Ballast Asset Management, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Ballast Asset Management, LP reported 53 stock positions worth $201.7 million. Its top holding was Climb Global Solutions (CLMB) at 5.0% of the portfolio, followed by Natural Resource Partners (NRP, 4.4%) and Solaris Energy Infrastructur (SEI, 4.1%). Compared with Q3 2024, it opened 5 new positions, sold out of 1, added to 5 and reduced 42. The biggest buy was a new position in Hillman Solutions (HLMN) and the biggest sale Lennox International (LII, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001998389
- Portfolio Value
- $201.7M (Q4 2024)
- SEC Filing
- 0001998389-25-000002 ↗ filed Feb 12, 2025
Holdings Value
Holdings 53 stocks · $201.7M
| CLMB Climb Global Solutions Inc. | 4.99% | 79,358 | $10.1M | Reduce -17.3% |
| NRP Natural Resource Partners LP | 4.40% | 80,019 | $8.9M | Reduce -3.8% |
| SEI Solaris Energy Infrastructur | 4.15% | 290,744 | $8.4M | Reduce -41.8% |
| CVCO Cavco Industries Inc. | 3.47% | 15,677 | $7.0M | Reduce -3.4% |
| AGM Federal Agric MTG Corp. Class C | 3.46% | 35,432 | $7.0M | Reduce -3.5% |
| IGIC International General Insura filed as INTL GNRL INSURANCE HLDNGS L | 3.34% | 283,850 | $6.7M | Reduce -3.3% |
| PHIN Phinia Inc. | 3.24% | 135,481 | $6.5M | Reduce -3.4% |
| TPB Turning Point Brands Inc. | 2.98% | 100,141 | $6.0M | Reduce -3.4% |
| BELFB Bel Fuse Inc. Class B | 2.79% | 68,334 | $5.6M | Reduce -3.4% |
| CBNK Capital Bancorp Inc. | 2.69% | 190,345 | $5.4M | Reduce -3.5% |
| AZZ Azz Inc. | 2.69% | 66,180 | $5.4M | Reduce -10.2% |
| MTG Mgic Investment Corp. | 2.68% | 227,745 | $5.4M | Reduce -17.7% |
| EXP Eagle Materials Inc. | 2.60% | 21,234 | $5.2M | Reduce -3.2% |
| CONSOL ENERGY INC | 2.59% | 48,979 | $5.2M | Reduce -3.3% |
| GEO The Geo Group Inc. | 2.40% | 172,938 | $4.8M | Reduce -46.0% |
| CASS Cass Information Systems Inc. | 2.18% | 107,610 | $4.4M | Reduce -4.6% |
| IMXI International Money Express | 2.15% | 208,243 | $4.3M | Reduce -3.4% |
| BLCO Bausch + Lomb Corp. | 2.13% | 213,987 | $4.3M | Reduce -3.3% |
| LSTR Landstar System Inc. | 2.05% | 24,082 | $4.1M | Reduce -3.3% |
| TDC Teradata Corp. | 2.04% | 132,281 | $4.1M | Reduce -3.6% |
| PATK Patrick Industries Inc. | 2.00% | 48,613 | $4.0M | Reduce -3.4% |
| HLMN Hillman Solutions Corp. | 1.82% | 377,510 | $3.7M | New |
| ECVT Ecovyst Inc. | 1.81% | 478,360 | $3.7M | Reduce -2.4% |
| BCO The Brink's Co. | 1.81% | 39,360 | $3.7M | Add +11.7% |
| GBTG Global Business Travel Group | 1.80% | 392,366 | $3.6M | Reduce -3.2% |
| KN Knowles Corp. | 1.65% | 166,916 | $3.3M | Reduce -3.0% |
| EPR Epr Properties filed as EPR PPTYS | 1.61% | 73,282 | $3.2M | Reduce -3.3% |
| G Genpact Ltd. | 1.58% | 74,256 | $3.2M | Reduce -0.2% |
