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 2025Jun 30, 2025	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-18,202-25.0%	$9.91M	54,595
Q2 2025Jun 30, 2025	PCH PotlatchDeltic Corporation - Co	PotlatchDeltic Corporation - Co	Sell - Position Exit	-20,000-100.0%	$0.00	-
Q2 2025Jun 30, 2025	VTMX Corporacion Inmobiliaria Vesta,	Corporacion Inmobiliaria Vesta,	Sell - Position Exit	-25,000-100.0%	$0.00	-
Q2 2025Jun 30, 2025	MRP Millrose Properties	Millrose Properties	Sell	-30,193-37.3%	$1.45M	50,697
Q2 2025Jun 30, 2025	RMR The RMR Group Inc.	The RMR Group Inc.	Sell - Position Exit	-37,000-100.0%	$0.00	-
Q2 2025Jun 30, 2025	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Sell - Position Exit	-38,000-100.0%	$0.00	-
Q2 2025Jun 30, 2025	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Sell	-41,512-16.4%	$5.69M	211,440
Q2 2025Jun 30, 2025	EQC Equity	Equity	Sell - Position Exit	-55,000-100.0%	$0.00	-
Q2 2025Jun 30, 2025	CTO CTO Realty Growth, Inc.	CTO Realty Growth, Inc.	Sell - Position Exit	-63,000-100.0%	$0.00	-
Q2 2025Jun 30, 2025	WSR Whitestone REIT	Whitestone REIT	Sell - Position Exit	-80,000-100.0%	$0.00	-
Q2 2025Jun 30, 2025	ELME Elme Communities	Elme Communities	Sell - Position Exit	-93,000-100.0%	$0.00	-
Q2 2025Jun 30, 2025	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-118,508-47.4%	$2.35M	131,461
Q2 2025Jun 30, 2025	CMA Comerica Incorporated	Comerica Incorporated	Sell	-131,694-43.5%	$10.21M	171,210
Q2 2025Jun 30, 2025	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell - Position Exit	-132,103-100.0%	$0.00	-
Q2 2025Jun 30, 2025	PRA ProAssurance Corporation	ProAssurance Corporation	Sell	-179,348-31.8%	$8.78M	384,640
Q2 2025Jun 30, 2025	ORI Old Republic International Corp	Old Republic International Corp	Sell	-237,853-70.7%	$3.79M	98,535
Q2 2025Jun 30, 2025	DB Deutsche Bank	Deutsche Bank	Sell	-426,012-29.4%	$30.18M	1,021,558
Q1 2025Mar 31, 2025	TDW Tidewater Inc.	Tidewater Inc.	Buy	+221,079+37.6%	$34.21M	809,258
Q1 2025Mar 31, 2025	VAL Valaris Ltd	Valaris Ltd	Buy	+143,231+33.6%	$22.37M	569,839
Q1 2025Mar 31, 2025	AMBC Ambac Financial Group, Inc.	Ambac Financial Group, Inc.	Buy	+136,045+59.0%	$3.21M	366,461
Q1 2025Mar 31, 2025	MRP Millrose Properties	Millrose Properties	Buy - Position Entry	+80,890	$2.14M	80,890
Q1 2025Mar 31, 2025	PHM PulteGroup, Inc.	PulteGroup, Inc.	Buy - Position Entry	+63,800	$6.56M	63,800
Q1 2025Mar 31, 2025	OCFC OceanFirst Financial Corp.	OceanFirst Financial Corp.	Buy	+55,784+91.7%	$1.98M	116,643
Q1 2025Mar 31, 2025	BXC Bluelinx Holdings Inc.	Bluelinx Holdings Inc.	Buy - Position Entry	+29,869	$2.24M	29,869
Q1 2025Mar 31, 2025	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+25,761+4.4%	$29.26M	613,206
Q1 2025Mar 31, 2025	ICFI ICF International, Inc.	ICF International, Inc.	Buy	+2,836+6.4%	$4.00M	47,024
Q1 2025Mar 31, 2025	PLD Prologis, Inc.	Prologis, Inc.	Buy	+219+0.2%	$14.44M	129,162
Q1 2025Mar 31, 2025	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+205+0.3%	$4.84M	79,828
Q1 2025Mar 31, 2025	WCC WESCO International, Inc.	WESCO International, Inc.	Buy	+83+0.6%	$2.30M	14,822
Q1 2025Mar 31, 2025	CMA Comerica Incorporated	Comerica Incorporated	Buy	+23+0.0%	$17.89M	302,904

Page 2 of 79 • 2341 total trades

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