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
Q2 2024Jun 30, 2024	BATRK Atlanta Braves Holdings, Inc. -	Atlanta Braves Holdings, Inc. -	Buy	+135+0.5%	$1.04M	26,292
Q2 2024Jun 30, 2024	ITIC Investors Title Company	Investors Title Company	Buy	+33+0.1%	$7.06M	39,197
Q2 2024Jun 30, 2024	ICFI ICF International, Inc.	ICF International, Inc.	Sell	-12-0.0%	$6.57M	44,257
Q2 2024Jun 30, 2024	BN Brookfield Corporation	Brookfield Corporation	Sell	-42-0.0%	$20.13M	484,530
Q2 2024Jun 30, 2024	TDW Tidewater Inc.	Tidewater Inc.	Sell	-2,409-0.5%	$48.54M	509,811
Q2 2024Jun 30, 2024	DB Deutsche Bank	Deutsche Bank	Sell	-4,582-0.2%	$39.65M	2,481,698
Q2 2024Jun 30, 2024	LEN-B Lennar Corporation	Lennar Corporation	Sell	-5,513-3.3%	$22.56M	161,781
Q2 2024Jun 30, 2024	UHAL-B U-Haul Holding Company Series N	U-Haul Holding Company Series N	Sell	-9,904-3.4%	$17.08M	284,509
Q2 2024Jun 30, 2024	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-13,039-48.1%	$3.11M	14,096
Q2 2024Jun 30, 2024	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-17,008-13.8%	$14.94M	105,990
Q2 2024Jun 30, 2024	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-18,887-5.6%	$11.91M	320,621
Q2 2024Jun 30, 2024	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-23,595-7.0%	$9.19M	315,753
Q2 2024Jun 30, 2024	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-26,064-7.0%	$9.79M	344,740
Q2 2024Jun 30, 2024	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Sell	-31,116-28.1%	$7.00M	79,623
Q2 2024Jun 30, 2024	PRA ProAssurance Corporation	ProAssurance Corporation	Sell	-49,034-8.0%	$6.89M	564,069
Q2 2024Jun 30, 2024	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Sell	-634,000-15.4%	$406.63K	3,475,472
Q2 2024Jun 30, 2024	HA		Sell - Position Exit	-686,011-100.0%	$0.00	-
Q1 2024Mar 31, 2024	LAZ Lazard, Inc.	Lazard, Inc.	Buy - Position Entry	+550,472	$23.05M	550,472
Q1 2024Mar 31, 2024	LXU LSB Industries, Inc.	LSB Industries, Inc.	Buy	+314,695+66.5%	$6.92M	787,909
Q1 2024Mar 31, 2024	PRA ProAssurance Corporation	ProAssurance Corporation	Buy	+169,484+38.2%	$7.88M	613,103
Q1 2024Mar 31, 2024	SUI Sun Communities, Inc.	Sun Communities, Inc.	Buy	+36,544+72.2%	$11.21M	87,178
Q1 2024Mar 31, 2024	ELME Elme Communities	Elme Communities	Buy	+28,000+43.1%	$1.29M	93,000
Q1 2024Mar 31, 2024	COLL Collegium Pharmaceutical, Inc.	Collegium Pharmaceutical, Inc.	Buy	+25,000+30.1%	$4.20M	108,120
Q1 2024Mar 31, 2024	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+8,867+0.3%	$10.34M	3,303,663
Q1 2024Mar 31, 2024	AMH American Homes 4 Rent	American Homes 4 Rent	Buy	+1,129+0.3%	$12.49M	339,508
Q1 2024Mar 31, 2024	WY Weyerhaeuser Company	Weyerhaeuser Company	Buy	+662+0.2%	$13.32M	370,804
Q1 2024Mar 31, 2024	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Buy	+627+0.2%	$11.28M	339,348
Q1 2024Mar 31, 2024	PLD Prologis, Inc.	Prologis, Inc.	Buy	+473+0.4%	$15.22M	116,846
Q1 2024Mar 31, 2024	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Buy	+415+0.3%	$8.16M	155,263
Q1 2024Mar 31, 2024	BATRK Atlanta Braves Holdings, Inc. -	Atlanta Braves Holdings, Inc. -	Buy	+157+0.6%	$1.02M	26,157

Page 6 of 79 • 2341 total trades

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