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	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-458,181-15.8%	$90.25K	2,450,542
Q1 2016Mar 31, 2016	VNO Vornado Realty Trust	Vornado Realty Trust	Sell	-463,911-37.5%	$72.92K	772,214
Q1 2016Mar 31, 2016	ZION Zions Bancorporation N.A.	Zions Bancorporation N.A.	Sell	-561,300-20.6%	$52.36K	2,162,558
Q1 2016Mar 31, 2016	BKD Brookdale Senior Living Inc.	Brookdale Senior Living Inc.	Sell	-639,183-20.5%	$39.25K	2,471,848
Q1 2016Mar 31, 2016	PKX POSCO Holdings Inc.	POSCO Holdings Inc.	Sell - Position Exit	-651,865-100.0%	$0.00	-
Q1 2016Mar 31, 2016	SKT Tanger Inc.	Tanger Inc.	Sell	-654,196-31.3%	$52.35K	1,438,525
Q1 2016Mar 31, 2016	L Loews Corporation	Loews Corporation	Sell - Position Exit	-701,723-100.0%	$0.00	-
Q1 2016Mar 31, 2016	AGCO AGCO Corporation	AGCO Corporation	Sell	-703,688-49.8%	$35.30K	710,300
Q1 2016Mar 31, 2016	GM General Motors Company	General Motors Company	Sell	-770,695-52.9%	$21.60K	687,348
Q1 2016Mar 31, 2016	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-1,064,200-20.6%	$101.09K	4,096,070
Q1 2016Mar 31, 2016	EQC Equity	Equity	Sell	-1,610,076-46.8%	$51.59K	1,828,204
Q1 2016Mar 31, 2016	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-1,797,921-19.7%	$227.61K	7,347,132
Q1 2016Mar 31, 2016	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-1,996,885-31.1%	$100.66K	4,426,443
Q4 2015Dec 31, 2015	KEX Kirby Corporation	Kirby Corporation	Buy - Position Entry	+184,154	$9.69K	184,154
Q4 2015Dec 31, 2015	MYRG MYR Group, Inc.	MYR Group, Inc.	Buy - Position Entry	+116,260	$2.40K	116,260
Q4 2015Dec 31, 2015	VLY Valley National Bancorp	Valley National Bancorp	Buy	+53,458+7.9%	$7.16K	726,392
Q4 2015Dec 31, 2015	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Buy	+25,024+11.9%	$8.18K	235,869
Q4 2015Dec 31, 2015	NSIT Insight Enterprises, Inc.	Insight Enterprises, Inc.	Buy	+14,513+5.1%	$7.49K	298,115
Q4 2015Dec 31, 2015	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Buy	+3,454+1.8%	$4.75K	197,624
Q4 2015Dec 31, 2015	VC Visteon Corporation	Visteon Corporation	Buy	+2,495+2.1%	$14.14K	123,533
Q4 2015Dec 31, 2015	VOD Vodafone Group Plc	Vodafone Group Plc	Buy	+833+35.8%	$102.00	3,159
Q4 2015Dec 31, 2015	WKC World Kinect Corporation	World Kinect Corporation	Sell	-33-0.0%	$7.14K	185,651
Q4 2015Dec 31, 2015	DORM Dorman Products, Inc.	Dorman Products, Inc.	Sell	-1,293-0.8%	$7.35K	154,880
Q4 2015Dec 31, 2015	G0457F107 Arcos Dorados	Arcos Dorados	Sell	-2,312-0.1%	$5.42K	1,741,451
Q4 2015Dec 31, 2015	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-2,500-5.7%	$2.26K	41,637
Q4 2015Dec 31, 2015	BR Broadridge Financial Solutions,	Broadridge Financial Solutions,	Sell	-2,588-2.3%	$5.84K	108,725
Q4 2015Dec 31, 2015	ICFI ICF International, Inc.	ICF International, Inc.	Sell	-3,953-2.0%	$6.79K	190,965
Q4 2015Dec 31, 2015	POWL Powell Industries, Inc.	Powell Industries, Inc.	Sell - Position Exit	-6,200-100.0%	$0.00	-
Q4 2015Dec 31, 2015	VMI Valmont Industries, Inc.	Valmont Industries, Inc.	Sell	-6,422-43.1%	$900.00	8,489
Q4 2015Dec 31, 2015	PLD Prologis, Inc.	Prologis, Inc.	Sell - Position Exit	-8,880-100.0%	$0.00	-

Page 54 of 79 • 2341 total trades

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