Performance Overview - The Third Avenue Value Fund achieved a return of 7.47% for the three months ended December 31, 2025, outperforming the MSCI World Index at 3.12% and the MSCI World Value Index at 3.34% [3] - For the year-to-date period, the Fund returned 35.46%, significantly higher than the MSCI World Index and MSCI World Value Index, which returned 21.09% and 20.79%, respectively [3] - Annualized performance for the trailing three-year and five-year periods was 16.76% and 18.00%, respectively [3] Key Contributors to Performance - Warrior Met Coal was the largest contributor to the Fund's performance, followed by Lundin Mining and Capstone Copper [4] - Bank of Ireland and Horiba also made significant positive contributions during the quarter [4] - Warrior Met Coal began commercial-scale mining at its Blue Creek project ahead of schedule, positively impacting revenue and cash flow [5] European Holdings - The Fund's Western European holdings, including Bank of Ireland, Buzzi Spa, and BMW, contributed positively to performance [6] - A weaker U.S. dollar enhanced returns for euro-denominated investments, which comprise over 70% of the portfolio [6] Banking Sector Insights - Bank of Ireland and Deutsche Bank have improved their operating performance, leading to better valuations and increased returns on capital [7] - Deutsche Bank shares traded above book value for the first time since the global financial crisis, marking a significant milestone [8] Copper Market Dynamics - Lundin Mining and Capstone Copper were significant contributors to performance, driven by the indispensable nature of copper in modern economies [9] - The supply of copper has proven challenging to increase, leading to a looming supply gap as demand accelerates [13] Japanese Investments - The performance of Japanese investments was mixed, with Horiba contributing positively while JEOL detracted from performance [15] - Subaru performed well despite concerns over U.S. import tariffs, achieving a total return of 26.28% in 2025 [16] Energy Sector Performance - The Fund's oil and gas-related businesses did not perform well in 2025, with significant headwinds affecting offshore energy service sectors [21] - Delays in offshore projects and changes in spending by major producers created challenges for the sector [21] Resource Conversion Activities - The Fund engaged in robust resource conversion activities, including acquisitions and divestitures, to enhance shareholder value [27] - Harbour Energy executed several strategic transactions, significantly shifting its production base and improving its financial position [28] New Investments - The Fund initiated a position in T.S. Lines Ltd., a container shipping company focused on routes within the Asia-Pacific region, which is expected to benefit from growing trade activity [35] - T.S. Lines has a strong balance sheet and operates a younger fleet, positioning it well for future growth [37]

Group 1 - Black Bear Value Fund reported a return of +0.2% in December 2025, resulting in a total return of -12.6% for the year, while the S&P 500 returned +0.1% in December and +17.9% for 2025 [1] - The Fund has experienced a loss of 10-15% over the past two years in a rising market environment, indicating a divergence from the S&P 500 index [1] - The Fund's portfolio includes several strong names that are currently not favored by the market, with expectations of a significant rerating as they approach the end of a capital-investment cycle [1] Group 2 - Warrior Met Coal, Inc. (NYSE:HCC) is highlighted as a leading metallurgical coal producer, with a market capitalization of $4.717 billion [2] - The stock of Warrior Met Coal closed at $89.02 per share on February 6, 2026, with a one-month return of -4.717% and a twelve-month increase of 68.05% [2] - The company has seen minimal worldwide met coal resource development over the last decade, which may lead to tight supply and higher pricing when steel production improves [3] - Warrior Met Coal is currently investing the majority of its free cash flow into a capital project expected to conclude in 2025, which is ahead of schedule, suggesting a potential for significant cash flow generation post-investment [3]

Core Insights - Warrior Met Coal (HCC) experienced a remarkable increase of over 70% in 2025, attributed to strong operational performance and the early commencement of Blue Creek production [1] Company Performance - The significant growth in HCC's stock price was primarily driven by operational efficiencies and the successful initiation of production at the Blue Creek site ahead of schedule [1] Market Focus - The analysis indicates a focus on small-cap to mid-cap companies, particularly in the Nordic market, while also covering U.S. growth companies with strong long-term potential [1]

Company Overview - Warrior Met Coal is a leading U.S.-based producer of high-quality metallurgical coal, primarily supplying global steelmakers from its operations in Alabama [5] - The company generates revenue through the extraction and sale of metallurgical coal from two underground mines, focusing on export markets [7] - Revenue for the trailing twelve months (TTM) is reported at $1,222.8 million, with a net income of $35.2 million [4] Recent Insider Transactions - CEO Walter J. Scheller sold 100,000 shares worth $10 million on January 12, representing 25.4% of his direct holdings [1][6] - The transaction was executed at a weighted average price of approximately $100.31, closely aligned with the market close of $100.20 on the same day [2][6] - Chief Administrative Officer Kelli Gant also sold 10,000 shares under a 10b5-1 plan, reducing her stake to 70,580 shares [10] - Another executive, Chief Accounting Officer Brian Chopin, sold 2,083 shares outside of a prearranged plan, representing 9.5% of his stake [10] Market Performance - Warrior Met Coal's shares have shown a total return of 79.5% over the past year, significantly outperforming the S&P 500 Index, which returned 17.2% [11] - The company's stock price has experienced a 1-year price change of 98.7% as of January 12 [4]

