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 2019Dec 31, 2019	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Sell	-14,489-7.3%	$6.83K	183,896
Q4 2019Dec 31, 2019	ICFI ICF International, Inc.	ICF International, Inc.	Sell	-19,122-17.0%	$8.58K	93,665
Q4 2019Dec 31, 2019	VC Visteon Corporation	Visteon Corporation	Sell	-40,214-35.9%	$6.22K	71,849
Q4 2019Dec 31, 2019	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-41,032-6.6%	$38.62K	580,664
Q4 2019Dec 31, 2019	CMA Comerica Incorporated	Comerica Incorporated	Sell	-47,448-12.5%	$23.79K	331,514
Q4 2019Dec 31, 2019	AKR Acadia Realty Trust	Acadia Realty Trust	Sell	-61,616-6.6%	$22.63K	872,557
Q4 2019Dec 31, 2019	LEN Lennar Corporation	Lennar Corporation	Sell	-62,137-6.6%	$49.46K	881,440
Q4 2019Dec 31, 2019	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-78,169-23.1%	$11.83K	260,847
Q4 2019Dec 31, 2019	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-86,250-6.6%	$48.75K	1,222,026
Q4 2019Dec 31, 2019	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Sell	-104,088-17.2%	$7.83K	502,578
Q4 2019Dec 31, 2019	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-113,667-16.8%	$23.35K	562,599
Q4 2019Dec 31, 2019	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-134,589-49.7%	$21.73K	136,135
Q4 2019Dec 31, 2019	LEN-B Lennar Corporation	Lennar Corporation	Sell	-144,747-11.4%	$50.53K	1,130,388
Q4 2019Dec 31, 2019	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell - Position Exit	-217,258-100.0%	$0.00	-
Q4 2019Dec 31, 2019	HA		Sell	-318,010-22.5%	$32.13K	1,096,849
Q4 2019Dec 31, 2019	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-507,763-32.1%	$62.18K	1,075,748
Q4 2019Dec 31, 2019	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-553,516-17.3%	$79.88K	2,644,843
Q4 2019Dec 31, 2019	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-562,360-30.5%	$42.01K	1,282,284
Q4 2019Dec 31, 2019	TRC Tejon Ranch Co	Tejon Ranch Co	Sell - Position Exit	-686,108-100.0%	$0.00	-
Q3 2019Sep 30, 2019	VNO Vornado Realty Trust	Vornado Realty Trust	Buy	+223,862+56.3%	$39.58K	621,696
Q3 2019Sep 30, 2019	TDW Tidewater Inc.	Tidewater Inc.	Buy	+136,110+5.2%	$41.36K	2,737,423
Q3 2019Sep 30, 2019	MYRG MYR Group, Inc.	MYR Group, Inc.	Buy	+61,974+19.3%	$12.00K	383,459
Q3 2019Sep 30, 2019	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+27,508+0.5%	$22.83K	5,707,236
Q3 2019Sep 30, 2019	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+22,965+18.6%	$18.14K	146,222
Q3 2019Sep 30, 2019	FIX Comfort Systems USA, Inc.	Comfort Systems USA, Inc.	Buy	+21,499+19.0%	$5.96K	134,629
Q3 2019Sep 30, 2019	CUBI Customers Bancorp, Inc	Customers Bancorp, Inc	Buy	+16,092+3.0%	$11.64K	561,121
Q3 2019Sep 30, 2019	LEN-B Lennar Corporation	Lennar Corporation	Buy	+8,813+0.7%	$56.58K	1,275,135
Q3 2019Sep 30, 2019	JBGS JBG SMITH Properties	JBG SMITH Properties	Buy	+6,635+0.5%	$51.30K	1,308,276
Q3 2019Sep 30, 2019	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+6,227+0.4%	$34.55K	1,769,890
Q3 2019Sep 30, 2019	SRG Seritage Growth Properties	Seritage Growth Properties	Buy	+6,152+1.9%	$13.75K	323,676

Page 28 of 79 • 2341 total trades

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