Greenhaven Associates, Inc., an investment adviser incorporated in New York, reported beneficial ownership of 5,603,187 shares of Toll Brothers Incorporated common stock, representing 5.90% of the class as of 12/31/2025.
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Greenhaven Associates, Inc., an investment adviser incorporated in New York, reported beneficial ownership of 5,603,187 shares of Toll Brothers Incorporated common stock, representing 5.90% of the class as of 12/31/2025.
Greenhaven has sole power to vote and dispose of 2,231,672 shares and shared power to vote and dispose of 3,371,515 shares. The filing explains that Greenhaven’s clients own the remaining shares and have the right to receive dividends and sale proceeds, with no single client holding more than five percent of Toll Brothers’ outstanding common stock. Greenhaven certifies that the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Toll Brothers.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Toll Brothers Incorporated
(Name of Issuer)
Common Stock
(Title of Class of Securities)
889478103
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
889478103
1
Names of Reporting Persons
Greenhaven Associates, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,231,672.00
6
Shared Voting Power
3,371,515.00
7
Sole Dispositive Power
2,231,672.00
8
Shared Dispositive Power
3,371,515.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,603,187.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.90 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Toll Brothers Incorporated
(b)
Address of issuer's principal executive offices:
1140 Virginia Drive Fort Washington, PA 19034
Item 2.
(a)
Name of person filing:
Greenhaven Associates, Inc. 13-3436799
(b)
Address or principal business office or, if none, residence:
3 Manhattanville Road
Purchase, NY 10577
(c)
Citizenship:
Greenhaven Associates, Inc. is incorporated in New York State. Greenhaven's shareholders and executives all are citizens of the United States of America.
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
889478103
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
5,603,187
(b)
Percent of class:
5.90%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
2,231,672
(ii) Shared power to vote or to direct the vote:
3,371,515
(iii) Sole power to dispose or to direct the disposition of:
2,231,672
(iv) Shared power to dispose or to direct the disposition of:
3,371,515
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Greenhaven Associates Inc. (Greenhaven), an Investment Advisory firm, has investment discretion with respect to the securities to which this statement relates. Greenhaven has sole power to vote 2,231,672 common shares of Toll Brothers Incorporated. All other shares are owned by clients of Greenhaven. Clients of Greenhaven have the right to receive and the power to direct the receipt of dividends from, and the proceeds from, the sale of common stock of Toll Brothers Incorporated. No one person's interest in the common stock is more than five percent of the total outstanding common stock of Toll Brothers Incorporated.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
