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 2015Jun 30, 2015	SKT Tanger Inc.	Tanger Inc.	Buy	+9,000+0.4%	$71.66K	2,260,653
Q2 2015Jun 30, 2015	HOUS Anywhere Real Estate Inc.	Anywhere Real Estate Inc.	Buy	+7,100+0.4%	$77.83K	1,665,809
Q2 2015Jun 30, 2015	ARDC Ares Dynamic Credit Allocation	Ares Dynamic Credit Allocation	Buy	+6,535+2.2%	$4.72K	307,666
Q2 2015Jun 30, 2015	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy	+5,400+0.4%	$85.25K	1,272,976
Q2 2015Jun 30, 2015	ZION Zions Bancorporation N.A.	Zions Bancorporation N.A.	Buy	+4,100+0.1%	$91.81K	2,893,058
Q2 2015Jun 30, 2015	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+2,300+8.2%	$1.70K	30,237
Q2 2015Jun 30, 2015	POWL Powell Industries, Inc.	Powell Industries, Inc.	Buy	+2,100+10.9%	$751.00	21,350
Q2 2015Jun 30, 2015	H Hyatt Hotels Corporation	Hyatt Hotels Corporation	Buy	+300+0.1%	$27.00K	476,281
Q2 2015Jun 30, 2015	VOD Vodafone Group Plc	Vodafone Group Plc	Sell	-1,046-31.0%	$85.00	2,326
Q2 2015Jun 30, 2015	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell - Position Exit	-1,395-100.0%	$0.00	-
Q2 2015Jun 30, 2015	B Barnes Group, Inc.	Barnes Group, Inc.	Sell	-1,500-0.6%	$10.25K	262,885
Q2 2015Jun 30, 2015	TTE TotalEnergies SE	TotalEnergies SE	Sell	-1,503-33.0%	$150.00	3,056
Q2 2015Jun 30, 2015	WLK Westlake Corporation	Westlake Corporation	Sell - Position Exit	-4,900-100.0%	$0.00	-
Q2 2015Jun 30, 2015	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-11,423-6.6%	$8.88K	162,499
Q2 2015Jun 30, 2015	AGCO AGCO Corporation	AGCO Corporation	Sell	-12,866-0.7%	$108.06K	1,903,214
Q2 2015Jun 30, 2015	G9618E107 White Mountains	White Mountains	Sell	-19,103-12.7%	$85.71K	130,867
Q2 2015Jun 30, 2015	PKX POSCO Holdings Inc.	POSCO Holdings Inc.	Sell	-19,917-1.0%	$92.37K	1,881,689
Q2 2015Jun 30, 2015	L Loews Corporation	Loews Corporation	Sell	-23,158-1.8%	$48.15K	1,250,287
Q2 2015Jun 30, 2015	PRGS Progress Software Corporation	Progress Software Corporation	Sell	-23,800-6.8%	$8.99K	327,067
Q2 2015Jun 30, 2015	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Sell	-44,419-23.4%	$7.06K	145,133
Q2 2015Jun 30, 2015	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-53,031-21.5%	$9.23K	193,169
Q2 2015Jun 30, 2015	PPBI Pacific Premier Bancorp Inc	Pacific Premier Bancorp Inc	Sell - Position Exit	-55,209-100.0%	$0.00	-
Q2 2015Jun 30, 2015	SCL Stepan Company	Stepan Company	Sell - Position Exit	-59,197-100.0%	$0.00	-
Q2 2015Jun 30, 2015	ENS EnerSys	EnerSys	Sell	-63,657-49.7%	$4.52K	64,368
Q2 2015Jun 30, 2015	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell	-71,131-2.7%	$51.80K	2,576,058
Q2 2015Jun 30, 2015	CLH Clean Harbors, Inc.	Clean Harbors, Inc.	Sell - Position Exit	-78,715-100.0%	$0.00	-
Q2 2015Jun 30, 2015	G0457F107 Arcos Dorados	Arcos Dorados	Sell	-79,674-5.5%	$7.27K	1,381,502
Q2 2015Jun 30, 2015	G0450A105 Arch Capital	Arch Capital	Sell - Position Exit	-103,494-100.0%	$0.00	-
Q2 2015Jun 30, 2015	CVCO Cavco Industries, Inc.	Cavco Industries, Inc.	Sell	-114,241-7.4%	$107.61K	1,426,423
Q2 2015Jun 30, 2015	CMA Comerica Incorporated	Comerica Incorporated	Sell	-173,472-5.5%	$152.58K	2,973,178

Page 60 of 79 • 2341 total trades

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