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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 7, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | BN, FPH, GRI LN, PLD, SGRO LN | - | View | ||
| 2025 Q1 | Apr 25, 2025 | O’Keefe Stevens Advisory, Inc | - | - | BMW GR, CMP, DGFIN, FPH, NVDA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Third Avenue Small-Cap Value Fund | -4.4% | 3.3% | AMBC, FPH, OCFC | - | View | ||
| 2024 Q3 | Oct 10, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | BGC, EAF, FPH, SEG, SWX | - | View | ||
| 2025 Q4 | Jan 22, 2026 | Third Avenue Small-Cap Value Fund | 4.6% | 14.0% | ALG, BATRK, BXC, COLL, CTAS, ECPG, FPH, ICFI, KALU, LXU, MYRG, NYCB, OCSL, PB, PRA, SEB, SUPN, UMBF, UNF | Aluminum, Governance, Owner-Operator, Pharmaceuticals, Regional Banks, small caps, value | The Fund pursues a decidedly value-oriented investment approach, seeking to underpay for ownership of a business. The managers focus on finding rare nexuses of good people, good assets and good prices. The Fund initiated a new position in Flagstar Bank at a large discount to tangible book value. Flagstar has been undergoing transformation and has a credible path to achieve profitability more typical of a U.S. regional bank. Kaiser Aluminum led fourth quarter performance following strong quarterly financial results and progress on its multi-year investment to upgrade and expand production capacity in aerospace and packaging. Collegium Pharmaceutical generated strong performance contribution after producing record quarterly revenue and disclosing improved operating income guidance and a new share repurchase authorization. | FLG UNF ECPG COLL KALU |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Real Estate Value Fund | -1.8% | 11.3% | AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY | Commercial, Homebuilders, real estate, REIT, Residential, value | Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares. | DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC |
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| 2025 Q1 | Mar 31, 2025 | Third Avenue International Real Estate Value Fund | 6.0% | 6.0% | 1686 HK, FPH, UTG LN, WDB BB | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Third Avenue Real Estate Value Fund | -0.5% | -0.5% | FPH, MRP, PHM, UTG LN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Third Avenue Small-Cap Value Fund | -4.6% | -4.6% | BXC, FPH, TDW | - | View | ||
| 2024 Q4 | Jan 27, 2025 | O’Keefe Stevens Advisory, Inc | - | - | AER, BYON, DFIN, FPH | - | View | ||
| 2023 Q4 | Jan 24, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AER, EAF, FPH, HCC, LL, NVDA, TSLA | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Twitter / X | @100xCompounding | Five Point Holdings, LLC | Real Estate | Real Estate Operating Companies | Bull | NYSE | AssetLight, buybacks, JointVentures, LandDevelopment, MasterPlannedCommunities, realestate | View Pitch |
| Jan 23, 2026 | Twitter / X | @marginofdanger | Five Point Holdings, LLC | Financials | Real Estate Development | Bull | New York Stock Exchange | Acre, Fph, Homebuilders, Inflect Significantly, Irvine, land, Mortgage, NAV | View Pitch |
| Jan 23, 2026 | Twitter / X | @marginofdanger | Five Point Holdings, LLC | Financials | Real Estate Development & Operations | Bull | New York Stock Exchange | debt, debt reduction, Fph, Homebuilders, process control, real estate development, Reduction, Refinancing | View Pitch |
| Nov 27, 2025 | Value Investors Club | repetek827 | Five Point Holdings LLC | Real Estate | Real Estate Development | Bull | NYSE | Shipyard, Hearthstone, Tetra Tech, California land, Real estate development, Optionality | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||