Marty Whitman – Third Avenue Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Third Avenue Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 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 Q2 2025, the filing reported:

New Buys – Cantaloupe, Inc. (CTLP), Champion Homes, Inc. (SKY), Visteon Corporation (VC)

Increases – Ambac Financial Group, Inc. (AMBC), Tidewater Inc. (TDW), OceanFirst Financial Corp. (OCFC), PulteGroup, Inc. (PHM), Warrior Met Coal, Inc. (HCC), and 8 more

Reductions – UMB Financial Corporation (UMBF), Jones Lang LaSalle Incorporated (JLL), Seaboard Corporation (SEB), Rayonier Inc. REIT (RYN), CBRE Group Inc (CBRE), and 14 more

Complete Exits – U-Haul Holding Company (UHAL), Green Brick Partners, Inc. (GRBK), Stewart Information Services Co (STC), PotlatchDeltic Corporation - Co (PCH), Corporacion Inmobiliaria Vesta, (VTMX), and 7 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Third Avenue Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q1 2023Mar 31, 2023	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Buy	+487+0.4%	$4.27M	130,646
Q1 2023Mar 31, 2023	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+479+0.3%	$13.19M	181,221
Q1 2023Mar 31, 2023	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+1+0.0%	$2.46M	5,127,786
Q1 2023Mar 31, 2023	URTH iShares, Inc. iShares MSCI Worl	iShares, Inc. iShares MSCI Worl	Sell - Position Exit	-2,631-100.0%	$0.00	-
Q1 2023Mar 31, 2023	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-11,123-5.3%	$19.48M	199,374
Q1 2023Mar 31, 2023	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-13,378-2.7%	$14.62M	485,347
Q1 2023Mar 31, 2023	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-36,024-22.9%	$4.24M	121,428
Q1 2023Mar 31, 2023	LEN-B Lennar Corporation	Lennar Corporation	Sell	-54,540-16.6%	$24.42M	273,468
Q1 2023Mar 31, 2023	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-57,340-13.9%	$11.19M	355,823
Q1 2023Mar 31, 2023	STRS Stratus Properties Inc.	Stratus Properties Inc.	Sell - Position Exit	-60,245-100.0%	$0.00	-
Q1 2023Mar 31, 2023	PLD Prologis, Inc.	Prologis, Inc.	Sell	-68,899-40.3%	$6.27M	101,965
Q1 2023Mar 31, 2023	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Sell	-70,715-21.4%	$6.57M	259,463
Q1 2023Mar 31, 2023	ROIC Retail Opportunity Investments	Retail Opportunity Investments	Sell	-72,664-96.9%	$8.81M	2,336
Q1 2023Mar 31, 2023	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Sell	-128,188-61.2%	$4.80M	81,238
Q1 2023Mar 31, 2023	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Sell	-149,368-21.6%	$12.70M	542,852
Q1 2023Mar 31, 2023	PRA ProAssurance Corporation	ProAssurance Corporation	Sell	-210,877-55.6%	$20.98M	168,166
Q1 2023Mar 31, 2023	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-382,950-83.6%	$1.05M	75,000
Q1 2023Mar 31, 2023	TDW Tidewater Inc.	Tidewater Inc.	Sell	-416,918-23.0%	$61.45M	1,394,007
Q1 2023Mar 31, 2023	ORI Old Republic International Corp	Old Republic International Corp	Sell	-817,681-97.6%	$990.00K	20,000
Q1 2023Mar 31, 2023	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-4,520,993-96.6%	$8.41M	158,010
Q4 2022Dec 31, 2022	DB Deutsche Bank	Deutsche Bank	Buy - Position Entry	+2,888,365	$32.64M	2,888,365
Q4 2022Dec 31, 2022	BN Brookfield Corporation	Brookfield Corporation	Buy - Position Entry	+520,642	$16.38M	520,642
Q4 2022Dec 31, 2022	UHAL-B U-Haul Holding Company Series N	U-Haul Holding Company Series N	Buy - Position Entry	+312,444	$17.18M	312,444
Q4 2022Dec 31, 2022	ECPG Encore Capital Group Inc	Encore Capital Group Inc	Buy - Position Entry	+119,531	$5.73M	119,531
Q4 2022Dec 31, 2022	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Buy	+52,317+33.3%	$7.54M	209,426
Q4 2022Dec 31, 2022	PRA ProAssurance Corporation	ProAssurance Corporation	Buy	+42,008+12.5%	$6.62M	379,043
Q4 2022Dec 31, 2022	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Buy	+22,873+7.4%	$6.14M	330,178
Q4 2022Dec 31, 2022	URTH iShares, Inc. iShares MSCI Worl	iShares, Inc. iShares MSCI Worl	Buy - Position Entry	+2,631	$287.44K	2,631
Q4 2022Dec 31, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-57-0.0%	$13.91M	180,742
Q4 2022Dec 31, 2022	CMA Comerica Incorporated	Comerica Incorporated	Sell	-113-0.0%	$20.29M	303,446

Page 12 of 79 • 2341 total trades

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