Third Avenue Management LLC

Period:: Q1 2026
Portfolio date:: Mar 31, 2026
No. of stocks:: 52
Portfolio value:: $616,039,000
Filed:: May 13, 2026
CIK:: 1099281

Hist	Stock	Activity	Share change	% change to portfolio
Q1 2026filed May 13, 266 new9 added21 reduced4 exited
≡	HCC – Warrior Met Coal Inc.	Reduce 38.00%	−219,318	−3.84
≡	VAL – Valaris Ltd.	Reduce 13.00%	−76,187	2.73
≡	DB – Deutsche Bank AG	Sell	−337,193	−2.36
≡	BN – Brookfield Corp.	Reduce 12.00%	−66,624	−1.41
≡	CBRE – CBRE Group, Inc.	Reduce 7.00%	−10,505	−1.29
≡	KALU – Kaiser Aluminum Corp.	Reduce 65.00%	−55,482	−1.20
≡	FPH – Five Point Holdings LLC - CL A	Reduce 6.00%	−252,755	−1.15
≡	COLL – Collegium Pharmaceutical Inc.	Reduce 24.00%	−48,258	−0.88
≡	RYN – Rayonier Inc.	Sell	−188,340	−0.74
≡	CTLP – Cantaloupe, Inc.	Sell	−370,013	−0.71
≡	ROG – Rogers Corp.	Reduce 24.00%	−48,449	−0.69
≡	PLD – Prologis Inc.	Reduce 13.00%	−19,506	−0.67
≡	FNF – FNF Group	Reduce 6.00%	−11,865	−0.58
≡	JLL – Jones Lang Lasalle	Reduce 6.00%	−1,944	−0.50
≡	AMH – American Homes 4 Rent	Reduce 6.00%	−15,992	−0.43
≡	SUPN – Supernus Pharmaceuticals, Inc.	Reduce 19.00%	−36,769	−0.43
≡	DHI – DR Horton Inc.	Reduce 6.00%	−4,358	−0.40
≡	PHM – PulteGroup Inc.	Reduce 6.00%	−5,556	−0.33
≡	FR – First Industrial Realty Trust, Inc.	Reduce 23.00%	−23,712	−0.33
≡	SUI – Sun Communities Inc.	Reduce 6.00%	−5,467	−0.31
≡	LXU – LSB Industries Inc.	Reduce 52.00%	−408,351	−0.30
≡	PRA – Proassurance Corp.	Reduce 11.00%	−32,382	−0.24
≡	MYRG – MYR Group Inc.	Reduce 19.00%	−6,735	−0.09
≡	FG – F&G Annuities and Life	Sell	−12,319	−0.07
≡	ECPG – Encore Capital Group Inc.	Reduce 17.00%	−28,510	−0.07
Q4 2025filed Feb 12, 264 new11 added7 reduced3 exited
≡	CMA – Comerica Inc.	Sell	−156,314	−2.03
≡	HCC – Warrior Met Coal Inc.	Reduce 9.00%	−58,596	1.40
≡	JLL – Jones Lang Lasalle	Reduce 33.00%	−17,268	−0.78
≡	SEB – Seaboard Corp.	Sell	−1,015	−0.71
≡	UMBF – UMB Financial Corporation	Reduce 20.00%	−19,273	−0.53
≡	SBSI – Southside Bancshares Inc.	Reduce 44.00%	−92,547	−0.45
≡	FRPH – FRP Holdings Inc.	Reduce 40.00%	−71,101	−0.36
≡	RYN – Rayonier Inc.	Reduce 14.00%	−29,712	−0.36
≡	PRA – Proassurance Corp.	Reduce 20.00%	−71,023	−0.35
≡	VC – Visteon Corp.	Sell	−10,298	−0.23
Q3 2025filed Nov 14, 252 new2 added8 reduced4 exited
≡	DB – Deutsche Bank AG	Sell	−1,021,558	−6.22
≡	ORI – Old Republic International Corp.	Sell	−98,535	−0.78
≡	MYRG – MYR Group Inc.	Reduce 35.00%	−19,041	−0.69
≡	HBB – Hamilton Beach Brand	Sell	−131,461	−0.49
