Historical Stock Holdings

Third Avenue Management

PeriodPortfolio ValueTop 20 holdings history (left to right)
2024   Q3$612 M HCC
Warrior Met Coal Inc.
8.31% of portfolio
 		DB
Deutsche Bank AG
7.04% of portfolio
 		TDW
Tidewater Inc.
5.65% of portfolio
 		CMA
Comerica Inc.
4.66% of portfolio
 		LEN.B
Lennar Corp. CL B
4.57% of portfolio
 		BN
Brookfield Corp.
3.95% of portfolio
 		VAL
Valaris plc
3.94% of portfolio
 		CBRE
CBRE Group
3.72% of portfolio
 		UHAL.B
U Haul Holding Co Non Voting
3.35% of portfolio
 		LAZ
Lazard Inc.
2.99% of portfolio
 		ORI
Old Republic International
2.95% of portfolio
 		PLD
Prologis Inc.
2.66% of portfolio
 		DHI
D.R. Horton
2.46% of portfolio
 		SUI
Sun Communities Inc.
2.38% of portfolio
 		JLL
Jones Lang Lasalle Inc.
2.29% of portfolio
 		FPH
Five Point Holdings LLC
2.25% of portfolio
 		AMH
American Homes 4 Rent
2.02% of portfolio
 		UMBF
UMB Financial Corp.
1.91% of portfolio
 		WY
Weyerhaeuser Co.
1.71% of portfolio
 		RYN
Rayonier Inc.
1.66% of portfolio
2024   Q2$583 M TDW
Tidewater Inc.
8.33% of portfolio
 		HCC
Warrior Met Coal Inc.
8.23% of portfolio
 		DB
Deutsche Bank AG
6.80% of portfolio
 		VAL
Valaris plc
5.37% of portfolio
 		ORI
Old Republic International
4.39% of portfolio
 		CMA
Comerica Inc.
4.17% of portfolio
 		LEN.B
Lennar Corp. CL B
3.87% of portfolio
 		LAZ
Lazard Inc.
3.61% of portfolio
 		BN
Brookfield Corp.
3.45% of portfolio
 		UHAL.B
U Haul Holding Co Non Voting
2.93% of portfolio
 		CBRE
CBRE Group
2.79% of portfolio
 		DHI
D.R. Horton
2.56% of portfolio
 		PLD
Prologis Inc.
2.48% of portfolio
 		SUI
Sun Communities Inc.
2.23% of portfolio
 		UMBF
UMB Financial Corp.
2.14% of portfolio
 		AMH
American Homes 4 Rent
2.04% of portfolio
 		JLL
Jones Lang Lasalle Inc.
1.83% of portfolio
 		WY
Weyerhaeuser Co.
1.68% of portfolio
 		FPH
Five Point Holdings LLC
1.66% of portfolio
 		MYRG
MYR Group Inc.
1.58% of portfolio
2024   Q1$627 M TDW
Tidewater Inc.
7.52% of portfolio
 		HCC
Warrior Met Coal Inc.
7.40% of portfolio
 		DB
Deutsche Bank AG
6.25% of portfolio
 		VAL
Valaris plc
5.04% of portfolio
 		CMA
Comerica Inc.
4.18% of portfolio
 		LEN.B
Lennar Corp. CL B
4.12% of portfolio
 		ORI
Old Republic International
4.06% of portfolio
 		LAZ
Lazard Inc.
3.68% of portfolio
 		BN
Brookfield Corp.
3.24% of portfolio
 		DHI
D.R. Horton
3.23% of portfolio
 		UHAL.B
U Haul Holding Co Non Voting
3.13% of portfolio
 		CBRE
CBRE Group
2.83% of portfolio
 		PLD
Prologis Inc.
2.43% of portfolio
 		WY
Weyerhaeuser Co.
2.12% of portfolio
 		UMBF
UMB Financial Corp.
2.07% of portfolio
 		AMH
American Homes 4 Rent
1.99% of portfolio
 		MYRG
MYR Group Inc.
1.91% of portfolio
 		RYN
Rayonier Inc.
1.80% of portfolio
 		SUI
Sun Communities Inc.
1.79% of portfolio
 		FPH
Five Point Holdings LLC
1.65% of portfolio
2023   Q4$609 M HCC
Warrior Met Coal Inc.
9.69% of portfolio
 		TDW
Tidewater Inc.
8.33% of portfolio
 		DB
Deutsche Bank AG
5.57% of portfolio
 		VAL
Valaris plc
4.73% of portfolio
 		CMA
Comerica Inc.
