 | 4113917 | 0 | 0 |
| Flagstar Bank | COM | 649445400 |  | 2735870 | 217305 | SH |  | SOLE | 0 | 217305 | 0 | 0 |
| FNF Group | COM | 31620R303 |  | 11208419 | 205320 | SH |  | SOLE | 0 | 205320 | 0 | 0 |
| FRP Holdings Inc. | COM | 30292L107 |  | 2448307 | 107429 | SH |  | SOLE | 0 | 107429 | 0 | 0 |
| ICF International Inc. | COM | 44925C103 |  | 4509299 | 52864 | SH |  | SOLE | 0 | 52864 | 0 | 0 |
| Investors Title Co. | COM | 461804106 |  | 5465618 | 21894 | SH |  | SOLE | 0 | 21894 | 0 | 0 |
| Jones Lang Lasalle | COM | 48020Q107 |  | 11558081 | 34351 | SH |  | SOLE | 0 | 34351 | 0 | 0 |
| Kaiser Aluminum Corp. | COM | 483007704 |  | 9804794 | 85363 | SH |  | SOLE | 0 | 85363 | 0 | 0 |
| Lennar Corp - Class B | CL B | 526057302 |  | 14078521 | 148008 | SH |  | SOLE | 0 | 148008 | 0 | 0 |
| LSB Industries Inc. | COM | 502160104 |  | 6710300 | 789447 | SH |  | SOLE | 0 | 789447 | 0 | 0 |
| MYR Group Inc. | COM | 55405W104 |  | 7768549 | 35554 | SH |  | SOLE | 0 | 35554 | 0 | 0 |
| OceanFirst Financial Trust | COM | 675234108 |  | 3460886 | 192807 | SH |  | SOLE | 0 | 192807 | 0 | 0 |
| Octave Specialty Group | COM | 023139884 |  | 6084684 | 782093 | SH |  | SOLE | 0 | 782093 | 0 | 0 |
| PBF Energy Inc. | CL A | 69318G106 |  | 3554076 | 131050 | SH |  | SOLE | 0 | 131050 | 0 | 0 |
| Proassurance Corp. | COM | 74267C106 |  | 7078638 | 292990 | SH |  | SOLE | 0 | 292990 | 0 | 0 |
| Prologis Inc. | COM | 74340W103 |  | 18568275 | 145451 | SH |  | SOLE | 0 | 145451 | 0 | 0 |
| Prosperity Bancshares Inc. | COM | 743606105 |  | 7060830 | 102168 | SH |  | SOLE | 0 | 102168 | 0 | 0 |
| PulteGroup Inc. | COM | 745867101 |  | 11806206 | 100684 | SH |  | SOLE | 0 | 100684 | 0 | 0 |
| Rayonier Inc. | COM | 754907103 |  | 4077561 | 188340 | SH |  | SOLE | 0 | 188340 | 0 | 0 |
| Rogers Corp. | COM | 775133101 |  | 18265834 | 199474 | SH |  | SOLE | 0 | 199474 | 0 | 0 |
| Sandridge Energy Inc. | COM | 80007P869 |  | 4773704 | 330818 | SH |  | SOLE | 0 | 330818 | 0 | 0 |
| Southside Bancshares Inc. | COM | 84470P109 |  | 3551953 | 116879 | SH |  | SOLE | 0 | 116879 | 0 | 0 |
| Sun Communities Inc. | COM | 866674104 |  | 12009605 | 96922 | SH |  | SOLE | 0 | 96922 | 0 | 0 |
| Supernus Pharmaceuticals Inc. | COM | 868459108 |  | 9417802 | 189493 | SH |  | SOLE | 0 | 189493 | 0 | 0 |
| Tidewater Inc. | COM | 88642R109 |  | 44098816 | 873071 | SH |  | SOLE | 0 | 873071 | 0 | 0 |
| Tri Pointe Group Inc. | COM | 87265H109 |  | 4904757 | 155855 | SH |  | SOLE | 0 | 155855 | 0 | 0 |
| U-Haul Holding Company | COM | 023586506 |  | 12117158 | 259246 | SH |  | SOLE | 0 | 259246 | 0 | 0 |
| UMB Financial Corporation | COM | 902788108 |  | 9001305 | 78245 | SH |  | SOLE | 0 | 78245 | 0 | 0 |
| UniFirst Corporation | COM | 904708104 |  | 5484919 | 28434 | SH |  | SOLE | 0 | 28434 | 0 | 0 |
| Valaris Ltd. | COM | G9460G101 |  | 29452399 | 584373 | SH |  | SOLE | 0 | 584373 | 0 | 0 |
| Warrior Met Coal Inc. | COM | 93627C101 |  | 51431324 | 583320 | SH |  | SOLE | 0 | 583320 | 0 | 0 |
| Wesco International | COM | 95082P105 |  | 4964969 | 20295 | SH |  | SOLE | 0 | 20295 | 0 | 0 |
| Weyerhaeuser Company | COM | 962166104 |  | 4064778 | 171582 | SH |  | SOLE | 0 | 171582 | 0 | 0 |

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