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
Q3 2020Sep 30, 2020	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-45,644-2.6%	$48.11K	1,686,905
Q3 2020Sep 30, 2020	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Sell	-54,124-18.9%	$4.23K	232,961
Q3 2020Sep 30, 2020	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-57,086-4.1%	$43.88K	1,327,202
Q3 2020Sep 30, 2020	CUBI Customers Bancorp, Inc	Customers Bancorp, Inc	Sell - Position Exit	-63,347-100.0%	$0.00	-
Q3 2020Sep 30, 2020	FIX Comfort Systems USA, Inc.	Comfort Systems USA, Inc.	Sell	-91,535-63.6%	$2.70K	52,390
Q3 2020Sep 30, 2020	LEN-B Lennar Corporation	Lennar Corporation	Sell	-120,513-14.7%	$45.84K	698,183
Q3 2020Sep 30, 2020	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-296,766-16.6%	$25.45K	1,489,803
Q3 2020Sep 30, 2020	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-544,495-5.0%	$42.88K	10,282,860
Q2 2020Jun 30, 2020	AMH American Homes 4 Rent	American Homes 4 Rent	Buy - Position Entry	+402,492	$10.83K	402,492
Q2 2020Jun 30, 2020	ORI Old Republic International Corp	Old Republic International Corp	Buy	+320,961+40.3%	$18.24K	1,118,129
Q2 2020Jun 30, 2020	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Buy	+308,999+28.7%	$45.54K	1,384,288
Q2 2020Jun 30, 2020	CMA Comerica Incorporated	Comerica Incorporated	Buy	+105,222+44.4%	$13.04K	342,378
Q2 2020Jun 30, 2020	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Buy	+71,696+33.3%	$4.22K	287,085
Q2 2020Jun 30, 2020	WASH Washington Trust Bancorp, Inc.	Washington Trust Bancorp, Inc.	Buy - Position Entry	+65,834	$2.16K	65,834
Q2 2020Jun 30, 2020	UMBF UMB Financial Corporation	UMB Financial Corporation	Buy	+27,263+18.6%	$8.95K	173,524
Q2 2020Jun 30, 2020	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+23,829+0.4%	$8.38K	6,070,676
Q2 2020Jun 30, 2020	MAC Macerich Company (The)	Macerich Company (The)	Buy	+18,411+5.2%	$3.36K	374,972
Q2 2020Jun 30, 2020	FIX Comfort Systems USA, Inc.	Comfort Systems USA, Inc.	Buy	+9,296+6.9%	$5.87K	143,925
Q2 2020Jun 30, 2020	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+6,320+18.2%	$3.02K	41,089
Q2 2020Jun 30, 2020	VC Visteon Corporation	Visteon Corporation	Buy	+4,096+5.7%	$5.20K	75,945
Q2 2020Jun 30, 2020	TDW Tidewater Inc.	Tidewater Inc.	Buy	+2,826+0.1%	$15.51K	2,774,578
Q2 2020Jun 30, 2020	FDX FedEx Corporation	FedEx Corporation	Buy	+242+0.3%	$10.06K	71,753
Q2 2020Jun 30, 2020	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-458-0.3%	$22.80K	168,757
Q2 2020Jun 30, 2020	ESS Essex Property Trust, Inc.	Essex Property Trust, Inc.	Sell	-1,785-1.8%	$21.99K	95,949
Q2 2020Jun 30, 2020	PLD Prologis, Inc.	Prologis, Inc.	Sell	-4,034-1.1%	$34.06K	364,892
Q2 2020Jun 30, 2020	EXP Eagle Materials Inc	Eagle Materials Inc	Sell	-7,464-3.1%	$16.64K	236,933
Q2 2020Jun 30, 2020	IYR iShares U.S. Real Estate ETF	iShares U.S. Real Estate ETF	Sell - Position Exit	-9,000-100.0%	$0.00	-
Q2 2020Jun 30, 2020	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell	-9,866-23.0%	$3.79K	33,091
Q2 2020Jun 30, 2020	ICFI ICF International, Inc.	ICF International, Inc.	Sell	-10,061-10.7%	$5.42K	83,604
Q2 2020Jun 30, 2020	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-12,770-17.4%	$18.38K	60,831

Page 24 of 79 • 2341 total trades

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