| RCMT RCM Technologies Inc. | 1.49% | 135,146 | $3.0M | Reduce -2.4% |
| KOS Kosmos Energy Ltd. | 1.48% | 874,684 | $3.0M | Add +22.6% |
| BWA Borgwarner Inc. | 1.47% | 93,427 | $3.0M | Reduce -3.3% |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 1.44% | 189,500 | $2.9M | Add +22.7% |
| GSM Ferroglobe PLC | 1.39% | 739,945 | $2.8M | Add +25.6% |
| TRIP Tripadvisor Inc. | 1.30% | 178,023 | $2.6M | Reduce -3.4% |
| BIOX Bioceres Crop Solutions Corp. | 1.30% | 431,887 | $2.6M | Add +23.5% |
| CRMT America's Car-Mart Inc. | 1.25% | 49,353 | $2.5M | Reduce -2.3% |
| IPGP Ipg Photonics Corp. | 1.24% | 34,261 | $2.5M | Reduce -1.3% |
| EPSN Epsilon Energy Ltd. | 1.22% | 396,829 | $2.5M | Reduce -1.4% |
| LII Lennox International Inc. | 1.15% | 3,821 | $2.3M | Reduce -50.5% |
| EXTR Extreme Networks Inc. | 1.14% | 137,716 | $2.3M | Reduce -3.3% |
| IRMD Iradimed Corp. | 1.10% | 40,320 | $2.2M | Reduce -3.3% |
| TKR Timken Co. | 1.05% | 29,584 | $2.1M | Reduce -2.8% |
| STR Sitio Royalties Corp. Class A | 1.04% | 109,359 | $2.1M | Reduce -3.3% |
| DOX Amdocs Ltd. | 1.03% | 24,404 | $2.1M | Reduce -40.8% |
| TEX Terex Corp. | 1.03% | 44,775 | $2.1M | New |
| IMKTA Ingles Markets Inc. Class A | 0.99% | 30,904 | $2.0M | New |
| MTUS Metallus Inc. | 0.98% | 140,015 | $2.0M | New |
| NTIC Northern Technologies Intl | 0.94% | 139,814 | $1.9M | Reduce -3.4% |
| GPRE Green Plains Inc. | 0.91% | 193,495 | $1.8M | Reduce -1.3% |
| UFPT Ufp Technologies Inc. | 0.73% | 6,012 | $1.5M | Reduce -41.8% |
| QDEL Quidelortho Corp. | 0.55% | 24,815 | $1.1M | Reduce -2.4% |
| CCSI Consensus Cloud Solution | 0.36% | 30,464 | $727K | New |
| AMR Alpha Metallurgical Resource | 0.29% | 2,889 | $579K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| LII Lennox International Inc. | Reduce -50.5% | 1.15% | −1.23 |
| UFPT Ufp Technologies Inc. | Reduce -41.8% | 0.73% | −0.94 |
| MTG Mgic Investment Corp. | Reduce -17.7% | 2.68% | −0.94 |
| DOX Amdocs Ltd. | Reduce -40.8% | 1.03% | −0.81 |
| RMNI Rimini Street Inc. | Sold out | 0.00% | −0.68 |
| EXP Eagle Materials Inc. | Reduce -3.2% | 2.60% | −0.63 |
| GPRE Green Plains Inc. | Reduce -1.3% | 0.91% | −0.45 |
| PATK Patrick Industries Inc. | Reduce -3.4% | 2.00% | −0.44 |
| AZZ Azz Inc. | Reduce -10.2% | 2.69% | −0.42 |
| LSTR Landstar System Inc. | Reduce -3.3% | 2.05% | −0.35 |
| BWA Borgwarner Inc. | Reduce -3.3% | 1.47% | −0.32 |
| EPR Epr Properties | Reduce -3.3% | 1.61% | −0.29 |
| TKR Timken Co. | Reduce -2.8% | 1.05% | −0.26 |
| CASS Cass Information Systems Inc. | Reduce -4.6% | 2.18% | −0.21 |
| STR Sitio Royalties Corp. Class A | Reduce -3.3% | 1.04% | −0.16 |
| CONSOL ENERGY INC | Reduce -3.3% | 2.59% | −0.12 |
| TDC Teradata Corp. | Reduce -3.6% | 2.04% | −0.08 |
