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
Q1 2021Mar 31, 2021	ATNI ATN International, Inc.	ATN International, Inc.	Buy	+33,642+55.8%	$4.61K	93,903
Q1 2021Mar 31, 2021	TDW Tidewater Inc.	Tidewater Inc.	Buy	+31,100+1.2%	$31.89K	2,544,775
Q1 2021Mar 31, 2021	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Buy	+20,860+16.1%	$7.41K	150,583
Q1 2021Mar 31, 2021	CTO CTO Realty Growth, Inc.	CTO Realty Growth, Inc.	Buy - Position Entry	+19,293	$1.00K	19,293
Q1 2021Mar 31, 2021	HA		Buy	+9,596+0.9%	$27.36K	1,026,032
Q1 2021Mar 31, 2021	ORI Old Republic International Corp	Old Republic International Corp	Buy	+5,666+0.5%	$24.36K	1,115,258
Q1 2021Mar 31, 2021	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+2,760+0.0%	$12.71K	6,080,226
Q1 2021Mar 31, 2021	CMA Comerica Incorporated	Comerica Incorporated	Buy	+1,827+0.5%	$26.77K	373,158
Q1 2021Mar 31, 2021	LEN-B Lennar Corporation	Lennar Corporation	Buy	+826+0.2%	$39.67K	481,800
Q1 2021Mar 31, 2021	SEB Seaboard Corporation	Seaboard Corporation	Buy	+336+16.8%	$8.62K	2,336
Q1 2021Mar 31, 2021	SPY SPDR S&P 500	SPDR S&P 500	Sell - Position Exit	-377-100.0%	$0.00	-
Q1 2021Mar 31, 2021	ESS Essex Property Trust, Inc.	Essex Property Trust, Inc.	Sell	-4,861-13.1%	$8.77K	32,256
Q1 2021Mar 31, 2021	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-10,251-18.9%	$26.91K	43,922
Q1 2021Mar 31, 2021	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Sell	-14,158-7.8%	$6.42K	166,620
Q1 2021Mar 31, 2021	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-14,826-31.7%	$4.98K	31,880
Q1 2021Mar 31, 2021	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-20,065-13.3%	$24.84K	130,621
Q1 2021Mar 31, 2021	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-22,910-12.0%	$13.26K	167,601
Q1 2021Mar 31, 2021	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-25,257-20.0%	$7.26K	101,309
Q1 2021Mar 31, 2021	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-31,053-13.1%	$9.38K	206,546
Q1 2021Mar 31, 2021	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-32,011-6.2%	$16.19K	485,718
Q1 2021Mar 31, 2021	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-32,177-13.3%	$9.60K	209,555
Q1 2021Mar 31, 2021	LEN Lennar Corporation	Lennar Corporation	Sell	-35,371-22.3%	$12.05K	123,408
Q1 2021Mar 31, 2021	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-36,155-27.3%	$18.52K	96,311
Q1 2021Mar 31, 2021	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-39,727-13.2%	$10.62K	261,182
Q1 2021Mar 31, 2021	PLD Prologis, Inc.	Prologis, Inc.	Sell	-41,958-13.3%	$28.90K	272,646
Q1 2021Mar 31, 2021	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Sell - Position Exit	-42,331-100.0%	$0.00	-
Q1 2021Mar 31, 2021	CALM Cal-Maine Foods, Inc.	Cal-Maine Foods, Inc.	Sell	-43,300-27.2%	$4.46K	116,094
Q1 2021Mar 31, 2021	ALCO Alico, Inc.	Alico, Inc.	Sell - Position Exit	-56,343-100.0%	$0.00	-
Q1 2021Mar 31, 2021	EXP Eagle Materials Inc	Eagle Materials Inc	Sell	-57,240-30.8%	$17.31K	128,792
Q1 2021Mar 31, 2021	SRG Seritage Growth Properties	Seritage Growth Properties	Sell	-68,431-13.3%	$8.22K	447,833

Page 20 of 79 • 2341 total trades

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