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 2023Sep 30, 2023	ELME Elme Communities	Elme Communities	Buy	+20,000+44.4%	$878.80K	65,000
Q3 2023Sep 30, 2023	PRA ProAssurance Corporation	ProAssurance Corporation	Buy	+109+0.0%	$8.36M	443,619
Q3 2023Sep 30, 2023	UHAL U-Haul Holding Company	U-Haul Holding Company	Sell	-52-3.4%	$81.45K	1,456
Q3 2023Sep 30, 2023	MYRG MYR Group, Inc.	MYR Group, Inc.	Sell	-79-0.1%	$11.00M	80,806
Q3 2023Sep 30, 2023	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-104-0.2%	$11.84M	56,992
Q3 2023Sep 30, 2023	JLL Jones Lang LaSalle Incorporated	Jones Lang LaSalle Incorporated	Sell	-120-0.2%	$10.42M	74,258
Q3 2023Sep 30, 2023	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-209-0.2%	$4.40M	130,437
Q3 2023Sep 30, 2023	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell	-221-0.2%	$5.01M	121,207
Q3 2023Sep 30, 2023	FR First Industrial Realty Trust,	First Industrial Realty Trust,	Sell	-252-0.2%	$7.51M	157,758
Q3 2023Sep 30, 2023	CBRE CBRE Group Inc	CBRE Group Inc	Sell	-287-0.2%	$13.26M	180,902
Q3 2023Sep 30, 2023	IVT InvenTrust Properties Corp.	InvenTrust Properties Corp.	Sell	-399-0.1%	$10.30M	432,420
Q3 2023Sep 30, 2023	UHAL-B U-Haul Holding Company Series N	U-Haul Holding Company Series N	Sell	-462-0.1%	$16.64M	311,959
Q3 2023Sep 30, 2023	AMH American Homes 4 Rent	American Homes 4 Rent	Sell	-562-0.2%	$12.03M	355,261
Q3 2023Sep 30, 2023	BN Brookfield Corporation	Brookfield Corporation	Sell	-771-0.1%	$16.69M	520,352
Q3 2023Sep 30, 2023	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Sell	-5,365-0.1%	$10.86M	3,745,875
Q3 2023Sep 30, 2023	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-6,864-4.1%	$17.30M	158,814
Q3 2023Sep 30, 2023	LEN-B Lennar Corporation	Lennar Corporation	Sell	-7,496-3.5%	$21.46M	205,872
Q3 2023Sep 30, 2023	ORI Old Republic International Corp	Old Republic International Corp	Sell	-9,774-1.2%	$22.54M	826,557
Q3 2023Sep 30, 2023	SPHR Sphere Entertainment Co.	Sphere Entertainment Co.	Sell	-17,500-13.6%	$4.19M	111,252
Q3 2023Sep 30, 2023	PLD Prologis, Inc.	Prologis, Inc.	Sell	-27,842-18.5%	$13.76M	122,689
Q3 2023Sep 30, 2023	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Sell	-28,015-6.3%	$11.81M	418,193
Q3 2023Sep 30, 2023	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-49,998-10.3%	$13.28M	435,244
Q3 2023Sep 30, 2023	HCC Warrior Met Coal, Inc.	Warrior Met Coal, Inc.	Sell	-77,558-5.8%	$64.71M	1,267,353
Q3 2023Sep 30, 2023	CMA Comerica Incorporated	Comerica Incorporated	Sell	-99,010-17.2%	$19.42M	475,896
Q3 2023Sep 30, 2023	TDW Tidewater Inc.	Tidewater Inc.	Sell	-289,414-26.3%	$58.49M	809,185
Q3 2023Sep 30, 2023	DB Deutsche Bank	Deutsche Bank	Sell	-563,229-18.5%	$27.26M	2,485,341
Q2 2023Jun 30, 2023	FPH Five Point Holdings, LLC	Five Point Holdings, LLC	Buy	+3,593,230+2274.1%	$10.84M	3,751,240
Q2 2023Jun 30, 2023	ORI Old Republic International Corp	Old Republic International Corp	Buy	+816,331+4081.7%	$21.05M	836,331
Q2 2023Jun 30, 2023	RYN Rayonier Inc. REIT	Rayonier Inc. REIT	Buy	+371,208+494.9%	$14.01M	446,208
Q2 2023Jun 30, 2023	PRA ProAssurance Corporation	ProAssurance Corporation	Buy	+275,344+163.7%	$6.69M	443,510

Page 9 of 79 • 2341 total trades

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