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 2023Dec 31, 2023	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-2,910-1.8%	$8.16M	154,848
Q4 2023Dec 31, 2023	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-3,254-2.7%	$6.02M	117,953
Q4 2023Dec 31, 2023	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell	-5,669-5.1%	$3.59M	105,583
Q4 2023Dec 31, 2023	FIX Comfort Systems USA, Inc.	Comfort Systems USA, Inc.	Sell	-6,270-24.4%	$4.00M	19,434
Q4 2023Dec 31, 2023	PLD Prologis, Inc.	Prologis, Inc.	Sell	-6,316-5.1%	$15.51M	116,373
Q4 2023Dec 31, 2023	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-13,049-16.1%	$9.80M	67,757
Q4 2023Dec 31, 2023	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Sell	-16,745-3.9%	$10.53M	415,675
Q4 2023Dec 31, 2023	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-16,882-4.8%	$12.17M	338,379
Q4 2023Dec 31, 2023	UHAL-B U-Haul Holding Company Series N	U-Haul Holding Company Series N	Sell	-17,546-5.6%	$20.74M	294,413
Q4 2023Dec 31, 2023	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-22,268-30.0%	$9.82M	51,990
Q4 2023Dec 31, 2023	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-27,262-47.8%	$6.62M	29,730
Q4 2023Dec 31, 2023	BN Brookfield Corporation	Brookfield Corporation	Sell	-32,078-6.2%	$19.59M	488,274
Q4 2023Dec 31, 2023	LEN-B Lennar Corporation	Lennar Corporation	Sell	-32,162-15.6%	$23.29M	173,710
Q4 2023Dec 31, 2023	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-35,816-22.6%	$18.69M	122,998
Q4 2023Dec 31, 2023	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-65,102-15.0%	$12.87M	370,142
Q4 2023Dec 31, 2023	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-79,472-19.0%	$11.32M	338,721
Q4 2023Dec 31, 2023	WASH Washington Trust Bancorp, Inc.	Washington Trust Bancorp, Inc.	Sell	-95,875-32.5%	$6.45M	199,119
Q4 2023Dec 31, 2023	TDW Tidewater Inc.	Tidewater Inc.	Sell	-105,554-13.0%	$50.74M	703,631
Q4 2023Dec 31, 2023	HBB Hamilton Beach Brands Holding C	Hamilton Beach Brands Holding C	Sell	-111,827-19.6%	$8.00M	457,577
Q4 2023Dec 31, 2023	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-299,454-23.6%	$59.01M	967,899
Q4 2023Dec 31, 2023	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-451,079-12.0%	$10.12M	3,294,796
Q4 2023Dec 31, 2023	HA		Sell	-746,546-47.8%	$11.58M	815,579
Q3 2023Sep 30, 2023	BATRA Atlanta Braves Holdings, Inc. -	Atlanta Braves Holdings, Inc. -	Buy - Position Entry	+164,438	$6.33M	164,438
Q3 2023Sep 30, 2023	WASH Washington Trust Bancorp, Inc.	Washington Trust Bancorp, Inc.	Buy	+90,842+44.5%	$8.05M	294,994
Q3 2023Sep 30, 2023	SUPN Supernus Pharmaceuticals, Inc.	Supernus Pharmaceuticals, Inc.	Buy	+49,487+73.8%	$3.27M	116,549
Q3 2023Sep 30, 2023	LXU LSB Industries, Inc.	LSB Industries, Inc.	Buy - Position Entry	+30,618	$314.14K	30,618
Q3 2023Sep 30, 2023	ECPG Encore Capital Group Inc	Encore Capital Group Inc	Buy	+25,723+17.7%	$8.05M	170,678
Q3 2023Sep 30, 2023	BATRK Atlanta Braves Holdings, Inc. -	Atlanta Braves Holdings, Inc. -	Buy - Position Entry	+25,700	$913.63K	25,700
Q3 2023Sep 30, 2023	SUI Sun Communities, Inc.	Sun Communities, Inc.	Buy	+25,010+217.2%	$4.32M	36,527
Q3 2023Sep 30, 2023	ITIC Investors Title Company	Investors Title Company	Buy	+22,926+343.6%	$4.37M	29,599

Page 8 of 79 • 2341 total trades

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