13F-HR/A 1 tam122007.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, 2007 Check here if Amendment: |x|; Amendment Number: 1 This Amendment (Check only one): | | is a restatement. |X| 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 15, 2008 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: 186 Form 13F Information Table Value Total: $11,504,598 (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

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN COLUMN 6 COLUMN COLUMN 8 ------------------- ------------------ -------- ---------------------------- ------------------- INVESTMENT VOTING AUTHORITY DISCRETION (SHARES) SHARED MARKET SOLESHAREDOTHER SOLE SHARED NONE SECURITY DESCRIPTION CLASS CUSIP SHARES VALUE (A) (B) (C) MGR (A) (B) (C) A.S.V. Inc. COM 001963107 2287758 31685 X 2287758 0 0 ACA Capital Holdings Inc. COM 000833103 4609419 3840 X 4609419 0 0 Acadia Realty Trust COM 004239109 2581610 66115 X 2543110 0 38500 Ace Limited ORD G0070K103 87035 5377 X 87035 0 0 Alamo Group, Inc. COM 011311107 2578615 46725 X 1893284 0 685331 Alexander & Baldwin, Inc. COM 014482103 2896131 149614 X 2896131 0 0 Alico, Inc. COM 016230104 418531 15276 X 418531 0 0 Alliance Data Systems Corp. COM 018581108 2038710 152883 X 2038710 0 0 Alto Palermo S.A. ADR ADR 02151P107 100000 1464 X 100000 0 0 Ambac Financial Group COM 023139108 2699896 69576 X 2698496 0 1400 American Financial Realty Trust SBI 02607P305 149600 1200 X 149600 0 0 Am. Fin'l Realty 4.375% 07/15/2024 NOTE 02607PAB3 5000000 4888 X 5000000 0 0 American Land Lease Inc. COM 027118108 37728 748 X 36028 0 1700 Applied Materials, Inc. COM 038222105 1703546 30255 X 1700771 0 2775 Arch Capital Group Ltd. COM G0450A105 1461659 102828 X 1459359 0 2300 Aspen Insurance Holdings Ltd COM 2172372 710818 20500 X 710818 0 0 Associated Estates Realty Corp. COM 045604105 1348100 12726 X 1348100 0 0 Avatar Holdings Inc. COM 053494100 408775 17095 X 408775 0 0 AVX Corporation COM 2444107 19310957 227890 X 17053214 0 2260075 AVX Corporation COM 2444107 2332 31294 X 0 0 0 Bank of New York Mellon Corp. COM 064058100 9962058 440506 X 9043171 0 919816 Bank of New York Mellon Corp. COM 064058100 929 45289 X 1 0 0 0 Bel Fuse Inc. CL A CL A 077347201 284467 9811 X 284467 0 0 Bel Fuse Inc. CL B CL B 077347300 1144177 33490 X 1143302 0 875 Berkshire Hills Bancorp Inc. COM 084680107 390800 10161 X 390800 0 0 Borland Software Corporation COM 099849101 10495553 31592 X 10495553 0 0 Bristow Group Inc. COM 110394103 1684349 95418 X 1638749 0 45600 Bronco Drilling Co. Inc. COM 112211107 5170216 76778 X 5170216 0 0 Brookfield Asset Mgmt. CL A CL A 112585104 24941468 889662 X 24785775 0 155693 Brookfield Properties COM 112900105 3441162 66242 X 3411912 0 29250 Brookline Bancorp Inc. COM 11373M107 5278605 53631 X 5121316 0 157289 Brooklyn Federal Bancorp Inc. COM 114039100 637122 8423 X 637122 0 0 California First National Bank COM 130222102 239259 2328 X 239259 0 0 Capital Lease Funding Inc. COM 140288101 49300 415 X 49300 0 0 Capital Southwest COM 140501107 123811 14659 X 123811 0 0 Carver Bancorp, Inc. COM 146875109 218500 2991 X 218500 0 0 Cavco Industries, Inc. COM 149568107 624873 21146 X 624873 0 0 CBRE Realty Finance Inc. REIT 12498B307 609569 3255 X 