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
Q1 2014Mar 31, 2014	HYI Western Asset High Yield Define	Western Asset High Yield Define	Buy	+471,888+1630.5%	$8.96K	500,830
Q1 2014Mar 31, 2014	EXLS ExlService Holdings, Inc.	ExlService Holdings, Inc.	Buy - Position Entry	+456,479	$14.11K	456,479
Q1 2014Mar 31, 2014	TECK Teck Resources Ltd	Teck Resources Ltd	Buy - Position Entry	+360,260	$7.79K	360,260
Q1 2014Mar 31, 2014	HYT Blackrock Corporate High Yield	Blackrock Corporate High Yield	Buy - Position Entry	+332,703	$4.08K	332,703
Q1 2014Mar 31, 2014	ARDC Ares Dynamic Credit Allocation	Ares Dynamic Credit Allocation	Buy - Position Entry	+329,003	$5.96K	329,003
Q1 2014Mar 31, 2014	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Buy - Position Entry	+325,374	$21.52K	325,374
Q1 2014Mar 31, 2014	HYB New America High Income Fund, I	New America High Income Fund, I	Buy	+292,455+87.8%	$6.14K	625,520
Q1 2014Mar 31, 2014	NHS Neuberger Berman High Yield Str	Neuberger Berman High Yield Str	Buy	+275,481+120.2%	$6.87K	504,626
Q1 2014Mar 31, 2014	NVDA NVIDIA Corporation	NVIDIA Corporation	Buy	+250,502+7.7%	$62.91K	3,512,635
Q1 2014Mar 31, 2014	BKD Brookdale Senior Living Inc.	Brookdale Senior Living Inc.	Buy	+240,727+14.6%	$63.23K	1,886,865
Q1 2014Mar 31, 2014	NSIT Insight Enterprises, Inc.	Insight Enterprises, Inc.	Buy	+240,615+23.3%	$31.96K	1,272,905
Q1 2014Mar 31, 2014	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy - Position Entry	+205,069	$3.66K	205,069
Q1 2014Mar 31, 2014	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy - Position Entry	+165,189	$7.86K	165,189
Q1 2014Mar 31, 2014	TTEK Tetra Tech, Inc.	Tetra Tech, Inc.	Buy	+140,211+10.9%	$42.05K	1,421,072
Q1 2014Mar 31, 2014	UMBF UMB Financial Corporation	UMB Financial Corporation	Buy	+122,060+32.0%	$32.60K	503,860
Q1 2014Mar 31, 2014	BIG		Buy	+99,639+22.3%	$20.70K	546,692
Q1 2014Mar 31, 2014	SCL Stepan Company	Stepan Company	Buy	+83,791+15.7%	$39.84K	617,103
Q1 2014Mar 31, 2014	SKT Tanger Inc.	Tanger Inc.	Buy	+80,659+5.8%	$51.64K	1,475,470
Q1 2014Mar 31, 2014	CBSH Commerce Bancshares, Inc.	Commerce Bancshares, Inc.	Buy	+68,447+17.3%	$21.52K	463,588
Q1 2014Mar 31, 2014	CIF MFS Intermediate High Income Fu	MFS Intermediate High Income Fu	Buy	+44,334+9.2%	$1.55K	524,984
Q1 2014Mar 31, 2014	MTX Minerals Technologies Inc.	Minerals Technologies Inc.	Buy	+26,516+4.3%	$41.99K	650,388
Q1 2014Mar 31, 2014	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Buy	+10,758+4.9%	$17.85K	230,230
Q1 2014Mar 31, 2014	XEADX Wells Fargo Income Opportunitie	Wells Fargo Income Opportunitie	Buy	+9,932+4.3%	$2.29K	242,850
Q1 2014Mar 31, 2014	CMA Comerica Incorporated	Comerica Incorporated	Buy	+9,835+0.4%	$124.86K	2,410,354
Q1 2014Mar 31, 2014	VOD Vodafone Group Plc	Vodafone Group Plc	Buy - Position Entry	+6,133	$226.00	6,133
Q1 2014Mar 31, 2014	SNY Sanofi	Sanofi	Buy	+1,876+13.6%	$821.00	15,706
Q1 2014Mar 31, 2014	VLY Valley National Bancorp	Valley National Bancorp	Buy	+1,163+0.1%	$14.41K	1,384,409
Q1 2014Mar 31, 2014	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-1,025-0.4%	$20.09K	288,312
Q1 2014Mar 31, 2014	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Sell	-1,200-0.3%	$33.43K	468,102
Q1 2014Mar 31, 2014	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-3,067-0.5%	$64.81K	657,602

Page 72 of 79 • 2341 total trades

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