What did Third Avenue Management buy in Q1 2025?

Third Avenue Management opened 3 new positions (PHM, BXC, MRP) and added to 4 existing holdings in the Q1 2025 13F.

What did Third Avenue Management sell in Q1 2025?

Third Avenue Management exited 1 position (ROICUSD) and trimmed 4.

What Third Avenue Management bought and sold in Q1 2025

In Q1 2025, Third Avenue Management (Third Avenue Management) opened 3 new positions — including PHM (1.3%), BXC (0.4%), MRP (0.4%), added to 4, trimmed 4, exited 1 (ROICUSD). The book stood at $499M across 61 positions, filed May 14, 2025.

3New4Added4Trimmed1Exited

Share𝕏 in

New positions (3)

PHMPultegroup Inc1.3% · $7M
BXCBluelinx Holdings Inc0.4% · $2M
MRPMillrose Properties0.4% · $2M

Added to (4)

TDWTidewater Inc+38% shares · 6.9% · $34M
VALValaris Ltd.+34% shares · 4.5% · $22M
OSGOctave Specialty Group Inc+59% shares · 0.6% · $3M
OCFCOceanfirst Financial Corp+92% shares · 0.4% · $2M

Trimmed (4)

DBDeutsche Bank AG-34% shares · 6.8% · $34M
ORIOld Republic Intl Corp-28% shares · 2.6% · $13M
AMHAmerican Homes 4 Rent- A-40% shares · 1.5% · $7M
SEBSeaboard Corp-43% shares · 0.7% · $4M

Exited (1)

ROICUSDRetail Opportunity Investmenwas 0.3% of book

Third Avenue Management's other filings

Q1 2026 changes Q4 2025 changes Q3 2025 changes Q2 2025 changes Q4 2024 changes

Third Avenue Management's full portfolio →The whole cohort in Q1 2025 →

Changes vs the prior quarter's 13F, long US equity positions only (no shorts, options, or non-US listings). ADD/TRIM are share- count changes of ±20% or more. Sourced from SEC EDGAR. Not investment advice.