Core Insights - Warrior Met Coal, Inc. has completed the Blue Creek Mine project, investing approximately $1 billion, which will create over 300 new jobs in the area [1][6] - The Blue Creek Mine is expected to produce an average of 6.0 million short tons of metallurgical coal annually for the first ten years, increasing Warrior's annual capacity by about 75% [2] - The project includes advanced infrastructure such as a rail load-out facility and a unique curved overland belt for coal transportation, reducing truck traffic and minimizing local community impact [3] Investment and Economic Impact - Significant investments from stakeholders, including over $200 million from Norfolk Southern and the Alabama Port Authority, are supporting the Blue Creek project and enhancing logistics capacity [4] - The Blue Creek Mine will access one of the largest untouched metallurgical coal reserves in North America, with a mine life expected to exceed 40 years [5][6] - The project is anticipated to have a long-term economic impact on rural Alabama, contributing to job creation and sustainability [6] Company Profile - Warrior Met Coal is a U.S.-based supplier focused on non-thermal metallurgical coal for the global steel industry, operating efficient longwall mining operations in Alabama [8] - The company produces high-quality hard-coking coal (HCC) with low sulfur content, making it suitable for steel production [8][9]

Summary of Mining Equities Conference Call Industry Overview - **Sector Performance**: In 2025, mining equities outperformed equity benchmarks, primarily driven by gold and copper, while ferrous metals and energy remained flat or declined [1][15] - **2026 Outlook**: Expectations for copper, aluminium, and lithium to outperform due to supply constraints and energy transition, with a cautious view on traditional end markets in developed economies [2][15] Key Commodities Insights Copper - **Market Dynamics**: The medium-term outlook for copper remains bullish, with expectations of market tightness in 2026 due to limited growth in global mine output and a deficit in refined output [3][4] - **Investment Opportunities**: Freeport is highlighted as a top pick due to its discounted valuation and expected production recovery at the Grasberg mine [4][23] Aluminium - **Demand vs Supply**: The outlook for aluminium is mixed; while demand holds up, supply constraints are expected, particularly from China and developed markets [5][24] - **Investment Recommendation**: A buy recommendation for Norsk Hydro is reiterated, with expectations of stable operations and potential cash returns [8][24] Gold - **Market Sentiment**: Gold remains a consensus macro trade, with equities delivering strong returns in 2025. However, valuations are less compelling than at the start of the year [9][22] - **Top Picks**: Barrick and Newmont are identified as top picks, with potential for further catalysts in 2026 [10][22] Iron Ore - **Price Forecast**: The medium-term outlook for iron ore is bearish, with prices expected to stabilize around $100/t in the short term and decline to $90/t by 2027 due to increased supply from Simandou [11][20] Coal - **Market Conditions**: Met coal prices have risen above $200/t due to demand and supply disruptions, while thermal coal remains stable at $110/t [12][20] Diversified Miners - **Performance Comparison**: Vale outperformed in the bulks sector, while RIO and BHP performed in line with benchmarks. A preference for RIO over Vale and BHP is noted due to better growth prospects [13][25] Earnings and Price Target Changes - **Adjustments**: Earnings estimates and price targets have been adjusted based on commodity price forecasts, with notable upgrades for copper miners like FCX and KGHM [28][29] Conclusion - **Investment Strategy**: The report emphasizes a selective investment approach in mining equities, focusing on commodities with strong fundamentals and potential for price gains, particularly copper, aluminium, and gold [2][15][22]

