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 2025Mar 31, 2025	ITIC Investors Title Company	Investors Title Company	Sell	-220-0.6%	$9.38M	38,919
Q1 2025Mar 31, 2025	SEB Seaboard Corporation	Seaboard Corporation	Sell	-1,015-43.5%	$3.56M	1,319
Q1 2025Mar 31, 2025	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-6,334-19.9%	$4.55M	25,546
Q1 2025Mar 31, 2025	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-8,909-5.1%	$21.59M	165,109
Q1 2025Mar 31, 2025	BN Brookfield Corporation	Brookfield Corporation	Sell	-13,229-3.4%	$19.82M	378,249
Q1 2025Mar 31, 2025	LEN-B Lennar Corporation	Lennar Corporation	Sell	-14,011-8.7%	$16.12M	147,770
Q1 2025Mar 31, 2025	SUI Sun Communities, Inc.	Sun Communities, Inc.	Sell	-17,422-16.1%	$11.67M	90,715
Q1 2025Mar 31, 2025	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-22,572-14.4%	$7.26M	134,558
Q1 2025Mar 31, 2025	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-47,521-16.0%	$4.86M	249,969
Q1 2025Mar 31, 2025	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-57,301-18.1%	$7.21M	258,499
Q1 2025Mar 31, 2025	ROIC Retail Opportunity Investments	Retail Opportunity Investments	Sell - Position Exit	-90,000-100.0%	$0.00	-
Q1 2025Mar 31, 2025	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-128,661-40.1%	$7.28M	192,560
Q1 2025Mar 31, 2025	ORI Old Republic International Corp	Old Republic International Corp	Sell	-129,090-27.7%	$13.19M	336,388
Q1 2025Mar 31, 2025	DB Deutsche Bank	Deutsche Bank	Sell	-738,934-33.8%	$34.12M	1,447,570
Q4 2024Dec 31, 2024	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+814,981+24.6%	$15.60M	4,125,911
Q4 2024Dec 31, 2024	AMBC Ambac Financial Group, Inc.	Ambac Financial Group, Inc.	Buy - Position Entry	+230,416	$2.91M	230,416
Q4 2024Dec 31, 2024	TDW Tidewater Inc.	Tidewater Inc.	Buy	+106,705+22.2%	$32.18M	588,179
Q4 2024Dec 31, 2024	OCFC OceanFirst Financial Corp.	OceanFirst Financial Corp.	Buy - Position Entry	+60,859	$1.10M	60,859
Q4 2024Dec 31, 2024	SD SandRidge Energy, Inc.	SandRidge Energy, Inc.	Buy	+50,144+17.9%	$3.87M	330,698
Q4 2024Dec 31, 2024	PBF PBF Energy Inc.	PBF Energy Inc.	Buy	+45,092+52.5%	$3.48M	131,050
Q4 2024Dec 31, 2024	COLL Collegium Pharmaceutical, Inc.	Collegium Pharmaceutical, Inc.	Buy	+20,750+11.4%	$5.83M	203,401
Q4 2024Dec 31, 2024	VTMX Corporacion Inmobiliaria Vesta,	Corporacion Inmobiliaria Vesta,	Buy	+15,000+150.0%	$640.00K	25,000
Q4 2024Dec 31, 2024	SUI Sun Communities, Inc.	Sun Communities, Inc.	Buy	+342+0.3%	$13.30M	108,137
Q4 2024Dec 31, 2024	VAL Valaris Ltd	Valaris Ltd	Sell	-5,739-1.3%	$18.87M	426,608
Q4 2024Dec 31, 2024	UMBF UMB Financial Corporation	UMB Financial Corporation	Sell	-8,100-7.3%	$11.60M	102,796
Q4 2024Dec 31, 2024	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-8,993-4.9%	$22.85M	174,018
Q4 2024Dec 31, 2024	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-19,144-6.0%	$5.01M	297,490
Q4 2024Dec 31, 2024	UHAL-B U-Haul Holding Company Series N	U-Haul Holding Company Series N	Sell	-34,663-12.2%	$16.00M	249,865
Q4 2024Dec 31, 2024	ORI Old Republic International Corp	Old Republic International Corp	Sell	-44,576-8.7%	$16.85M	465,478
Q4 2024Dec 31, 2024	BN Brookfield Corporation	Brookfield Corporation	Sell	-63,316-13.9%	$22.49M	391,478

Page 3 of 79 • 2341 total trades

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