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

As of Dec 31, 2019, the Third Avenue Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 13, 2026. 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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