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 2016Dec 31, 2016	CNH CNH Industrial	CNH Industrial	Sell	-44,389-8.3%	$4.26K	490,100
Q4 2016Dec 31, 2016	KW Kennedy-Wilson Holdings Inc.	Kennedy-Wilson Holdings Inc.	Sell	-44,959-3.5%	$25.53K	1,245,153
Q4 2016Dec 31, 2016	TILE Interface, Inc.	Interface, Inc.	Sell	-47,453-19.0%	$3.75K	202,020
Q4 2016Dec 31, 2016	SMP Standard Motor Products, Inc.	Standard Motor Products, Inc.	Sell	-58,246-37.8%	$5.10K	95,747
Q4 2016Dec 31, 2016	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-85,311-3.8%	$55.03K	2,164,153
Q4 2016Dec 31, 2016	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-100,638-2.3%	$141.91K	4,299,141
Q4 2016Dec 31, 2016	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-144,100-4.0%	$91.83K	3,452,270
Q4 2016Dec 31, 2016	AGCO AGCO Corporation	AGCO Corporation	Sell	-176,433-32.0%	$21.68K	374,671
Q4 2016Dec 31, 2016	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-274,936-13.5%	$83.36K	1,759,465
Q4 2016Dec 31, 2016	BKD Brookdale Senior Living Inc.	Brookdale Senior Living Inc.	Sell	-380,906-15.8%	$25.14K	2,023,941
Q4 2016Dec 31, 2016	KEY KeyCorp	KeyCorp	Sell	-434,820-30.6%	$18.03K	986,968
Q4 2016Dec 31, 2016	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-448,600-19.9%	$50.57K	1,802,943
Q4 2016Dec 31, 2016	CMA Comerica Incorporated	Comerica Incorporated	Sell	-507,189-32.8%	$70.67K	1,037,604
Q4 2016Dec 31, 2016	MAC Macerich Company (The)	Macerich Company (The)	Sell	-508,900-65.6%	$18.94K	267,301
Q4 2016Dec 31, 2016	ZION Zions Bancorporation N.A.	Zions Bancorporation N.A.	Sell	-1,289,300-68.0%	$26.13K	607,058
Q3 2016Sep 30, 2016	JCI Johnson Controls International	Johnson Controls International	Buy - Position Entry	+705,743	$32.84K	705,743
Q3 2016Sep 30, 2016	FIX Comfort Systems USA, Inc.	Comfort Systems USA, Inc.	Buy - Position Entry	+162,058	$4.75K	162,058
Q3 2016Sep 30, 2016	LIVN LivaNova	LivaNova	Buy	+65,871+24.6%	$20.07K	333,848
Q3 2016Sep 30, 2016	GIII G-III Apparel Group, LTD.	G-III Apparel Group, LTD.	Buy	+53,865+60.3%	$4.17K	143,218
Q3 2016Sep 30, 2016	KEX Kirby Corporation	Kirby Corporation	Buy	+15,241+17.1%	$6.49K	104,375
Q3 2016Sep 30, 2016	WKC World Kinect Corporation	World Kinect Corporation	Buy	+11,397+9.2%	$6.23K	134,679
Q3 2016Sep 30, 2016	B Barnes Group, Inc.	Barnes Group, Inc.	Buy	+2,800+2.7%	$4.24K	104,621
Q3 2016Sep 30, 2016	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+1,248+2.6%	$4.27K	49,405
Q3 2016Sep 30, 2016	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Buy	+145+0.1%	$7.17K	222,660
Q3 2016Sep 30, 2016	SMP Standard Motor Products, Inc.	Standard Motor Products, Inc.	Buy	+123+0.1%	$7.36K	153,993
Q3 2016Sep 30, 2016	TILE Interface, Inc.	Interface, Inc.	Buy	+103+0.0%	$4.16K	249,473
Q3 2016Sep 30, 2016	NSIT Insight Enterprises, Inc.	Insight Enterprises, Inc.	Buy	+89+0.0%	$7.18K	220,604
Q3 2016Sep 30, 2016	TTEK Tetra Tech, Inc.	Tetra Tech, Inc.	Buy	+55+0.0%	$5.32K	149,891
Q3 2016Sep 30, 2016	SEB Seaboard Corporation	Seaboard Corporation	Buy	+42+4.7%	$3.23K	940
Q3 2016Sep 30, 2016	VMI Valmont Industries, Inc.	Valmont Industries, Inc.	Sell	-1,306-35.5%	$319.00	2,369

Page 48 of 79 • 2341 total trades

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