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
Q4 2022Dec 31, 2022	ORI Old Republic International Corp	Old Republic International Corp	Sell	-382-0.0%	$20.23M	837,681
Q4 2022Dec 31, 2022	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Sell	-2,244-1.7%	$6.82M	126,671
Q4 2022Dec 31, 2022	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-5,700-3.5%	$7.60M	157,452
Q4 2022Dec 31, 2022	PLD Prologis, Inc.	Prologis, Inc.	Sell	-6,177-3.5%	$19.26M	170,864
Q4 2022Dec 31, 2022	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-13,191-28.8%	$4.83M	32,597
Q4 2022Dec 31, 2022	FIX Comfort Systems USA, Inc.	Comfort Systems USA, Inc.	Sell	-13,498-31.8%	$3.33M	28,902
Q4 2022Dec 31, 2022	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-13,607-18.0%	$12.38M	62,159
Q4 2022Dec 31, 2022	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-13,715-6.1%	$18.76M	210,497
Q4 2022Dec 31, 2022	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-13,967-3.3%	$12.45M	413,163
Q4 2022Dec 31, 2022	STRS Stratus Properties Inc.	Stratus Properties Inc.	Sell	-15,813-20.8%	$1.16M	60,245
Q4 2022Dec 31, 2022	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell	-19,679-23.6%	$2.86M	63,558
Q4 2022Dec 31, 2022	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-21,598-10.8%	$6.72M	178,625
Q4 2022Dec 31, 2022	VAL Valaris Ltd	Valaris Ltd	Sell	-23,616-7.3%	$20.28M	299,935
Q4 2022Dec 31, 2022	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Sell - Position Exit	-28,403-100.0%	$0.00	-
Q4 2022Dec 31, 2022	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-30,348-5.7%	$15.46M	498,725
Q4 2022Dec 31, 2022	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Sell	-32,282-4.5%	$16.38M	692,220
Q4 2022Dec 31, 2022	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-35,587-95.9%	$90.77K	1,508
Q4 2022Dec 31, 2022	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-42,570-8.5%	$15.09M	457,950
Q4 2022Dec 31, 2022	LEN-B Lennar Corporation	Lennar Corporation	Sell	-65,463-16.6%	$24.53M	328,008
Q4 2022Dec 31, 2022	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-98,620-7.2%	$44.15M	1,274,614
Q4 2022Dec 31, 2022	BSIG BrightSphere Investment Group I	BrightSphere Investment Group I	Sell - Position Exit	-137,908-100.0%	$0.00	-
Q4 2022Dec 31, 2022	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Sell	-185,237-3.5%	$3.79M	5,127,785
Q4 2022Dec 31, 2022	HA		Sell	-255,286-28.3%	$6.62M	645,702
Q4 2022Dec 31, 2022	TDW Tidewater Inc.	Tidewater Inc.	Sell	-286,932-13.7%	$66.73M	1,810,925
Q4 2022Dec 31, 2022	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-402,638-75.6%	$3.73M	130,159
Q4 2022Dec 31, 2022	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-730,748-13.5%	$10.90M	4,679,003
Q3 2022Sep 30, 2022	HA		Buy	+118,196+15.1%	$11.85K	900,988
Q3 2022Sep 30, 2022	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Buy	+61,669+25.1%	$4.64K	307,305
Q3 2022Sep 30, 2022	PRA ProAssurance Corporation	ProAssurance Corporation	Buy	+39,997+13.5%	$6.58K	337,035
Q3 2022Sep 30, 2022	CTO CTO Realty Growth, Inc.	CTO Realty Growth, Inc.	Buy	+38,586+200.0%	$1.08K	57,879

Page 13 of 79 • 2341 total trades

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