4.36% of portfolio
 		ORI
Old Republic International
3.99% of portfolio
 		LEN.B
Lennar Corp. CL B
3.82% of portfolio
 		UHAL.B
U Haul Holding Co Non Voting
3.40% of portfolio
 		BN
Brookfield Corp.
3.22% of portfolio
 		DHI
D.R. Horton
3.07% of portfolio
 		CBRE
CBRE Group
2.78% of portfolio
 		PLD
Prologis Inc.
2.55% of portfolio
 		WY
Weyerhaeuser Co.
2.11% of portfolio
 		UMBF
UMB Financial Corp.
2.05% of portfolio
 		AMH
American Homes 4 Rent
2.00% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
1.90% of portfolio
 		RYN
Rayonier Inc.
1.86% of portfolio
 		IVT
Inventrust Properties Corp
1.73% of portfolio
 		FPH
Five Point Holdings LLC
1.66% of portfolio
 		MYRG
MYR Group Inc.
1.61% of portfolio
2023   Q3$596 M HCC
Warrior Met Coal Inc.
10.85% of portfolio
 		TDW
Tidewater Inc.
9.81% of portfolio
 		VAL
Valaris plc
5.37% of portfolio
 		DB
Deutsche Bank AG
4.57% of portfolio
 		ORI
Old Republic International
3.78% of portfolio
 		LEN.B
Lennar Corp. CL B
3.60% of portfolio
 		CMA
Comerica Inc.
3.26% of portfolio
 		DHI
D.R. Horton
2.90% of portfolio
 		LAZ
Lazard Inc.
2.86% of portfolio
 		BN
Brookfield Corp.
2.80% of portfolio
 		UHAL.B
U Haul Holding Co Non Voting
2.79% of portfolio
 		PLD
Prologis Inc.
2.31% of portfolio
 		WY
Weyerhaeuser Co.
2.23% of portfolio
 		CBRE
CBRE Group
2.22% of portfolio
 		AMH
American Homes 4 Rent
2.02% of portfolio
 		LOW
Lowe's Cos.
1.99% of portfolio
 		RYN
Rayonier Inc.
1.98% of portfolio
 		MYRG
MYR Group Inc.
1.85% of portfolio
 		FPH
Five Point Holdings LLC
1.82% of portfolio
 		JLL
Jones Lang Lasalle Inc.
1.75% of portfolio
2023   Q2$606 M TDW
Tidewater Inc.
10.05% of portfolio
 		HCC
Warrior Met Coal Inc.
8.64% of portfolio
 		DB
Deutsche Bank AG
5.28% of portfolio
 		VAL
Valaris plc
4.36% of portfolio
 		CMA
Comerica Inc.
4.02% of portfolio
 		LEN.B
Lennar Corp. CL B
3.98% of portfolio
 		ORI
Old Republic International
3.47% of portfolio
 		DHI
D.R. Horton
3.33% of portfolio
 		PLD
Prologis Inc.
3.05% of portfolio
 		LAZ
Lazard Inc.
2.91% of portfolio
 		BN
Brookfield Corp.
2.89% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.78% of portfolio
 		WY
Weyerhaeuser Co.
2.68% of portfolio
 		UHAL.B
U Haul Holding Co Non Voting
2.61% of portfolio
 		CBRE
CBRE Group
2.41% of portfolio
 		RYN
Rayonier Inc.
2.31% of portfolio
 		LOW
Lowe's Cos.
2.13% of portfolio
 		AMH
American Homes 4 Rent
2.08% of portfolio
 		JLL
Jones Lang Lasalle Inc.
1.91% of portfolio
 		MYRG
MYR Group Inc.
1.85% of portfolio
2023   Q1$585 M TDW
Tidewater Inc.
10.50% of portfolio
 		HCC
Warrior Met Coal Inc.
8.43% of portfolio
 		DB
Deutsche Bank AG
5.23% of portfolio
 		LEN.B
Lennar Corp. CL B
4.17% of portfolio
 		PLD
Prologis Inc.
3.59% of portfolio
 		CMA
Comerica Inc.
3.56% of portfolio
 		ORI
Old Republic International
3.56% of portfolio
 		VAL
Valaris plc
3.44% of portfolio
 		DHI
D.R. Horton
3.33% of portfolio
 		LAZ
Lazard Inc.
3.10% of portfolio
 		BN
Brookfield Corp.
2.90% of portfolio
 		UHAL.B
U Haul Holding Co Non Voting
2.77% of portfolio
 		RYN
Rayonier Inc.
