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 2020Dec 31, 2020	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-22,603-8.6%	$10.19K	241,732
Q4 2020Dec 31, 2020	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-23,439-7.2%	$11.76K	300,909
Q4 2020Dec 31, 2020	CIO City Office REIT, Inc.	City Office REIT, Inc.	Sell	-24,000-34.3%	$450.00	46,000
Q4 2020Dec 31, 2020	ESS Essex Property Trust, Inc.	Essex Property Trust, Inc.	Sell	-25,926-41.1%	$8.81K	37,117
Q4 2020Dec 31, 2020	PLD Prologis, Inc.	Prologis, Inc.	Sell	-34,879-10.0%	$31.35K	314,604
Q4 2020Dec 31, 2020	SRG Seritage Growth Properties	Seritage Growth Properties	Sell	-41,436-7.4%	$7.58K	516,264
Q4 2020Dec 31, 2020	VC Visteon Corporation	Visteon Corporation	Sell	-44,097-58.1%	$4.00K	31,848
Q4 2020Dec 31, 2020	FDX FedEx Corporation	FedEx Corporation	Sell - Position Exit	-50,628-100.0%	$0.00	-
Q4 2020Dec 31, 2020	AGX Argan, Inc.	Argan, Inc.	Sell - Position Exit	-75,009-100.0%	$0.00	-
Q4 2020Dec 31, 2020	ALCO Alico, Inc.	Alico, Inc.	Sell	-84,108-59.9%	$1.75K	56,343
Q4 2020Dec 31, 2020	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-91,659-8.6%	$28.75K	978,630
Q4 2020Dec 31, 2020	HA		Sell	-144,279-12.4%	$17.99K	1,016,436
Q4 2020Dec 31, 2020	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-150,630-14.4%	$27.91K	892,595
Q4 2020Dec 31, 2020	LEN Lennar Corporation	Lennar Corporation	Sell	-175,018-52.4%	$12.10K	158,779
Q4 2020Dec 31, 2020	ORI Old Republic International Corp	Old Republic International Corp	Sell	-175,568-13.7%	$21.87K	1,109,592
Q4 2020Dec 31, 2020	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-177,358-58.4%	$7.61K	126,566
Q4 2020Dec 31, 2020	LEN-B Lennar Corporation	Lennar Corporation	Sell	-217,209-31.1%	$29.44K	480,974
Q4 2020Dec 31, 2020	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-273,393-18.4%	$25.93K	1,216,410
Q4 2020Dec 31, 2020	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-321,200-24.2%	$41.52K	1,006,002
Q4 2020Dec 31, 2020	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-349,615-20.7%	$44.84K	1,337,290
Q4 2020Dec 31, 2020	TDW Tidewater Inc.	Tidewater Inc.	Sell	-375,527-13.0%	$21.72K	2,513,675
Q4 2020Dec 31, 2020	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-716,529-75.1%	$8.87K	237,599
Q4 2020Dec 31, 2020	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-1,478,718-14.4%	$48.07K	8,804,142
Q3 2020Sep 30, 2020	KFY Korn Ferry	Korn Ferry	Buy - Position Entry	+328,473	$9.53K	328,473
Q3 2020Sep 30, 2020	ORI Old Republic International Corp	Old Republic International Corp	Buy	+167,031+14.9%	$18.94K	1,285,160
Q3 2020Sep 30, 2020	TDW Tidewater Inc.	Tidewater Inc.	Buy	+114,624+4.1%	$19.39K	2,889,202
Q3 2020Sep 30, 2020	WASH Washington Trust Bancorp, Inc.	Washington Trust Bancorp, Inc.	Buy	+102,105+155.1%	$5.15K	167,939
Q3 2020Sep 30, 2020	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Buy - Position Entry	+63,027	$1.23K	63,027
Q3 2020Sep 30, 2020	AMH American Homes 4 Rent	American Homes 4 Rent	Buy	+59,413+14.8%	$13.16K	461,905
Q3 2020Sep 30, 2020	CMA Comerica Incorporated	Comerica Incorporated	Buy	+47,627+13.9%	$14.92K	390,005

Page 22 of 79 • 2341 total trades

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