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
Q1 2024Mar 31, 2024	VAL Valaris Ltd	Valaris Ltd	Sell	-83-0.0%	$31.60M	419,924
Q1 2024Mar 31, 2024	CMA Comerica Incorporated	Comerica Incorporated	Sell	-137-0.0%	$26.18M	476,132
Q1 2024Mar 31, 2024	DB Deutsche Bank	Deutsche Bank	Sell	-289-0.0%	$39.16M	2,486,280
Q1 2024Mar 31, 2024	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-2,595-8.7%	$6.91M	27,135
Q1 2024Mar 31, 2024	BN Brookfield Corporation	Brookfield Corporation	Sell	-3,702-0.8%	$20.29M	484,572
Q1 2024Mar 31, 2024	LEN-B Lennar Corporation	Lennar Corporation	Sell	-6,416-3.7%	$25.79M	167,294
Q1 2024Mar 31, 2024	STC Stewart Information Services Co	Stewart Information Services Co	Sell	-11,806-69.4%	$337.92K	5,194
Q1 2024Mar 31, 2024	ICFI ICF International, Inc.	ICF International, Inc.	Sell	-13,510-23.4%	$6.67M	44,269
Q1 2024Mar 31, 2024	FIX Comfort Systems USA, Inc.	Comfort Systems USA, Inc.	Sell - Position Exit	-19,434-100.0%	$0.00	-
Q1 2024Mar 31, 2024	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell - Position Exit	-105,583-100.0%	$0.00	-
Q1 2024Mar 31, 2024	HA		Sell	-129,568-15.9%	$9.14M	686,011
Q1 2024Mar 31, 2024	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-140,264-30.7%	$7.73M	317,313
Q1 2024Mar 31, 2024	TDW Tidewater Inc.	Tidewater Inc.	Sell	-191,411-27.2%	$47.12M	512,220
Q1 2024Mar 31, 2024	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-203,881-21.1%	$46.38M	764,018
Q1 2024Mar 31, 2024	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Sell	-232,379-55.9%	$4.71M	183,296
Q1 2024Mar 31, 2024	TPHS Trinity Place Holdings Inc.	Trinity Place Holdings Inc.	Sell	-1,018,314-19.9%	$616.42K	4,109,472
Q4 2023Dec 31, 2023	LXU LSB Industries, Inc.	LSB Industries, Inc.	Buy	+442,596+1445.5%	$4.41M	473,214
Q4 2023Dec 31, 2023	COLL Collegium Pharmaceutical, Inc.	Collegium Pharmaceutical, Inc.	Buy - Position Entry	+83,120	$2.56M	83,120
Q4 2023Dec 31, 2023	SUPN Supernus Pharmaceuticals, Inc.	Supernus Pharmaceuticals, Inc.	Buy	+43,168+37.0%	$4.62M	159,717
Q4 2023Dec 31, 2023	SUI Sun Communities, Inc.	Sun Communities, Inc.	Buy	+14,107+38.6%	$6.77M	50,634
Q4 2023Dec 31, 2023	KALU Kaiser Aluminum Corporation	Kaiser Aluminum Corporation	Buy	+14,018+14.5%	$7.88M	110,739
Q4 2023Dec 31, 2023	ITIC Investors Title Company	Investors Title Company	Buy	+9,565+32.3%	$6.35M	39,164
Q4 2023Dec 31, 2023	CBRE CBRE Group Inc	CBRE Group Inc	Buy	+1,298+0.7%	$16.96M	182,200
Q4 2023Dec 31, 2023	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Buy	+1,233+0.9%	$5.29M	131,670
Q4 2023Dec 31, 2023	DB Deutsche Bank	Deutsche Bank	Buy	+1,228+0.0%	$33.96M	2,486,569
Q4 2023Dec 31, 2023	ORI Old Republic International Corp	Old Republic International Corp	Buy	+864+0.1%	$24.33M	827,421
Q4 2023Dec 31, 2023	CMA Comerica Incorporated	Comerica Incorporated	Buy	+373+0.1%	$26.58M	476,269
Q4 2023Dec 31, 2023	BATRK Atlanta Braves Holdings, Inc. -	Atlanta Braves Holdings, Inc. -	Buy	+300+1.2%	$1.03M	26,000
Q4 2023Dec 31, 2023	VAL Valaris Ltd	Valaris Ltd	Buy	+281+0.1%	$28.80M	420,007
Q4 2023Dec 31, 2023	SEB Seaboard Corporation	Seaboard Corporation	Buy	+1+0.0%	$8.33M	2,334

Page 7 of 79 • 2341 total trades

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