2.54% of portfolio
 		WY
Weyerhaeuser Co.
2.50% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.44% of portfolio
 		CBRE
CBRE Group
2.25% of portfolio
 		IVT
Inventrust Properties Corp
2.17% of portfolio
 		LOW
Lowe's Cos.
2.12% of portfolio
 		AMH
American Homes 4 Rent
1.91% of portfolio
 		MYRG
MYR Group Inc.
1.88% of portfolio
2022   Q4$575 M TDW
Tidewater Inc.
11.61% of portfolio
 		HCC
Warrior Met Coal Inc.
7.68% of portfolio
 		DB
Deutsche Bank AG
5.68% of portfolio
 		LEN.B
Lennar Corp. CL B
4.27% of portfolio
 		CMA
Comerica Inc.
3.53% of portfolio
 		VAL
Valaris plc
3.53% of portfolio
 		ORI
Old Republic International
3.52% of portfolio
 		PLD
Prologis Inc.
3.35% of portfolio
 		DHI
D.R. Horton
3.26% of portfolio
 		UHAL.B
U Haul Holding Co Non Voting
2.99% of portfolio
 		IVT
Inventrust Properties Corp
2.85% of portfolio
 		BN
Brookfield Corp.
2.85% of portfolio
 		LAZ
Lazard Inc.
2.75% of portfolio
 		WY
Weyerhaeuser Co.
2.69% of portfolio
 		RYN
Rayonier Inc.
2.63% of portfolio
 		CBRE
CBRE Group
2.42% of portfolio
 		AMH
American Homes 4 Rent
2.17% of portfolio
 		LOW
Lowe's Cos.
2.15% of portfolio
 		FPH
Five Point Holdings LLC
1.90% of portfolio
 		UMBF
UMB Financial Corp.
1.87% of portfolio
2022   Q3$508 M TDW
Tidewater Inc.
8.96% of portfolio
 		HCC
Warrior Met Coal Inc.
7.69% of portfolio
 		LEN.B
Lennar Corp. CL B
4.61% of portfolio
 		BN
Brookfield Corp.
4.29% of portfolio
 		CMA
Comerica Inc.
4.25% of portfolio
 		UHAL
U-Haul Holding Co.
3.72% of portfolio
 		PLD
Prologis Inc.
3.54% of portfolio
 		ORI
Old Republic International
3.45% of portfolio
 		VAL
Valaris plc
3.12% of portfolio
 		IVT
Inventrust Properties Corp
3.04% of portfolio
 		DHI
D.R. Horton
2.97% of portfolio
 		WY
Weyerhaeuser Co.
2.97% of portfolio
 		RYN
Rayonier Inc.
2.95% of portfolio
 		LAZ
Lazard Inc.
2.89% of portfolio
 		LOW
Lowe's Cos.
2.80% of portfolio
 		FPH
Five Point Holdings LLC
2.77% of portfolio
 		AMH
American Homes 4 Rent
2.76% of portfolio
 		CBRE
CBRE Group
2.40% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.33% of portfolio
 		UMBF
UMB Financial Corp.
2.14% of portfolio
2022   Q2$561 M TDW
Tidewater Inc.
7.91% of portfolio
 		HCC
Warrior Met Coal Inc.
7.60% of portfolio
 		FPH
Five Point Holdings LLC
5.32% of portfolio
 		BN
Brookfield Corp.
4.50% of portfolio
 		CMA
Comerica Inc.
4.33% of portfolio
 		LEN.B
Lennar Corp. CL B
4.20% of portfolio
 		PLD
Prologis Inc.
3.79% of portfolio
 		RYN
Rayonier Inc.
3.54% of portfolio
 		IVT
Inventrust Properties Corp
3.37% of portfolio
 		ORI
Old Republic International
3.35% of portfolio
 		UHAL
U-Haul Holding Co.
3.23% of portfolio
 		WY
Weyerhaeuser Co.
3.19% of portfolio
 		AMH
American Homes 4 Rent
2.76% of portfolio
 		DHI
D.R. Horton
2.70% of portfolio
 		LOW
Lowe's Cos.
2.63% of portfolio
 		VAL
Valaris plc
2.44% of portfolio
 		CBRE
CBRE Group
2.42% of portfolio
 		LAZ
Lazard Inc.
2.31% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.00% of portfolio
 		UMBF
UMB Financial Corp.
1.98% of portfolio
2022   Q1$733 M FPH
Five Point Holdings LLC
7.29% of portfolio
 		HCC
Warrior Met Coal Inc.
