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 2014Jun 30, 2014	SMP Standard Motor Products, Inc.	Standard Motor Products, Inc.	Buy - Position Entry	+367,674	$16.42K	367,674
Q2 2014Jun 30, 2014	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Buy	+207,179+63.7%	$33.34K	532,553
Q2 2014Jun 30, 2014	CMA Comerica Incorporated	Comerica Incorporated	Buy	+146,307+6.1%	$128.24K	2,556,661
Q2 2014Jun 30, 2014	ALLY Ally Financial Inc.	Ally Financial Inc.	Buy - Position Entry	+139,500	$3.33K	139,500
Q2 2014Jun 30, 2014	TG Tredegar Corporation	Tredegar Corporation	Buy	+137,162+23.5%	$16.89K	721,521
Q2 2014Jun 30, 2014	CSGS CSG Systems International, Inc.	CSG Systems International, Inc.	Buy	+102,454+10.0%	$29.52K	1,130,753
Q2 2014Jun 30, 2014	EXLS ExlService Holdings, Inc.	ExlService Holdings, Inc.	Buy	+93,804+20.5%	$16.21K	550,283
Q2 2014Jun 30, 2014	CBSH Commerce Bancshares, Inc.	Commerce Bancshares, Inc.	Buy	+91,578+19.8%	$25.82K	555,166
Q2 2014Jun 30, 2014	FSTR L.B. Foster Company	L.B. Foster Company	Buy - Position Entry	+58,326	$3.16K	58,326
Q2 2014Jun 30, 2014	WKC World Kinect Corporation	World Kinect Corporation	Buy	+50,079+6.5%	$40.64K	825,488
Q2 2014Jun 30, 2014	DAR Darling Ingredients Inc.	Darling Ingredients Inc.	Buy	+44,174+3.3%	$28.82K	1,379,021
Q2 2014Jun 30, 2014	ICFI ICF International, Inc.	ICF International, Inc.	Buy	+41,946+7.2%	$22.09K	624,812
Q2 2014Jun 30, 2014	BTZ BlackRock Credit Allocation Inc	BlackRock Credit Allocation Inc	Buy	+18,323+1.8%	$14.43K	1,049,551
Q2 2014Jun 30, 2014	HYB New America High Income Fund, I	New America High Income Fund, I	Buy	+12,363+2.0%	$6.40K	637,883
Q2 2014Jun 30, 2014	HYI Western Asset High Yield Define	Western Asset High Yield Define	Buy	+10,124+2.0%	$9.15K	510,954
Q2 2014Jun 30, 2014	AIG American International Group, I	American International Group, I	Buy - Position Entry	+10,000	$546.00	10,000
Q2 2014Jun 30, 2014	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Buy	+8,999+0.2%	$81.16K	4,307,710
Q2 2014Jun 30, 2014	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Buy	+6,861+1.3%	$19.48K	547,884
Q2 2014Jun 30, 2014	ARDC Ares Dynamic Credit Allocation	Ares Dynamic Credit Allocation	Buy	+6,354+1.9%	$6.11K	335,357
Q2 2014Jun 30, 2014	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy	+4,589+0.3%	$88.17K	1,837,346
Q2 2014Jun 30, 2014	HYT Blackrock Corporate High Yield	Blackrock Corporate High Yield	Buy	+4,385+1.3%	$4.14K	337,088
Q2 2014Jun 30, 2014	VNO Vornado Realty Trust	Vornado Realty Trust	Buy	+1,387+0.2%	$70.33K	658,989
Q2 2014Jun 30, 2014	H Hyatt Hotels Corporation	Hyatt Hotels Corporation	Buy	+899+0.2%	$28.31K	464,262
Q2 2014Jun 30, 2014	G9618E107 White Mountains	White Mountains	Buy	+73+0.0%	$116.61K	191,647
Q2 2014Jun 30, 2014	SNY Sanofi	Sanofi	Sell	-2,304-14.7%	$713.00	13,402
Q2 2014Jun 30, 2014	ALX Alexander's, Inc.	Alexander's, Inc.	Sell - Position Exit	-5,000-100.0%	$0.00	-
Q2 2014Jun 30, 2014	VOD Vodafone Group Plc	Vodafone Group Plc	Sell - Position Exit	-6,133-100.0%	$0.00	-
Q2 2014Jun 30, 2014	ALCO Alico, Inc.	Alico, Inc.	Sell	-9,604-2.9%	$12.21K	325,613
Q2 2014Jun 30, 2014	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-15,351-3.3%	$24.05K	444,650
Q2 2014Jun 30, 2014	UMBF UMB Financial Corporation	UMB Financial Corporation	Sell	-18,165-3.6%	$30.79K	485,695

Page 69 of 79 • 2341 total trades

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