≡	ITIC – Investors Title Co.	Reduce 39.00%	−13,869	−0.45
≡	WY – Weyerhaeuser Company	Reduce 27.00%	−58,929	−0.41
≡	FRPH – FRP Holdings Inc.	Reduce 16.00%	−32,910	−0.37
≡	MRP – Millrose Properties, Inc.	Sell	−50,697	−0.30
≡	FR – First Industrial Realty Trust, Inc.	Reduce 20.00%	−26,321	−0.28
≡	CBRE – CBRE Group, Inc.	Reduce 6.00%	−10,038	−0.21
≡	RYN – Rayonier Inc.	Reduce 16.00%	−40,077	−0.08
≡	CMA – Comerica Inc.	Reduce 9.00%	−14,896	−0.08
Q2 2025filed Aug 13, 253 new9 added12 reduced12 exited
≡	ORI – Old Republic International Corp.	Reduce 71.00%	−237,853	−1.86
≡	CMA – Comerica Inc.	Reduce 43.00%	−131,694	−1.48
≡	BAM – Brookfield Asset Mgmt. CL A	Sell	−132,103	−1.28
≡	PRA – Proassurance Corp.	Reduce 32.00%	−179,348	−0.83
≡	DB – Deutsche Bank AG	Reduce 29.00%	−426,012	−0.62
≡	HBB – Hamilton Beach Brand	Reduce 47.00%	−118,508	−0.49
≡	MYRG – MYR Group Inc.	Reduce 25.00%	−18,202	0.39
≡	ELME – Elme Communities	Sell	−93,000	−0.32
≡	ITIC – Investors Title Co.	Reduce 8.00%	−3,167	−0.32
≡	FRPH – FRP Holdings Inc.	Reduce 16.00%	−41,512	−0.28
≡	CTO – CTO Realty Growth, Inc.	Sell	−63,000	−0.24
≡	ALG – Alamo Group, Inc.	Reduce 42.00%	−10,677	−0.24
≡	WSR – Whitestone REIT	Sell	−80,000	−0.23
≡	IVT – Inventrust Properties Corp.	Sell	−38,000	−0.22
≡	PCH – Potlatchdeltic Corp.	Sell	−20,000	−0.18
≡	MRP – Millrose Properties, Inc.	Reduce 37.00%	−30,193	−0.13
≡	RMR – The RMR Group Inc.	Sell	−37,000	−0.12
≡	SEB – Seaboard Corp.	Reduce 23.00%	−304	−0.11
≡	VTMX – Vesta Real Estate Corp.	Sell	−25,000	−0.11
≡	STC – Stewart Information Services Corp.	Sell	−5,194	−0.07
≡	GRBK – Green Brick Partners	Sell	−5,000	−0.06
≡	UHAL – U-Haul Holding Company	Sell	−1,456	−0.02
≡	HP5A – Equity Commonwealth	Sell	−55,000	−0.02
≡	CET – Central Securities Corporation	Reduce 8.00%	−9,398	0.00
Q1 2025filed May 14, 253 new5 added10 reduced1 exited
≡	LEN – Lennar Corp - Class B	Reduce 9.00%	−14,011	−0.90
≡	AMH – American Homes 4 Rent	Reduce 40.00%	−128,661	−0.87
≡	ORI – Old Republic International Corp.	Reduce 28.00%	−129,090	−0.61
≡	DB – Deutsche Bank AG	Reduce 34.00%	−738,934	−0.45
≡	SEB – Seaboard Corp.	Reduce 43.00%	−1,015	−0.38
≡	Retail Opportunity Investments Corp.	Sell	−90,000	−0.30
≡	ALG – Alamo Group, Inc.	Reduce 20.00%	−6,334	−0.23
≡	SUI – Sun Communities Inc.	Reduce 16.00%	−17,422	−0.23
≡	RYN – Rayonier Inc.	Reduce 18.00%	−57,301	−0.15
≡	FR – First Industrial Realty Trust, Inc.	Reduce 14.00%	−22,572	−0.07
≡	HBB – Hamilton Beach Brand	Reduce 16.00%	−47,521	0.01
Q4 2024filed Feb 13, 252 new6 added10 reduced2 exited
