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 2021Mar 31, 2021	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-118,658-13.3%	$24.60K	773,937
Q1 2021Mar 31, 2021	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-130,114-13.3%	$27.36K	848,516
Q1 2021Mar 31, 2021	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-133,341-13.3%	$38.83K	872,661
Q1 2021Mar 31, 2021	MAC Macerich Company (The)	Macerich Company (The)	Sell	-228,742-58.1%	$1.93K	164,679
Q1 2021Mar 31, 2021	KFY Korn Ferry	Korn Ferry	Sell - Position Exit	-358,469-100.0%	$0.00	-
Q1 2021Mar 31, 2021	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-483,707-36.2%	$30.39K	853,583
Q4 2020Dec 31, 2020	PRA ProAssurance Corporation	ProAssurance Corporation	Buy - Position Entry	+297,038	$5.29K	297,038
Q4 2020Dec 31, 2020	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Buy	+123,003+195.2%	$3.26K	186,030
Q4 2020Dec 31, 2020	AMH American Homes 4 Rent	American Homes 4 Rent	Buy	+55,824+12.1%	$15.53K	517,729
Q4 2020Dec 31, 2020	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Buy	+32,572+43.2%	$7.49K	107,928
Q4 2020Dec 31, 2020	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Buy	+31,509+21.1%	$5.61K	180,778
Q4 2020Dec 31, 2020	KFY Korn Ferry	Korn Ferry	Buy	+29,996+9.1%	$15.59K	358,469
Q4 2020Dec 31, 2020	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Buy	+22,466+16.4%	$5.98K	159,394
Q4 2020Dec 31, 2020	MAC Macerich Company (The)	Macerich Company (The)	Buy	+18,449+4.9%	$4.20K	393,421
Q4 2020Dec 31, 2020	WASH Washington Trust Bancorp, Inc.	Washington Trust Bancorp, Inc.	Buy	+14,806+8.8%	$8.19K	182,745
Q4 2020Dec 31, 2020	SPY SPDR S&P 500	SPDR S&P 500	Buy - Position Entry	+377	$141.00	377
Q4 2020Dec 31, 2020	SEB Seaboard Corporation	Seaboard Corporation	Buy	+78+4.1%	$6.06K	2,000
Q4 2020Dec 31, 2020	ICFI ICF International, Inc.	ICF International, Inc.	Buy	+69+0.1%	$6.22K	83,673
Q4 2020Dec 31, 2020	UMBF UMB Financial Corporation	UMB Financial Corporation	Buy	+57+0.0%	$10.08K	146,136
Q4 2020Dec 31, 2020	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Sell	-2,034-1.5%	$5.91K	129,723
Q4 2020Dec 31, 2020	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-4,130-7.1%	$24.59K	54,173
Q4 2020Dec 31, 2020	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Sell	-5,909-10.2%	$5.16K	52,160
Q4 2020Dec 31, 2020	NXRT NexPoint Residential Trust, Inc	NexPoint Residential Trust, Inc	Sell	-10,000-43.5%	$551.00	13,000
Q4 2020Dec 31, 2020	EXP Eagle Materials Inc	Eagle Materials Inc	Sell	-10,613-5.4%	$18.86K	186,032
Q4 2020Dec 31, 2020	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-10,884-6.7%	$24.19K	150,686
Q4 2020Dec 31, 2020	ATNI ATN International, Inc.	ATN International, Inc.	Sell	-12,166-16.8%	$2.52K	60,261
Q4 2020Dec 31, 2020	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-14,881-10.1%	$18.67K	132,466
Q4 2020Dec 31, 2020	DORM Dorman Products, Inc.	Dorman Products, Inc.	Sell	-17,522-40.2%	$2.27K	26,078
Q4 2020Dec 31, 2020	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-17,686-8.5%	$11.95K	190,511
Q4 2020Dec 31, 2020	CMA Comerica Incorporated	Comerica Incorporated	Sell	-18,674-4.8%	$20.74K	371,331

Page 21 of 79 • 2341 total trades

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