609569 0 0 Cimarex Energy Co. COM 171798101 8476288 360497 X 8393163 0 83125 CIT Group Inc. COM 125581108 3641993 87517 X 3513645 0 128348 CNX Gas Corp. COM 12618H309 535800 17119 X 535800 0 0 Coachmen Industries, Inc. COM 189873102 2411438 14348 X 2411438 0 0 Coherent Inc. COM 192479103 1007846 25267 X 1007846 0 0 Colonial Bankshares Inc. COM 195572102 50320 520 X 50320 0 0 Commscope Inc. COM 203372107 1163162 57239 X 1163162 0 0 Comstock Resources, Inc. COM 205768203 472710 16072 X 472710 0 0 Consolidated Tomoka Land Co. COM 210226106 595050 37298 X 594050 0 1000 Cousins Properties Inc REIT 222795106 1127395 24915 X 1104450 0 22945 Covanta Holding Corporation COM 22282E102 8816889 243875 X 8816889 0 0 Cross Country Healthcare Inc. COM 227483104 3407969 48529 X 3407969 0 0 Crystal River Capital Inc. REIT 229393301 333075 4810 X 303575 0 29500 Datascope Corporation COM 238113104 342300 12460 X 342300 0 0 Deltic Timber Corp. COM 247850100 1105190 56906 X 1105190 0 0 Eastgroup Properties Inc. REIT 277276101 400891 16777 X 400291 0 600 Electro Scientific Industries, Inc. COM 285229100 3353852 66574 X 3347727 0 6125 Electronics for Imaging Inc. COM 286082102 3617748 81327 X 3539623 0 78125 Encana Corporation COM 292505104 1968241 99235 X 1968750 0 0 Encana Corporation COM 292505104 509 34561 X 1 0 0 0 Encore Wire Corporation COM 292562105 2899951 46167 X 2899951 0 0 Fair Isaac Corporation COM 303250104 337082 10837 X 337082 0 0 FBL Financial Group, Inc. CL A 30239F106 507000 17507 X 507000 0 0 Fedfirst Financial Corporation COM 31429X105 384936 3451 X 384936 0 0 First Potomac Realty Trust SBI 33610F109 1396000 24137 X 1396000 0 0 Fording Canadian Coal Trust UNIT 345425102 2935552 113312 X 2853279 0 82273 Forest City Enterprises Inc. CL A CL A 345550107 18430239 819040 X 17857206 0 573033 Forest City Enterprises Inc. CL B CL B 345550305 26000 1158 X 26000 0 0 Geneva Acquisition Corp WTS WTS 37185Y112 320000 106 X 320000 0 0 Geneva Acquisition Corp Unit UNIT 37185Y104 160000 901 X 160000 0 0 Glatfelter P. H. Co. COM 377316104 5246370 80322 X 5246370 0 0 Golar LNG Ltd. COM 7139695 650000 14245 X 650000 0 0 Gouverneur Bancorp Inc. COM 383584109 205511 1751 X 205511 0 0 Greenlight Capital RE Ltd. Cl A COM 4095J1094 427848 8895 X 427848 0 0 GSI Group Inc. COM 36229U102 2002748 18505 X 2002748 0 0 Handleman Company COM 410252100 3766103 6440 X 3766103 0 0 Haverty Furniture Companies Inc. COM 419596101 4768971 42873 X 4768971 0 0 Haynes International Inc. COM 420877201 445714 30977 X 445714 0 0 Herley Industries, Inc. COM 427398102 2856186 39273 X 2856186 0 0 Home Federal Bancorp Inc/ LA COM 43708F101 251457 2389 X 251457 0 0 IAMGOLD Corporation COM 450913108 1018700 8350 X 1018700 0 0 IDT Corporation CL B CL B 448947309 3610200 30506 X 3610200 0 0 IDT Corporation CL C CL C 448947101 449743 3553 X 449743 0 0 Imation Corp. COM 45245A107 499540 10490 X 499540 0 0 Industrias Bachoco, S.A. DE C.V. ADR 456463108 740409 23486 X 740409 0 0 Ingram Micro Inc. COM 457153104 1730800 31224 X 1730800 0 0 Insteel Industries Inc. COM 45774W108 1505594 17661 X 1505594 0 0 Intel Corporation COM 458140100 4210000 112239 X 4210000 0 0 Investment Technology Group COM 46145F105 132800 6320 X 132800 0 0 Investor Bancorp Inc