≡	LAZ – Lazard Ltd.	Sell	−362,515	−2.99
≡	HCC – Warrior Met Coal Inc.	Reduce 26.00%	−207,969	−2.14
≡	CMA – Comerica Inc.	Reduce 36.00%	−173,002	−1.04
≡	IVT – Inventrust Properties Corp.	Reduce 79.00%	−145,176	−0.63
≡	HBB – Hamilton Beach Brand	Reduce 6.00%	−19,144	−0.61
≡	WY – Weyerhaeuser Company	Reduce 28.00%	−87,158	−0.50
≡	BN – Brookfield Corp.	Reduce 14.00%	−63,316	0.40
≡	UMBF – UMB Financial Corporation	Reduce 7.00%	−8,100	0.34
≡	ORI – Old Republic International Corp.	Reduce 9.00%	−44,576	0.31
≡	UHAL – U-Haul Holding Company	Reduce 12.00%	−34,663	−0.25
≡	DB – Deutsche Bank AG	Reduce 12.00%	−302,426	0.25
≡	TPHS – Trinity Place Holdings	Sell	−3,475,472	−0.02
Q3 2024filed Nov 14, 242 new2 added7 reduced2 exited
≡	TDW – Tidewater Inc.	Reduce 6.00%	−28,337	−2.68
≡	ORI – Old Republic International Corp.	Reduce 38.00%	−317,794	−1.43
≡	WASH – Washington Trust Bancorp.	Sell	−199,119	−0.94
≡	LAZ – Lazard Ltd.	Reduce 34.00%	−188,294	−0.62
≡	LOW – Lowe's Companies Inc.	Sell	−14,096	−0.53
≡	BN – Brookfield Corp.	Reduce 6.00%	−29,736	0.50
≡	UMBF – UMB Financial Corporation	Reduce 26.00%	−38,388	−0.23
≡	DHI – DR Horton Inc.	Reduce 26.00%	−27,245	−0.11
≡	WY – Weyerhaeuser Company	Reduce 11.00%	−36,733	0.03
Q2 2024filed Aug 13, 242 new6 added8 reduced1 exited
≡	HE – Hawaiian Holdings Inc.	Sell	−686,011	−1.46
≡	DHI – DR Horton Inc.	Reduce 14.00%	−17,008	−0.67
≡	LOW – Lowe's Companies Inc.	Reduce 48.00%	−13,039	−0.57
≡	WY – Weyerhaeuser Company	Reduce 7.00%	−26,064	−0.45
≡	KALU – Kaiser Aluminum Corp.	Reduce 28.00%	−31,116	−0.38
≡	RYN – Rayonier Inc.	Reduce 7.00%	−23,595	−0.22
≡	PRA – Proassurance Corp.	Reduce 8.00%	−49,034	−0.08
≡	AMH – American Homes 4 Rent	Reduce 6.00%	−18,887	0.05
≡	TPHS – Trinity Place Holdings	Reduce 15.00%	−634,000	−0.03
Q1 2024filed May 13, 241 new5 added9 reduced2 exited
≡	HCC – Warrior Met Coal Inc.	Reduce 21.00%	−203,881	−2.29
≡	IVT – Inventrust Properties Corp.	Reduce 56.00%	−232,379	−0.98
≡	TDW – Tidewater Inc.	Reduce 27.00%	−191,411	−0.81
≡	FIX – Comfort Systems USA Inc.	Sell	−19,434	−0.66
≡	SPHR – Madison Square Garden Entertainment	Sell	−105,583	−0.59
≡	HE – Hawaiian Holdings Inc.	Reduce 16.00%	−129,568	−0.44
≡	ICFI – ICF International, Inc.	Reduce 23.00%	−13,510	−0.21
≡	STC – Stewart Information Services Corp.	Reduce 69.00%	−11,806	−0.11
≡	HBB – Hamilton Beach Brand	Reduce 31.00%	−140,264	−0.08
≡	LOW – Lowe's Companies Inc.	Reduce 9.00%	−2,595	0.02
≡	TPHS – Trinity Place Holdings	Reduce 20.00%	−1,018,314	0.00

