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	HOUS Anywhere Real Estate Inc.	Anywhere Real Estate Inc.	Sell - Position Exit	-1,689,009-100.0%	$0.00	-
Q4 2015Dec 31, 2015	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell - Position Exit	-1,737,803-100.0%	$0.00	-
Q4 2015Dec 31, 2015	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-2,660,082-22.5%	$274.17K	9,145,053
Q4 2015Dec 31, 2015	BKD Brookdale Senior Living Inc.	Brookdale Senior Living Inc.	Sell	-2,756,701-47.0%	$57.43K	3,111,031
Q3 2015Sep 30, 2015	BKD Brookdale Senior Living Inc.	Brookdale Senior Living Inc.	Buy	+2,404,007+69.4%	$134.72K	5,867,732
Q3 2015Sep 30, 2015	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Buy	+912,700+13.8%	$157.72K	7,528,218
Q3 2015Sep 30, 2015	KW Kennedy-Wilson Holdings Inc.	Kennedy-Wilson Holdings Inc.	Buy - Position Entry	+748,000	$16.58K	748,000
Q3 2015Sep 30, 2015	WY Weyerhaeuser Company	Weyerhaeuser Company	Buy	+735,671+6.6%	$322.75K	11,805,135
Q3 2015Sep 30, 2015	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Buy	+445,461+10.8%	$144.25K	4,588,281
Q3 2015Sep 30, 2015	G0457F107 Arcos Dorados	Arcos Dorados	Buy	+362,261+26.2%	$4.74K	1,743,763
Q3 2015Sep 30, 2015	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Buy	+342,900+6.6%	$122.03K	5,529,082
Q3 2015Sep 30, 2015	FLWS 1-800-FLOWERS.COM, Inc.	1-800-FLOWERS.COM, Inc.	Buy	+306,676+88.5%	$5.94K	653,109
Q3 2015Sep 30, 2015	CNH CNH Industrial	CNH Industrial	Buy	+291,842+89.7%	$4.02K	617,057
Q3 2015Sep 30, 2015	MAC Macerich Company (The)	Macerich Company (The)	Buy	+237,200+13.8%	$150.06K	1,953,426
Q3 2015Sep 30, 2015	SBSI Southside Bancshares, Inc.	Southside Bancshares, Inc.	Buy - Position Entry	+194,170	$5.35K	194,170
Q3 2015Sep 30, 2015	VNO Vornado Realty Trust	Vornado Realty Trust	Buy	+175,500+15.4%	$119.07K	1,316,830
Q3 2015Sep 30, 2015	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+124,779+20.9%	$64.44K	722,399
Q3 2015Sep 30, 2015	MAS Masco Corporation	Masco Corporation	Buy	+121,991+7.1%	$46.35K	1,840,671
Q3 2015Sep 30, 2015	VC Visteon Corporation	Visteon Corporation	Buy - Position Entry	+121,038	$12.25K	121,038
Q3 2015Sep 30, 2015	EQC Equity	Equity	Buy	+62,400+1.7%	$101.01K	3,708,155
Q3 2015Sep 30, 2015	ZION Zions Bancorporation N.A.	Zions Bancorporation N.A.	Buy	+41,400+1.4%	$80.81K	2,934,458
Q3 2015Sep 30, 2015	SKT Tanger Inc.	Tanger Inc.	Buy	+27,100+1.2%	$75.43K	2,287,753
Q3 2015Sep 30, 2015	ICFI ICF International, Inc.	ICF International, Inc.	Buy	+25,605+15.1%	$5.92K	194,918
Q3 2015Sep 30, 2015	HOUS Anywhere Real Estate Inc.	Anywhere Real Estate Inc.	Buy	+23,200+1.4%	$63.56K	1,689,009
Q3 2015Sep 30, 2015	SMP Standard Motor Products, Inc.	Standard Motor Products, Inc.	Buy	+20,233+9.8%	$7.89K	226,298
Q3 2015Sep 30, 2015	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy	+17,200+1.4%	$88.92K	1,290,176
Q3 2015Sep 30, 2015	IUSV iShares Core S&P U.S. Value ETF	iShares Core S&P U.S. Value ETF	Buy - Position Entry	+16,465	$2.00K	16,465
Q3 2015Sep 30, 2015	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+13,900+46.0%	$2.27K	44,137
Q3 2015Sep 30, 2015	HYB New America High Income Fund, I	New America High Income Fund, I	Buy	+13,486+2.3%	$4.75K	595,362
Q3 2015Sep 30, 2015	HYI Western Asset High Yield Define	Western Asset High Yield Define	Buy	+12,272+2.2%	$7.88K	562,522

Page 57 of 79 • 2341 total trades

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