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 2016Mar 31, 2016	SPY SPDR S&P 500	SPDR S&P 500	Sell - Position Exit	-1,487-100.0%	$0.00	-
Q1 2016Mar 31, 2016	IUSV iShares Core S&P U.S. Value ETF	iShares Core S&P U.S. Value ETF	Sell - Position Exit	-2,356-100.0%	$0.00	-
Q1 2016Mar 31, 2016	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-3,814-10.7%	$4.27K	31,948
Q1 2016Mar 31, 2016	KEY KeyCorp	KeyCorp	Sell	-5,610-0.4%	$16.53K	1,497,210
Q1 2016Mar 31, 2016	TFX Teleflex Incorporated	Teleflex Incorporated	Sell	-7,500-16.3%	$6.04K	38,457
Q1 2016Mar 31, 2016	UMBF UMB Financial Corporation	UMB Financial Corporation	Sell	-9,600-6.0%	$7.76K	150,273
Q1 2016Mar 31, 2016	ENS EnerSys	EnerSys	Sell	-10,710-23.0%	$2.00K	35,906
Q1 2016Mar 31, 2016	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-13,800-10.0%	$6.93K	124,402
Q1 2016Mar 31, 2016	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-14,206-0.6%	$46.27K	2,249,464
Q1 2016Mar 31, 2016	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-15,261-10.7%	$6.18K	127,187
Q1 2016Mar 31, 2016	SMP Standard Motor Products, Inc.	Standard Motor Products, Inc.	Sell	-16,270-8.7%	$5.95K	171,670
Q1 2016Mar 31, 2016	G9618E107 White Mountains	White Mountains	Sell	-16,928-19.0%	$58.08K	72,359
Q1 2016Mar 31, 2016	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Sell	-17,111-17.2%	$4.54K	82,323
Q1 2016Mar 31, 2016	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Sell	-21,319-17.2%	$4.75K	102,362
Q1 2016Mar 31, 2016	G Genpact	Genpact	Sell	-29,000-9.0%	$7.95K	292,342
Q1 2016Mar 31, 2016	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Sell	-42,103-46.6%	$4.07K	48,157
Q1 2016Mar 31, 2016	DORM Dorman Products, Inc.	Dorman Products, Inc.	Sell	-45,152-29.2%	$5.97K	109,728
Q1 2016Mar 31, 2016	DVN Devon Energy Corporation	Devon Energy Corporation	Sell	-62,075-5.7%	$28.39K	1,034,672
Q1 2016Mar 31, 2016	WKC World Kinect Corporation	World Kinect Corporation	Sell	-62,369-33.6%	$5.99K	123,282
Q1 2016Mar 31, 2016	CNH CNH Industrial	CNH Industrial	Sell	-63,599-10.6%	$3.63K	537,178
Q1 2016Mar 31, 2016	PRGS Progress Software Corporation	Progress Software Corporation	Sell	-74,874-32.9%	$3.68K	152,718
Q1 2016Mar 31, 2016	KEX Kirby Corporation	Kirby Corporation	Sell	-95,020-51.6%	$5.37K	89,134
Q1 2016Mar 31, 2016	MAS Masco Corporation	Masco Corporation	Sell	-102,860-6.7%	$44.83K	1,425,398
Q1 2016Mar 31, 2016	CSGS CSG Systems International, Inc.	CSG Systems International, Inc.	Sell	-111,585-52.2%	$4.61K	102,093
Q1 2016Mar 31, 2016	B Barnes Group, Inc.	Barnes Group, Inc.	Sell	-121,216-56.7%	$3.25K	92,749
Q1 2016Mar 31, 2016	G0457F107 Arcos Dorados	Arcos Dorados	Sell	-124,162-7.1%	$6.07K	1,617,289
Q1 2016Mar 31, 2016	CVCO Cavco Industries, Inc.	Cavco Industries, Inc.	Sell	-227,767-23.8%	$68.20K	729,734
Q1 2016Mar 31, 2016	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-246,440-20.7%	$71.46K	943,411
Q1 2016Mar 31, 2016	CMA Comerica Incorporated	Comerica Incorporated	Sell	-408,819-16.5%	$78.28K	2,067,054
Q1 2016Mar 31, 2016	MAC Macerich Company (The)	Macerich Company (The)	Sell	-428,530-23.7%	$109.14K	1,377,301

Page 53 of 79 • 2341 total trades

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