Hist	Stock	Activity	Share change	% change to portfolio
Q1 2026filed May 13, 266 new9 added21 reduced4 exited
≡	HCC – Warrior Met Coal Inc.	Reduce 38.00%	−219,318	−3.84
≡	VAL – Valaris Ltd.	Reduce 13.00%	−76,187	2.73
≡	DB – Deutsche Bank AG	Sell	−337,193	−2.36
≡	BN – Brookfield Corp.	Reduce 12.00%	−66,624	−1.41
≡	CBRE – CBRE Group, Inc.	Reduce 7.00%	−10,505	−1.29
≡	KALU – Kaiser Aluminum Corp.	Reduce 65.00%	−55,482	−1.20
≡	FPH – Five Point Holdings LLC - CL A	Reduce 6.00%	−252,755	−1.15
≡	COLL – Collegium Pharmaceutical Inc.	Reduce 24.00%	−48,258	−0.88
≡	RYN – Rayonier Inc.	Sell	−188,340	−0.74
≡	CTLP – Cantaloupe, Inc.	Sell	−370,013	−0.71
≡	ROG – Rogers Corp.	Reduce 24.00%	−48,449	−0.69
≡	PLD – Prologis Inc.	Reduce 13.00%	−19,506	−0.67
≡	FNF – FNF Group	Reduce 6.00%	−11,865	−0.58
≡	JLL – Jones Lang Lasalle	Reduce 6.00%	−1,944	−0.50
≡	AMH – American Homes 4 Rent	Reduce 6.00%	−15,992	−0.43
≡	SUPN – Supernus Pharmaceuticals, Inc.	Reduce 19.00%	−36,769	−0.43
≡	DHI – DR Horton Inc.	Reduce 6.00%	−4,358	−0.40
≡	PHM – PulteGroup Inc.	Reduce 6.00%	−5,556	−0.33
≡	FR – First Industrial Realty Trust, Inc.	Reduce 23.00%	−23,712	−0.33
≡	SUI – Sun Communities Inc.	Reduce 6.00%	−5,467	−0.31
≡	LXU – LSB Industries Inc.	Reduce 52.00%	−408,351	−0.30
≡	PRA – Proassurance Corp.	Reduce 11.00%	−32,382	−0.24
≡	MYRG – MYR Group Inc.	Reduce 19.00%	−6,735	−0.09
≡	FG – F&G Annuities and Life	Sell	−12,319	−0.07
≡	ECPG – Encore Capital Group Inc.	Reduce 17.00%	−28,510	−0.07
Q4 2025filed Feb 12, 264 new11 added7 reduced3 exited
≡	CMA – Comerica Inc.	Sell	−156,314	−2.03
≡	HCC – Warrior Met Coal Inc.	Reduce 9.00%	−58,596	1.40
≡	JLL – Jones Lang Lasalle	Reduce 33.00%	−17,268	−0.78
≡	SEB – Seaboard Corp.	Sell	−1,015	−0.71
≡	UMBF – UMB Financial Corporation	Reduce 20.00%	−19,273	−0.53
≡	SBSI – Southside Bancshares Inc.	Reduce 44.00%	−92,547	−0.45
≡	FRPH – FRP Holdings Inc.	Reduce 40.00%	−71,101	−0.36
≡	RYN – Rayonier Inc.	Reduce 14.00%	−29,712	−0.36
≡	PRA – Proassurance Corp.	Reduce 20.00%	−71,023	−0.35
≡	VC – Visteon Corp.	Sell	−10,298	−0.23
Q3 2025filed Nov 14, 252 new2 added8 reduced4 exited
≡	DB – Deutsche Bank AG	Sell	−1,021,558	−6.22
≡	ORI – Old Republic International Corp.	Sell	−98,535	−0.78
≡	MYRG – MYR Group Inc.	Reduce 35.00%	−19,041	−0.69
≡	HBB – Hamilton Beach Brand	Sell	−131,461	−0.49
≡	ITIC – Investors Title Co.	Reduce 39.00%	−13,869	−0.45
≡	WY – Weyerhaeuser Company	Reduce 27.00%	−58,929	−0.41
≡	FRPH – FRP Holdings Inc.	Reduce 16.00%	−32,910	−0.37
≡	MRP – Millrose Properties, Inc.	Sell	−50,697	−0.30
≡	FR – First Industrial Realty Trust, Inc.	Reduce 20.00%	−26,321	−0.28
≡	CBRE – CBRE Group, Inc.	Reduce 6.00%	−10,038	−0.21
≡	RYN – Rayonier Inc.	Reduce 16.00%	−40,077	−0.08
≡	CMA – Comerica Inc.	Reduce 9.00%	−14,896	−0.08
Q2 2025filed Aug 13, 253 new9 added12 reduced12 exited
≡	ORI – Old Republic International Corp.	Reduce 71.00%	−237,853	−1.86
≡	CMA – Comerica Inc.	Reduce 43.00%	−131,694	−1.48
≡	BAM – Brookfield Asset Mgmt. CL A	Sell	−132,103	−1.28
≡	PRA – Proassurance Corp.	Reduce 32.00%	−179,348	−0.83
≡	DB – Deutsche Bank AG	Reduce 29.00%	−426,012	−0.62
≡	HBB – Hamilton Beach Brand	Reduce 47.00%	−118,508	−0.49
≡	MYRG – MYR Group Inc.	Reduce 25.00%	−18,202	0.39
≡	ELME – Elme Communities	Sell	−93,000	−0.32
≡	ITIC – Investors Title Co.	Reduce 8.00%	−3,167	−0.32
≡	FRPH – FRP Holdings Inc.	Reduce 16.00%	−41,512	−0.28
≡	CTO – CTO Realty Growth, Inc.	Sell	−63,000	−0.24
≡	ALG – Alamo Group, Inc.	Reduce 42.00%	−10,677	−0.24
≡	WSR – Whitestone REIT	Sell	−80,000	−0.23
≡	IVT – Inventrust Properties Corp.	Sell	−38,000	−0.22
≡	PCH – Potlatchdeltic Corp.	Sell	−20,000	−0.18
≡	MRP – Millrose Properties, Inc.	Reduce 37.00%	−30,193	−0.13
