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
Q3 2014Sep 30, 2014	RRX Regal Rexnord Corporation	Regal Rexnord Corporation	Buy - Position Entry	+407,190	$26.16K	407,190
Q3 2014Sep 30, 2014	WY Weyerhaeuser Company	Weyerhaeuser Company	Buy	+348,174+3.7%	$309.75K	9,722,375
Q3 2014Sep 30, 2014	SMP Standard Motor Products, Inc.	Standard Motor Products, Inc.	Buy	+276,077+75.1%	$22.16K	643,751
Q3 2014Sep 30, 2014	VNO Vornado Realty Trust	Vornado Realty Trust	Buy	+120,639+18.3%	$77.93K	779,628
Q3 2014Sep 30, 2014	CLH Clean Harbors, Inc.	Clean Harbors, Inc.	Buy - Position Entry	+114,083	$6.15K	114,083
Q3 2014Sep 30, 2014	SCL Stepan Company	Stepan Company	Buy	+110,629+23.1%	$26.14K	589,115
Q3 2014Sep 30, 2014	CCS Century Communities, Inc.	Century Communities, Inc.	Buy - Position Entry	+82,874	$1.44K	82,874
Q3 2014Sep 30, 2014	HYI Western Asset High Yield Define	Western Asset High Yield Define	Buy	+62,696+12.3%	$9.53K	573,650
Q3 2014Sep 30, 2014	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Buy	+59,556+9.9%	$27.47K	663,021
Q3 2014Sep 30, 2014	GM General Motors Company	General Motors Company	Buy	+28,500+33.0%	$3.67K	114,967
Q3 2014Sep 30, 2014	OSK Oshkosh Corporation (Holding Co	Oshkosh Corporation (Holding Co	Buy	+23,520+9.3%	$12.23K	277,129
Q3 2014Sep 30, 2014	NAVI Navient Corporation	Navient Corporation	Buy - Position Entry	+20,000	$354.00	20,000
Q3 2014Sep 30, 2014	UNF Unifirst Corporation	Unifirst Corporation	Buy	+16,717+4.6%	$36.48K	377,668
Q3 2014Sep 30, 2014	G0457F107 Arcos Dorados	Arcos Dorados	Buy	+14,397+0.8%	$10.29K	1,720,539
Q3 2014Sep 30, 2014	HYB New America High Income Fund, I	New America High Income Fund, I	Buy	+12,745+2.0%	$6.12K	650,628
Q3 2014Sep 30, 2014	AIG American International Group, I	American International Group, I	Buy	+10,000+100.0%	$1.08K	20,000
Q3 2014Sep 30, 2014	FSTR L.B. Foster Company	L.B. Foster Company	Buy	+8,500+14.6%	$3.07K	66,826
Q3 2014Sep 30, 2014	ARDC Ares Dynamic Credit Allocation	Ares Dynamic Credit Allocation	Buy	+6,639+2.0%	$5.83K	341,996
Q3 2014Sep 30, 2014	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Buy	+5,987+1.1%	$17.25K	553,871
Q3 2014Sep 30, 2014	WFC Wells Fargo & Company	Wells Fargo & Company	Buy - Position Entry	+4,699	$244.00	4,699
Q3 2014Sep 30, 2014	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy - Position Entry	+4,271	$366.00	4,271
Q3 2014Sep 30, 2014	H Hyatt Hotels Corporation	Hyatt Hotels Corporation	Buy	+100+0.0%	$28.10K	464,362
Q3 2014Sep 30, 2014	SNY Sanofi	Sanofi	Sell	-1,096-8.2%	$694.00	12,306
Q3 2014Sep 30, 2014	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-3,437-0.8%	$18.09K	441,213
Q3 2014Sep 30, 2014	G0450A105 Arch Capital	Arch Capital	Sell	-8,000-2.0%	$21.08K	385,189
Q3 2014Sep 30, 2014	CVCO Cavco Industries, Inc.	Cavco Industries, Inc.	Sell	-9,448-0.5%	$116.79K	1,717,443
Q3 2014Sep 30, 2014	G9618E107 White Mountains	White Mountains	Sell	-9,633-5.0%	$114.68K	182,014
Q3 2014Sep 30, 2014	WKC World Kinect Corporation	World Kinect Corporation	Sell	-10,000-1.2%	$32.55K	815,488
Q3 2014Sep 30, 2014	TG Tredegar Corporation	Tredegar Corporation	Sell	-31,952-4.4%	$12.70K	689,569
Q3 2014Sep 30, 2014	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-40,490-5.0%	$30.93K	773,946

Page 67 of 79 • 2341 total trades

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