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

According to the SEC 13F filed on Aug 12, 2026, the Third Avenue Management portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2020. 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 Ltd., 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 Ltd.	Brookfield Asset Management Ltd.	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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