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
Q3 2024Sep 30, 2024	BATRK Atlanta Braves Holdings, Inc. -	Atlanta Braves Holdings, Inc. -	Sell	-188-0.7%	$1.04M	26,104
Q3 2024Sep 30, 2024	CMA Comerica Incorporated	Comerica Incorporated	Sell	-529-0.1%	$28.51M	475,883
Q3 2024Sep 30, 2024	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-679-0.2%	$9.64M	316,634
Q3 2024Sep 30, 2024	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell - Position Exit	-14,096-100.0%	$0.00	-
Q3 2024Sep 30, 2024	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-27,245-25.7%	$15.02M	78,745
Q3 2024Sep 30, 2024	TDW Tidewater Inc.	Tidewater Inc.	Sell	-28,337-5.6%	$34.57M	481,474
Q3 2024Sep 30, 2024	BN Brookfield Corporation	Brookfield Corporation	Sell	-29,736-6.1%	$24.17M	454,794
Q3 2024Sep 30, 2024	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-36,733-10.7%	$10.43M	308,007
Q3 2024Sep 30, 2024	UMBF UMB Financial Corporation	UMB Financial Corporation	Sell	-38,388-25.7%	$11.66M	110,896
Q3 2024Sep 30, 2024	LAZ Lazard, Inc.	Lazard, Inc.	Sell	-188,294-34.2%	$18.26M	362,515
Q3 2024Sep 30, 2024	WASH Washington Trust Bancorp, Inc.	Washington Trust Bancorp, Inc.	Sell - Position Exit	-199,119-100.0%	$0.00	-
Q3 2024Sep 30, 2024	ORI Old Republic International Corp	Old Republic International Corp	Sell	-317,794-38.4%	$18.07M	510,054
Q2 2024Jun 30, 2024	FRPH FRP Holdings, Inc.	FRP Holdings, Inc.	Buy	+126,566+100.1%	$7.22M	253,055
Q2 2024Jun 30, 2024	COLL Collegium Pharmaceutical, Inc.	Collegium Pharmaceutical, Inc.	Buy	+74,161+68.6%	$5.87M	182,281
Q2 2024Jun 30, 2024	SUPN Supernus Pharmaceuticals, Inc.	Supernus Pharmaceuticals, Inc.	Buy	+29,401+18.4%	$5.06M	189,118
Q2 2024Jun 30, 2024	SUI Sun Communities, Inc.	Sun Communities, Inc.	Buy	+20,617+23.6%	$12.97M	107,795
Q2 2024Jun 30, 2024	PLD Prologis, Inc.	Prologis, Inc.	Buy	+12,043+10.3%	$14.48M	128,889
Q2 2024Jun 30, 2024	VTMX Corporacion Inmobiliaria Vesta,	Corporacion Inmobiliaria Vesta,	Buy - Position Entry	+10,000	$299.90K	10,000
Q2 2024Jun 30, 2024	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+7,267+0.2%	$9.70M	3,310,930
Q2 2024Jun 30, 2024	WCC WESCO International, Inc.	WESCO International, Inc.	Buy - Position Entry	+4,736	$750.75K	4,736
Q2 2024Jun 30, 2024	UNF Unifirst Corporation	Unifirst Corporation	Buy	+3,519+17.7%	$4.01M	23,356
Q2 2024Jun 30, 2024	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Buy	+1,867+1.2%	$7.47M	157,130
Q2 2024Jun 30, 2024	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Buy	+703+0.6%	$5.86M	118,656
Q2 2024Jun 30, 2024	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+601+0.3%	$16.29M	182,801
Q2 2024Jun 30, 2024	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Buy	+433+0.3%	$5.03M	132,103
Q2 2024Jun 30, 2024	ORI Old Republic International Corp	Old Republic International Corp	Buy	+427+0.1%	$25.58M	827,848
Q2 2024Jun 30, 2024	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Buy	+384+0.1%	$47.98M	764,402
Q2 2024Jun 30, 2024	LAZ Lazard, Inc.	Lazard, Inc.	Buy	+337+0.1%	$21.03M	550,809
Q2 2024Jun 30, 2024	CMA Comerica Incorporated	Comerica Incorporated	Buy	+280+0.1%	$24.32M	476,412
Q2 2024Jun 30, 2024	VAL Valaris Ltd	Valaris Ltd	Buy	+234+0.1%	$31.30M	420,158

Page 5 of 79 • 2341 total trades

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