Empire State Realty Trust, Inc.

• Southeastern Asset Management Longleaf Partners Small-Cap Fund 3Q26 Commentary ↗ Longleaf Small-Cap Fund argues that a wide gap between share prices and appraised value reflects temporary earnings disappointments and misplaced market fears rather than lasting impairment. The portfolio added a new free-cash-flow-generating position, increased engagement with holdings including Mattel and Empire State Realty, and expects catalysts such as asset sales, buybacks and strategic interest to close valuation discounts. 3Q26 MAT $4.8BBATRA $3.6BBCCLF $2.8B +10
• Southeastern Asset Management 2Q26 Commentary ↗ Longleaf Partners Fund argues that AI-linked market leaders have become detached from cash flow while its concentrated holdings retain upside through operational improvement, valuation rerating and strategic action. The fund added a healthcare company, exited Bio-Rad and sold FedEx Freight after its spinoff, while pressing engagements at Mattel and other investees. 2Q26 ACI $6.3BAVTR $11BCNX $5.1B +5

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