≡	RMR – The RMR Group Inc.	Sell	−37,000	−0.12
≡	SEB – Seaboard Corp.	Reduce 23.00%	−304	−0.11
≡	VTMX – Vesta Real Estate Corp.	Sell	−25,000	−0.11
≡	STC – Stewart Information Services Corp.	Sell	−5,194	−0.07
≡	GRBK – Green Brick Partners	Sell	−5,000	−0.06
≡	UHAL – U-Haul Holding Company	Sell	−1,456	−0.02
≡	HP5A – Equity Commonwealth	Sell	−55,000	−0.02
≡	CET – Central Securities Corporation	Reduce 8.00%	−9,398	0.00
Q1 2025filed May 14, 253 new5 added10 reduced1 exited
≡	LEN – Lennar Corp - Class B	Reduce 9.00%	−14,011	−0.90
≡	AMH – American Homes 4 Rent	Reduce 40.00%	−128,661	−0.87
≡	ORI – Old Republic International Corp.	Reduce 28.00%	−129,090	−0.61
≡	DB – Deutsche Bank AG	Reduce 34.00%	−738,934	−0.45
≡	SEB – Seaboard Corp.	Reduce 43.00%	−1,015	−0.38
≡	Retail Opportunity Investments Corp.	Sell	−90,000	−0.30
≡	ALG – Alamo Group, Inc.	Reduce 20.00%	−6,334	−0.23
≡	SUI – Sun Communities Inc.	Reduce 16.00%	−17,422	−0.23
≡	RYN – Rayonier Inc.	Reduce 18.00%	−57,301	−0.15
≡	FR – First Industrial Realty Trust, Inc.	Reduce 14.00%	−22,572	−0.07
≡	HBB – Hamilton Beach Brand	Reduce 16.00%	−47,521	0.01
Q4 2024filed Feb 13, 252 new6 added10 reduced2 exited
≡	LAZ – Lazard Ltd.	Sell	−362,515	−2.99
≡	HCC – Warrior Met Coal Inc.	Reduce 26.00%	−207,969	−2.14
≡	CMA – Comerica Inc.	Reduce 36.00%	−173,002	−1.04
≡	IVT – Inventrust Properties Corp.	Reduce 79.00%	−145,176	−0.63
≡	HBB – Hamilton Beach Brand	Reduce 6.00%	−19,144	−0.61
≡	WY – Weyerhaeuser Company	Reduce 28.00%	−87,158	−0.50
≡	BN – Brookfield Corp.	Reduce 14.00%	−63,316	0.40
≡	UMBF – UMB Financial Corporation	Reduce 7.00%	−8,100	0.34
≡	ORI – Old Republic International Corp.	Reduce 9.00%	−44,576	0.31
≡	UHAL – U-Haul Holding Company	Reduce 12.00%	−34,663	−0.25
≡	DB – Deutsche Bank AG	Reduce 12.00%	−302,426	0.25
≡	TPHS – Trinity Place Holdings	Sell	−3,475,472	−0.02
Q3 2024filed Nov 14, 242 new2 added7 reduced2 exited
≡	TDW – Tidewater Inc.	Reduce 6.00%	−28,337	−2.68
≡	ORI – Old Republic International Corp.	Reduce 38.00%	−317,794	−1.43
≡	WASH – Washington Trust Bancorp.	Sell	−199,119	−0.94
≡	LAZ – Lazard Ltd.	Reduce 34.00%	−188,294	−0.62
≡	LOW – Lowe's Companies Inc.	Sell	−14,096	−0.53
≡	BN – Brookfield Corp.	Reduce 6.00%	−29,736	0.50
≡	UMBF – UMB Financial Corporation	Reduce 26.00%	−38,388	−0.23
≡	DHI – DR Horton Inc.	Reduce 26.00%	−27,245	−0.11
≡	WY – Weyerhaeuser Company	Reduce 11.00%	−36,733	0.03
Q2 2024filed Aug 13, 242 new6 added8 reduced1 exited
≡	HE – Hawaiian Holdings Inc.	Sell	−686,011	−1.46
≡	DHI – DR Horton Inc.	Reduce 14.00%	−17,008	−0.67
≡	LOW – Lowe's Companies Inc.	Reduce 48.00%	−13,039	−0.57
≡	WY – Weyerhaeuser Company	Reduce 7.00%	−26,064	−0.45
≡	KALU – Kaiser Aluminum Corp.	Reduce 28.00%	−31,116	−0.38
≡	RYN – Rayonier Inc.	Reduce 7.00%	−23,595	−0.22
≡	PRA – Proassurance Corp.	Reduce 8.00%	−49,034	−0.08
≡	AMH – American Homes 4 Rent	Reduce 6.00%	−18,887	0.05
≡	TPHS – Trinity Place Holdings	Reduce 15.00%	−634,000	−0.03
Q1 2024filed May 13, 241 new5 added9 reduced2 exited
≡	HCC – Warrior Met Coal Inc.	Reduce 21.00%	−203,881	−2.29
≡	IVT – Inventrust Properties Corp.	Reduce 56.00%	−232,379	−0.98
≡	TDW – Tidewater Inc.	Reduce 27.00%	−191,411	−0.81
≡	FIX – Comfort Systems USA Inc.	Sell	−19,434	−0.66
≡	SPHR – Madison Square Garden Entertainment	Sell	−105,583	−0.59
≡	HE – Hawaiian Holdings Inc.	Reduce 16.00%	−129,568	−0.44
≡	ICFI – ICF International, Inc.	Reduce 23.00%	−13,510	−0.21
≡	STC – Stewart Information Services Corp.	Reduce 69.00%	−11,806	−0.11
≡	HBB – Hamilton Beach Brand	Reduce 31.00%	−140,264	−0.08
≡	LOW – Lowe's Companies Inc.	Reduce 9.00%	−2,595	0.02
≡	TPHS – Trinity Place Holdings	Reduce 20.00%	−1,018,314	0.00

