Marty Whitman - Third Avenue Management 13F Activity & Position Changes (Q1 2025)

As of Mar 31, 2025, the Third Avenue Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 14, 2025. 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 2025, the filing reported:

New Buys - Bluelinx Holdings Inc., Millrose Properties, PulteGroup, Inc.

Increases - Ambac Financial Group, Inc., Comerica Incorporated, Warrior Met Coal, Inc., ICF International, Inc., Kaiser Aluminum Corporation, and 5 more

Reductions - Alamo Group, Inc., American Homes 4 Rent, Brookfield Corporation, CBRE Group Inc, Deutsche Bank, and 8 more

Complete Exits - Retail Opportunity Investments

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 2025	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-6,334	-19.9%	$4.55M	25,546
Q1 2025	AMBC Ambac Financial Group, Inc.	Ambac Financial Group, Inc.	Buy	+136,045	+59.0%	$3.21M	366,461
Q1 2025	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-128,661	-40.1%	$7.28M	192,560
Q1 2025	BN Brookfield Corporation	Brookfield Corporation	Sell	-13,229	-3.4%	$19.82M	378,249
Q1 2025	BXC Bluelinx Holdings Inc.	Bluelinx Holdings Inc.	Buy - Position Entry	+29,869	-	$2.24M	29,869
Q1 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-8,909	-5.1%	$21.59M	165,109
Q1 2025	CMA Comerica Incorporated	Comerica Incorporated	Buy	+23	+0.0%	$17.89M	302,904
Q1 2025	DB Deutsche Bank	Deutsche Bank	Sell	-738,934	-33.8%	$34.12M	1,447,570
Q1 2025	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-22,572	-14.4%	$7.26M	134,558
Q1 2025	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-47,521	-16.0%	$4.86M	249,969
Q1 2025	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+25,761	+4.4%	$29.26M	613,206
Q1 2025	ICFI ICF International, Inc.	ICF International, Inc.	Buy	+2,836	+6.4%	$4.00M	47,024
Q1 2025	ITIC Investors Title Company	Investors Title Company	Sell	-220	-0.6%	$9.38M	38,919
Q1 2025	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+205	+0.3%	$4.84M	79,828
Q1 2025	LEN-B Lennar Corporation	Lennar Corporation	Sell	-14,011	-8.7%	$16.12M	147,770
Q1 2025	MRP Millrose Properties	Millrose Properties	Buy - Position Entry	+80,890	-	$2.14M	80,890
Q1 2025	OCFC OceanFirst Financial Corp.	OceanFirst Financial Corp.	Buy	+55,784	+91.7%	$1.98M	116,643
Q1 2025	ORI Old Republic International Corp	Old Republic International Corp	Sell	-129,090	-27.7%	$13.19M	336,388
Q1 2025	PHM PulteGroup, Inc.	PulteGroup, Inc.	Buy - Position Entry	+63,800	-	$6.56M	63,800
Q1 2025	PLD Prologis, Inc.	Prologis, Inc.	Buy	+219	+0.2%	$14.44M	129,162
Q1 2025	ROIC Retail Opportunity Investments	Retail Opportunity Investments	Sell - Position Exit	-90,000	-100.0%	$0.00	-
Q1 2025	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-57,301	-18.1%	$7.21M	258,499
Q1 2025	SEB Seaboard Corporation	Seaboard Corporation	Sell	-1,015	-43.5%	$3.56M	1,319
Q1 2025	SUI Sun Communities, Inc.	Sun Communities, Inc.	Sell	-17,422	-16.1%	$11.67M	90,715
Q1 2025	TDW Tidewater Inc.	Tidewater Inc.	Buy	+221,079	+37.6%	$34.21M	809,258
Q1 2025	VAL Valaris Ltd	Valaris Ltd	Buy	+143,231	+33.6%	$22.37M	569,839
Q1 2025	WCC WESCO International, Inc.	WESCO International, Inc.	Buy	+83	+0.6%	$2.30M	14,822