Marty Whitman - Third Avenue Management 13F Activity & Position Changes (Q1 2020)

As of Mar 31, 2020, the Third Avenue Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 13, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2020, the filing reported:

New Buys - Cal-Maine Foods, Inc., CBRE Group Inc, 11017, City Office REIT, Inc., Essex Property Trust, Inc., and 11 more

Increases - Eagle Materials Inc, FNF Group of Fidelity National , Green Brick Partners, Inc., , Warrior Met Coal, Inc., and 7 more

Reductions - Argan, Inc., ATN International, Inc., Brookfield Asset Management Inc, Comerica Incorporated, EMCOR Group, Inc., and 12 more

Complete Exits - Acadia Realty Trust, Century Communities, Inc., PNC Financial Services Group, I, SPDR S&P 500, Viad Corp

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2020	AGX Argan, Inc.	Argan, Inc.	Sell	-47,302	-28.4%	$4.13K	119,452
Q1 2020	AKR Acadia Realty Trust	Acadia Realty Trust	Sell - Position Exit	-872,557	-100.0%	$0.00	-
Q1 2020	ATNI ATN International, Inc.	ATN International, Inc.	Sell	-27,393	-20.1%	$6.40K	109,002
Q1 2020	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-459	-0.0%	$47.58K	1,075,289
Q1 2020	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Buy - Position Entry	+136,928	-	$6.02K	136,928
Q1 2020	CBRE CBRE Group Inc	CBRE Group Inc	Buy - Position Entry	+235,115	-	$8.87K	235,115
Q1 2020	CCS Century Communities, Inc.	Century Communities, Inc.	Sell - Position Exit	-40,000	-100.0%	$0.00	-
Q1 2020	CET 11017	11017	Buy - Position Entry	+111,210	-	$2.87K	111,210
Q1 2020	CIO City Office REIT, Inc.	City Office REIT, Inc.	Buy - Position Entry	+55,000	-	$398.00	55,000
Q1 2020	CMA Comerica Incorporated	Comerica Incorporated	Sell	-94,358	-28.5%	$6.96K	237,156
Q1 2020	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-24,256	-34.6%	$2.81K	45,788
Q1 2020	ESS Essex Property Trust, Inc.	Essex Property Trust, Inc.	Buy - Position Entry	+97,734	-	$21.52K	97,734
Q1 2020	EXP Eagle Materials Inc	Eagle Materials Inc	Buy	+67,046	+37.8%	$14.28K	244,397
Q1 2020	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell	-31,107	-42.0%	$5.14K	42,957
Q1 2020	FDX FedEx Corporation	FedEx Corporation	Buy - Position Entry	+71,511	-	$8.67K	71,511
Q1 2020	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Buy	+109,518	+42.0%	$9.21K	370,365
Q1 2020	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-64,893	-0.6%	$59.06K	11,648,430
Q1 2020	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-260,471	-46.3%	$10.04K	302,128
Q1 2020	G Genpact	Genpact	Sell	-35,281	-29.2%	$2.50K	85,591
Q1 2020	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Buy	+20,000	+33.3%	$644.00	80,000
Q1 2020	HA		Buy	+118,889	+10.8%	$12.69K	1,215,738
Q1 2020	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+56,386	+3.2%	$19.60K	1,845,789
Q1 2020	IYR iShares U.S. Real Estate ETF	iShares U.S. Real Estate ETF	Buy - Position Entry	+9,000	-	$627.00	9,000
Q1 2020	JBGS JBG SMITH Properties	JBG SMITH Properties	Buy	+9,710	+0.8%	$39.21K	1,231,736
Q1 2020	LEN Lennar Corporation	Lennar Corporation	Sell	-267,352	-30.3%	$23.54K	614,088
Q1 2020	LEN-B Lennar Corporation	Lennar Corporation	Sell	-137,205	-12.1%	$28.72K	993,183
Q1 2020	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy - Position Entry	+169,215	-	$14.56K	169,215
Q1 2020	MAC Macerich Company (The)	Macerich Company (The)	Sell	-1,020,389	-74.1%	$2.01K	356,561
Q1 2020	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+19,738	+13.4%	$12.70K	166,602
Q1 2020	NXRT NexPoint Residential Trust, Inc	NexPoint Residential Trust, Inc	Buy - Position Entry	+23,000	-	$580.00	23,000

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