Ballast Asset Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Ballast Asset Management, LP reported 54 stock positions worth $189.7 million. Its top holding was Climb Global Solutions (CLMB) at 4.7% of the portfolio, followed by Natural Resource Partners (NRP, 4.5%) and Cavco Industries (CVCO, 4.4%). Compared with Q4 2024, it opened 3 new positions, sold out of 2, added to 48 and reduced 2. The biggest buy was a new position in Royal Gold (RGLD) and the biggest sale an exit from Consol Energy.
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001998389
- Portfolio Value
- $189.7M (Q1 2025)
- SEC Filing
- 0001998389-25-000003 ↗ filed May 13, 2025
Holdings Value
Holdings 54 stocks · $189.7M
| CLMB Climb Global Solutions Inc. | 4.71% | 80,618 | $8.9M | Add +1.6% |
| NRP Natural Resource Partners LP | 4.47% | 81,588 | $8.5M | Add +2.0% |
| CVCO Cavco Industries Inc. | 4.36% | 15,911 | $8.3M | Add +1.5% |
| IGIC International General Insura filed as INTL GNRL INSURANCE HLDNGS L | 3.99% | 288,056 | $7.6M | Add +1.5% |
| AGM Federal Agric MTG Corp. Class C | 3.56% | 35,981 | $6.7M | Add +1.6% |
| SEI Solaris Energy Infrastructur | 3.38% | 295,118 | $6.4M | Add +1.5% |
| TPB Turning Point Brands Inc. | 3.18% | 101,629 | $6.0M | Add +1.5% |
| MTG Mgic Investment Corp. | 3.02% | 231,174 | $5.7M | Add +1.5% |
| AZZ Azz Inc. | 2.96% | 67,173 | $5.6M | Add +1.5% |
| CBNK Capital Bancorp Inc. | 2.89% | 193,321 | $5.5M | Add +1.6% |
| BELFB Bel Fuse Inc. Class B | 2.74% | 69,366 | $5.2M | Add +1.5% |
| GEO The Geo Group Inc. | 2.70% | 175,602 | $5.1M | Add +1.5% |
| EXP Eagle Materials Inc. | 2.52% | 21,537 | $4.8M | Add +1.4% |
| CASS Cass Information Systems Inc. | 2.30% | 100,959 | $4.4M | Reduce -6.2% |
| BCO The Brink's Co. | 2.29% | 50,502 | $4.4M | Add +28.3% |
| RGLD Royal Gold Inc. | 2.27% | 26,322 | $4.3M | New |
| PATK Patrick Industries Inc. | 2.20% | 49,342 | $4.2M | Add +1.5% |
| EPR Epr Properties filed as EPR PPTYS | 2.06% | 74,368 | $3.9M | Add +1.5% |
| CNR Core Natural Resources Inc. | 2.02% | 49,711 | $3.8M | New |
| MTUS Metallus Inc. | 2.01% | 284,962 | $3.8M | Add +103.5% |
| G Genpact Ltd. | 2.00% | 75,384 | $3.8M | Add +1.5% |
| LSTR Landstar System Inc. | 1.93% | 24,439 | $3.7M | Add +1.5% |
| HLMN Hillman Solutions Corp. | 1.78% | 383,198 | $3.4M | Add +1.5% |
| BLCO Bausch + Lomb Corp. | 1.66% | 217,131 | $3.1M | Add +1.5% |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 1.64% | 286,594 | $3.1M | Add +51.2% |
| ECVT Ecovyst Inc. | 1.59% | 485,587 | $3.0M | Add +1.5% |
| GSM Ferroglobe PLC | 1.58% | 807,411 | $3.0M | Add +9.1% |
| GBTG Global Business Travel Group | 1.52% | 397,922 | $2.9M | Add +1.4% |
| EPSN Epsilon Energy Ltd. | 1.50% | 402,901 | $2.8M | Add +1.5% |
| BWA Borgwarner Inc. | 1.43% | 94,795 | $2.7M | Add +1.5% |
| CCSI Consensus Cloud Solution | 1.42% | 116,744 | $2.7M | Add +283.2% |
| IMXI International Money Express | 1.41% | 211,366 | $2.7M | Add +1.5% |
