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 2015Sep 30, 2015	SPY SPDR S&P 500	SPDR S&P 500	Buy - Position Entry	+10,425	$2.00K	10,425
Q3 2015Sep 30, 2015	DORM Dorman Products, Inc.	Dorman Products, Inc.	Buy	+8,040+5.4%	$7.95K	156,173
Q3 2015Sep 30, 2015	ANIP ANI Pharmaceuticals, Inc.	ANI Pharmaceuticals, Inc.	Buy	+7,926+15.3%	$2.36K	59,716
Q3 2015Sep 30, 2015	H Hyatt Hotels Corporation	Hyatt Hotels Corporation	Buy	+6,100+1.3%	$22.72K	482,381
Q3 2015Sep 30, 2015	G Genpact	Genpact	Buy	+80+0.0%	$10.05K	425,885
Q3 2015Sep 30, 2015	VVI Viad Corp	Viad Corp	Buy	+73+0.0%	$8.30K	286,329
Q3 2015Sep 30, 2015	CBSH Commerce Bancshares, Inc.	Commerce Bancshares, Inc.	Buy	+49+0.0%	$9.08K	199,269
Q3 2015Sep 30, 2015	LXU LSB Industries, Inc.	LSB Industries, Inc.	Buy	+47+0.0%	$2.56K	166,837
Q3 2015Sep 30, 2015	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+27+0.0%	$8.64K	107,610
Q3 2015Sep 30, 2015	VMI Valmont Industries, Inc.	Valmont Industries, Inc.	Sell	-2,522-14.5%	$1.42K	14,911
Q3 2015Sep 30, 2015	UNF Unifirst Corporation	Unifirst Corporation	Sell	-3,100-5.8%	$5.39K	50,455
Q3 2015Sep 30, 2015	B Barnes Group, Inc.	Barnes Group, Inc.	Sell	-11,614-4.4%	$9.06K	251,271
Q3 2015Sep 30, 2015	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Sell	-14,637-11.8%	$6.97K	109,634
Q3 2015Sep 30, 2015	POWL Powell Industries, Inc.	Powell Industries, Inc.	Sell	-15,150-71.0%	$187.00	6,200
Q3 2015Sep 30, 2015	MTN Vail Resorts, Inc.	Vail Resorts, Inc.	Sell	-16,237-22.9%	$5.73K	54,710
Q3 2015Sep 30, 2015	CSGS CSG Systems International, Inc.	CSG Systems International, Inc.	Sell	-16,900-5.3%	$9.31K	302,329
Q3 2015Sep 30, 2015	WKC World Kinect Corporation	World Kinect Corporation	Sell	-18,026-8.8%	$6.65K	185,684
Q3 2015Sep 30, 2015	G9618E107 White Mountains	White Mountains	Sell	-20,961-16.0%	$82.13K	109,906
Q3 2015Sep 30, 2015	PB Prosperity Bancshares, Inc.	Prosperity Bancshares, Inc.	Sell	-21,642-12.7%	$7.29K	148,415
Q3 2015Sep 30, 2015	EME EMCOR Group, Inc.	EMCOR Group, Inc.	Sell	-26,270-13.6%	$7.38K	166,899
Q3 2015Sep 30, 2015	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-30,221-1.3%	$50.00K	2,292,582
Q3 2015Sep 30, 2015	CVCO Cavco Industries, Inc.	Cavco Industries, Inc.	Sell	-38,642-2.7%	$94.49K	1,387,781
Q3 2015Sep 30, 2015	L Loews Corporation	Loews Corporation	Sell	-38,937-3.1%	$43.78K	1,211,350
Q3 2015Sep 30, 2015	ARDC Ares Dynamic Credit Allocation	Ares Dynamic Credit Allocation	Sell	-53,688-17.5%	$3.55K	253,978
Q3 2015Sep 30, 2015	GM General Motors Company	General Motors Company	Sell	-61,499-3.2%	$56.09K	1,868,285
Q3 2015Sep 30, 2015	TTEK Tetra Tech, Inc.	Tetra Tech, Inc.	Sell	-62,037-15.2%	$8.43K	346,716
Q3 2015Sep 30, 2015	AGCO AGCO Corporation	AGCO Corporation	Sell	-65,971-3.5%	$85.67K	1,837,243
Q3 2015Sep 30, 2015	ABM ABM Industries Incorporated	ABM Industries Incorporated	Sell	-68,856-28.6%	$4.69K	171,701
Q3 2015Sep 30, 2015	PRGS Progress Software Corporation	Progress Software Corporation	Sell	-68,921-21.1%	$6.67K	258,146
Q3 2015Sep 30, 2015	KEY KeyCorp	KeyCorp	Sell	-74,740-2.9%	$32.59K	2,505,146

Page 58 of 79 • 2341 total trades

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