13F-HR 1 tam122009.txt FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F-HR Form 13F-HR COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2009 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 Address: 622 Third Avenue, 32nd Floor New York, NY 10017 Form 13F File Number: 028-5110 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: Willard James Hall Title: General Counsel Phone: 212-888-2290 Signature, Place, and Date of Signing: Willard James Hall New York, New York February 16, 2010 Report Type (Check one only): [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 reported are 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: 1 Form 13F Information Table Entry Total: 114 Form 13F Information Table Value Total: $5,282,853 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file nember(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.] No. Form 13F File Number Name 1 028-10561 AIC Investment Services Inc. FORM 13F INFORMATION TABLE

VALUE SHRS OR SH/ PUT/INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALLDSCRETN MNGRS SOLE SHARED NONE Acadia Realty Trust COM SH BEN INT 004239109 688 40799 SH SOLE 40799 0 0 Agrium, Inc. COM 008916108 4353 70779 SH SOLE 70779 0 0 Alamo Group, Inc. COM 011311107 20065 1169949 SH SOLE 1169949 0 0 Alexander & Baldwin, Inc. COM 014482103 93558 2733211 SH SOLE 2731586 0 1625 Alico, Inc. COM 016230104 7660 269164 SH SOLE 269164 0 0 Alto Palermo S.A. ADR 02151P107 917 99144 SH SOLE 99144 0 0 Ambac Financial Group COM 023139108 19841 23905335 SH SOLE 23905335 0 0 Applied Materials, Inc. COM 038222105 36654 2629429 SH SOLE 2484804 0 144625 Arch Capital Group Ltd. ORD G0450A105 21006 293590 SH SOLE 293590 0 0 Aspen Insurance Holdings Ltd SHS G05384105 7966 312991 SH SOLE 312991 0 0 AVX Corporation COM 002444107 25437 2007646 SH OTHER 1 2007646 0 0 AVX Corporation COM 002444107 138390 10922656 SH SOLE 10403667 0 518989 Bank of New York Mellon Corp. COM 064058100 29287 1047079 SH OTHER 1 1047079 0 0 Bank of New York Mellon Corp. COM 064058100 249391 8916382 SH SOLE 8670469 0 245913 Barclays Bank PLC ETN DJUBS AGRI37 06739H206 6037 132472 SH SOLE 132472 0 0 Bel Fuse Inc. CL B CL B 077347300 23993 1116474 SH SOLE 1116474 0 0 Brandywine Operating Partnership NOTE 3.875% 105340AH6 16191 16500000 SH SOLE 16500000 0 0 Bristow Group Inc. COM 110394103 84264 2191514 SH SOLE 2127864 0 63650 Bronco Drilling Co. Inc. COM 112211107 28536 5628487 SH SOLE 5628487 0 0 Brookfield Asset Mgmt. CL A LTD VT SH 112585104 1186 53468 SH OTHER 1 53468 0 0 Brookfield Asset Mgmt. CL A LTD VT SH 112585104 464868 20958884 SH SOLE 20797890 0 160994 Brookfield Infrastructure Part. L.P. LP INT UNIT G16252101 7829 466843 SH SOLE 466843 0 0 Brookfield Properties COM 112900105 491 40500 SH OTHER 1 40500 0 0 Brookfield Properties COM 112900105 1168 96350 SH SOLE 70850 0 25500 Brooklyn Federal Bancorp Inc. COM 114039100 6397 637122 SH SOLE 637122 0 0 Capital Southwest COM 140501107 9392 119194 SH SOLE 119194 0 0 Carver Bancorp, Inc. COM 146875109 1977 218500 SH SOLE 218500 0 0 Cavco Industries, Inc. COM 149568107 