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
Q3 2018Sep 30, 2018	DB Deutsche Bank	Deutsche Bank	Sell - Position Exit	-322,000-100.0%	$0.00	-
Q3 2018Sep 30, 2018	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-356,499-7.1%	$151.20K	4,685,535
Q3 2018Sep 30, 2018	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-568,463-30.8%	$27.76K	1,278,691
Q3 2018Sep 30, 2018	G0457F107 Arcos Dorados	Arcos Dorados	Sell - Position Exit	-971,150-100.0%	$0.00	-
Q2 2018Jun 30, 2018	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+6,007,552+225.1%	$97.61K	8,676,526
Q2 2018Jun 30, 2018	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+1,243,282+97.7%	$69.36K	2,515,767
Q2 2018Jun 30, 2018	LEN-B Lennar Corporation	Lennar Corporation	Buy	+658,113+149.6%	$46.87K	1,098,003
Q2 2018Jun 30, 2018	HA		Buy - Position Entry	+398,880	$14.34K	398,880
Q2 2018Jun 30, 2018	MAC Macerich Company (The)	Macerich Company (The)	Buy	+363,613+29.9%	$89.84K	1,580,774
Q2 2018Jun 30, 2018	ATNI ATN International, Inc.	ATN International, Inc.	Buy - Position Entry	+115,053	$6.07K	115,053
Q2 2018Jun 30, 2018	SMHI SEACOR Marine Holdings Inc.	SEACOR Marine Holdings Inc.	Buy	+65,750+22.5%	$8.25K	357,650
Q2 2018Jun 30, 2018	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Buy - Position Entry	+50,000	$490.00	50,000
Q2 2018Jun 30, 2018	MYRG MYR Group, Inc.	MYR Group, Inc.	Buy	+36,724+14.9%	$10.05K	283,548
Q2 2018Jun 30, 2018	TDW Tidewater Inc.	Tidewater Inc.	Buy	+26,106+1.2%	$65.36K	2,259,154
Q2 2018Jun 30, 2018	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Buy	+21,152+20.4%	$8.55K	125,024
Q2 2018Jun 30, 2018	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+9,865+0.2%	$32.32K	4,934,510
Q2 2018Jun 30, 2018	CSGS CSG Systems International, Inc.	CSG Systems International, Inc.	Buy	+9,629+8.0%	$5.34K	130,543
Q2 2018Jun 30, 2018	AKR Acadia Realty Trust	Acadia Realty Trust	Buy	+6,260+0.3%	$50.05K	1,828,506
Q2 2018Jun 30, 2018	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Buy	+2,994+0.2%	$56.85K	1,705,022
Q2 2018Jun 30, 2018	VNO Vornado Realty Trust	Vornado Realty Trust	Buy	+1,731+0.2%	$61.61K	833,430
Q2 2018Jun 30, 2018	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Buy	+1,364+0.3%	$20.44K	543,269
Q2 2018Jun 30, 2018	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+1,289+3.2%	$5.57K	41,249
Q2 2018Jun 30, 2018	ZION Zions Bancorporation N.A.	Zions Bancorporation N.A.	Buy	+1,232+0.2%	$29.70K	563,711
Q2 2018Jun 30, 2018	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy	+1,006+0.2%	$45.85K	479,719
Q2 2018Jun 30, 2018	VVI Viad Corp	Viad Corp	Buy	+293+0.3%	$5.89K	108,528
Q2 2018Jun 30, 2018	TTEK Tetra Tech, Inc.	Tetra Tech, Inc.	Buy	+289+0.2%	$7.71K	131,733
Q2 2018Jun 30, 2018	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Buy	+279+0.8%	$2.35K	36,211
Q2 2018Jun 30, 2018	ICFI ICF International, Inc.	ICF International, Inc.	Buy	+243+0.2%	$10.31K	145,065
Q2 2018Jun 30, 2018	UMBF UMB Financial Corporation	UMB Financial Corporation	Buy	+221+0.3%	$6.22K	81,612
Q2 2018Jun 30, 2018	UHAL U-Haul Holding Company	U-Haul Holding Company	Buy	+214+0.2%	$31.14K	87,438

Page 35 of 79 • 2341 total trades

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