| IPGP Ipg Photonics Corp. | Reduce -1.3% | 1.24% | −0.08 |
| CVCO Cavco Industries Inc. | Reduce -3.4% | 3.47% | −0.08 |
| PHIN Phinia Inc. | Reduce -3.4% | 3.24% | −0.06 |
| TRIP Tripadvisor Inc. | Reduce -3.4% | 1.30% | −0.06 |
| BLCO Bausch + Lomb Corp. | Reduce -3.3% | 2.13% | −0.06 |
| AGM Federal Agric MTG Corp. Class C | Reduce -3.5% | 3.46% | −0.06 |
| QDEL Quidelortho Corp. | Reduce -2.4% | 0.55% | −0.04 |
| BELFB Bel Fuse Inc. Class B | Reduce -3.4% | 2.79% | −0.04 |
| EPSN Epsilon Energy Ltd. | Reduce -1.4% | 1.22% | +0.02 |
| NTIC Northern Technologies Intl | Reduce -3.4% | 0.94% | +0.03 |
| IRMD Iradimed Corp. | Reduce -3.3% | 1.10% | +0.03 |
| EXTR Extreme Networks Inc. | Reduce -3.3% | 1.14% | +0.05 |
| RCMT RCM Technologies Inc. | Reduce -2.4% | 1.49% | +0.05 |
| KN Knowles Corp. | Reduce -3.0% | 1.65% | +0.06 |
| G Genpact Ltd. | Reduce -0.2% | 1.58% | +0.09 |
| ECVT Ecovyst Inc. | Reduce -2.4% | 1.81% | +0.10 |
| CBNK Capital Bancorp Inc. | Reduce -3.5% | 2.69% | +0.10 |
| CLMB Climb Global Solutions Inc. | Reduce -17.3% | 4.99% | +0.11 |
| IMXI International Money Express | Reduce -3.4% | 2.15% | +0.11 |
| CRMT America's Car-Mart Inc. | Reduce -2.3% | 1.25% | +0.17 |
| GBTG Global Business Travel Group | Reduce -3.2% | 1.80% | +0.21 |
| NRP Natural Resource Partners LP | Reduce -3.8% | 4.40% | +0.25 |
| GEO The Geo Group Inc. | Reduce -46.0% | 2.40% | +0.30 |
| IGIC International General Insura | Reduce -3.3% | 3.34% | +0.49 |
| TPB Turning Point Brands Inc. | Reduce -3.4% | 2.98% | +0.70 |
| SEI Solaris Energy Infrastructur | Reduce -41.8% | 4.15% | +0.89 |
Portfolio Buys Q3 2024 → Q4 2024
| HLMN Hillman Solutions Corp. | New | 1.82% | +1.82 |
| TEX Terex Corp. | New | 1.03% | +1.03 |
| IMKTA Ingles Markets Inc. Class A | New | 0.99% | +0.99 |
| MTUS Metallus Inc. | New | 0.98% | +0.98 |
| CCSI Consensus Cloud Solution | New | 0.36% | +0.36 |
| GPGI Gpgi Inc. | Add +22.7% | 1.44% | +0.33 |
| KOS Kosmos Energy Ltd. | Add +22.6% | 1.48% | +0.01 |
| GSM Ferroglobe PLC | Add +25.6% | 1.39% | −0.00 |
| BIOX Bioceres Crop Solutions Corp. | Add +23.5% | 1.30% | −0.11 |
| BCO The Brink's Co. | Add +11.7% | 1.81% | −0.27 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 53 | $250.7M | AZZ, BELFB, AGM, CVCO, CLMB |
| Q1 2026 | 52 | $224.7M | NRP, ECVT, AZZ, RGLD, SEI |
| Q4 2025 | 52 | $211.7M | CLMB, NRP, BELFB, TPB, CVCO |
| Q3 2025 | 54 | $219.1M | CLMB, NRP, SEI, BELFB, CVCO |
| Q2 2025 | 54 | $192.4M | CLMB, SEI, NRP, TPB, AGM |
| Q1 2025 | 54 | $189.7M | CLMB, NRP, CVCO, IGIC, AGM |
| Q4 2024 | 53 | $201.7M | CLMB, NRP, SEI, CVCO, AGM |
| Q3 2024 | 49 | $195.6M | CLMB, NRP, MTG, CVCO, AGM |
| Q2 2024 | 51 | $184.3M | NRP, AGM, CLMB, CONSOL ENERGY INC, MTG |
| Q1 2024 | 51 | $184.6M | EXP, NRP, AGM, CLMB, CVCO |