29856 831181 SH SOLE 831181 0 0 Cenovus Energy Inc. COM 15135U109 13618 538750 SH OTHER 1 538750 0 0 Cenovus Energy Inc. COM 15135U109 58511 2323532 SH SOLE 2214524 0 109008 Cimarex Energy Co. COM 171798101 9508 179506 SH OTHER 1 179506 0 0 Cimarex Energy Co. COM 171798101 276055 5211543 SH SOLE 5115968 0 95575 Coherent Inc. COM 192479103 9775 328803 SH SOLE 328803 0 0 Colonial Bankshares Inc. COM 195572102 369 50920 SH SOLE 50920 0 0 ConocoPhillips COM 20825C104 4569 89462 SH SOLE 89462 0 0 Consolidated Tomoka Land Co. COM 210226106 62 1779 SH OTHER 1 1779 0 0 Consolidated Tomoka Land Co. COM 210226106 17764 508403 SH SOLE 508403 0 0 Covanta Holding Corporation COM 22282E102 167537 9261289 SH SOLE 9261289 0 0 Cross Country Healthcare Inc. COM 227483104 63161 6373482 SH SOLE 6373482 0 0 Eastgroup Properties Inc. COM 277276101 593 15500 SH SOLE 15500 0 0 Electro Scientific Industries, Inc. COM 285229100 41169 3804924 SH SOLE 3801899 0 3025 Electronics for Imaging Inc. COM 286082102 54791 4211440 SH SOLE 4085849 0 125591 Encana Corporation COM 292505104 17529 538750 SH OTHER 1 538750 0 0 Encana Corporation COM 292505104 97941 3026243 SH SOLE 2898347 0 127896 Encore Wire Corporation COM 292562105 46375 2200985 SH SOLE 2200985 0 0 Fedfirst Financial Corporation COM 31429X105 1715 490036 SH SOLE 490036 0 0 First Potomac Realty Trust COM 33610F109 406 32300 SH SOLE 32300 0 0 Forest City Enterprises Inc. CL A 345550107 1396 118540 SH OTHER 1 118540 0 0 Forest City Enterprises Inc. CL A 345550107 318067 27000595 SH SOLE 26911477 0 89118 Forest City Enterprises Inc. CL B CONV 345550305 307 25800 SH SOLE 25800 0 0 Genesee & Wyoming Inc. CL A 371559105 3344 102441 SH SOLE 102441 0 0 Glatfelter P. H. Co. COM 377316104 35695 2937883 SH SOLE 2937883 0 0 Haverty Furniture Companies Inc. COM 419596101 32620 2375849 SH SOLE 2375849 0 0 HCC Insurance Holdings COM 404132102 15521 554919 SH SOLE 554919 0 0 Herley Industries, Inc. COM 427398102 18248 1313717 SH SOLE 1313717 0 0 HKN Inc. COM 40420K103 174 47478 SH SOLE 47478 0 0 Imation Corp. COM 45245A107 6171 707709 SH SOLE 707709 0 0 Ingram Micro Inc. CL A 457153104 8820 505450 SH SOLE 505450 0 0 Insteel Industries Inc. COM 45774W108 13894 1068787 SH SOLE 1068787 0 0 Intel Corporation COM 458140100 11730 575000 SH SOLE 575000 0 0 Investment Technology Group COM 46145F105 79699 4045613 SH SOLE 3960238 0 85375 Jakks Pacific, Inc. COM 47012E106 19658 1621960 SH SOLE 1621960 0 0 Journal Communications Inc. CL A 481130102 5678 1459559 SH SOLE 1459559 0 0 Kaiser Aluminum Corp. COM PAR $0.01 483007704 34835 836979 SH SOLE 836979 0 0 Kearny Financial Corp. COM 487169104 6658 660494 SH SOLE 660494 0 0 Keycorp COM 493267108 60884 10970000 SH SOLE 10970000 0 0 Kid Brands, Inc. COM 49375T100 1340 306037 SH SOLE 306037 0 0 K-Swiss Inc. CL A 482686102 44469 4473780 SH SOLE 4473780 0 0 Leucadia National Corporation COM 527288104 92582 3891631 SH SOLE 3639090 0 252541 Lexmark International Inc. CL A 529771107 40274 1550190 SH SOLE 1550190 0 0 Louisiana Pacific Corp. COM 546347105 3396 486575 SH SOLE 486575 0 0 MBIA Inc. COM 