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
Q2 2015Jun 30, 2015	VMI Valmont Industries, Inc.	Valmont Industries, Inc.	Sell	-186,649-91.5%	$2.07K	17,433
Q2 2015Jun 30, 2015	DVN Devon Energy Corporation	Devon Energy Corporation	Sell	-204,120-11.6%	$92.41K	1,553,359
Q2 2015Jun 30, 2015	DAR Darling Ingredients Inc.	Darling Ingredients Inc.	Sell - Position Exit	-271,325-100.0%	$0.00	-
Q2 2015Jun 30, 2015	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-322,287-8.8%	$140.62K	3,350,437
Q2 2015Jun 30, 2015	KEY KeyCorp	KeyCorp	Sell	-1,233,438-32.3%	$38.75K	2,579,886
Q1 2015Mar 31, 2015	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Buy	+869,212+34.5%	$91.46K	3,392,282
Q1 2015Mar 31, 2015	WY Weyerhaeuser Company	Weyerhaeuser Company	Buy	+863,517+9.3%	$336.97K	10,165,027
Q1 2015Mar 31, 2015	MAC Macerich Company (The)	Macerich Company (The)	Buy - Position Entry	+629,026	$53.05K	629,026
Q1 2015Mar 31, 2015	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+544,959+3808.2%	$52.15K	559,269
Q1 2015Mar 31, 2015	CMA Comerica Incorporated	Comerica Incorporated	Buy	+420,530+15.4%	$142.01K	3,146,650
Q1 2015Mar 31, 2015	SKT Tanger Inc.	Tanger Inc.	Buy	+206,838+10.1%	$79.19K	2,251,653
Q1 2015Mar 31, 2015	VLY Valley National Bancorp	Valley National Bancorp	Buy	+199,630+42.2%	$6.35K	672,934
Q1 2015Mar 31, 2015	VVI Viad Corp	Viad Corp	Buy	+187,968+191.2%	$7.96K	286,256
Q1 2015Mar 31, 2015	BKD Brookdale Senior Living Inc.	Brookdale Senior Living Inc.	Buy	+123,173+3.9%	$124.19K	3,288,989
Q1 2015Mar 31, 2015	DORM Dorman Products, Inc.	Dorman Products, Inc.	Buy - Position Entry	+122,452	$6.09K	122,452
Q1 2015Mar 31, 2015	PKX POSCO Holdings Inc.	POSCO Holdings Inc.	Buy	+120,120+6.7%	$103.94K	1,901,606
Q1 2015Mar 31, 2015	L Loews Corporation	Loews Corporation	Buy	+118,046+10.2%	$51.99K	1,273,445
Q1 2015Mar 31, 2015	AGCO AGCO Corporation	AGCO Corporation	Buy	+63,911+3.5%	$91.28K	1,916,080
Q1 2015Mar 31, 2015	PPBI Pacific Premier Bancorp Inc	Pacific Premier Bancorp Inc	Buy - Position Entry	+55,209	$894.00	55,209
Q1 2015Mar 31, 2015	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Buy	+48,624+0.9%	$117.29K	5,473,118
Q1 2015Mar 31, 2015	EQC Equity	Equity	Buy	+36,405+1.0%	$96.44K	3,632,355
Q1 2015Mar 31, 2015	ALG Alamo Group, Inc.	Alamo Group, Inc.	Buy	+27,543+18.8%	$10.98K	173,922
Q1 2015Mar 31, 2015	ZION Zions Bancorporation N.A.	Zions Bancorporation N.A.	Buy	+25,037+0.9%	$78.00K	2,888,958
Q1 2015Mar 31, 2015	NSIT Insight Enterprises, Inc.	Insight Enterprises, Inc.	Buy	+24,135+9.3%	$8.09K	283,602
Q1 2015Mar 31, 2015	ABM ABM Industries Incorporated	ABM Industries Incorporated	Buy	+24,085+11.1%	$7.66K	240,557
Q1 2015Mar 31, 2015	VMI Valmont Industries, Inc.	Valmont Industries, Inc.	Buy	+22,099+12.1%	$25.08K	204,082
Q1 2015Mar 31, 2015	CBSH Commerce Bancshares, Inc.	Commerce Bancshares, Inc.	Buy	+17,884+9.9%	$8.43K	199,220
Q1 2015Mar 31, 2015	CFR Cullen/Frost Bankers, Inc.	Cullen/Frost Bankers, Inc.	Buy	+17,694+16.6%	$8.59K	124,271
Q1 2015Mar 31, 2015	HOUS Anywhere Real Estate Inc.	Anywhere Real Estate Inc.	Buy	+11,398+0.7%	$75.44K	1,658,709
Q1 2015Mar 31, 2015	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+11,236+67.3%	$1.52K	27,937

Page 61 of 79 • 2341 total trades

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