Core Thesis - Warrior Met Coal, Inc. (HCC) is positioned as a compelling investment opportunity due to its operational excellence, strong fundamentals, and favorable market conditions, particularly highlighted by the early commissioning of the Blue Creek mine and potential shareholder returns [1][3][5] Company Overview - Warrior Met Coal, Inc. specializes in the production and export of non-thermal steelmaking coal, serving metal manufacturers across Europe, South America, and Asia [2] - The company has demonstrated resilience in a challenging market, with a recent earnings report contributing to a 15% increase in stock price [2] Operational Highlights - The Blue Creek mine commenced operations eight months ahead of schedule, prompting management to raise guidance for the year [3] - HCC owns three mines that rank in the first quartile of the global coal cost curve, providing a competitive advantage in terms of low-cost production [4] Financial Strategy - The company’s capital allocation strategy emphasizes dividends, but management is also considering share buybacks, reflecting a shareholder-friendly approach [3] - HCC's strong operational execution and management decisions align with shareholder interests, positioning it favorably in the sector [5] Market Positioning - Warrior Met Coal remains independent from larger mining conglomerates due to ESG-driven aversion to coal among major investors, allowing it to capitalize on favorable market conditions without acquisition pressures [4] - The combination of low-cost, high-quality assets and operational efficiency creates a differentiated opportunity for investors seeking exposure to a fundamentally sound energy company [5] Historical Performance - The stock has appreciated approximately 72.22% since a previous bullish thesis was published, indicating strong market confidence in HCC's growth potential [6]

Core Viewpoint - Warrior Met Coal (HCC) is positioned as a strong investment opportunity due to its improving earnings outlook and analysts' increasing earnings estimates [1][2]. Earnings Estimates - Analysts are optimistic about Warrior Met Coal's earnings prospects, leading to higher estimates that are expected to positively impact the stock price [2]. - The Zacks Rank system, which correlates earnings estimate revisions with stock price movements, indicates a favorable outlook for the company [2][3]. Current Quarter Estimates - For the current quarter, Warrior Met Coal is expected to earn $0.47 per share, reflecting a year-over-year increase of +213.3% [5]. - The Zacks Consensus Estimate for the current quarter has risen by 230.56% over the last 30 days, with one estimate moving higher and no negative revisions [5]. Current Year Estimates - The full-year earnings estimate stands at $1.12 per share, which is a decrease of -77.2% from the previous year [6]. - Despite the decline, the current year's revisions show promise, with one estimate increasing and no negative revisions, leading to a consensus estimate increase of 376.54% [6][7]. Zacks Rank - Warrior Met Coal currently holds a Zacks Rank 1 (Strong Buy), indicating strong potential based on favorable estimate revisions [8]. - Stocks with a Zacks Rank 1 or 2 have historically outperformed the S&P 500, suggesting a robust investment opportunity [8]. Stock Performance - Over the past four weeks, Warrior Met Coal shares have increased by 27.6%, indicating investor confidence in the company's earnings growth prospects [9].

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Core Insights - Warrior Met Coal, Inc. demonstrated strong financial performance in Q3 2025, showcasing operational excellence and strategic investments, particularly with the early startup of Blue Creek longwall operations [1][5][11] - The company raised its production guidance for 2025 by approximately 10% due to the increased output from Blue Creek, now expected to produce 1,800,000 short tons of High Vol A steelmaking coal, an 80% increase over initial guidance [5][11][39] - Despite weak steelmaking coal market conditions, the company achieved record quarterly sales volume of 2,400,000 short tons, a 27% increase compared to the same quarter last year [18][28] Financial Performance - Warrior Met Coal reported net income of $37 million or $0.70 per diluted share in Q3 2025, down from $42 million or $0.80 per diluted share in Q3 2024 [28] - Adjusted EBITDA for the quarter was $71 million, a decrease from $78 million in the same quarter last year, with an adjusted EBITDA margin of 22% [28][25] - Total revenues were $329 million, slightly up from $328 million in the same quarter last year, driven by a 27% increase in sales volume [30] Operational Highlights - The Blue Creek mine is designed for over 6,000,000 short tons of annual production and aims to be the lowest cost mine globally [9] - Capital expenditures for the Blue Creek project totaled $171 million year-to-date, with $64 million spent in Q3 2025, keeping the project on budget [9][37] - The company successfully won a federal coal lease sale for 58,000,000 short tons of high-quality steelmaking coal reserves, which will enhance its reserve base and extend the life of its operations [12][6] Market Conditions - The steelmaking coal market faced challenges from increased Chinese steel exports and subdued global demand, with a 10% rise in Chinese steel exports compared to the previous year [14][15] - The average price for the PLB FOB Australia index remained stable at $166 per short ton, while the PLB CFR China index averaged $162 per short ton, showing recovery from earlier lows [21][22] - The company expects continued pressure on steelmaking coal prices due to oversupply and trade tensions, but anticipates potential long-term recovery in demand from Europe [16][40] Strategic Outlook - The company is focused on ramping up longwall production and optimizing infrastructure performance at Blue Creek, with completion expected by the end of Q1 2026 [10] - Warrior Met Coal aims to maintain a disciplined approach to capital allocation, with plans for potential dividends and stock buybacks as free cash flow increases [44] - The successful early startup of Blue Creek and strategic reserve acquisition are expected to significantly enhance the company's long-term growth strategy [42]