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 2019Mar 31, 2019	LEN Lennar Corporation	Lennar Corporation	Sell	-604,838-23.7%	$99.49K	1,945,824
Q1 2019Mar 31, 2019	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-653,507-24.9%	$55.20K	1,965,987
Q1 2019Mar 31, 2019	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-1,008,284-37.2%	$80.10K	1,705,617
Q4 2018Dec 31, 2018	H8817H100 Transocean	Transocean	Buy - Position Entry	+1,510,628	$10.48K	1,510,628
Q4 2018Dec 31, 2018	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+1,228,656+12.0%	$79.44K	11,446,791
Q4 2018Dec 31, 2018	HA		Buy	+619,532+107.9%	$31.53K	1,193,731
Q4 2018Dec 31, 2018	CUBI Customers Bancorp, Inc	Customers Bancorp, Inc	Buy - Position Entry	+519,113	$9.45K	519,113
Q4 2018Dec 31, 2018	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+241,068+584.4%	$33.01K	282,320
Q4 2018Dec 31, 2018	TDW Tidewater Inc.	Tidewater Inc.	Buy	+170,464+7.6%	$46.08K	2,408,549
Q4 2018Dec 31, 2018	ASIX AdvanSix Inc.	AdvanSix Inc.	Buy	+152,085+198.4%	$5.57K	228,743
Q4 2018Dec 31, 2018	WY Weyerhaeuser Company	Weyerhaeuser Company	Buy	+124,006+2.6%	$105.14K	4,809,541
Q4 2018Dec 31, 2018	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Buy	+87,776+242.4%	$5.71K	123,987
Q4 2018Dec 31, 2018	LEN-B Lennar Corporation	Lennar Corporation	Buy	+66,736+5.7%	$38.93K	1,242,536
Q4 2018Dec 31, 2018	TPH Tri Pointe Homes, Inc.	Tri Pointe Homes, Inc.	Buy	+41,844+7.4%	$6.62K	605,957
Q4 2018Dec 31, 2018	UMBF UMB Financial Corporation	UMB Financial Corporation	Buy	+38,958+34.8%	$9.20K	150,823
Q4 2018Dec 31, 2018	VC Visteon Corporation	Visteon Corporation	Buy	+35,638+58.2%	$5.84K	96,898
Q4 2018Dec 31, 2018	CCS Century Communities, Inc.	Century Communities, Inc.	Buy	+24,031+57.7%	$1.14K	65,702
Q4 2018Dec 31, 2018	MYRG MYR Group, Inc.	MYR Group, Inc.	Buy	+21,950+7.3%	$9.06K	321,485
Q4 2018Dec 31, 2018	GRBK Green Brick Partners, Inc.	Green Brick Partners, Inc.	Buy	+21,800+41.0%	$543.00	75,000
Q4 2018Dec 31, 2018	SPY SPDR S&P 500	SPDR S&P 500	Buy - Position Entry	+11,248	$2.81K	11,248
Q4 2018Dec 31, 2018	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+10,797+0.2%	$21.52K	4,959,392
Q4 2018Dec 31, 2018	CMA Comerica Incorporated	Comerica Incorporated	Buy	+9,683+1.8%	$37.22K	541,908
Q4 2018Dec 31, 2018	JBGS JBG SMITH Properties	JBG SMITH Properties	Buy	+7,109+1.1%	$22.17K	636,994
Q4 2018Dec 31, 2018	SEB Seaboard Corporation	Seaboard Corporation	Buy	+193+13.6%	$5.70K	1,610
Q4 2018Dec 31, 2018	SMHI SEACOR Marine Holdings Inc.	SEACOR Marine Holdings Inc.	Buy	+102+0.0%	$4.21K	358,011
Q4 2018Dec 31, 2018	TTE TotalEnergies SE	TotalEnergies SE	Sell - Position Exit	-612-100.0%	$0.00	-
Q4 2018Dec 31, 2018	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-3,385-3.9%	$27.65K	84,274
Q4 2018Dec 31, 2018	TTEK Tetra Tech, Inc.	Tetra Tech, Inc.	Sell	-11,876-9.0%	$6.20K	119,797
Q4 2018Dec 31, 2018	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Sell	-14,139-11.3%	$6.91K	110,885
Q4 2018Dec 31, 2018	NXRT NexPoint Residential Trust, Inc	NexPoint Residential Trust, Inc	Sell - Position Exit	-17,300-100.0%	$0.00	-

Page 32 of 79 • 2341 total trades

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