Hist

Stock

Activity

Share change

% change to portfolio

Q1 2026filed May 13, 266 new9 added21 reduced4 exited

≡

HCC – Warrior Met Coal Inc.

Reduce 38.00%

−219,318

−3.84

≡

VAL – Valaris Ltd.

Reduce 13.00%

−76,187

2.73

≡

DB – Deutsche Bank AG

Sell

−337,193

−2.36

≡

BN – Brookfield Corp.

Reduce 12.00%

−66,624

−1.41

≡

CBRE – CBRE Group, Inc.

Reduce 7.00%

−10,505

−1.29

≡

KALU – Kaiser Aluminum Corp.

Reduce 65.00%

−55,482

−1.20

≡

FPH – Five Point Holdings LLC - CL A

Reduce 6.00%

−252,755

−1.15

≡

COLL – Collegium Pharmaceutical Inc.

Reduce 24.00%

−48,258

−0.88

≡

RYN – Rayonier Inc.

Sell

−188,340

−0.74

≡

CTLP – Cantaloupe, Inc.

Sell

−370,013

−0.71

≡

ROG – Rogers Corp.

Reduce 24.00%

−48,449

−0.69

≡

PLD – Prologis Inc.

Reduce 13.00%

−19,506

−0.67

≡

FNF – FNF Group

Reduce 6.00%

−11,865

−0.58

≡

JLL – Jones Lang Lasalle

Reduce 6.00%

−1,944

−0.50

≡

AMH – American Homes 4 Rent

Reduce 6.00%

−15,992

−0.43

≡

SUPN – Supernus Pharmaceuticals, Inc.

Reduce 19.00%

−36,769

−0.43

≡

DHI – DR Horton Inc.

Reduce 6.00%

−4,358

−0.40

≡

PHM – PulteGroup Inc.

Reduce 6.00%

−5,556

−0.33

≡

FR – First Industrial Realty Trust, Inc.

Reduce 23.00%

−23,712

−0.33

≡

SUI – Sun Communities Inc.

Reduce 6.00%

−5,467

−0.31

≡

LXU – LSB Industries Inc.

Reduce 52.00%

−408,351

−0.30

≡

PRA – Proassurance Corp.

Reduce 11.00%

−32,382

−0.24

≡

MYRG – MYR Group Inc.

Reduce 19.00%

−6,735

−0.09

≡

FG – F&G Annuities and Life

Sell

−12,319

−0.07

≡

ECPG – Encore Capital Group Inc.

Reduce 17.00%

−28,510

−0.07

Q4 2025filed Feb 12, 264 new11 added7 reduced3 exited

≡

CMA – Comerica Inc.

Sell

−156,314

−2.03

≡

HCC – Warrior Met Coal Inc.

Reduce 9.00%

−58,596

1.40

≡

JLL – Jones Lang Lasalle

Reduce 33.00%

−17,268

−0.78

≡

SEB – Seaboard Corp.

