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 2019Mar 31, 2019	ATNI ATN International, Inc.	ATN International, Inc.	Buy	+21,157+18.4%	$8.27K	136,210
Q1 2019Mar 31, 2019	H8817H100 Transocean	Transocean	Buy	+10,657+0.7%	$11.55K	1,521,285
Q1 2019Mar 31, 2019	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Buy	+7,770+6.3%	$6.30K	131,757
Q1 2019Mar 31, 2019	LEN-B Lennar Corporation	Lennar Corporation	Buy	+5,665+0.5%	$51.05K	1,248,201
Q1 2019Mar 31, 2019	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Buy	+709+0.1%	$7.95K	606,666
Q1 2019Mar 31, 2019	SEB Seaboard Corporation	Seaboard Corporation	Buy	+98+6.1%	$7.24K	1,708
Q1 2019Mar 31, 2019	SMHI SEACOR Marine Holdings Inc.	SEACOR Marine Holdings Inc.	Buy	+63+0.0%	$4.78K	358,074
Q1 2019Mar 31, 2019	CUBI Customers Bancorp, Inc	Customers Bancorp, Inc	Buy	+39+0.0%	$11.38K	519,152
Q1 2019Mar 31, 2019	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-6,456-7.7%	$30.06K	77,818
Q1 2019Mar 31, 2019	SPY SPDR S&P 500	SPDR S&P 500	Sell - Position Exit	-11,248-100.0%	$0.00	-
Q1 2019Mar 31, 2019	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Sell	-15,000-20.0%	$558.00	60,000
Q1 2019Mar 31, 2019	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-17,776-6.3%	$34.92K	264,544
Q1 2019Mar 31, 2019	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Sell	-18,469-30.4%	$4.26K	42,331
Q1 2019Mar 31, 2019	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Sell	-21,859-34.9%	$3.90K	40,819
Q1 2019Mar 31, 2019	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell	-23,779-17.7%	$9.05K	110,343
Q1 2019Mar 31, 2019	CCS Century Communities, Inc.	Century Communities, Inc.	Sell	-25,702-39.1%	$1.09K	40,000
Q1 2019Mar 31, 2019	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-40,785-7.8%	$18.81K	483,250
Q1 2019Mar 31, 2019	G Genpact	Genpact	Sell	-41,194-25.4%	$4.36K	120,872
Q1 2019Mar 31, 2019	SMP Standard Motor Products, Inc.	Standard Motor Products, Inc.	Sell - Position Exit	-46,947-100.0%	$0.00	-
Q1 2019Mar 31, 2019	ASIX AdvanSix Inc.	AdvanSix Inc.	Sell	-48,007-21.0%	$5.51K	180,736
Q1 2019Mar 31, 2019	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-76,602-21.7%	$29.47K	276,136
Q1 2019Mar 31, 2019	CMA Comerica Incorporated	Comerica Incorporated	Sell	-90,652-16.7%	$34.24K	451,256
Q1 2019Mar 31, 2019	TTEK Tetra Tech, Inc.	Tetra Tech, Inc.	Sell - Position Exit	-119,797-100.0%	$0.00	-
Q1 2019Mar 31, 2019	MAC Macerich Company (The)	Macerich Company (The)	Sell	-120,766-7.9%	$57.18K	1,403,122
Q1 2019Mar 31, 2019	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-133,427-11.9%	$18.09K	985,076
Q1 2019Mar 31, 2019	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-156,773-14.7%	$31.09K	908,608
Q1 2019Mar 31, 2019	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-180,881-7.9%	$65.99K	2,100,124
Q1 2019Mar 31, 2019	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-389,412-48.5%	$27.33K	414,026
Q1 2019Mar 31, 2019	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-513,059-10.7%	$110.12K	4,296,482
Q1 2019Mar 31, 2019	AKR Acadia Realty Trust	Acadia Realty Trust	Sell	-523,148-29.7%	$34.90K	1,237,435

Page 31 of 79 • 2341 total trades

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