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 2015Dec 31, 2015	SPY SPDR S&P 500	SPDR S&P 500	Sell	-8,938-85.7%	$303.00	1,487
Q4 2015Dec 31, 2015	ANIP ANI Pharmaceuticals, Inc.	ANI Pharmaceuticals, Inc.	Sell	-9,663-16.2%	$2.26K	50,053
Q4 2015Dec 31, 2015	TFX Teleflex Incorporated	Teleflex Incorporated	Sell	-10,112-18.0%	$6.04K	45,957
Q4 2015Dec 31, 2015	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Sell	-10,200-9.3%	$5.97K	99,434
Q4 2015Dec 31, 2015	CBSH Commerce Bancshares, Inc.	Commerce Bancshares, Inc.	Sell	-10,736-5.4%	$8.02K	188,533
Q4 2015Dec 31, 2015	FLWS 1-800-FLOWERS.COM, Inc.	1-800-FLOWERS.COM, Inc.	Sell	-11,418-1.7%	$4.67K	641,691
Q4 2015Dec 31, 2015	IUSV iShares Core S&P U.S. Value ETF	iShares Core S&P U.S. Value ETF	Sell	-14,109-85.7%	$300.00	2,356
Q4 2015Dec 31, 2015	ALCO Alico, Inc.	Alico, Inc.	Sell	-14,122-9.8%	$5.01K	129,521
Q4 2015Dec 31, 2015	UNF Unifirst Corporation	Unifirst Corporation	Sell	-14,434-28.6%	$3.75K	36,021
Q4 2015Dec 31, 2015	CNH CNH Industrial	CNH Industrial	Sell	-16,280-2.6%	$4.11K	600,777
Q4 2015Dec 31, 2015	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Sell	-17,350-16.1%	$7.55K	90,260
Q4 2015Dec 31, 2015	ENS EnerSys	EnerSys	Sell	-17,752-27.6%	$2.61K	46,616
Q4 2015Dec 31, 2015	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-18,245-2.5%	$67.11K	704,154
Q4 2015Dec 31, 2015	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-18,948-34.6%	$4.58K	35,762
Q4 2015Dec 31, 2015	AKR Acadia Realty Trust	Acadia Realty Trust	Sell - Position Exit	-19,999-100.0%	$0.00	-
Q4 2015Dec 31, 2015	G9618E107 White Mountains	White Mountains	Sell	-20,619-18.8%	$64.89K	89,287
Q4 2015Dec 31, 2015	DVN Devon Energy Corporation	Devon Energy Corporation	Sell	-22,679-2.0%	$35.10K	1,096,747
Q4 2015Dec 31, 2015	ALG Alamo Group, Inc.	Alamo Group, Inc.	Sell	-24,297-15.0%	$7.20K	138,202
Q4 2015Dec 31, 2015	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-24,451-14.7%	$6.84K	142,448
Q4 2015Dec 31, 2015	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Sell	-24,734-16.7%	$5.92K	123,681
Q4 2015Dec 31, 2015	KIM Kimco Realty Corporation (HC)	Kimco Realty Corporation (HC)	Sell - Position Exit	-26,045-100.0%	$0.00	-
Q4 2015Dec 31, 2015	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-28,912-1.3%	$43.35K	2,263,670
Q4 2015Dec 31, 2015	PRGS Progress Software Corporation	Progress Software Corporation	Sell	-30,554-11.8%	$5.46K	227,592
Q4 2015Dec 31, 2015	PDCO Patterson Companies, Inc.	Patterson Companies, Inc.	Sell	-35,798-24.7%	$4.94K	109,335
Q4 2015Dec 31, 2015	B Barnes Group, Inc.	Barnes Group, Inc.	Sell	-37,306-14.8%	$7.57K	213,965
Q4 2015Dec 31, 2015	SMP Standard Motor Products, Inc.	Standard Motor Products, Inc.	Sell	-38,358-17.0%	$7.15K	187,940
Q4 2015Dec 31, 2015	TRNO Terreno Realty Corporation	Terreno Realty Corporation	Sell - Position Exit	-42,290-100.0%	$0.00	-
Q4 2015Dec 31, 2015	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-68,525-39.9%	$2.94K	103,176
Q4 2015Dec 31, 2015	VVI Viad Corp	Viad Corp	Sell	-68,692-24.0%	$6.14K	217,637
Q4 2015Dec 31, 2015	TTEK Tetra Tech, Inc.	Tetra Tech, Inc.	Sell	-76,641-22.1%	$7.03K	270,075

Page 55 of 79 • 2341 total trades

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