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
Q2 2021Jun 30, 2021	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Buy	+1,852+1.2%	$8.49K	152,435
Q2 2021Jun 30, 2021	LEN-B Lennar Corporation	Lennar Corporation	Buy	+941+0.2%	$39.32K	482,741
Q2 2021Jun 30, 2021	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell - Position Exit	-101-100.0%	$0.00	-
Q2 2021Jun 30, 2021	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-267-0.3%	$18.46K	96,044
Q2 2021Jun 30, 2021	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-1,098-2.5%	$25.24K	42,824
Q2 2021Jun 30, 2021	CMA Comerica Incorporated	Comerica Incorporated	Sell	-1,614-0.4%	$26.51K	371,544
Q2 2021Jun 30, 2021	ESS Essex Property Trust, Inc.	Essex Property Trust, Inc.	Sell	-1,866-5.8%	$9.12K	30,390
Q2 2021Jun 30, 2021	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-2,096-1.3%	$14.19K	165,505
Q2 2021Jun 30, 2021	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Sell	-2,400-1.4%	$6.28K	164,220
Q2 2021Jun 30, 2021	ORI Old Republic International Corp	Old Republic International Corp	Sell	-4,957-0.4%	$27.66K	1,110,301
Q2 2021Jun 30, 2021	TDW Tidewater Inc.	Tidewater Inc.	Sell	-5,802-0.2%	$30.59K	2,538,973
Q2 2021Jun 30, 2021	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-6,331-3.0%	$10.62K	203,224
Q2 2021Jun 30, 2021	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-7,807-3.8%	$9.28K	198,739
Q2 2021Jun 30, 2021	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-8,148-3.1%	$11.00K	253,034
Q2 2021Jun 30, 2021	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-12,506-9.6%	$22.91K	118,115
Q2 2021Jun 30, 2021	PLD Prologis, Inc.	Prologis, Inc.	Sell	-16,777-6.2%	$30.59K	255,869
Q2 2021Jun 30, 2021	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Sell	-24,000-60.0%	$364.00	16,000
Q2 2021Jun 30, 2021	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-25,679-3.0%	$29.57K	822,837
Q2 2021Jun 30, 2021	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-25,774-3.0%	$28.49K	827,809
Q2 2021Jun 30, 2021	HA		Sell	-31,977-3.1%	$24.23K	994,055
Q2 2021Jun 30, 2021	LEN Lennar Corporation	Lennar Corporation	Sell	-32,632-26.4%	$8.76K	90,776
Q2 2021Jun 30, 2021	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-37,835-4.3%	$42.56K	834,826
Q2 2021Jun 30, 2021	EXP Eagle Materials Inc	Eagle Materials Inc	Sell	-41,815-32.5%	$12.36K	86,977
Q2 2021Jun 30, 2021	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-73,184-9.5%	$22.08K	700,753
Q2 2021Jun 30, 2021	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-96,210-1.1%	$71.67K	8,869,613
Q2 2021Jun 30, 2021	SRG Seritage Growth Properties	Seritage Growth Properties	Sell	-102,818-23.0%	$6.35K	345,015
Q1 2021Mar 31, 2021	BSIG BrightSphere Investment Group I	BrightSphere Investment Group I	Buy - Position Entry	+193,259	$3.94K	193,259
Q1 2021Mar 31, 2021	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+169,148+13.9%	$23.73K	1,385,558
Q1 2021Mar 31, 2021	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+161,681+1.8%	$67.78K	8,965,823
Q1 2021Mar 31, 2021	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Buy	+41,193+22.1%	$4.12K	227,223

Page 19 of 79 • 2341 total trades

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