6.74% of portfolio
 		TDW
Tidewater Inc.
6.24% of portfolio
 		PLD
Prologis Inc.
5.33% of portfolio
 		BN
Brookfield Corp.
5.26% of portfolio
 		LEN.B
Lennar Corp. CL B
4.42% of portfolio
 		RYN
Rayonier Inc.
4.27% of portfolio
 		CMA
Comerica Inc.
4.08% of portfolio
 		WY
Weyerhaeuser Co.
3.96% of portfolio
 		UHAL
U-Haul Holding Co.
3.56% of portfolio
 		IVT
Inventrust Properties Corp
3.54% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
3.28% of portfolio
 		ORI
Old Republic International
2.99% of portfolio
 		LOW
Lowe's Cos.
2.80% of portfolio
 		AMH
American Homes 4 Rent
2.72% of portfolio
 		VAL
Valaris plc
2.27% of portfolio
 		CBRE
CBRE Group
2.04% of portfolio
 		LAZ
Lazard Inc.
1.74% of portfolio
 		UMBF
UMB Financial Corp.
1.71% of portfolio
 		TPHS
Trinity Place Holdings
1.69% of portfolio
2021   Q4$760 M FPH
Five Point Holdings LLC
7.51% of portfolio
 		HCC
Warrior Met Coal Inc.
6.31% of portfolio
 		LEN.B
Lennar Corp. CL B
6.01% of portfolio
 		BN
Brookfield Corp.
5.66% of portfolio
 		PLD
Prologis Inc.
5.57% of portfolio
 		CMA
Comerica Inc.
4.25% of portfolio
 		WY
Weyerhaeuser Co.
4.19% of portfolio
 		RYN
Rayonier Inc.
4.06% of portfolio
 		UHAL
U-Haul Holding Co.
4.00% of portfolio
 		LOW
Lowe's Cos.
3.92% of portfolio
 		TDW
Tidewater Inc.
2.94% of portfolio
 		AMH
American Homes 4 Rent
2.88% of portfolio
 		ORI
Old Republic International
2.72% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.38% of portfolio
 		CBRE
CBRE Group
2.34% of portfolio
 		LAZ
Lazard Inc.
2.12% of portfolio
 		IVT
Inventrust Properties Corp
1.81% of portfolio
 		UMBF
UMB Financial Corp.
1.81% of portfolio
 		FR
First Industrial Realty Trust Inc.
1.74% of portfolio
 		FNF
Fidelity National Financial Inc.
1.71% of portfolio
2021   Q3$743 M FPH
Five Point Holdings LLC
9.38% of portfolio
 		BN
Brookfield Corp.
5.97% of portfolio
 		HCC
Warrior Met Coal Inc.
5.42% of portfolio
 		LEN.B
Lennar Corp. CL B
5.06% of portfolio
 		PLD
Prologis Inc.
4.31% of portfolio
 		CMA
Comerica Inc.
4.03% of portfolio
 		WY
Weyerhaeuser Co.
3.97% of portfolio
 		RYN
Rayonier Inc.
3.96% of portfolio
 		TDW
Tidewater Inc.
3.81% of portfolio
 		UHAL
U-Haul Holding Co.
3.69% of portfolio
 		ORI
Old Republic International
3.46% of portfolio
 		LOW
Lowe's Cos.
3.19% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.90% of portfolio
 		AMH
American Homes 4 Rent
2.59% of portfolio
 		LAZ
Lazard Inc.
2.27% of portfolio
 		CBRE
CBRE Group
2.19% of portfolio
 		JBGS
JBG Smith Properties
2.10% of portfolio
 		UMBF
UMB Financial Corp.
1.90% of portfolio
 		TPHS
Trinity Place Holdings
1.60% of portfolio
 		MHK
Mohawk Industries
1.59% of portfolio
2021   Q2$756 M FPH
Five Point Holdings LLC
9.48% of portfolio
 		BN
Brookfield Corp.
5.63% of portfolio
 		LEN.B
Lennar Corp. CL B
5.20% of portfolio
 		PLD
Prologis Inc.
4.05% of portfolio
 		TDW
Tidewater Inc.
4.05% of portfolio
 		HCC
Warrior Met Coal Inc.
3.93% of portfolio
 		RYN
Rayonier Inc.
3.91% of portfolio
 		WY
Weyerhaeuser Co.
3.77% of portfolio
 		ORI
Old Republic International
3.66% of portfolio
 		CMA
Comerica Inc.
3.51% of portfolio
 		UHAL
U-Haul Holding Co.
