Marty Whitman - Third Avenue Management 13F Activity & Position Changes (Q1 2021)

As of Mar 31, 2021, the Third Avenue Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 14, 2021. 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 2021, the filing reported:

New Buys - BrightSphere Investment Group I, CTO Realty Growth, Inc.

Increases - ATN International, Inc., Comerica Incorporated, Five Point Holdings, LLC, FRP Holdings, Inc., , and 7 more

Reductions - Alamo Group, Inc., American Homes 4 Rent, Brookfield Asset Management Ltd., Cal-Maine Foods, Inc., CBRE Group Inc, and 17 more

Complete Exits - Alico, Inc., Cullen/Frost Bankers, Inc., Korn Ferry, SPDR S&P 500

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 2021	ALCO Alico, Inc.	Alico, Inc.	Sell - Position Exit	-56,343	-100.0%	$0.00	-
Q1 2021	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-14,826	-31.7%	$4.98K	31,880
Q1 2021	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-32,011	-6.2%	$16.19K	485,718
Q1 2021	ATNI ATN International, Inc.	ATN International, Inc.	Buy	+33,642	+55.8%	$4.61K	93,903
Q1 2021	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-133,341	-13.3%	$38.83K	872,661
Q1 2021	BSIG BrightSphere Investment Group I	BrightSphere Investment Group I	Buy - Position Entry	+193,259	-	$3.94K	193,259
Q1 2021	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Sell	-43,300	-27.2%	$4.46K	116,094
Q1 2021	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-22,910	-12.0%	$13.26K	167,601
Q1 2021	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Sell - Position Exit	-42,331	-100.0%	$0.00	-
Q1 2021	CMA Comerica Incorporated	Comerica Incorporated	Buy	+1,827	+0.5%	$26.77K	373,158
Q1 2021	CTO CTO Realty Growth, Inc.	CTO Realty Growth, Inc.	Buy - Position Entry	+19,293	-	$1.00K	19,293
Q1 2021	ESS Essex Property Trust, Inc.	Essex Property Trust, Inc.	Sell	-4,861	-13.1%	$8.77K	32,256
Q1 2021	EXP Eagle Materials Inc	Eagle Materials Inc	Sell	-57,240	-30.8%	$17.31K	128,792
Q1 2021	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-39,727	-13.2%	$10.62K	261,182
Q1 2021	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+161,681	+1.8%	$67.78K	8,965,823
Q1 2021	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-32,177	-13.3%	$9.60K	209,555
Q1 2021	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Buy	+20,860	+16.1%	$7.41K	150,583
Q1 2021	HA		Buy	+9,596	+0.9%	$27.36K	1,026,032
Q1 2021	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Buy	+41,193	+22.1%	$4.12K	227,223
Q1 2021	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+169,148	+13.9%	$23.73K	1,385,558
Q1 2021	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-118,658	-13.3%	$24.60K	773,937
Q1 2021	KFY Korn Ferry	Korn Ferry	Sell - Position Exit	-358,469	-100.0%	$0.00	-
Q1 2021	LEN Lennar Corporation	Lennar Corporation	Sell	-35,371	-22.3%	$12.05K	123,408
Q1 2021	LEN-B Lennar Corporation	Lennar Corporation	Buy	+826	+0.2%	$39.67K	481,800
Q1 2021	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-20,065	-13.3%	$24.84K	130,621
Q1 2021	MAC Macerich Company (The)	Macerich Company (The)	Sell	-228,742	-58.1%	$1.93K	164,679
Q1 2021	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-36,155	-27.3%	$18.52K	96,311
Q1 2021	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-25,257	-20.0%	$7.26K	101,309
Q1 2021	ORI Old Republic International Corp	Old Republic International Corp	Buy	+5,666	+0.5%	$24.36K	1,115,258
Q1 2021	PLD Prologis, Inc.	Prologis, Inc.	Sell	-41,958	-13.3%	$28.90K	272,646

Page 1 of 2