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 2018Mar 31, 2018	UHAL U-Haul Holding Company	U-Haul Holding Company	Buy	+31,938+57.8%	$30.10K	87,224
Q1 2018Mar 31, 2018	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Buy	+31,131+0.6%	$32.01K	4,924,645
Q1 2018Mar 31, 2018	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Buy	+18,699+0.6%	$107.90K	3,067,125
Q1 2018Mar 31, 2018	LEN Lennar Corporation	Lennar Corporation	Buy	+10,067+0.4%	$155.34K	2,635,519
Q1 2018Mar 31, 2018	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Buy	+9,694+0.6%	$49.75K	1,702,028
Q1 2018Mar 31, 2018	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy	+4,497+0.9%	$42.01K	478,713
Q1 2018Mar 31, 2018	ZION Zions Bancorporation N.A.	Zions Bancorporation N.A.	Buy	+2,854+0.5%	$29.66K	562,479
Q1 2018Mar 31, 2018	JBGS JBG SMITH Properties	JBG SMITH Properties	Buy	+2,680+0.8%	$10.86K	322,037
Q1 2018Mar 31, 2018	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Buy	+2,435+0.5%	$21.69K	541,905
Q1 2018Mar 31, 2018	SEB Seaboard Corporation	Seaboard Corporation	Buy	+352+37.6%	$5.50K	1,289
Q1 2018Mar 31, 2018	G9618E107 White Mountains	White Mountains	Buy	+347+1.0%	$28.13K	34,195
Q1 2018Mar 31, 2018	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+19+0.0%	$56.09K	1,088,443
Q1 2018Mar 31, 2018	KEY KeyCorp	KeyCorp	Sell	-802-0.1%	$16.64K	850,900
Q1 2018Mar 31, 2018	VC Visteon Corporation	Visteon Corporation	Sell	-2,067-3.8%	$5.85K	53,052
Q1 2018Mar 31, 2018	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-4,300-0.2%	$61.23K	2,649,682
Q1 2018Mar 31, 2018	HAYN Haynes International, Inc.	Haynes International, Inc.	Sell - Position Exit	-4,900-100.0%	$0.00	-
Q1 2018Mar 31, 2018	CMA Comerica Incorporated	Comerica Incorporated	Sell	-6,105-1.1%	$51.83K	540,238
Q1 2018Mar 31, 2018	PRGS Progress Software Corporation	Progress Software Corporation	Sell - Position Exit	-87,555-100.0%	$0.00	-
Q1 2018Mar 31, 2018	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell - Position Exit	-89,857-100.0%	$0.00	-
Q1 2018Mar 31, 2018	SYNA Synaptics Incorporated	Synaptics Incorporated	Sell - Position Exit	-96,807-100.0%	$0.00	-
Q1 2018Mar 31, 2018	KW Kennedy-Wilson Holdings Inc.	Kennedy-Wilson Holdings Inc.	Sell - Position Exit	-124,753-100.0%	$0.00	-
Q1 2018Mar 31, 2018	VLY Valley National Bancorp	Valley National Bancorp	Sell - Position Exit	-189,675-100.0%	$0.00	-
Q1 2018Mar 31, 2018	NTCT NetScout Systems, Inc.	NetScout Systems, Inc.	Sell - Position Exit	-192,244-100.0%	$0.00	-
Q1 2018Mar 31, 2018	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Sell	-195,394-4.5%	$160.20K	4,107,685
Q1 2018Mar 31, 2018	AMGN Amgen Inc.	Amgen Inc.	Sell - Position Exit	-216,733-100.0%	$0.00	-
Q1 2018Mar 31, 2018	EOG EOG Resources, Inc.	EOG Resources, Inc.	Sell - Position Exit	-248,842-100.0%	$0.00	-
Q1 2018Mar 31, 2018	CNH CNH Industrial	CNH Industrial	Sell - Position Exit	-265,100-100.0%	$0.00	-
Q1 2018Mar 31, 2018	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-268,854-5.0%	$176.93K	5,055,211
Q1 2018Mar 31, 2018	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-281,620-87.6%	$6.04K	39,960
Q1 2018Mar 31, 2018	RS Reliance, Inc.	Reliance, Inc.	Sell - Position Exit	-359,937-100.0%	$0.00	-

Page 37 of 79 • 2341 total trades

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