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 2020Sep 30, 2020	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Buy	+23,794+19.0%	$3.65K	149,269
Q3 2020Sep 30, 2020	ROIC Retail Opportunity Investments	Retail Opportunity Investments	Buy	+20,000+36.4%	$782.00	75,000
Q3 2020Sep 30, 2020	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+16,980+41.3%	$3.11K	58,069
Q3 2020Sep 30, 2020	CIO City Office REIT, Inc.	City Office REIT, Inc.	Buy	+15,000+27.3%	$527.00	70,000
Q3 2020Sep 30, 2020	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Buy	+14,208+23.2%	$3.91K	75,356
Q3 2020Sep 30, 2020	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+6,790+0.1%	$8.57K	6,077,466
Q3 2020Sep 30, 2020	PCH PotlatchDeltic Corporation - Co	PotlatchDeltic Corporation - Co	Buy	+4,000+25.0%	$842.00	20,000
Q3 2020Sep 30, 2020	SEB Seaboard Corporation	Seaboard Corporation	Buy	+214+12.5%	$5.45K	1,922
Q3 2020Sep 30, 2020	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-2,528-4.2%	$20.75K	58,303
Q3 2020Sep 30, 2020	UNF Unifirst Corporation	Unifirst Corporation	Sell	-4,012-21.2%	$2.83K	14,942
Q3 2020Sep 30, 2020	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-4,212-2.8%	$14.38K	147,347
Q3 2020Sep 30, 2020	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-7,187-4.3%	$26.80K	161,570
Q3 2020Sep 30, 2020	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-8,938-4.1%	$9.78K	208,197
Q3 2020Sep 30, 2020	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-11,234-4.1%	$10.52K	264,335
Q3 2020Sep 30, 2020	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-13,770-4.1%	$10.16K	324,348
Q3 2020Sep 30, 2020	LEN Lennar Corporation	Lennar Corporation	Sell	-15,088-4.3%	$26.80K	333,797
Q3 2020Sep 30, 2020	PLD Prologis, Inc.	Prologis, Inc.	Sell	-15,409-4.2%	$35.25K	349,483
Q3 2020Sep 30, 2020	FDX FedEx Corporation	FedEx Corporation	Sell	-21,125-29.4%	$12.73K	50,628
Q3 2020Sep 30, 2020	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-27,160-2.8%	$32.16K	954,128
Q3 2020Sep 30, 2020	UMBF UMB Financial Corporation	UMB Financial Corporation	Sell	-27,445-15.8%	$7.16K	146,079
Q3 2020Sep 30, 2020	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-29,989-9.0%	$11.30K	303,924
Q3 2020Sep 30, 2020	AGX Argan, Inc.	Argan, Inc.	Sell	-30,221-28.7%	$3.14K	75,009
Q3 2020Sep 30, 2020	ESS Essex Property Trust, Inc.	Essex Property Trust, Inc.	Sell	-32,906-34.3%	$12.66K	63,043
Q3 2020Sep 30, 2020	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell	-32,990-99.7%	$11.00	101
Q3 2020Sep 30, 2020	SRG Seritage Growth Properties	Seritage Growth Properties	Sell	-36,579-6.2%	$7.50K	557,700
Q3 2020Sep 30, 2020	PSA Public Storage	Public Storage	Sell - Position Exit	-38,265-100.0%	$0.00	-
Q3 2020Sep 30, 2020	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Sell	-40,000-50.0%	$644.00	40,000
Q3 2020Sep 30, 2020	EXP Eagle Materials Inc	Eagle Materials Inc	Sell	-40,288-17.0%	$16.98K	196,645
Q3 2020Sep 30, 2020	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell	-44,877-4.1%	$27.90K	1,043,225
Q3 2020Sep 30, 2020	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-45,277-4.1%	$28.30K	1,070,289

Page 23 of 79 • 2341 total trades

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