3.34% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
3.21% of portfolio
 		LOW
Lowe's Cos.
3.03% of portfolio
 		JBGS
JBG Smith Properties
2.92% of portfolio
 		AMH
American Homes 4 Rent
2.60% of portfolio
 		MHK
Mohawk Industries
2.44% of portfolio
 		LAZ
Lazard Inc.
2.21% of portfolio
 		CBRE
CBRE Group
1.88% of portfolio
 		UMBF
UMB Financial Corp.
1.80% of portfolio
 		TPHS
Trinity Place Holdings
1.70% of portfolio
2021   Q1$756 M FPH
Five Point Holdings LLC
8.96% of portfolio
 		LEN.B
Lennar Corp. CL B
5.25% of portfolio
 		BN
Brookfield Corp.
5.14% of portfolio
 		TDW
Tidewater Inc.
4.22% of portfolio
 		WY
Weyerhaeuser Co.
4.02% of portfolio
 		PLD
Prologis Inc.
3.82% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
3.62% of portfolio
 		RYN
Rayonier Inc.
3.62% of portfolio
 		UHAL
U-Haul Holding Co.
3.56% of portfolio
 		CMA
Comerica Inc.
3.54% of portfolio
 		LOW
Lowe's Cos.
3.29% of portfolio
 		JBGS
JBG Smith Properties
3.25% of portfolio
 		ORI
Old Republic International
3.22% of portfolio
 		HCC
Warrior Met Coal Inc.
3.14% of portfolio
 		MHK
Mohawk Industries
2.45% of portfolio
 		EXP
Eagle Materials Inc.
2.29% of portfolio
 		AMH
American Homes 4 Rent
2.14% of portfolio
 		LAZ
Lazard Inc.
2.12% of portfolio
 		CTB
Cooper Tire & Rubber Co.
1.87% of portfolio
 		UMBF
UMB Financial Corp.
1.78% of portfolio
2020   Q4$713 M FPH
Five Point Holdings LLC
6.74% of portfolio
 		WY
Weyerhaeuser Co.
6.29% of portfolio
 		BN
Brookfield Corp.
5.83% of portfolio
 		PLD
Prologis Inc.
4.40% of portfolio
 		LEN.B
Lennar Corp. CL B
4.13% of portfolio
 		RYN
Rayonier Inc.
4.03% of portfolio
 		JBGS
JBG Smith Properties
3.92% of portfolio
 		HCC
Warrior Met Coal Inc.
3.64% of portfolio
 		UHAL
U-Haul Holding Co.
3.45% of portfolio
 		LOW
Lowe's Cos.
3.39% of portfolio
 		ORI
Old Republic International
3.07% of portfolio
 		TDW
Tidewater Inc.
3.05% of portfolio
 		CMA
Comerica Inc.
2.91% of portfolio
 		EXP
Eagle Materials Inc.
2.65% of portfolio
 		MHK
Mohawk Industries
2.62% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.52% of portfolio
 		KFY
Korn Ferry
2.19% of portfolio
 		AMH
American Homes 4 Rent
2.18% of portfolio
 		LAZ
Lazard Inc.
2.17% of portfolio
 		LEN
Lennar Corp.
1.70% of portfolio
2020   Q3$719 M WY
Weyerhaeuser Co.
6.69% of portfolio
 		LEN.B
Lennar Corp. CL B
6.37% of portfolio
 		BN
Brookfield Corp.
6.10% of portfolio
 		FPH
Five Point Holdings LLC
5.96% of portfolio
 		PLD
Prologis Inc.
4.90% of portfolio
 		VNO
Vornado Realty Trust
4.47% of portfolio
 		RYN
Rayonier Inc.
3.93% of portfolio
 		JBGS
JBG Smith Properties
3.88% of portfolio
 		LEN
Lennar Corp.
3.73% of portfolio
 		LOW
Lowe's Cos.
3.72% of portfolio
 		HCC
Warrior Met Coal Inc.
3.54% of portfolio
 		UHAL
U-Haul Holding Co.
2.88% of portfolio
 		TDW
Tidewater Inc.
2.69% of portfolio
 		ORI
Old Republic International
2.63% of portfolio
 		EXP
Eagle Materials Inc.
2.36% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.08% of portfolio
 		CMA
Comerica Inc.
2.07% of portfolio
 		MHK
Mohawk Industries
2.00% of portfolio
 		AMH
American Homes 4 Rent
1.83% of portfolio
 		FDX
FedEx Corp.