Sell

−1,015

−0.71

≡

UMBF – UMB Financial Corporation

Reduce 20.00%

−19,273

−0.53

≡

SBSI – Southside Bancshares Inc.

Reduce 44.00%

−92,547

−0.45

≡

FRPH – FRP Holdings Inc.

Reduce 40.00%

−71,101

−0.36

≡

RYN – Rayonier Inc.

Reduce 14.00%

−29,712

−0.36

≡

PRA – Proassurance Corp.

Reduce 20.00%

−71,023

−0.35

≡

VC – Visteon Corp.

Sell

−10,298

−0.23

Q3 2025filed Nov 14, 252 new2 added8 reduced4 exited

≡

DB – Deutsche Bank AG

Sell

−1,021,558

−6.22

≡

ORI – Old Republic International Corp.

Sell

−98,535

−0.78

≡

MYRG – MYR Group Inc.

Reduce 35.00%

−19,041

−0.69

≡

HBB – Hamilton Beach Brand

Sell

−131,461

−0.49

≡

ITIC – Investors Title Co.

Reduce 39.00%

−13,869

−0.45

≡

WY – Weyerhaeuser Company

Reduce 27.00%

−58,929

−0.41

≡

FRPH – FRP Holdings Inc.

Reduce 16.00%

−32,910

−0.37

≡

MRP – Millrose Properties, Inc.

Sell

−50,697

−0.30

≡

FR – First Industrial Realty Trust, Inc.

Reduce 20.00%

−26,321

−0.28

≡

CBRE – CBRE Group, Inc.

Reduce 6.00%

−10,038

−0.21

≡

RYN – Rayonier Inc.

Reduce 16.00%

−40,077

−0.08

≡

CMA – Comerica Inc.

Reduce 9.00%

−14,896

−0.08

Q2 2025filed Aug 13, 253 new9 added12 reduced12 exited

≡

ORI – Old Republic International Corp.

Reduce 71.00%

−237,853

−1.86

≡

CMA – Comerica Inc.

Reduce 43.00%

−131,694

−1.48

≡

BAM – Brookfield Asset Mgmt. CL A

Sell

−132,103

−1.28

≡

PRA – Proassurance Corp.

Reduce 32.00%

−179,348

−0.83

≡

DB – Deutsche Bank AG

Reduce 29.00%

−426,012

−0.62

≡

HBB – Hamilton Beach Brand

Reduce 47.00%

−118,508

−0.49

≡

MYRG – MYR Group Inc.

Reduce 25.00%

−18,202

0.39

≡

ELME – Elme Communities

Sell

−93,000

−0.32

≡

ITIC – Investors Title Co.

Reduce 8.00%

−3,167

−0.32

≡

FRPH – FRP Holdings Inc.

Reduce 16.00%

−41,512

−0.28

≡

CTO – CTO Realty Growth, Inc.

Sell

−63,000

−0.24

≡

ALG – Alamo Group, Inc.

Reduce 42.00%

−10,677

−0.24

≡

WSR – Whitestone REIT

Sell

−80,000

−0.23

≡

IVT – Inventrust Properties Corp.

Sell

−38,000

−0.22

≡

PCH – Potlatchdeltic Corp.

Sell

−20,000

−0.18

≡

MRP – Millrose Properties, Inc.

Reduce 37.00%

−30,193

−0.13

≡

RMR – The RMR Group Inc.

Sell

−37,000

−0.12

≡

SEB – Seaboard Corp.

Reduce 23.00%

−304

−0.11

≡

VTMX – Vesta Real Estate Corp.

Sell

−25,000

−0.11

≡

STC – Stewart Information Services Corp.

Sell

−5,194

−0.07

≡

GRBK – Green Brick Partners

Sell

−5,000

−0.06

≡

UHAL – U-Haul Holding Company

Sell

−1,456

−0.02

≡

HP5A – Equity Commonwealth

Sell

−55,000

−0.02

≡

CET – Central Securities Corporation

Reduce 8.00%

−9,398

0.00

Q1 2025filed May 14, 253 new5 added10 reduced1 exited

≡

LEN – Lennar Corp - Class B

Reduce 9.00%

−14,011

−0.90

≡

AMH – American Homes 4 Rent

Reduce 40.00%

−128,661

−0.87

≡

ORI – Old Republic International Corp.

Reduce 28.00%

−129,090

−0.61

≡

DB – Deutsche Bank AG

Reduce 34.00%

−738,934

−0.45

≡

SEB – Seaboard Corp.

Reduce 43.00%

−1,015

−0.38

≡

Retail Opportunity Investments Corp.

Sell

−90,000

−0.30

≡

ALG – Alamo Group, Inc.

