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
Q4 2017Dec 31, 2017	NXRT NexPoint Residential Trust, Inc	NexPoint Residential Trust, Inc	Sell	-7,700-30.8%	$484.00	17,300
Q4 2017Dec 31, 2017	RL Ralph Lauren Corporation	Ralph Lauren Corporation	Sell - Position Exit	-9,556-100.0%	$0.00	-
Q4 2017Dec 31, 2017	AVT Avnet, Inc.	Avnet, Inc.	Sell - Position Exit	-13,379-100.0%	$0.00	-
Q4 2017Dec 31, 2017	AMN AMN Healthcare Services Inc	AMN Healthcare Services Inc	Sell	-25,025-17.4%	$5.84K	118,617
Q4 2017Dec 31, 2017	FIX Comfort Systems USA, Inc.	Comfort Systems USA, Inc.	Sell	-34,778-20.5%	$5.88K	134,697
Q4 2017Dec 31, 2017	NTCT NetScout Systems, Inc.	NetScout Systems, Inc.	Sell	-55,456-22.4%	$5.85K	192,244
Q4 2017Dec 31, 2017	B Barnes Group, Inc.	Barnes Group, Inc.	Sell - Position Exit	-67,600-100.0%	$0.00	-
Q4 2017Dec 31, 2017	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-98,409-5.5%	$53.26K	1,692,334
Q4 2017Dec 31, 2017	TNET TriNet Group, Inc.	TriNet Group, Inc.	Sell - Position Exit	-120,700-100.0%	$0.00	-
Q4 2017Dec 31, 2017	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-125,030-18.8%	$21.17K	539,470
Q4 2017Dec 31, 2017	HAYN Haynes International, Inc.	Haynes International, Inc.	Sell	-125,543-96.2%	$158.00	4,900
Q4 2017Dec 31, 2017	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Sell - Position Exit	-131,100-100.0%	$0.00	-
Q4 2017Dec 31, 2017	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-164,032-33.8%	$46.40K	321,580
Q4 2017Dec 31, 2017	WKC World Kinect Corporation	World Kinect Corporation	Sell - Position Exit	-175,419-100.0%	$0.00	-
Q4 2017Dec 31, 2017	NX Quanex Building Products Corpor	Quanex Building Products Corpor	Sell - Position Exit	-214,700-100.0%	$0.00	-
Q4 2017Dec 31, 2017	LIVN LivaNova	LivaNova	Sell - Position Exit	-219,422-100.0%	$0.00	-
Q4 2017Dec 31, 2017	LEN Lennar Corporation	Lennar Corporation	Sell	-243,838-8.5%	$166.03K	2,625,452
Q4 2017Dec 31, 2017	CMA Comerica Incorporated	Comerica Incorporated	Sell	-301,227-35.5%	$47.43K	546,343
Q4 2017Dec 31, 2017	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-311,696-5.5%	$187.73K	5,324,065
Q4 2017Dec 31, 2017	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-314,044-9.3%	$96.42K	3,048,426
Q4 2017Dec 31, 2017	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-461,880-29.8%	$58.62K	1,088,424
Q4 2017Dec 31, 2017	PLAB Photronics, Inc.	Photronics, Inc.	Sell - Position Exit	-467,900-100.0%	$0.00	-
Q4 2017Dec 31, 2017	DVN Devon Energy Corporation	Devon Energy Corporation	Sell - Position Exit	-618,038-100.0%	$0.00	-
Q4 2017Dec 31, 2017	KW Kennedy-Wilson Holdings Inc.	Kennedy-Wilson Holdings Inc.	Sell	-1,054,800-89.4%	$2.17K	124,753
Q3 2017Sep 30, 2017	KIM Kimco Realty Corporation (HC)	Kimco Realty Corporation (HC)	Buy - Position Entry	+1,080,300	$21.12K	1,080,300
Q3 2017Sep 30, 2017	TDW Tidewater Inc.	Tidewater Inc.	Buy - Position Entry	+634,354	$18.45K	634,354
Q3 2017Sep 30, 2017	JCI Johnson Controls International	Johnson Controls International	Buy	+430,233+56.6%	$47.94K	1,189,748
Q3 2017Sep 30, 2017	MAC Macerich Company (The)	Macerich Company (The)	Buy	+346,900+69.3%	$46.60K	847,701
Q3 2017Sep 30, 2017	JBGS JBG SMITH Properties	JBG SMITH Properties	Buy - Position Entry	+319,357	$10.93K	319,357
Q3 2017Sep 30, 2017	DB Deutsche Bank	Deutsche Bank	Buy	+100,000+25.0%	$8.64K	500,000

Page 39 of 79 • 2341 total trades

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