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 2020Mar 31, 2020	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-64,893-0.6%	$59.06K	11,648,430
Q1 2020Mar 31, 2020	VVI Viad Corp	Viad Corp	Sell - Position Exit	-73,261-100.0%	$0.00	-
Q1 2020Mar 31, 2020	CMA Comerica Incorporated	Comerica Incorporated	Sell	-94,358-28.5%	$6.96K	237,156
Q1 2020Mar 31, 2020	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell - Position Exit	-136,135-100.0%	$0.00	-
Q1 2020Mar 31, 2020	LEN-B Lennar Corporation	Lennar Corporation	Sell	-137,205-12.1%	$28.72K	993,183
Q1 2020Mar 31, 2020	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-260,471-46.3%	$10.04K	302,128
Q1 2020Mar 31, 2020	LEN Lennar Corporation	Lennar Corporation	Sell	-267,352-30.3%	$23.54K	614,088
Q1 2020Mar 31, 2020	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Sell	-287,189-57.1%	$1.89K	215,389
Q1 2020Mar 31, 2020	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-807,346-30.5%	$31.15K	1,837,497
Q1 2020Mar 31, 2020	AKR Acadia Realty Trust	Acadia Realty Trust	Sell - Position Exit	-872,557-100.0%	$0.00	-
Q1 2020Mar 31, 2020	MAC Macerich Company (The)	Macerich Company (The)	Sell	-1,020,389-74.1%	$2.01K	356,561
Q4 2019Dec 31, 2019	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+689,010+6.2%	$81.41K	11,713,323
Q4 2019Dec 31, 2019	MAC Macerich Company (The)	Macerich Company (The)	Buy	+259,115+23.2%	$37.07K	1,376,950
Q4 2019Dec 31, 2019	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+135,675+2.4%	$17.59K	5,842,911
Q4 2019Dec 31, 2019	AGX Argan, Inc.	Argan, Inc.	Buy	+33,612+25.2%	$6.69K	166,754
Q4 2019Dec 31, 2019	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+19,513+1.1%	$37.81K	1,789,403
Q4 2019Dec 31, 2019	TDW Tidewater Inc.	Tidewater Inc.	Buy	+17,188+0.6%	$53.11K	2,754,611
Q4 2019Dec 31, 2019	SRG Seritage Growth Properties	Seritage Growth Properties	Buy	+11,173+3.5%	$13.42K	334,849
Q4 2019Dec 31, 2019	UMBF UMB Financial Corporation	UMB Financial Corporation	Buy	+10,375+8.5%	$9.07K	132,155
Q4 2019Dec 31, 2019	UHAL U-Haul Holding Company	U-Haul Holding Company	Buy	+4,866+6.5%	$30.16K	80,245
Q4 2019Dec 31, 2019	SPY SPDR S&P 500	SPDR S&P 500	Buy - Position Entry	+3,365	$1.08K	3,365
Q4 2019Dec 31, 2019	EXP Eagle Materials Inc	Eagle Materials Inc	Buy	+1,462+0.8%	$16.08K	177,351
Q4 2019Dec 31, 2019	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+642+0.4%	$20.03K	146,864
Q4 2019Dec 31, 2019	ATNI ATN International, Inc.	ATN International, Inc.	Buy	+185+0.1%	$7.55K	136,395
Q4 2019Dec 31, 2019	MYRG MYR Group, Inc.	MYR Group, Inc.	Buy	+148+0.0%	$12.50K	383,607
Q4 2019Dec 31, 2019	VVI Viad Corp	Viad Corp	Sell	-3,296-4.3%	$4.95K	73,261
Q4 2019Dec 31, 2019	UNF Unifirst Corporation	Unifirst Corporation	Sell	-5,400-22.2%	$3.83K	18,954
Q4 2019Dec 31, 2019	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Sell	-6,050-14.8%	$3.86K	34,769
Q4 2019Dec 31, 2019	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-12,063-14.7%	$6.04K	70,044
Q4 2019Dec 31, 2019	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell	-12,805-14.7%	$8.20K	74,064

Page 27 of 79 • 2341 total trades

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