Reduce 20.00%

−6,334

−0.23

≡

SUI – Sun Communities Inc.

Reduce 16.00%

−17,422

−0.23

≡

RYN – Rayonier Inc.

Reduce 18.00%

−57,301

−0.15

≡

FR – First Industrial Realty Trust, Inc.

Reduce 14.00%

−22,572

−0.07

≡

HBB – Hamilton Beach Brand

Reduce 16.00%

−47,521

0.01

Q4 2024filed Feb 13, 252 new6 added10 reduced2 exited

≡

LAZ – Lazard Ltd.

Sell

−362,515

−2.99

≡

HCC – Warrior Met Coal Inc.

Reduce 26.00%

−207,969

−2.14

≡

CMA – Comerica Inc.

Reduce 36.00%

−173,002

−1.04

≡

IVT – Inventrust Properties Corp.

Reduce 79.00%

−145,176

−0.63

≡

HBB – Hamilton Beach Brand

Reduce 6.00%

−19,144

−0.61

≡

WY – Weyerhaeuser Company

Reduce 28.00%

−87,158

−0.50

≡

BN – Brookfield Corp.

Reduce 14.00%

−63,316

0.40

≡

UMBF – UMB Financial Corporation

Reduce 7.00%

−8,100

0.34

≡

ORI – Old Republic International Corp.

Reduce 9.00%

−44,576

0.31

≡

UHAL – U-Haul Holding Company

Reduce 12.00%

−34,663

−0.25

≡

DB – Deutsche Bank AG

Reduce 12.00%

−302,426

0.25

≡

TPHS – Trinity Place Holdings

Sell

−3,475,472

−0.02

Q3 2024filed Nov 14, 242 new2 added7 reduced2 exited

≡

TDW – Tidewater Inc.

Reduce 6.00%

−28,337

−2.68

≡

ORI – Old Republic International Corp.

Reduce 38.00%

−317,794

−1.43

≡

WASH – Washington Trust Bancorp.

Sell

−199,119

−0.94

≡

LAZ – Lazard Ltd.

Reduce 34.00%

−188,294

−0.62

≡

LOW – Lowe's Companies Inc.

Sell

−14,096

−0.53

≡

BN – Brookfield Corp.

Reduce 6.00%

−29,736

0.50

≡

UMBF – UMB Financial Corporation

Reduce 26.00%

−38,388

−0.23

≡

DHI – DR Horton Inc.

Reduce 26.00%

−27,245

−0.11

≡

WY – Weyerhaeuser Company

Reduce 11.00%

−36,733

0.03

Q2 2024filed Aug 13, 242 new6 added8 reduced1 exited

≡

HE – Hawaiian Holdings Inc.

Sell

−686,011

−1.46

≡

DHI – DR Horton Inc.

Reduce 14.00%

−17,008

−0.67

≡

LOW – Lowe's Companies Inc.

Reduce 48.00%

−13,039

−0.57

≡

WY – Weyerhaeuser Company

Reduce 7.00%

−26,064

−0.45

≡

KALU – Kaiser Aluminum Corp.

Reduce 28.00%

−31,116

−0.38

≡

RYN – Rayonier Inc.

Reduce 7.00%

−23,595

−0.22

≡

PRA – Proassurance Corp.

Reduce 8.00%

−49,034

−0.08

≡

AMH – American Homes 4 Rent

Reduce 6.00%

−18,887

0.05

≡

TPHS – Trinity Place Holdings

Reduce 15.00%

−634,000

−0.03

Q1 2024filed May 13, 241 new5 added9 reduced2 exited

≡

HCC – Warrior Met Coal Inc.

Reduce 21.00%

−203,881

−2.29

≡

IVT – Inventrust Properties Corp.

Reduce 56.00%

−232,379

−0.98

≡

TDW – Tidewater Inc.

Reduce 27.00%

−191,411

−0.81

≡

FIX – Comfort Systems USA Inc.

Sell

−19,434

−0.66

≡

SPHR – Madison Square Garden Entertainment

Sell

−105,583

−0.59

≡

HE – Hawaiian Holdings Inc.

Reduce 16.00%

−129,568

−0.44

≡

ICFI – ICF International, Inc.

Reduce 23.00%

−13,510

−0.21

≡

STC – Stewart Information Services Corp.

Reduce 69.00%

−11,806

−0.11

≡

HBB – Hamilton Beach Brand

Reduce 31.00%

−140,264

−0.08

≡

LOW – Lowe's Companies Inc.

Reduce 9.00%

−2,595

0.02

≡

TPHS – Trinity Place Holdings

Reduce 20.00%

−1,018,314

0.00