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
Q3 2022Sep 30, 2022	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+12,155+23.3%	$3.95K	64,315
Q3 2022Sep 30, 2022	VAL Valaris Ltd	Valaris Ltd	Sell	-597-0.2%	$15.84K	323,551
Q3 2022Sep 30, 2022	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-823-2.2%	$18.89K	37,095
Q3 2022Sep 30, 2022	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell	-3,622-4.2%	$3.67K	83,237
Q3 2022Sep 30, 2022	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-3,629-2.2%	$7.31K	163,152
Q3 2022Sep 30, 2022	PLD Prologis, Inc.	Prologis, Inc.	Sell	-3,933-2.2%	$17.99K	177,041
Q3 2022Sep 30, 2022	ORI Old Republic International Corp	Old Republic International Corp	Sell	-3,961-0.5%	$17.54K	838,063
Q3 2022Sep 30, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-4,013-2.2%	$12.21K	180,799
Q3 2022Sep 30, 2022	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-4,453-2.2%	$7.25K	200,223
Q3 2022Sep 30, 2022	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-4,978-2.2%	$15.10K	224,212
Q3 2022Sep 30, 2022	LEN-B Lennar Corporation	Lennar Corporation	Sell	-7,941-2.0%	$23.42K	393,471
Q3 2022Sep 30, 2022	TDW Tidewater Inc.	Tidewater Inc.	Sell	-8,073-0.4%	$45.52K	2,097,857
Q3 2022Sep 30, 2022	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-8,904-10.5%	$14.23K	75,766
Q3 2022Sep 30, 2022	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Sell	-9,199-1.3%	$15.45K	724,502
Q3 2022Sep 30, 2022	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-9,486-2.2%	$14.02K	427,130
Q3 2022Sep 30, 2022	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-11,742-2.2%	$15.11K	529,073
Q3 2022Sep 30, 2022	NXRT NexPoint Residential Trust, Inc	NexPoint Residential Trust, Inc	Sell - Position Exit	-13,000-100.0%	$0.00	-
Q3 2022Sep 30, 2022	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Sell	-21,000-80.8%	$107.00	5,000
Q3 2022Sep 30, 2022	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-21,046-1.5%	$39.05K	1,373,234
Q3 2022Sep 30, 2022	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Sell	-23,520-15.4%	$7.01K	128,915
Q3 2022Sep 30, 2022	CMA Comerica Incorporated	Comerica Incorporated	Sell	-27,651-8.3%	$21.58K	303,559
Q3 2022Sep 30, 2022	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-31,503-5.9%	$15.00K	500,520
Q3 2022Sep 30, 2022	VC Visteon Corporation	Visteon Corporation	Sell - Position Exit	-31,848-100.0%	$0.00	-
Q3 2022Sep 30, 2022	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-31,916-5.3%	$6.66K	570,298
Q3 2022Sep 30, 2022	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-34,815-6.1%	$21.79K	532,797
Q3 2022Sep 30, 2022	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Sell	-37,641-57.0%	$1.58K	28,403
Q3 2022Sep 30, 2022	STRS Stratus Properties Inc.	Stratus Properties Inc.	Sell	-45,383-37.4%	$1.77K	76,058
Q3 2022Sep 30, 2022	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Sell	-104,009-1.9%	$4.69K	5,313,022
Q3 2022Sep 30, 2022	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-2,223,623-29.1%	$14.07K	5,409,751
Q2 2022Jun 30, 2022	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Buy	+226,162+7469.0%	$15.17K	229,190

Page 14 of 79 • 2341 total trades

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