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	MAS Masco Corporation	Masco Corporation	Sell - Position Exit	-558,114-100.0%	$0.00	-
Q1 2018Mar 31, 2018	KIM Kimco Realty Corporation (HC)	Kimco Realty Corporation (HC)	Sell - Position Exit	-1,080,300-100.0%	$0.00	-
Q1 2018Mar 31, 2018	JCI Johnson Controls International	Johnson Controls International	Sell - Position Exit	-1,228,339-100.0%	$0.00	-
Q4 2017Dec 31, 2017	TDW Tidewater Inc.	Tidewater Inc.	Buy	+1,041,376+164.2%	$40.89K	1,675,730
Q4 2017Dec 31, 2017	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy - Position Entry	+686,383	$17.26K	686,383
Q4 2017Dec 31, 2017	TRC Tejon Ranch Co	Tejon Ranch Co	Buy	+442,329+20.0%	$55.10K	2,653,982
Q4 2017Dec 31, 2017	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+118,878+4.8%	$36.46K	2,585,539
Q4 2017Dec 31, 2017	MYRG MYR Group, Inc.	MYR Group, Inc.	Buy	+116,424+89.3%	$8.82K	246,824
Q4 2017Dec 31, 2017	DB Deutsche Bank	Deutsche Bank	Buy	+100,000+20.0%	$11.42K	600,000
Q4 2017Dec 31, 2017	LEN-B Lennar Corporation	Lennar Corporation	Buy	+93,757+199.5%	$7.28K	140,763
Q4 2017Dec 31, 2017	UHAL U-Haul Holding Company	U-Haul Holding Company	Buy - Position Entry	+55,286	$20.89K	55,286
Q4 2017Dec 31, 2017	JCI Johnson Controls International	Johnson Controls International	Buy	+38,591+3.2%	$46.81K	1,228,339
Q4 2017Dec 31, 2017	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Buy	+22,391+16.4%	$6.82K	158,683
Q4 2017Dec 31, 2017	ALCO Alico, Inc.	Alico, Inc.	Buy	+20,724+17.3%	$4.14K	140,451
Q4 2017Dec 31, 2017	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Buy	+10,826+11.6%	$7.28K	103,872
Q4 2017Dec 31, 2017	AMGN Amgen Inc.	Amgen Inc.	Buy	+6,609+3.1%	$37.69K	216,733
Q4 2017Dec 31, 2017	VC Visteon Corporation	Visteon Corporation	Buy	+6,366+13.1%	$6.90K	55,119
Q4 2017Dec 31, 2017	CBSH Commerce Bancshares, Inc.	Commerce Bancshares, Inc.	Buy	+5,145+5.0%	$6.03K	108,051
Q4 2017Dec 31, 2017	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Buy	+2,372+0.1%	$187.36K	4,303,079
Q4 2017Dec 31, 2017	MAC Macerich Company (The)	Macerich Company (The)	Buy	+2,128+0.3%	$55.82K	849,829
Q4 2017Dec 31, 2017	MAS Masco Corporation	Masco Corporation	Buy	+2,069+0.4%	$24.52K	558,114
Q4 2017Dec 31, 2017	VNO Vornado Realty Trust	Vornado Realty Trust	Buy	+1,913+0.3%	$54.09K	691,927
Q4 2017Dec 31, 2017	G9618E107 White Mountains	White Mountains	Buy	+1,247+3.8%	$28.82K	33,848
Q4 2017Dec 31, 2017	ZION Zions Bancorporation N.A.	Zions Bancorporation N.A.	Buy	+867+0.2%	$28.45K	559,625
Q4 2017Dec 31, 2017	RS Reliance, Inc.	Reliance, Inc.	Sell	-13-0.0%	$30.88K	359,937
Q4 2017Dec 31, 2017	EOG EOG Resources, Inc.	EOG Resources, Inc.	Sell	-14-0.0%	$26.85K	248,842
Q4 2017Dec 31, 2017	KEY KeyCorp	KeyCorp	Sell	-116-0.0%	$17.18K	851,702
Q4 2017Dec 31, 2017	VOD Vodafone Group Plc	Vodafone Group Plc	Sell - Position Exit	-1,259-100.0%	$0.00	-
Q4 2017Dec 31, 2017	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-1,395-0.3%	$44.07K	474,216
Q4 2017Dec 31, 2017	VMI Valmont Industries, Inc.	Valmont Industries, Inc.	Sell - Position Exit	-1,799-100.0%	$0.00	-

Page 38 of 79 • 2341 total trades

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