55262C100 21829 5484555 SH SOLE 5484555 0 0 MDC Holdings Inc. COM 552676108 50374 1622862 SH SOLE 1610462 0 12400 Montpelier Re Holdings Ltd. SHS G62185106 85290 4924355 SH SOLE 4674978 0 249377 Nabors Industries SHS G6359F103 265044 12108000 SH SOLE 12108000 0 0 National Western Life Insurance Co. CL A 638522102 55738 321033 SH SOLE 321033 0 0 NewAlliance Bancshares, Inc. COM 650203102 5456 454286 SH SOLE 454286 0 0 Newmont Mining Corporation COM 651639106 36767 777142 SH SOLE 713483 0 63659 Omega Flex Inc. COM 682095104 5041 360100 SH SOLE 360100 0 0 Park Electrochemical Corporation COM 700416209 40534 1466505 SH SOLE 1466505 0 0 Pharmaceutical Product Dev. Inc. COM 717124101 74723 3187836 SH SOLE 3113011 0 74825 Pioneer Drilling Co. COM 723655106 30343 3840896 SH SOLE 3840896 0 0 Posco ADR 693483109 40310 307477 SH OTHER 1 307477 0 0 Posco ADR 693483109 529684 4040302 SH SOLE 4016632 0 23670 Prologis NOTE 1.88% NOTE 11/15/37 743410AR3 17637 19929000 SH SOLE 19929000 0 0 Prologis NOTE 2.25% NOTE 04/01/37 743410AQ5 12985 14000000 SH SOLE 14000000 0 0 Prologis NOTE 2.63% NOTE 05/15/38 743410AS1 4482 5000000 SH SOLE 5000000 0 0 Prologis Trust SH BEN INT 743410102 511 37350 SH OTHER 1 37350 0 0 Prologis Trust SH BEN INT 743410102 21587 1576877 SH SOLE 1563677 0 13200 Provident Energy Trust COM 2739443 4731 700566 SH SOLE 700566 0 0 Skyline Corporation COM 830830105 26047 1415574 SH SOLE 1415574 0 0 Stanley Furniture Company, Inc. COM 854305208 24801 2443437 SH SOLE 2443437 0 0 Stoneleigh Partners Acquisition WTS EXP 05/31/11 861923126 0 875000 SH SOLE 875000 0 0 Superior Industries Int'l, Inc. COM 868168105 7150 467312 SH OTHER 1 467312 0 0 Superior Industries Int'l, Inc. COM 868168105 36452 2382473 SH SOLE 2382473 0 0 Sycamore Networks, Inc. COM 871206405 18950 906267 SH OTHER 1 906267 0 0 Sycamore Networks, Inc. COM 871206405 91643 4382735 SH SOLE 4270104 0 112631 Synopsys Inc. COM 871607107 48499 2176796 SH SOLE 2176796 0 0 Tejon Ranch Co. COM 879080109 479 16400 SH OTHER 1 16400 0 0 Tejon Ranch Co. COM 879080109 144095 4931386 SH SOLE 4909386 0 22000 Tellabs, Inc. COM 879664100 11103 1954703 SH OTHER 1 1954703 0 0 Tellabs, Inc. COM 879664100 129155 22738526 SH SOLE 22286076 0 452450 The St. Joe Company COM 790148100 489 16923 SH OTHER 1 16923 0 0 The St. Joe Company COM 790148100 66709 2309076 SH SOLE 2286576 0 22500 Thomas Properties Group Inc. COM 884453101 810 273500 SH OTHER 1 273500 0 0 Thomas Properties Group Inc. COM 884453101 22787 7698473 SH SOLE 7698473 0 0 Tidewater Inc. COM 886423102 55314 1153578 SH SOLE 1153578 0 0 United Microelectronics Corp. SPON ADR 910873405 1181 304303 SH SOLE 304303 0 0 Vail Resorts Inc. COM 91879Q109 52256 1382432 SH SOLE 1382432 0 0 Vornado Realty Trust SH BEN INT 929042109 742 10616 SH OTHER 1 10616 0 0 Vornado Realty Trust SH BEN INT 929042109 62642 895649 SH SOLE 889120 0 6529 Westlake Chemical Corp. COM 960413102 43920 1761737 SH SOLE 1761737 0 0 Westwood Holdings Group Inc. COM 961765104 17882 492087 SH SOLE 492087 0 0 Weyerhaeuser Company COM 962166104 42372 982197 SH SOLE 913840 0 68357