1.77% of portfolio
2020   Q2$714 M FPH
Five Point Holdings LLC
6.98% of portfolio
 		BN
Brookfield Corp.
6.38% of portfolio
 		WY
Weyerhaeuser Co.
5.45% of portfolio
 		LEN.B
Lennar Corp. CL B
5.29% of portfolio
 		VNO
Vornado Realty Trust
5.25% of portfolio
 		PLD
Prologis Inc.
4.77% of portfolio
 		JBGS
JBG Smith Properties
4.51% of portfolio
 		RYN
Rayonier Inc.
3.88% of portfolio
 		HCC
Warrior Met Coal Inc.
3.85% of portfolio
 		LOW
Lowe's Cos.
3.20% of portfolio
 		ESS
Essex Property Trust
3.08% of portfolio
 		LEN
Lennar Corp.
3.01% of portfolio
 		UHAL
U-Haul Holding Co.
2.58% of portfolio
 		ORI
Old Republic International
2.56% of portfolio
 		EXP
Eagle Materials Inc.
2.33% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.28% of portfolio
 		TDW
Tidewater Inc.
2.17% of portfolio
 		MHK
Mohawk Industries
2.16% of portfolio
 		CMA
Comerica Inc.
1.83% of portfolio
 		AMH
American Homes 4 Rent
1.52% of portfolio
2020   Q1$676 M FPH
Five Point Holdings LLC
8.73% of portfolio
 		BN
Brookfield Corp.
7.04% of portfolio
 		JBGS
JBG Smith Properties
5.80% of portfolio
 		VNO
Vornado Realty Trust
5.47% of portfolio
 		WY
Weyerhaeuser Co.
4.61% of portfolio
 		PLD
Prologis Inc.
4.38% of portfolio
 		RYN
Rayonier Inc.
4.26% of portfolio
 		LEN.B
Lennar Corp. CL B
4.25% of portfolio
 		LEN
Lennar Corp.
3.48% of portfolio
 		ESS
Essex Property Trust
3.18% of portfolio
 		UHAL
U-Haul Holding Co.
3.16% of portfolio
 		PSA
Public Storage
2.98% of portfolio
 		HCC
Warrior Met Coal Inc.
2.90% of portfolio
 		TDW
Tidewater Inc.
2.90% of portfolio
 		LOW
Lowe's Cos.
2.15% of portfolio
 		EXP
Eagle Materials Inc.
2.11% of portfolio
 		MHK
Mohawk Industries
1.88% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
1.88% of portfolio
 		ORI
Old Republic International
1.80% of portfolio
 		TPHS
Trinity Place Holdings
1.63% of portfolio
2019   Q4$1.01 B FPH
Five Point Holdings LLC
8.06% of portfolio
 		WY
Weyerhaeuser Co.
7.91% of portfolio
 		BN
Brookfield Corp.
6.16% of portfolio
 		TDW
Tidewater Inc.
5.26% of portfolio
 		LEN.B
Lennar Corp. CL B
5.00% of portfolio
 		LEN
Lennar Corp.
4.90% of portfolio
 		JBGS
JBG Smith Properties
4.83% of portfolio
 		RYN
Rayonier Inc.
4.16% of portfolio
 		VNO
Vornado Realty Trust
3.82% of portfolio
 		HCC
Warrior Met Coal Inc.
3.74% of portfolio
 		MAC
Macerich Co.
3.67% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
3.18% of portfolio
 		UHAL
U-Haul Holding Co.
2.99% of portfolio
 		CMA
Comerica Inc.
2.36% of portfolio
 		FR
First Industrial Realty Trust Inc.
2.31% of portfolio
 		AKR
Acadia Realty Trust
2.24% of portfolio
 		PNC
PNC Financial Services
2.15% of portfolio
 		MHK
Mohawk Industries
1.98% of portfolio
 		TPHS
Trinity Place Holdings
1.74% of portfolio
 		EXP
Eagle Materials Inc.
1.59% of portfolio
2019   Q3$1.11 B WY
Weyerhaeuser Co.
8.00% of portfolio
 		BN
Brookfield Corp.
7.59% of portfolio
 		FPH
Five Point Holdings LLC
7.46% of portfolio
 		LEN.B
Lennar Corp. CL B
5.11% of portfolio
 		LEN
Lennar Corp.
4.76% of portfolio
 		RYN
Rayonier Inc.
4.70% of portfolio
 		JBGS
JBG Smith Properties
4.63% of portfolio
 		TDW
Tidewater Inc.
