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 2018Dec 31, 2018	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-20,887-3.8%	$16.48K	524,035
Q4 2018Dec 31, 2018	G9618E107 White Mountains	White Mountains	Sell - Position Exit	-28,649-100.0%	$0.00	-
Q4 2018Dec 31, 2018	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-32,255-3.9%	$49.84K	803,438
Q4 2018Dec 31, 2018	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-36,340-1.4%	$63.16K	2,619,494
Q4 2018Dec 31, 2018	AMN AMN Healthcare Services Inc	AMN Healthcare Services Inc	Sell - Position Exit	-55,755-100.0%	$0.00	-
Q4 2018Dec 31, 2018	MAC Macerich Company (The)	Macerich Company (The)	Sell	-61,628-3.9%	$65.95K	1,523,888
Q4 2018Dec 31, 2018	AKR Acadia Realty Trust	Acadia Realty Trust	Sell	-70,887-3.9%	$41.83K	1,760,583
Q4 2018Dec 31, 2018	LEN Lennar Corporation	Lennar Corporation	Sell	-78,546-3.0%	$99.86K	2,550,662
Q4 2018Dec 31, 2018	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-91,830-3.9%	$63.16K	2,281,005
Q4 2018Dec 31, 2018	CBSH Commerce Bancshares, Inc.	Commerce Bancshares, Inc.	Sell - Position Exit	-108,051-100.0%	$0.00	-
Q4 2018Dec 31, 2018	WSBC WesBanco, Inc.	WesBanco, Inc.	Sell - Position Exit	-111,300-100.0%	$0.00	-
Q4 2018Dec 31, 2018	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-128,288-26.7%	$32.58K	352,738
Q4 2018Dec 31, 2018	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell - Position Exit	-140,574-100.0%	$0.00	-
Q4 2018Dec 31, 2018	CSWI CSW Industrials, Inc.	CSW Industrials, Inc.	Sell - Position Exit	-140,574-100.0%	$0.00	-
Q4 2018Dec 31, 2018	CSGS CSG Systems International, Inc.	CSG Systems International, Inc.	Sell - Position Exit	-158,988-100.0%	$0.00	-
Q4 2018Dec 31, 2018	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-160,188-12.5%	$18.55K	1,118,503
Q4 2018Dec 31, 2018	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-359,652-25.2%	$30.75K	1,065,381
Q4 2018Dec 31, 2018	ZION Zions Bancorporation N.A.	Zions Bancorporation N.A.	Sell - Position Exit	-563,711-100.0%	$0.00	-
Q4 2018Dec 31, 2018	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell - Position Exit	-651,082-100.0%	$0.00	-
Q4 2018Dec 31, 2018	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-1,263,841-31.8%	$104.08K	2,713,901
Q3 2018Sep 30, 2018	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+1,541,609+17.8%	$96.15K	10,218,135
Q3 2018Sep 30, 2018	JBGS JBG SMITH Properties	JBG SMITH Properties	Buy	+307,848+95.6%	$23.20K	629,885
Q3 2018Sep 30, 2018	HA		Buy	+175,319+44.0%	$23.03K	574,199
Q3 2018Sep 30, 2018	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Buy	+153,213+37.3%	$7.00K	564,113
Q3 2018Sep 30, 2018	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+140,067+5.6%	$71.81K	2,655,834
Q3 2018Sep 30, 2018	LEN-B Lennar Corporation	Lennar Corporation	Buy	+77,797+7.1%	$45.27K	1,175,800
Q3 2018Sep 30, 2018	ASIX AdvanSix Inc.	AdvanSix Inc.	Buy - Position Entry	+76,658	$2.60K	76,658
Q3 2018Sep 30, 2018	UMBF UMB Financial Corporation	UMB Financial Corporation	Buy	+30,253+37.1%	$7.93K	111,865
Q3 2018Sep 30, 2018	CSGS CSG Systems International, Inc.	CSG Systems International, Inc.	Buy	+28,445+21.8%	$6.38K	158,988
Q3 2018Sep 30, 2018	MYRG MYR Group, Inc.	MYR Group, Inc.	Buy	+15,987+5.6%	$9.78K	299,535

Page 33 of 79 • 2341 total trades

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