COM 46146P102 305713 4323 X 305713 0 0 Irsa Invest. and Rep. Inc. SP GDR COM 450047204 337100 4908 X 337100 0 0 Jakks Pacific, Inc. COM 47012E106 2686025 63417 X 2686025 0 0 Jefferies Group COM 472319102 894400 20616 X 894400 0 0 JER Investors Trust Inc. REIT 46614H301 2339215 25193 X 2305215 0 34000 Journal Communications Inc. Cl A COM 481130102 5046739 45118 X 4944314 0 102425 Kapstone Paper and Packaging WTS WTS 48562P111 300000 600 X 300000 0 0 Kapstone Paper and Packaging COM 48562P103 1160000 8120 X 1160000 0 0 Kearny Financial Corp. COM 487169104 1131350 13474 X 1131350 0 0 K-Swiss Inc., CL A CL A 482686102 4291746 77681 X 4291746 0 0 Leapfrog Enterprises Inc. CL A 52186N106 4977817 33501 X 4876617 0 101200 Legg Mason Inc. COM 524901105 3343553 244581 X 3289467 0 54086 Leucadia National Corporation COM 527288104 977396 46035 X 977396 0 0 Lexmark International Inc. CL A CL A 529771107 2506565 87379 X 2506565 0 0 Liberty Media Holdings - Cap Srs A COM SER A 53071M302 49375 5752 X 49375 0 0 Liberty Media Interactive Cl A COM SER A 53071M104 261875 4997 X 261875 0 0 Louisiana Pacific Corp. COM 546347105 5432819 74321 X 5253969 0 178850 Lundin Mining Corp COM 550372106 929300 8983 X 929300 0 0 MBIA Inc. COM 55262C100 13773096 236607 X 13164251 0 609919 MBIA Inc. COM 55262C100 1074 20006 X 1 0 0 0 MDC Holdings Inc. COM 552676108 2728331 101303 X 2688947 0 39384 Media & Enter. Holdings, Inc. UNITS UNIT 58439W207 325000 2402 X 325000 0 0 Media & Enter. Holdings, Inc. WTS WTS 58439w116 550000 413 X 550000 0 0 Mercer Int'l Inc. SBI COM 588056101 632683 4954 X 632683 0 0 MGIC Investment Corp. COM 552848103 4063674 69055 X 4064660 0 0 MGIC Investment Corp. COM 552848103 986 22115 X 1 0 0 0 Microsoft Corporation COM 594918104 2000000 71200 X 2000000 0 0 Mirant Corp. COM 60467R100 861208 33570 X 861208 0 0 Montpelier Re Holdings Ltd. COM G62185106 6329316 107662 X 6019340 0 309976 MVC Capital Inc. COM 553829102 365000 5891 X 365000 0 0 Nabors Industries COM G6359F103 10949036 299894 X 10944886 0 4150 National Western Life Insurance Co. CL A 638522102 302971 62827 X 302971 0 0 NewAlliance Bancshares, Inc. COM 650203102 9860435 113592 X 9642554 0 217881 Newmont MNG Corp COM 651639106 1491925 72851 X 1374402 0 117523 Ocean Shore Holding Company COM 67501P107 53251 522 X 53251 0 0 Omega Flex Inc. COM 682095104 360100 5898 X 360100 0 0 One Liberty Properties COM 682406103 736375 13527 X 736375 0 0 Origen Financial Inc. COM 68619E208 2180470 8722 X 2121920 0 58550 Parexel International Corporation COM 699462107 598000 28883 X 598000 0 0 Park Electrochemical Corporation COM 700416209 1095255 30930 X 1095255 0 0 Patriot Transportation Holdings COM 70337B102 73838 6810 X 73838 0 0 Pfizer Inc. COM 717081103 6010137 108023 X 5876021 0 135375 Pfizer Inc. COM 717081103 1259 28616 X 1 0 0 0 Pharmaceutical Product Dev. Inc. COM 717124101 1839726 74270 X 1839726 0 0 Phoenix Companies Inc. COM 71902E109 4244000 50376 X 4244000 0 0 Pioneer Drilling Co. COM 723655106 7186848 85380 X 7186848 0 0 Posco ADR ADR 693483109 4138636 598768 X 3913694 0 225100 Posco ADR ADR 693483109 158 23748 X 1 0 0 0 Precision Drilling Trust TR UNIT 740215108 437400 6635 X 437400 0 0 Prologis Trust SBI 743410102 3015176 191102 X 2992070 