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 2020Jun 30, 2020	AGX Argan, Inc.	Argan, Inc.	Sell	-14,222-11.9%	$4.99K	105,230
Q2 2020Jun 30, 2020	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-15,043-9.0%	$15.42K	151,559
Q2 2020Jun 30, 2020	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-17,980-7.6%	$9.82K	217,135
Q2 2020Jun 30, 2020	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-26,559-8.8%	$10.59K	275,569
Q2 2020Jun 30, 2020	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-32,247-8.7%	$10.37K	338,118
Q2 2020Jun 30, 2020	ATNI ATN International, Inc.	ATN International, Inc.	Sell	-36,575-33.6%	$4.39K	72,427
Q2 2020Jun 30, 2020	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-40,838-4.0%	$37.50K	981,288
Q2 2020Jun 30, 2020	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-49,694-13.0%	$10.66K	333,913
Q2 2020Jun 30, 2020	HA		Sell	-55,023-4.5%	$16.30K	1,160,715
Q2 2020Jun 30, 2020	SRG Seritage Growth Properties	Seritage Growth Properties	Sell	-57,331-8.8%	$6.78K	594,279
Q2 2020Jun 30, 2020	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-59,220-3.2%	$27.50K	1,786,569
Q2 2020Jun 30, 2020	PSA Public Storage	Public Storage	Sell	-63,263-62.3%	$7.34K	38,265
Q2 2020Jun 30, 2020	G Genpact	Genpact	Sell - Position Exit	-85,591-100.0%	$0.00	-
Q2 2020Jun 30, 2020	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-104,948-5.7%	$38.91K	1,732,549
Q2 2020Jun 30, 2020	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-107,119-8.8%	$27.66K	1,115,566
Q2 2020Jun 30, 2020	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-143,634-11.7%	$32.18K	1,088,102
Q2 2020Jun 30, 2020	LEN-B Lennar Corporation	Lennar Corporation	Sell	-174,487-17.6%	$37.73K	818,696
Q2 2020Jun 30, 2020	LEN Lennar Corporation	Lennar Corporation	Sell	-265,203-43.2%	$21.50K	348,885
Q2 2020Jun 30, 2020	SMHI SEACOR Marine Holdings Inc.	SEACOR Marine Holdings Inc.	Sell - Position Exit	-358,074-100.0%	$0.00	-
Q2 2020Jun 30, 2020	CUBI Customers Bancorp, Inc	Customers Bancorp, Inc	Sell	-497,774-88.7%	$762.00	63,347
Q2 2020Jun 30, 2020	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-821,075-7.0%	$49.81K	10,827,355
Q1 2020Mar 31, 2020	ORI Old Republic International Corp	Old Republic International Corp	Buy - Position Entry	+797,168	$12.16K	797,168
Q1 2020Mar 31, 2020	VNO Vornado Realty Trust	Vornado Realty Trust	Buy	+441,462+76.0%	$37.01K	1,022,126
Q1 2020Mar 31, 2020	PLD Prologis, Inc.	Prologis, Inc.	Buy - Position Entry	+368,926	$29.65K	368,926
Q1 2020Mar 31, 2020	SRG Seritage Growth Properties	Seritage Growth Properties	Buy	+316,761+94.6%	$5.94K	651,610
Q1 2020Mar 31, 2020	CBRE CBRE Group Inc	CBRE Group Inc	Buy - Position Entry	+235,115	$8.87K	235,115
Q1 2020Mar 31, 2020	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+203,936+3.5%	$11.01K	6,046,847
Q1 2020Mar 31, 2020	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy - Position Entry	+169,215	$14.56K	169,215
Q1 2020Mar 31, 2020	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Buy - Position Entry	+136,928	$6.02K	136,928
Q1 2020Mar 31, 2020	HA		Buy	+118,889+10.8%	$12.69K	1,215,738

Page 25 of 79 • 2341 total trades

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