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

According to the SEC 13F filed on May 14, 2025, the Third Avenue Management portfolio showed several notable changes in holdings as of quarter-end Mar 31, 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