0 23106 PS Business Parks, Inc. COM 69360J107 947692 49801 X 947292 0 400 Quadra Realty Trust Inc. COM 746945104 2383700 19165 X 2331200 0 52500 Radian Group Inc. COM 750236101 15102285 176395 X 14706428 0 395857 Rait Investment Trust SBI 749227104 3352000 28894 X 3350600 0 1400 Raymond James Financial COM 754730109 2444062 79823 X 2444062 0 0 Resource Capital Corporation REIT 76120W302 940601 8757 X 940601 0 0 Rockville Financial Inc. COM 774186100 279941 3415 X 279941 0 0 Russ Berrie and Company, Inc. COM 782233100 2576777 42156 X 2561777 0 15000 Sears Holding Corporation COM 812350106 243393 24838 X 243393 0 0 Skyline Corporation COM 830830105 1102720 32365 X 1102720 0 0 St. Jude Medical Inc. COM 790849103 363000 14752 X 363000 0 0 St. Mary Land & Exploration COM 792228108 2620703 101185 X 2620703 0 0 Standex International Corporation COM 854231107 480500 8385 X 480500 0 0 Stanley Furniture Company, Inc. COM 854305208 2861268 34335 X 2861268 0 0 Stewart Information Services COM 860372101 479800 12518 X 479800 0 0 Stoneleigh Partners Warrants WTS 861923126 1750000 1224 X 1750000 0 0 Suncor Energy Inc. COM 867229106 1000000 108730 X 1000000 0 0 Superior Industries Int'l, Inc. COM 868168105 4852395 70925 X 4853345 0 0 Superior Industries Int'l, Inc. COM 868168105 950 17260 X 1 0 0 0 SWS Group Inc. COM 78503N107 281385 3565 X 281385 0 0 Sybase Inc. COM 871130100 1094025 28543 X 1094025 0 0 Sycamore Networks, Inc. COM 871206108 19504404 74897 X 19504404 0 0 Synopsys Inc. COM 871607107 1525952 39568 X 1525952 0 0 Tailwind Financial Inc. WTS WTS 874023112 375000 244 X 375000 0 0 Tailwind Financial Inc. Units UNIT 874023203 187500 1421 X 187500 0 0 Technitrol, Inc. COM 878555101 172700 4936 X 172700 0 0 Tejon Ranch Co. COM 879080109 4508465 184171 X 4485465 0 23000 Tellabs, Inc.` COM 879664100 20192231 132057 X 19996231 0 196000 The First American Corporation COM 318522307 1000000 34120 X 1000000 0 0 The St. Joe Company COM 790148100 15347635 544995 X 15232185 0 115450 The Toronto-Dominion Bank COM 891160509 16354 1144 X 16354 0 0 Thomas Properties Group Inc. COM 884453101 2566549 27667 X 2563449 0 3100 Tidewater Inc. COM 886423102 1076715 59069 X 1076715 0 0 Tompkins Trustco Inc. COM 890110109 54704 2123 X 54704 0 0 Transforma Acq. Grp WTS EXP 12/19/2010 WTS 89366E118 100000 68 X 100000 0 0 Triad Guaranty Inc COM 895925105 1064023 10427 X 1064023 0 0 Trinity Industries COM 896522109 1470350 40817 X 1470350 0 0 United Financial Bancorp Inc. COM 91030R103 275000 3050 X 275000 0 0 United Microelectronics Corp. ADR ADR 910873405 1285100 4446 X 1285100 0 0 USG Corporation COM 903293405 5573058 199460 X 5284033 0 289025 Vail Resorts Inc. COM 91879Q109 902690 48574 X 902690 0 0 Vishay Intertecnology, Inc. COM 928298108 555000 6333 X 555000 0 0 Vornado Realty Trust SBI 929042109 1327543 116757 X 1315168 0 12375 Wauwatosa Holdings Inc. COM 94348P108 72085 924 X 72085 0 0 Westlake Chemical Corp. COM 960413102 4639335 88101 X 4639335 0 0 Westwood Holdings Group Inc. COM 961765104 752637 28299 X 752637 0 0 White Mountains Insurance Group COM G9618E107 60100 30894 X 60100 0 0 Whiting Petroleum Corporation COM 966387102 1032183 59516 X 1032183 0 0 Willbros Group, Inc. COM 969199108 214200 8202 X 214200 0 0