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 2015Dec 31, 2015	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-80,705-6.1%	$123.56K	1,236,125
Q4 2015Dec 31, 2015	CSGS CSG Systems International, Inc.	CSG Systems International, Inc.	Sell	-88,651-29.3%	$7.69K	213,678
Q4 2015Dec 31, 2015	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-100,325-7.8%	$90.48K	1,189,851
Q4 2015Dec 31, 2015	G Genpact	Genpact	Sell	-104,543-24.5%	$8.03K	321,342
Q4 2015Dec 31, 2015	CMA Comerica Incorporated	Comerica Incorporated	Sell	-115,461-4.5%	$103.56K	2,475,873
Q4 2015Dec 31, 2015	MAC Macerich Company (The)	Macerich Company (The)	Sell	-147,595-7.6%	$145.71K	1,805,831
Q4 2015Dec 31, 2015	LXU LSB Industries, Inc.	LSB Industries, Inc.	Sell - Position Exit	-166,837-100.0%	$0.00	-
Q4 2015Dec 31, 2015	SKT Tanger Inc.	Tanger Inc.	Sell	-195,032-8.5%	$68.43K	2,092,721
Q4 2015Dec 31, 2015	KW Kennedy-Wilson Holdings Inc.	Kennedy-Wilson Holdings Inc.	Sell	-205,200-27.4%	$13.07K	542,800
Q4 2015Dec 31, 2015	ZION Zions Bancorporation N.A.	Zions Bancorporation N.A.	Sell	-210,600-7.2%	$74.36K	2,723,858
Q4 2015Dec 31, 2015	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-247,915-7.9%	$119.90K	2,908,723
Q4 2015Dec 31, 2015	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Sell - Position Exit	-250,000-100.0%	$0.00	-
Q4 2015Dec 31, 2015	ARDC Ares Dynamic Credit Allocation	Ares Dynamic Credit Allocation	Sell - Position Exit	-253,978-100.0%	$0.00	-
Q4 2015Dec 31, 2015	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-264,641-5.8%	$136.32K	4,323,640
Q4 2015Dec 31, 2015	EQC Equity	Equity	Sell	-269,875-7.3%	$95.34K	3,438,280
Q4 2015Dec 31, 2015	MAS Masco Corporation	Masco Corporation	Sell	-312,413-17.0%	$43.25K	1,528,258
Q4 2015Dec 31, 2015	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-368,812-6.7%	$114.56K	5,160,270
Q4 2015Dec 31, 2015	BTZ BlackRock Credit Allocation Inc	BlackRock Credit Allocation Inc	Sell - Position Exit	-409,999-100.0%	$0.00	-
Q4 2015Dec 31, 2015	GM General Motors Company	General Motors Company	Sell	-410,242-22.0%	$49.59K	1,458,043
Q4 2015Dec 31, 2015	AGCO AGCO Corporation	AGCO Corporation	Sell	-423,255-23.0%	$64.18K	1,413,988
Q4 2015Dec 31, 2015	NHS Neuberger Berman High Yield Str	Neuberger Berman High Yield Str	Sell - Position Exit	-425,826-100.0%	$0.00	-
Q4 2015Dec 31, 2015	CVCO Cavco Industries, Inc.	Cavco Industries, Inc.	Sell	-430,280-31.0%	$79.77K	957,501
Q4 2015Dec 31, 2015	H Hyatt Hotels Corporation	Hyatt Hotels Corporation	Sell - Position Exit	-482,381-100.0%	$0.00	-
Q4 2015Dec 31, 2015	L Loews Corporation	Loews Corporation	Sell	-509,627-42.1%	$26.95K	701,723
Q4 2015Dec 31, 2015	HYI Western Asset High Yield Define	Western Asset High Yield Define	Sell - Position Exit	-562,522-100.0%	$0.00	-
Q4 2015Dec 31, 2015	HYB New America High Income Fund, I	New America High Income Fund, I	Sell - Position Exit	-595,362-100.0%	$0.00	-
Q4 2015Dec 31, 2015	PKX POSCO Holdings Inc.	POSCO Holdings Inc.	Sell	-861,716-56.9%	$23.05K	651,865
Q4 2015Dec 31, 2015	KEY KeyCorp	KeyCorp	Sell	-1,002,326-40.0%	$19.82K	1,502,820
Q4 2015Dec 31, 2015	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-1,104,890-14.7%	$142.15K	6,423,328
Q4 2015Dec 31, 2015	HYT Blackrock Corporate High Yield	Blackrock Corporate High Yield	Sell - Position Exit	-1,304,420-100.0%	$0.00	-

Page 56 of 79 • 2341 total trades

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