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
Q2 2018Jun 30, 2018	SEB Seaboard Corporation	Seaboard Corporation	Buy	+126+9.8%	$5.61K	1,415
Q2 2018Jun 30, 2018	UNF Unifirst Corporation	Unifirst Corporation	Buy	+92+0.3%	$5.31K	30,002
Q2 2018Jun 30, 2018	TTE TotalEnergies SE	TotalEnergies SE	Sell	-171-17.4%	$50.00	813
Q2 2018Jun 30, 2018	CMA Comerica Incorporated	Comerica Incorporated	Sell	-2,398-0.4%	$48.90K	537,840
Q2 2018Jun 30, 2018	G9618E107 White Mountains	White Mountains	Sell	-5,450-15.9%	$26.06K	28,745
Q2 2018Jun 30, 2018	LEN Lennar Corporation	Lennar Corporation	Sell	-8,336-0.3%	$137.93K	2,627,183
Q2 2018Jun 30, 2018	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-13,177-0.3%	$183.83K	5,042,034
Q2 2018Jun 30, 2018	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell	-24,515-15.4%	$8.12K	134,168
Q2 2018Jun 30, 2018	AMN AMN Healthcare Services Inc	AMN Healthcare Services Inc	Sell	-30,868-26.0%	$5.14K	87,749
Q2 2018Jun 30, 2018	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-88,108-2.1%	$162.95K	4,019,577
Q2 2018Jun 30, 2018	KFY Korn Ferry	Korn Ferry	Sell - Position Exit	-125,500-100.0%	$0.00	-
Q2 2018Jun 30, 2018	NSIT Insight Enterprises, Inc.	Insight Enterprises, Inc.	Sell - Position Exit	-147,700-100.0%	$0.00	-
Q2 2018Jun 30, 2018	TILE Interface, Inc.	Interface, Inc.	Sell - Position Exit	-241,920-100.0%	$0.00	-
Q2 2018Jun 30, 2018	CVCO Cavco Industries, Inc.	Cavco Industries, Inc.	Sell - Position Exit	-271,200-100.0%	$0.00	-
Q2 2018Jun 30, 2018	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-306,495-28.2%	$42.17K	781,948
Q2 2018Jun 30, 2018	DB Deutsche Bank	Deutsche Bank	Sell	-378,000-54.0%	$3.42K	322,000
Q2 2018Jun 30, 2018	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-699,327-22.8%	$91.61K	2,367,798
Q2 2018Jun 30, 2018	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-802,528-30.3%	$44.89K	1,847,154
Q2 2018Jun 30, 2018	KEY KeyCorp	KeyCorp	Sell - Position Exit	-850,900-100.0%	$0.00	-
Q1 2018Mar 31, 2018	AKR Acadia Realty Trust	Acadia Realty Trust	Buy - Position Entry	+1,822,246	$44.83K	1,822,246
Q1 2018Mar 31, 2018	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+586,102+85.4%	$35.64K	1,272,485
Q1 2018Mar 31, 2018	TDW Tidewater Inc.	Tidewater Inc.	Buy	+557,318+33.3%	$63.89K	2,233,048
Q1 2018Mar 31, 2018	MAC Macerich Company (The)	Macerich Company (The)	Buy	+367,332+43.2%	$68.19K	1,217,161
Q1 2018Mar 31, 2018	LEN-B Lennar Corporation	Lennar Corporation	Buy	+299,127+212.5%	$20.98K	439,890
Q1 2018Mar 31, 2018	SMHI SEACOR Marine Holdings Inc.	SEACOR Marine Holdings Inc.	Buy - Position Entry	+291,900	$5.55K	291,900
Q1 2018Mar 31, 2018	VNO Vornado Realty Trust	Vornado Realty Trust	Buy	+139,772+20.2%	$55.97K	831,699
Q1 2018Mar 31, 2018	DB Deutsche Bank	Deutsche Bank	Buy	+100,000+16.7%	$9.79K	700,000
Q1 2018Mar 31, 2018	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+83,435+3.2%	$38.06K	2,668,974
Q1 2018Mar 31, 2018	CSGS CSG Systems International, Inc.	CSG Systems International, Inc.	Buy	+53,716+79.9%	$5.48K	120,914
Q1 2018Mar 31, 2018	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Buy - Position Entry	+35,932	$2.01K	35,932

Page 36 of 79 • 2341 total trades

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