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 2022Jun 30, 2022	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+61,569+4.6%	$42.68K	1,394,280
Q2 2022Jun 30, 2022	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Buy	+50,481+25.9%	$4.14K	245,636
Q2 2022Jun 30, 2022	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+20,963+12.8%	$13.61K	184,812
Q2 2022Jun 30, 2022	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Buy	+18,814+27.6%	$4.57K	86,859
Q2 2022Jun 30, 2022	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Buy	+10,000+62.5%	$509.00	26,000
Q2 2022Jun 30, 2022	VAL Valaris Ltd	Valaris Ltd	Buy	+3,412+1.1%	$13.69K	324,148
Q2 2022Jun 30, 2022	RMR The RMR Group Inc.	The RMR Group Inc.	Buy	+3,000+13.0%	$738.00	26,000
Q2 2022Jun 30, 2022	SUPN Supernus Pharmaceuticals, Inc.	Supernus Pharmaceuticals, Inc.	Buy - Position Entry	+2,460	$72.00	2,460
Q2 2022Jun 30, 2022	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-5,760-13.2%	$18.13K	37,918
Q2 2022Jun 30, 2022	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Sell	-5,963-5.5%	$6.96K	101,965
Q2 2022Jun 30, 2022	ORI Old Republic International Corp	Old Republic International Corp	Sell	-6,103-0.7%	$18.83K	842,024
Q2 2022Jun 30, 2022	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Sell	-7,111-4.3%	$5.88K	157,109
Q2 2022Jun 30, 2022	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-8,153-1.3%	$7.47K	602,214
Q2 2022Jun 30, 2022	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-16,736-16.5%	$14.79K	84,670
Q2 2022Jun 30, 2022	ICFI ICF International, Inc.	ICF International, Inc.	Sell	-19,871-23.7%	$6.06K	63,802
Q2 2022Jun 30, 2022	STRS Stratus Properties Inc.	Stratus Properties Inc.	Sell	-21,394-15.0%	$3.91K	121,441
Q2 2022Jun 30, 2022	DORM Dorman Products, Inc.	Dorman Products, Inc.	Sell - Position Exit	-26,078-100.0%	$0.00	-
Q2 2022Jun 30, 2022	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-31,360-15.8%	$7.92K	166,781
Q2 2022Jun 30, 2022	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-42,239-17.1%	$7.57K	204,676
Q2 2022Jun 30, 2022	PLD Prologis, Inc.	Prologis, Inc.	Sell	-61,251-25.3%	$21.29K	180,974
Q2 2022Jun 30, 2022	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-61,828-12.4%	$15.47K	436,616
Q2 2022Jun 30, 2022	LEN-B Lennar Corporation	Lennar Corporation	Sell	-73,079-15.4%	$23.57K	401,412
Q2 2022Jun 30, 2022	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Sell	-110,077-13.0%	$18.92K	733,701
Q2 2022Jun 30, 2022	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-114,179-16.7%	$25.24K	567,612
Q2 2022Jun 30, 2022	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-225,804-29.5%	$17.91K	540,815
Q2 2022Jun 30, 2022	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-230,347-30.2%	$19.89K	532,023
Q2 2022Jun 30, 2022	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell - Position Exit	-239,262-100.0%	$0.00	-
Q2 2022Jun 30, 2022	HA		Sell	-438,109-35.9%	$11.20K	782,792
Q2 2022Jun 30, 2022	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Sell	-1,097,405-16.8%	$5.47K	5,417,031
Q2 2022Jun 30, 2022	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-1,116,539-12.8%	$29.85K	7,633,374

Page 15 of 79 • 2341 total trades

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