3.73% of portfolio
 		VNO
Vornado Realty Trust
3.57% of portfolio
 		PNC
PNC Financial Services
3.43% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
3.35% of portfolio
 		MAC
Macerich Co.
3.19% of portfolio
 		HCC
Warrior Met Coal Inc.
3.12% of portfolio
 		UHAL
U-Haul Holding Co.
2.65% of portfolio
 		FR
First Industrial Realty Trust Inc.
2.42% of portfolio
 		AKR
Acadia Realty Trust
2.41% of portfolio
 		CMA
Comerica Inc.
2.26% of portfolio
 		LOW
Lowe's Cos.
2.16% of portfolio
 		TPHS
Trinity Place Holdings
2.06% of portfolio
 		MHK
Mohawk Industries
1.64% of portfolio
2019   Q2$1.19 B WY
Weyerhaeuser Co.
9.06% of portfolio
 		FPH
Five Point Holdings LLC
7.32% of portfolio
 		BN
Brookfield Corp.
6.53% of portfolio
 		LEN
Lennar Corp.
5.31% of portfolio
 		RYN
Rayonier Inc.
5.16% of portfolio
 		TDW
Tidewater Inc.
5.13% of portfolio
 		JBGS
JBG Smith Properties
4.30% of portfolio
 		LEN.B
Lennar Corp. CL B
4.09% of portfolio
 		MAC
Macerich Co.
4.00% of portfolio
 		HCC
Warrior Met Coal Inc.
3.87% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
3.26% of portfolio
 		PNC
PNC Financial Services
3.06% of portfolio
 		CMA
Comerica Inc.
2.72% of portfolio
 		AKR
Acadia Realty Trust
2.63% of portfolio
 		UHAL
U-Haul Holding Co.
2.38% of portfolio
 		FR
First Industrial Realty Trust Inc.
2.21% of portfolio
 		VNO
Vornado Realty Trust
2.14% of portfolio
 		LOW
Lowe's Cos.
1.97% of portfolio
 		TPHS
Trinity Place Holdings
1.88% of portfolio
 		FNF
Fidelity National Financial Inc.
1.57% of portfolio
2019   Q1$1.29 B WY
Weyerhaeuser Co.
8.52% of portfolio
 		FPH
Five Point Holdings LLC
8.20% of portfolio
 		LEN
Lennar Corp.
7.70% of portfolio
 		BN
Brookfield Corp.
6.20% of portfolio
 		RYN
Rayonier Inc.
5.11% of portfolio
 		MAC
Macerich Co.
4.42% of portfolio
 		TDW
Tidewater Inc.
4.41% of portfolio
 		HCC
Warrior Met Coal Inc.
4.27% of portfolio
 		JBGS
JBG Smith Properties
4.20% of portfolio
 		LEN.B
Lennar Corp. CL B
3.95% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.87% of portfolio
 		AKR
Acadia Realty Trust
2.70% of portfolio
 		PNC
PNC Financial Services
2.70% of portfolio
 		CMA
Comerica Inc.
2.65% of portfolio
 		FR
First Industrial Realty Trust Inc.
2.41% of portfolio
 		UHAL
U-Haul Holding Co.
2.33% of portfolio
 		LOW
Lowe's Cos.
2.28% of portfolio
 		VNO
Vornado Realty Trust
2.11% of portfolio
 		TPHS
Trinity Place Holdings
1.66% of portfolio
 		FNF
Fidelity National Financial Inc.
1.46% of portfolio
2018   Q4$1.23 B WY
Weyerhaeuser Co.
8.52% of portfolio
 		BN
Brookfield Corp.
8.43% of portfolio
 		LEN
Lennar Corp.
8.09% of portfolio
 		FPH
Five Point Holdings LLC
6.44% of portfolio
 		MAC
Macerich Co.
5.34% of portfolio
 		RYN
Rayonier Inc.
5.12% of portfolio
 		HCC
Warrior Met Coal Inc.
5.12% of portfolio
 		VNO
Vornado Realty Trust
4.04% of portfolio
 		TDW
Tidewater Inc.
3.73% of portfolio
 		AKR
Acadia Realty Trust
3.39% of portfolio
 		LEN.B
Lennar Corp. CL B
3.15% of portfolio
 		CMA
Comerica Inc.
3.02% of portfolio
 		PNC
PNC Financial Services
2.67% of portfolio
 		LOW
Lowe's Cos.
2.64% of portfolio
 		HA-OLD
Hawaiian Holdings Inc.
2.55% of portfolio
 		FR
First Industrial Realty Trust Inc.
2.49% of portfolio
 		UHAL
U-Haul Holding Co.
