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 2014Dec 31, 2014	KEY KeyCorp	KeyCorp	Buy	+421,086+6.2%	$100.19K	7,208,189
Q4 2014Dec 31, 2014	B Barnes Group, Inc.	Barnes Group, Inc.	Buy - Position Entry	+264,348	$9.78K	264,348
Q4 2014Dec 31, 2014	CMA Comerica Incorporated	Comerica Incorporated	Buy	+261,910+10.6%	$127.69K	2,726,120
Q4 2014Dec 31, 2014	TGT Target Corporation	Target Corporation	Buy	+193,197+34.5%	$57.21K	753,665
Q4 2014Dec 31, 2014	VMI Valmont Industries, Inc.	Valmont Industries, Inc.	Buy - Position Entry	+181,983	$23.11K	181,983
Q4 2014Dec 31, 2014	AGCO AGCO Corporation	AGCO Corporation	Buy	+176,482+10.5%	$83.72K	1,852,169
Q4 2014Dec 31, 2014	VVI Viad Corp	Viad Corp	Buy - Position Entry	+98,288	$2.62K	98,288
Q4 2014Dec 31, 2014	L Loews Corporation	Loews Corporation	Buy	+97,000+9.2%	$48.55K	1,155,399
Q4 2014Dec 31, 2014	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Buy	+85,386+1.6%	$111.53K	5,424,494
Q4 2014Dec 31, 2014	EQC Equity	Equity	Buy	+55,880+1.6%	$92.31K	3,595,950
Q4 2014Dec 31, 2014	NAVI Navient Corporation	Navient Corporation	Buy	+51,100+255.5%	$1.54K	71,100
Q4 2014Dec 31, 2014	CCS Century Communities, Inc.	Century Communities, Inc.	Buy	+49,600+59.8%	$2.29K	132,474
Q4 2014Dec 31, 2014	HOUS Anywhere Real Estate Inc.	Anywhere Real Estate Inc.	Buy	+25,793+1.6%	$73.29K	1,647,311
Q4 2014Dec 31, 2014	TRC Tejon Ranch Co	Tejon Ranch Co	Buy	+23,695+1.0%	$68.58K	2,328,058
Q4 2014Dec 31, 2014	VOYA Voya Financial, Inc.	Voya Financial, Inc.	Buy - Position Entry	+20,000	$848.00	20,000
Q4 2014Dec 31, 2014	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Buy	+19,172+0.6%	$153.07K	3,053,500
Q4 2014Dec 31, 2014	VNO Vornado Realty Trust	Vornado Realty Trust	Buy	+12,622+1.6%	$93.26K	792,250
Q4 2014Dec 31, 2014	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+12,002+255.4%	$916.00	16,701
Q4 2014Dec 31, 2014	POWL Powell Industries, Inc.	Powell Industries, Inc.	Buy - Position Entry	+10,650	$523.00	10,650
Q4 2014Dec 31, 2014	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+10,039+235.1%	$1.31K	14,310
Q4 2014Dec 31, 2014	ALLY Ally Financial Inc.	Ally Financial Inc.	Buy	+10,000+7.2%	$3.53K	149,500
Q4 2014Dec 31, 2014	H Hyatt Hotels Corporation	Hyatt Hotels Corporation	Buy	+9,251+2.0%	$28.52K	473,613
Q4 2014Dec 31, 2014	AIG American International Group, I	American International Group, I	Buy	+8,200+41.0%	$1.58K	28,200
Q4 2014Dec 31, 2014	WLK Westlake Corporation	Westlake Corporation	Buy - Position Entry	+4,500	$275.00	4,500
Q4 2014Dec 31, 2014	TTE TotalEnergies SE	TotalEnergies SE	Buy - Position Entry	+4,201	$215.00	4,201
Q4 2014Dec 31, 2014	CLH Clean Harbors, Inc.	Clean Harbors, Inc.	Buy	+24+0.0%	$5.48K	114,107
Q4 2014Dec 31, 2014	SNY Sanofi	Sanofi	Sell	-1,602-13.0%	$488.00	10,704
Q4 2014Dec 31, 2014	DVN Devon Energy Corporation	Devon Energy Corporation	Sell	-8,893-0.5%	$108.63K	1,774,641
Q4 2014Dec 31, 2014	G9618E107 White Mountains	White Mountains	Sell	-27,556-15.1%	$97.33K	154,458
Q4 2014Dec 31, 2014	HYI Western Asset High Yield Define	Western Asset High Yield Define	Sell	-41,778-7.3%	$8.39K	531,872

Page 64 of 79 • 2341 total trades

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