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	SKT Tanger Inc.	Tanger Inc.	Sell	-23,022-1.6%	$50.79K	1,452,448
Q2 2014Jun 30, 2014	UNF Unifirst Corporation	Unifirst Corporation	Sell	-23,584-6.1%	$38.26K	360,951
Q2 2014Jun 30, 2014	INTC Intel Corporation	Intel Corporation	Sell	-28,104-0.9%	$99.76K	3,228,534
Q2 2014Jun 30, 2014	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Sell	-29,400-12.8%	$15.95K	200,830
Q2 2014Jun 30, 2014	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Sell	-31,569-6.7%	$31.81K	436,533
Q2 2014Jun 30, 2014	GM General Motors Company	General Motors Company	Sell	-35,000-28.8%	$3.14K	86,467
Q2 2014Jun 30, 2014	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-36,859-12.8%	$19.41K	251,453
Q2 2014Jun 30, 2014	TRNO Terreno Realty Corporation	Terreno Realty Corporation	Sell	-40,000-48.6%	$817.00	42,290
Q2 2014Jun 30, 2014	BKD Brookdale Senior Living Inc.	Brookdale Senior Living Inc.	Sell	-41,533-2.2%	$61.52K	1,845,332
Q2 2014Jun 30, 2014	OSK Oshkosh Corporation (Holding Co	Oshkosh Corporation (Holding Co	Sell	-46,213-15.4%	$14.08K	253,609
Q2 2014Jun 30, 2014	BR Broadridge Financial Solutions,	Broadridge Financial Solutions,	Sell	-50,971-13.0%	$14.26K	342,387
Q2 2014Jun 30, 2014	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell	-63,353-6.5%	$34.26K	905,782
Q2 2014Jun 30, 2014	ENS EnerSys	EnerSys	Sell	-73,404-12.8%	$34.37K	499,585
Q2 2014Jun 30, 2014	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell	-82,917-2.4%	$63.59K	3,429,718
Q2 2014Jun 30, 2014	G0450A105 Arch Capital	Arch Capital	Sell	-83,335-17.5%	$22.59K	393,189
Q2 2014Jun 30, 2014	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-95,509-12.8%	$17.54K	650,038
Q2 2014Jun 30, 2014	CASS Cass Information Systems, Inc	Cass Information Systems, Inc	Sell - Position Exit	-97,070-100.0%	$0.00	-
Q2 2014Jun 30, 2014	IDCC InterDigital, Inc.	InterDigital, Inc.	Sell	-97,200-13.0%	$30.99K	648,252
Q2 2014Jun 30, 2014	TFX Teleflex Incorporated	Teleflex Incorporated	Sell	-99,227-26.8%	$28.56K	270,465
Q2 2014Jun 30, 2014	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-111,801-67.7%	$2.61K	53,388
Q2 2014Jun 30, 2014	SXC SunCoke Energy, Inc.	SunCoke Energy, Inc.	Sell	-117,700-8.2%	$28.26K	1,314,216
Q2 2014Jun 30, 2014	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-122,013-13.0%	$36.27K	814,436
Q2 2014Jun 30, 2014	SCL Stepan Company	Stepan Company	Sell	-138,617-22.5%	$25.29K	478,486
Q2 2014Jun 30, 2014	PRGS Progress Software Corporation	Progress Software Corporation	Sell	-139,078-7.8%	$39.69K	1,650,889
Q2 2014Jun 30, 2014	MTX Minerals Technologies Inc.	Minerals Technologies Inc.	Sell	-141,213-21.7%	$33.39K	509,175
Q2 2014Jun 30, 2014	TTEK Tetra Tech, Inc.	Tetra Tech, Inc.	Sell	-182,821-12.9%	$34.05K	1,238,251
Q2 2014Jun 30, 2014	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Sell	-193,701-48.1%	$15.53K	208,915
Q2 2014Jun 30, 2014	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-194,503-22.1%	$12.19K	686,217
Q2 2014Jun 30, 2014	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell - Position Exit	-205,069-100.0%	$0.00	-
Q2 2014Jun 30, 2014	CVCO Cavco Industries, Inc.	Cavco Industries, Inc.	Sell	-208,867-10.8%	$147.30K	1,726,891

Page 70 of 79 • 2341 total trades

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