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 2020Mar 31, 2020	CET 11017	11017	Buy - Position Entry	+111,210	$2.87K	111,210
Q1 2020Mar 31, 2020	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Buy	+109,518+42.0%	$9.21K	370,365
Q1 2020Mar 31, 2020	PSA Public Storage	Public Storage	Buy - Position Entry	+101,528	$20.16K	101,528
Q1 2020Mar 31, 2020	ESS Essex Property Trust, Inc.	Essex Property Trust, Inc.	Buy - Position Entry	+97,734	$21.52K	97,734
Q1 2020Mar 31, 2020	FDX FedEx Corporation	FedEx Corporation	Buy - Position Entry	+71,511	$8.67K	71,511
Q1 2020Mar 31, 2020	EXP Eagle Materials Inc	Eagle Materials Inc	Buy	+67,046+37.8%	$14.28K	244,397
Q1 2020Mar 31, 2020	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+56,386+3.2%	$19.60K	1,845,789
Q1 2020Mar 31, 2020	ROIC Retail Opportunity Investments	Retail Opportunity Investments	Buy - Position Entry	+55,000	$456.00	55,000
Q1 2020Mar 31, 2020	CIO City Office REIT, Inc.	City Office REIT, Inc.	Buy - Position Entry	+55,000	$398.00	55,000
Q1 2020Mar 31, 2020	NXRT NexPoint Residential Trust, Inc	NexPoint Residential Trust, Inc	Buy - Position Entry	+23,000	$580.00	23,000
Q1 2020Mar 31, 2020	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Buy	+20,000+33.3%	$644.00	80,000
Q1 2020Mar 31, 2020	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+19,738+13.4%	$12.70K	166,602
Q1 2020Mar 31, 2020	TDW Tidewater Inc.	Tidewater Inc.	Buy	+17,141+0.6%	$19.63K	2,771,752
Q1 2020Mar 31, 2020	STC Stewart Information Services Co	Stewart Information Services Co	Buy - Position Entry	+17,000	$454.00	17,000
Q1 2020Mar 31, 2020	PCH PotlatchDeltic Corporation - Co	PotlatchDeltic Corporation - Co	Buy - Position Entry	+16,000	$503.00	16,000
Q1 2020Mar 31, 2020	UMBF UMB Financial Corporation	UMB Financial Corporation	Buy	+14,106+10.7%	$6.78K	146,261
Q1 2020Mar 31, 2020	RMR The RMR Group Inc.	The RMR Group Inc.	Buy - Position Entry	+14,000	$378.00	14,000
Q1 2020Mar 31, 2020	JBGS JBG SMITH Properties	JBG SMITH Properties	Buy	+9,710+0.8%	$39.21K	1,231,736
Q1 2020Mar 31, 2020	IYR iShares U.S. Real Estate ETF	iShares U.S. Real Estate ETF	Buy - Position Entry	+9,000	$627.00	9,000
Q1 2020Mar 31, 2020	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-459-0.0%	$47.58K	1,075,289
Q1 2020Mar 31, 2020	SPY SPDR S&P 500	SPDR S&P 500	Sell - Position Exit	-3,365-100.0%	$0.00	-
Q1 2020Mar 31, 2020	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-6,644-8.3%	$21.39K	73,601
Q1 2020Mar 31, 2020	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-24,256-34.6%	$2.81K	45,788
Q1 2020Mar 31, 2020	ATNI ATN International, Inc.	ATN International, Inc.	Sell	-27,393-20.1%	$6.40K	109,002
Q1 2020Mar 31, 2020	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell	-31,107-42.0%	$5.14K	42,957
Q1 2020Mar 31, 2020	G Genpact	Genpact	Sell	-35,281-29.2%	$2.50K	85,591
Q1 2020Mar 31, 2020	CCS Century Communities, Inc.	Century Communities, Inc.	Sell - Position Exit	-40,000-100.0%	$0.00	-
Q1 2020Mar 31, 2020	AGX Argan, Inc.	Argan, Inc.	Sell	-47,302-28.4%	$4.13K	119,452
Q1 2020Mar 31, 2020	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Sell	-58,421-31.8%	$3.81K	125,475
Q1 2020Mar 31, 2020	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-59,599-4.6%	$28.80K	1,222,685

Page 26 of 79 • 2341 total trades

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