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 2022Mar 31, 2022	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Buy	+339,833+67.4%	$25.97K	843,778
Q1 2022Mar 31, 2022	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Buy	+285,243+87.7%	$7.10K	610,367
Q1 2022Mar 31, 2022	HA		Buy	+237,849+24.2%	$24.05K	1,220,901
Q1 2022Mar 31, 2022	BSIG BrightSphere Investment Group I	BrightSphere Investment Group I	Buy	+43,792+46.5%	$3.35K	137,908
Q1 2022Mar 31, 2022	TDW Tidewater Inc.	Tidewater Inc.	Buy	+20,225+1.0%	$45.78K	2,105,930
Q1 2022Mar 31, 2022	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+17,239+0.2%	$53.46K	8,749,913
Q1 2022Mar 31, 2022	VAL Valaris Ltd	Valaris Ltd	Buy	+10,689+3.4%	$16.67K	320,736
Q1 2022Mar 31, 2022	ORI Old Republic International Corp	Old Republic International Corp	Buy	+6,949+0.8%	$21.94K	848,127
Q1 2022Mar 31, 2022	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Buy - Position Entry	+3,028	$226.00	3,028
Q1 2022Mar 31, 2022	UHAL U-Haul Holding Company	U-Haul Holding Company	Buy	+1,845+4.4%	$26.07K	43,678
Q1 2022Mar 31, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-29-0.0%	$15.00K	163,849
Q1 2022Mar 31, 2022	UMBF UMB Financial Corporation	UMB Financial Corporation	Sell	-517-0.4%	$12.53K	128,952
Q1 2022Mar 31, 2022	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-1,638-0.8%	$12.27K	198,141
Q1 2022Mar 31, 2022	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-2,056-0.8%	$12.06K	246,915
Q1 2022Mar 31, 2022	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-3,019-0.4%	$31.35K	762,370
Q1 2022Mar 31, 2022	LEN-B Lennar Corporation	Lennar Corporation	Sell	-3,639-0.8%	$32.43K	474,491
Q1 2022Mar 31, 2022	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-4,142-0.8%	$19.95K	498,444
Q1 2022Mar 31, 2022	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-6,316-0.8%	$29.05K	766,619
Q1 2022Mar 31, 2022	PLD Prologis, Inc.	Prologis, Inc.	Sell	-9,362-3.7%	$39.12K	242,225
Q1 2022Mar 31, 2022	FIX Comfort Systems USA, Inc.	Comfort Systems USA, Inc.	Sell	-9,990-19.1%	$3.77K	42,400
Q1 2022Mar 31, 2022	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-13,810-12.0%	$20.50K	101,406
Q1 2022Mar 31, 2022	ESS Essex Property Trust, Inc.	Essex Property Trust, Inc.	Sell - Position Exit	-29,879-100.0%	$0.00	-
Q1 2022Mar 31, 2022	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-30,760-4.3%	$38.57K	681,791
Q1 2022Mar 31, 2022	CMA Comerica Incorporated	Comerica Incorporated	Sell	-40,334-10.9%	$29.95K	331,210
Q1 2022Mar 31, 2022	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Sell	-73,591-52.7%	$3.65K	66,044
Q1 2022Mar 31, 2022	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-100,130-29.5%	$6.99K	239,262
Q1 2022Mar 31, 2022	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-532,528-28.6%	$49.46K	1,332,711
Q4 2021Dec 31, 2021	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Buy - Position Entry	+503,945	$13.74K	503,945
Q4 2021Dec 31, 2021	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+434,210+7.1%	$11.99K	6,514,436
Q4 2021Dec 31, 2021	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+134,911+7.8%	$47.96K	1,865,239

Page 16 of 79 • 2341 total trades

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