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
Q4 2021Dec 31, 2021	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Buy	+42,688+15.1%	$4.67K	325,124
Q4 2021Dec 31, 2021	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+40,597+147.9%	$4.79K	68,045
Q4 2021Dec 31, 2021	STRS Stratus Properties Inc.	Stratus Properties Inc.	Buy	+1,717+1.2%	$5.22K	142,835
Q4 2021Dec 31, 2021	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-122-0.1%	$11.19K	101,187
Q4 2021Dec 31, 2021	ESS Essex Property Trust, Inc.	Essex Property Trust, Inc.	Sell	-455-1.5%	$10.53K	29,879
Q4 2021Dec 31, 2021	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-637-1.5%	$30.38K	41,833
Q4 2021Dec 31, 2021	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-1,763-1.5%	$29.78K	115,216
Q4 2021Dec 31, 2021	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-3,059-0.6%	$21.92K	502,586
Q4 2021Dec 31, 2021	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-3,078-1.5%	$13.23K	199,779
Q4 2021Dec 31, 2021	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-3,198-1.9%	$17.78K	163,878
Q4 2021Dec 31, 2021	PLD Prologis, Inc.	Prologis, Inc.	Sell	-3,814-1.5%	$42.36K	251,587
Q4 2021Dec 31, 2021	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-4,702-1.9%	$12.99K	248,971
Q4 2021Dec 31, 2021	LEN-B Lennar Corporation	Lennar Corporation	Sell	-6,554-1.4%	$45.72K	478,130
Q4 2021Dec 31, 2021	HA		Sell	-11,003-1.1%	$18.06K	983,052
Q4 2021Dec 31, 2021	UMBF UMB Financial Corporation	UMB Financial Corporation	Sell	-16,667-11.4%	$13.74K	129,469
Q4 2021Dec 31, 2021	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Sell	-37,806-16.2%	$5.44K	195,155
Q4 2021Dec 31, 2021	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-56,908-6.9%	$31.83K	772,935
Q4 2021Dec 31, 2021	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-59,113-7.2%	$30.89K	765,389
Q4 2021Dec 31, 2021	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell - Position Exit	-66,464-100.0%	$0.00	-
Q4 2021Dec 31, 2021	ATNI ATN International, Inc.	ATN International, Inc.	Sell - Position Exit	-93,903-100.0%	$0.00	-
Q4 2021Dec 31, 2021	BSIG BrightSphere Investment Group I	BrightSphere Investment Group I	Sell	-99,143-51.3%	$2.41K	94,116
Q4 2021Dec 31, 2021	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-116,045-14.0%	$43.02K	712,551
Q4 2021Dec 31, 2021	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-165,745-1.9%	$57.11K	8,732,674
Q4 2021Dec 31, 2021	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-188,459-35.7%	$9.74K	339,392
Q4 2021Dec 31, 2021	VNO Vornado Realty Trust	Vornado Realty Trust	Sell - Position Exit	-193,011-100.0%	$0.00	-
Q4 2021Dec 31, 2021	SRG Seritage Growth Properties	Seritage Growth Properties	Sell - Position Exit	-202,271-100.0%	$0.00	-
Q4 2021Dec 31, 2021	TDW Tidewater Inc.	Tidewater Inc.	Sell	-261,807-11.2%	$22.34K	2,085,705
Q4 2021Dec 31, 2021	ORI Old Republic International Corp	Old Republic International Corp	Sell	-269,123-24.2%	$20.68K	841,178
Q3 2021Sep 30, 2021	VAL Valaris Ltd	Valaris Ltd	Buy - Position Entry	+310,047	$10.81K	310,047
Q3 2021Sep 30, 2021	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Buy	+55,213+24.3%	$4.43K	282,436

Page 17 of 79 • 2341 total trades

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