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	FCN FTI Consulting, Inc.	FTI Consulting, Inc.	Sell	-76,590-26.6%	$8.75K	210,845
Q3 2015Sep 30, 2015	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-193,799-5.8%	$123.58K	3,156,638
Q3 2015Sep 30, 2015	PKX POSCO Holdings Inc.	POSCO Holdings Inc.	Sell	-368,108-19.6%	$53.01K	1,513,581
Q3 2015Sep 30, 2015	CMA Comerica Incorporated	Comerica Incorporated	Sell	-381,844-12.8%	$106.50K	2,591,334
Q3 2015Sep 30, 2015	SXC SunCoke Energy, Inc.	SunCoke Energy, Inc.	Sell - Position Exit	-421,206-100.0%	$0.00	-
Q3 2015Sep 30, 2015	BTZ BlackRock Credit Allocation Inc	BlackRock Credit Allocation Inc	Sell	-427,054-51.0%	$4.99K	409,999
Q3 2015Sep 30, 2015	DVN Devon Energy Corporation	Devon Energy Corporation	Sell	-433,933-27.9%	$41.52K	1,119,426
Q3 2015Sep 30, 2015	HYT Blackrock Corporate High Yield	Blackrock Corporate High Yield	Sell	-691,854-34.7%	$12.88K	1,304,420
Q3 2015Sep 30, 2015	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell	-838,255-32.5%	$42.84K	1,737,803
Q2 2015Jun 30, 2015	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Buy	+1,793,900+52.9%	$132.51K	5,186,182
Q2 2015Jun 30, 2015	MAS Masco Corporation	Masco Corporation	Buy - Position Entry	+1,718,680	$45.84K	1,718,680
Q2 2015Jun 30, 2015	BAM Brookfield Asset Management Inc	Brookfield Asset Management Inc	Buy	+1,284,918+45.0%	$144.71K	4,142,820
Q2 2015Jun 30, 2015	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Buy	+1,142,400+20.9%	$123.91K	6,615,518
Q2 2015Jun 30, 2015	MAC Macerich Company (The)	Macerich Company (The)	Buy	+1,087,200+172.8%	$128.03K	1,716,226
Q2 2015Jun 30, 2015	WY Weyerhaeuser Company	Weyerhaeuser Company	Buy	+904,437+8.9%	$348.69K	11,069,464
Q2 2015Jun 30, 2015	FLWS 1-800-FLOWERS.COM, Inc.	1-800-FLOWERS.COM, Inc.	Buy - Position Entry	+346,433	$3.62K	346,433
Q2 2015Jun 30, 2015	VNO Vornado Realty Trust	Vornado Realty Trust	Buy	+344,000+43.1%	$108.35K	1,141,330
Q2 2015Jun 30, 2015	CNH CNH Industrial	CNH Industrial	Buy - Position Entry	+325,215	$3.02K	325,215
Q2 2015Jun 30, 2015	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Buy - Position Entry	+250,000	$600.00	250,000
Q2 2015Jun 30, 2015	BKD Brookdale Senior Living Inc.	Brookdale Senior Living Inc.	Buy	+174,736+5.3%	$120.19K	3,463,725
Q2 2015Jun 30, 2015	GM General Motors Company	General Motors Company	Buy	+68,539+3.7%	$64.32K	1,929,784
Q2 2015Jun 30, 2015	ANIP ANI Pharmaceuticals, Inc.	ANI Pharmaceuticals, Inc.	Buy - Position Entry	+51,790	$3.21K	51,790
Q2 2015Jun 30, 2015	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+38,351+6.9%	$57.16K	597,620
Q2 2015Jun 30, 2015	HYT Blackrock Corporate High Yield	Blackrock Corporate High Yield	Buy	+37,903+1.9%	$21.54K	1,996,274
Q2 2015Jun 30, 2015	DORM Dorman Products, Inc.	Dorman Products, Inc.	Buy	+25,681+21.0%	$7.06K	148,133
Q2 2015Jun 30, 2015	BTZ BlackRock Credit Allocation Inc	BlackRock Credit Allocation Inc	Buy	+15,469+1.9%	$10.61K	837,053
Q2 2015Jun 30, 2015	EQC Equity	Equity	Buy	+13,400+0.4%	$93.59K	3,645,755
Q2 2015Jun 30, 2015	WKC World Kinect Corporation	World Kinect Corporation	Buy	+12,257+6.4%	$9.77K	203,710
Q2 2015Jun 30, 2015	HYB New America High Income Fund, I	New America High Income Fund, I	Buy	+12,148+2.1%	$5.10K	581,876
Q2 2015Jun 30, 2015	HYI Western Asset High Yield Define	Western Asset High Yield Define	Buy	+10,964+2.0%	$8.47K	550,250

Page 59 of 79 • 2341 total trades

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