Marty Whitman – Third Avenue Management Portfolio Activity & Recent Trades (Sep 30, 2025)

As of Sep 30, 2025, the Third Avenue Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 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 Q3 2025, the filing reported:

New Buys – Boise Cascade, L.L.C., Rogers Corporation

Increases – Warrior Met Coal, Inc., OceanFirst Financial Corp., Champion Homes, Inc., Tri Pointe Homes, Inc., Unifirst Corporation

Reductions – CBRE Group Inc, Comerica Incorporated, D.R. Horton, Inc., Five Point Holdings, LLC, First Industrial Realty Trust, , and 15 more

Complete Exits – Deutsche Bank, Hamilton Beach Brands Holding C, Millrose Properties, Old Republic International Corp

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	BCC Boise Cascade, L.L.C.	Boise Cascade, L.L.C.	Buy - Position Entry	+273,705	-	$21.18M	273,705
Q3 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-10,038	-6.1%	$24.22M	154,672
Q3 2025	CMA Comerica Incorporated	Comerica Incorporated	Sell	-14,896	-8.7%	$10.80M	156,314
Q3 2025	DB Deutsche Bank	Deutsche Bank	Sell - Position Exit	-1,021,558	-100.0%	$0.00	-
Q3 2025	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-111	-0.1%	$13.46M	78,078
Q3 2025	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-11,994	-0.3%	$25.22M	4,113,917
Q3 2025	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-26,321	-19.8%	$5.54M	106,342
Q3 2025	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Sell	-32,910	-15.6%	$4.29M	178,530
Q3 2025	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell - Position Exit	-131,461	-100.0%	$0.00	-
Q3 2025	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+232	+0.0%	$42.32M	641,916
Q3 2025	ITIC Investors Title Company	Investors Title Company	Sell	-13,869	-38.8%	$5.88M	21,883
Q3 2025	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-71	-0.1%	$15.35M	51,619
Q3 2025	LEN-B Lennar Corporation	Lennar Corporation	Sell	-190	-0.1%	$18.03M	147,843
Q3 2025	MRP Millrose Properties	Millrose Properties	Sell - Position Exit	-50,697	-100.0%	$0.00	-
Q3 2025	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-19,041	-34.9%	$7.18M	35,554
Q3 2025	OCFC OceanFirst Financial Corp.	OceanFirst Financial Corp.	Buy	+93	+0.1%	$2.82M	162,331
Q3 2025	ORI Old Republic International Corp	Old Republic International Corp	Sell - Position Exit	-98,535	-100.0%	$0.00	-
Q3 2025	PHM PulteGroup, Inc.	PulteGroup, Inc.	Sell	-165	-0.2%	$13.01M	96,766
Q3 2025	PLD Prologis, Inc.	Prologis, Inc.	Sell	-128	-0.1%	$16.94M	145,394
Q3 2025	PRA ProAssurance Corporation	ProAssurance Corporation	Sell	-20,627	-5.4%	$8.73M	364,013
Q3 2025	ROG Rogers Corporation	Rogers Corporation	Buy - Position Entry	+199,368	-	$16.31M	199,368
Q3 2025	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-40,077	-15.5%	$5.87M	218,052
Q3 2025	SKY Champion Homes, Inc.	Champion Homes, Inc.	Buy	+46,544	+77.7%	$8.29M	106,409
Q3 2025	SUI Sun Communities, Inc.	Sun Communities, Inc.	Sell	-424	-0.4%	$12.44M	96,786
Q3 2025	TDW Tidewater Inc.	Tidewater Inc.	Sell	-490	-0.1%	$47.93M	874,667
Q3 2025	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Buy	+25	+0.0%	$5.34M	155,855
Q3 2025	UHAL-B U-Haul Holding Company Series N	U-Haul Holding Company Series N	Sell	-285	-0.1%	$13.26M	259,225
Q3 2025	UMBF UMB Financial Corporation	UMB Financial Corporation	Sell	-5,245	-5.1%	$11.54M	97,518
Q3 2025	UNF Unifirst Corporation	Unifirst Corporation	Buy	+2,573	+11.0%	$4.31M	25,929
Q3 2025	VAL Valaris Ltd	Valaris Ltd	Sell	-319	-0.1%	$29.99M	585,602