Marty Whitman - Third Avenue Management 13F Activity & Position Changes (Q4 2019)

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 Dec 31, 2019. 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 Q4 2019, the filing reported:

New Buys - SPDR S&P 500

Increases - Argan, Inc., ATN International, Inc., Eagle Materials Inc, Five Point Holdings, LLC, Warrior Met Coal, Inc., and 8 more

Reductions - Acadia Realty Trust, Brookfield Asset Management Inc, Comerica Incorporated, EMCOR Group, Inc., FTI Consulting, Inc., and 17 more

Complete Exits - Lowe's Companies, Inc., Tejon Ranch Co

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
Q4 2019	AGX Argan, Inc.	Argan, Inc.	Buy	+33,612	+25.2%	$6.69K	166,754
Q4 2019	AKR Acadia Realty Trust	Acadia Realty Trust	Sell	-61,616	-6.6%	$22.63K	872,557
Q4 2019	ATNI ATN International, Inc.	ATN International, Inc.	Buy	+185	+0.1%	$7.55K	136,395
Q4 2019	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-507,763	-32.1%	$62.18K	1,075,748
Q4 2019	CMA Comerica Incorporated	Comerica Incorporated	Sell	-47,448	-12.5%	$23.79K	331,514
Q4 2019	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-12,063	-14.7%	$6.04K	70,044
Q4 2019	EXP Eagle Materials Inc	Eagle Materials Inc	Buy	+1,462	+0.8%	$16.08K	177,351
Q4 2019	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell	-12,805	-14.7%	$8.20K	74,064
Q4 2019	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-78,169	-23.1%	$11.83K	260,847
Q4 2019	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+689,010	+6.2%	$81.41K	11,713,323
Q4 2019	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-113,667	-16.8%	$23.35K	562,599
Q4 2019	HA		Sell	-318,010	-22.5%	$32.13K	1,096,849
Q4 2019	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+19,513	+1.1%	$37.81K	1,789,403
Q4 2019	ICFI ICF International, Inc.	ICF International, Inc.	Sell	-19,122	-17.0%	$8.58K	93,665
Q4 2019	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-86,250	-6.6%	$48.75K	1,222,026
Q4 2019	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Sell	-6,050	-14.8%	$3.86K	34,769
Q4 2019	LEN Lennar Corporation	Lennar Corporation	Sell	-62,137	-6.6%	$49.46K	881,440
Q4 2019	LEN-B Lennar Corporation	Lennar Corporation	Sell	-144,747	-11.4%	$50.53K	1,130,388
Q4 2019	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell - Position Exit	-217,258	-100.0%	$0.00	-
Q4 2019	MAC Macerich Company (The)	Macerich Company (The)	Buy	+259,115	+23.2%	$37.07K	1,376,950
Q4 2019	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+642	+0.4%	$20.03K	146,864
Q4 2019	MYRG MYR Group, Inc.	MYR Group, Inc.	Buy	+148	+0.0%	$12.50K	383,607
Q4 2019	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-134,589	-49.7%	$21.73K	136,135
Q4 2019	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-562,360	-30.5%	$42.01K	1,282,284
Q4 2019	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Sell	-14,489	-7.3%	$6.83K	183,896
Q4 2019	SPY SPDR S&P 500	SPDR S&P 500	Buy - Position Entry	+3,365	-	$1.08K	3,365
Q4 2019	SRG Seritage Growth Properties	Seritage Growth Properties	Buy	+11,173	+3.5%	$13.42K	334,849
Q4 2019	TDW Tidewater Inc.	Tidewater Inc.	Buy	+17,188	+0.6%	$53.11K	2,754,611
Q4 2019	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Sell	-104,088	-17.2%	$7.83K	502,578
Q4 2019	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+135,675	+2.4%	$17.59K	5,842,911

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