2.24% of portfolio
 		JBGS
JBG Smith Properties
1.80% of portfolio
 		TPHS
Trinity Place Holdings
1.74% of portfolio
 		TRC
Tejon Ranch Co.
1.50% of portfolio
2018   Q3$1.77 B BN
Brookfield Corp.
10.00% of portfolio
 		WY
Weyerhaeuser Co.
8.54% of portfolio
 		LEN
Lennar Corp.
6.93% of portfolio
 		FPH
Five Point Holdings LLC
5.43% of portfolio
 		MAC
Macerich Co.
4.95% of portfolio
 		RYN
Rayonier Inc.
4.53% of portfolio
 		HCC
Warrior Met Coal Inc.
4.06% of portfolio
 		TDW
Tidewater Inc.
3.94% of portfolio
 		PNC.WS
PNC Financial Services WTS
3.49% of portfolio
 		VNO
Vornado Realty Trust
3.45% of portfolio
 		LOW
Lowe's Cos.
3.12% of portfolio
 		AKR
Acadia Realty Trust
2.90% of portfolio
 		CMA
Comerica Inc.
2.71% of portfolio
 		LEN.B
Lennar Corp. CL B
2.56% of portfolio
 		FR
First Industrial Realty Trust Inc.
2.53% of portfolio
 		BK
Bank of New York Mellon Corp.
1.87% of portfolio
 		ORIG
Ocean Rig UDW Inc.
1.83% of portfolio
 		UHAL
U-Haul Holding Co.
1.77% of portfolio
 		TPHS
Trinity Place Holdings
1.70% of portfolio
 		ZION
Zions Bancorp
1.60% of portfolio
2018   Q2$2.02 B WY
Weyerhaeuser Co.
9.11% of portfolio
 		FCE.A
Forest City Enterprises Inc.
8.13% of portfolio
 		BN
Brookfield Corp.
8.08% of portfolio
 		LEN
Lennar Corp.
6.84% of portfolio
 		FPH
Five Point Holdings LLC
4.84% of portfolio
 		RYN
Rayonier Inc.
4.54% of portfolio
 		MAC
Macerich Co.
4.45% of portfolio
 		HCC
Warrior Met Coal Inc.
3.44% of portfolio
 		TDW
Tidewater Inc.
3.24% of portfolio
 		PNC.WS
PNC Financial Services WTS
3.06% of portfolio
 		VNO
Vornado Realty Trust
3.05% of portfolio
 		FR
First Industrial Realty Trust Inc.
2.82% of portfolio
 		AKR
Acadia Realty Trust
2.48% of portfolio
 		CMA
Comerica Inc.
2.42% of portfolio
 		LEN.B
Lennar Corp. CL B
2.32% of portfolio
 		LOW
Lowe's Cos.
2.27% of portfolio
 		TRC
Tejon Ranch Co.
2.23% of portfolio
 		BK
Bank of New York Mellon Corp.
2.09% of portfolio
 		Y-OLD
Alleghany Corp.
2.02% of portfolio
 		TPHS
Trinity Place Holdings
1.60% of portfolio
2018   Q1$1.97 B WY
Weyerhaeuser Co.
9.00% of portfolio
 		BN
Brookfield Corp.
8.15% of portfolio
 		LEN
Lennar Corp.
7.90% of portfolio
 		FCE.A
Forest City Enterprises Inc.
7.25% of portfolio
 		RYN
Rayonier Inc.
5.49% of portfolio
 		PNC.WS
PNC Financial Services WTS
3.83% of portfolio
 		MAC
Macerich Co.
3.47% of portfolio
 		TDW
Tidewater Inc.
3.25% of portfolio
 		TRC
Tejon Ranch Co.
3.12% of portfolio
 		VNO
Vornado Realty Trust
2.85% of portfolio
 		BK
Bank of New York Mellon Corp.
2.85% of portfolio
 		CMA
Comerica Inc.
2.64% of portfolio
 		FR
First Industrial Realty Trust Inc.
2.53% of portfolio
 		CVCO
Cavco Industries Inc.
2.40% of portfolio
 		AKR
Acadia Realty Trust
2.28% of portfolio
 		Y-OLD
Alleghany Corp.
2.21% of portfolio
 		LOW
Lowe's Cos.
2.14% of portfolio
 		FPH
Five Point Holdings LLC
1.94% of portfolio
 		HCC
Warrior Met Coal Inc.
1.81% of portfolio
 		TPHS
Trinity Place Holdings
1.63% of portfolio