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        <fairValLevel>1</fairValLevel>
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        <name>DREYFUS TREASURY SECURITIES CASH MANAGEMENT</name>
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          <isin value="US2619411083"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BLUELINX HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BOISE CASCADE COMPANY</name>
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          <isin value="US09739D1000"/>
          <ticker value="BCC"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OCTAVE SPECIALTY GROUP INC</name>
        <lei>5493000UC0RBBNDHI717</lei>
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          <isin value="US0231398845"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SANDRIDGE ENERGY INC</name>
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          <isin value="US80007P8692"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIFIRST CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MYR GROUP INC</name>
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          <isin value="US55405W1045"/>
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        <fairValLevel>1</fairValLevel>
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        <name>LSB INDUSTRIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SOUTHSIDE BANCSHARES INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIVE POINT HOLDINGS LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INVESTORS TITLE CO INC</name>
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          <ticker value="ITIC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>OCEANFIRST FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>QUALYS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UMB FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COLLEGIUM PHARMACEUTICAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ATLANTA BRAVES HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PROSPERITY BANCSHARES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ATLANTA BRAVES HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TIDEWATER INC</name>
        <lei>2549000JA5GRUPLMUH98</lei>
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          <ticker value="TDW"/>
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        <fairValLevel>1</fairValLevel>
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        <name>COMPASS INC</name>
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        <title>COMPASS INC CL A</title>
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          <ticker value="COMP"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FLAGSTAR BANK NA</name>
        <lei>SS1TRMSN6BRNMOREEV51</lei>
        <title>FLAGSTAR BANK NA COM NEW</title>
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          <ticker value="FLG"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MAXIMUS INC</name>
        <lei>549300DQCDS8HJ7QF202</lei>
        <title>MAXIMUS INC COM</title>
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          <ticker value="MMS"/>
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        <fairValLevel>1</fairValLevel>
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        <name>PROASSURANCE CORP</name>
        <lei>54930015E5J57R675E89</lei>
        <title>PROASSURANCE CORP COM</title>
        <cusip>74267C106</cusip>
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          <ticker value="PRA"/>
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        <balance>260225.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6427557.50000000</valUSD>
        <pctVal>3.202588384004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAISER ALUMINUM CORP</name>
        <lei>N/A</lei>
        <title>KAISER ALUMINUM CORP COM PAR $0.01</title>
        <cusip>483007704</cusip>
        <identifiers>
          <isin value="US4830077040"/>
          <ticker value="KALU"/>
        </identifiers>
        <balance>29778.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5075064.54000000</valUSD>
        <pctVal>2.528696591804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PBF ENERGY INC</name>
        <lei>2549003PBEDCSZMZIY02</lei>
        <title>PBF ENERGY INC CL A</title>
        <cusip>69318G106</cusip>
        <identifiers>
          <isin value="US69318G1067"/>
          <ticker value="PBF"/>
        </identifiers>
        <balance>131050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5682328.00000000</valUSD>
        <pctVal>2.831271077217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTRAL SECURITIES CORP</name>
        <lei>549300D87MQ4TEVRK235</lei>
        <title>CENTRAL SECURITIES CORP COM</title>
        <cusip>155123102</cusip>
        <identifiers>
          <isin value="US1551231020"/>
          <ticker value="CET"/>
        </identifiers>
        <balance>101812.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5421489.00000000</valUSD>
        <pctVal>2.701305697445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALAMO GROUP INC</name>
        <lei>54930080C93RVZRSDV26</lei>
        <title>ALAMO GROUP INC COM</title>
        <cusip>011311107</cusip>
        <identifiers>
          <isin value="US0113111076"/>
          <ticker value="ALG"/>
        </identifiers>
        <balance>34257.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5941534.08000000</valUSD>
        <pctVal>2.960422839900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRI POINTE HOMES INC</name>
        <lei>N/A</lei>
        <title>TRI POINTE HOMES INC COM</title>
        <cusip>87265H109</cusip>
        <identifiers>
          <isin value="US87265H1095"/>
          <ticker value="TPH"/>
        </identifiers>
        <balance>155515.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7292098.35000000</valUSD>
        <pctVal>3.633353644946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENCORE CAPITAL GROUP INC</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>ENCORE CAPITAL GROUP INC COM</title>
        <cusip>292554102</cusip>
        <identifiers>
          <isin value="US2925541029"/>
          <ticker value="ECPG"/>
        </identifiers>
        <balance>129476.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10716728.52000000</valUSD>
        <pctVal>5.339706455007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HARLEY-DAVIDSON INC</name>
        <lei>ZDNAWZWXIKMWI51R2A08</lei>
        <title>HARLEY-DAVIDSON INC COM</title>
        <cusip>412822108</cusip>
        <identifiers>
          <isin value="US4128221086"/>
          <ticker value="HOG"/>
        </identifiers>
        <balance>209306.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5000320.34000000</valUSD>
        <pctVal>2.491454621321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Third Avenue Trust</ncom:nameOfApplicant>
      <ncom:signature>Christine S. Catanzaro</ncom:signature>
      <ncom:signerName>Christine S. Catanzaro</ncom:signerName>
      <ncom:title>Treasurer and Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