| KN Knowles Corp. | 1.35% | 169,103 | $2.6M | Add +1.3% |
| TRIP Tripadvisor Inc. | 1.35% | 180,672 | $2.6M | Add +1.5% |
| CRMT America's Car-Mart Inc. | 1.20% | 50,067 | $2.3M | Add +1.4% |
| DOX Amdocs Ltd. | 1.19% | 24,734 | $2.3M | Add +1.4% |
| KOS Kosmos Energy Ltd. | 1.19% | 988,184 | $2.3M | Add +13.0% |
| STR Sitio Royalties Corp. Class A | 1.16% | 110,973 | $2.2M | Add +1.5% |
| IPGP Ipg Photonics Corp. | 1.16% | 34,744 | $2.2M | Add +1.4% |
| LII Lennox International Inc. | 1.14% | 3,863 | $2.2M | Add +1.1% |
| TKR Timken Co. | 1.13% | 29,953 | $2.2M | Add +1.3% |
| IRMD Iradimed Corp. | 1.13% | 40,914 | $2.1M | Add +1.5% |
| RCMT RCM Technologies Inc. | 1.13% | 137,165 | $2.1M | Add +1.5% |
| IMKTA Ingles Markets Inc. Class A | 1.08% | 31,363 | $2.0M | Add +1.5% |
| BIOX Bioceres Crop Solutions Corp. | 1.05% | 438,406 | $2.0M | Add +1.5% |
| EXTR Extreme Networks Inc. | 0.97% | 139,702 | $1.8M | Add +1.4% |
| PHIN Phinia Inc. | 0.93% | 41,410 | $1.8M | Reduce -69.4% |
| TEX Terex Corp. | 0.91% | 45,450 | $1.7M | Add +1.5% |
| NTIC Northern Technologies Intl | 0.78% | 141,920 | $1.5M | Add +1.5% |
| UFPT Ufp Technologies Inc. | 0.65% | 6,102 | $1.2M | Add +1.5% |
| GPRE Green Plains Inc. | 0.50% | 196,303 | $952K | Add +1.4% |
| QDEL Quidelortho Corp. | 0.46% | 25,190 | $881K | Add +1.5% |
| RHLD Resolute Holdings Manag | 0.26% | 15,946 | $500K | New |
| AMR Alpha Metallurgical Resource | 0.19% | 2,889 | $362K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| CONSOL ENERGY INC | Sold out | 0.00% | −2.59 |
| PHIN Phinia Inc. | Reduce -69.4% | 0.93% | −2.31 |
| TDC Teradata Corp. | Sold out | 0.00% | −2.04 |
| CASS Cass Information Systems Inc. | Reduce -6.2% | 2.30% | +0.12 |
Portfolio Buys Q4 2024 → Q1 2025
| RGLD Royal Gold Inc. | New | 2.27% | +2.27 |
| CNR Core Natural Resources Inc. | New | 2.02% | +2.02 |
| CCSI Consensus Cloud Solution | Add +283.2% | 1.42% | +1.06 |
| MTUS Metallus Inc. | Add +103.5% | 2.01% | +1.03 |
| CVCO Cavco Industries Inc. | Add +1.5% | 4.36% | +0.89 |
| IGIC International General Insura | Add +1.5% | 3.99% | +0.65 |
| BCO The Brink's Co. | Add +28.3% | 2.29% | +0.48 |
| EPR Epr Properties | Add +1.5% | 2.06% | +0.45 |
| G Genpact Ltd. | Add +1.5% | 2.00% | +0.42 |
| MTG Mgic Investment Corp. | Add +1.5% | 3.02% | +0.34 |
| GEO The Geo Group Inc. | Add +1.5% | 2.70% | +0.30 |
| EPSN Epsilon Energy Ltd. | Add +1.5% | 1.50% | +0.28 |
| AZZ Azz Inc. | Add +1.5% | 2.96% | +0.27 |
| RHLD Resolute Holdings Manag | New | 0.26% | +0.26 |
| GPGI Gpgi Inc. | Add +51.2% | 1.64% | +0.20 |
| TPB Turning Point Brands Inc. | Add +1.5% | 3.18% | +0.20 |
| CBNK Capital Bancorp Inc. | Add +1.6% | 2.89% | +0.20 |
| PATK Patrick Industries Inc. | Add +1.5% | 2.20% | +0.20 |
| GSM Ferroglobe PLC | Add +9.1% | 1.58% | +0.18 |
| DOX Amdocs Ltd. | Add +1.4% | 1.19% | +0.16 |
| STR Sitio Royalties Corp. Class A | Add +1.5% | 1.16% | +0.12 |
| AGM Federal Agric MTG Corp. Class C | Add +1.6% | 3.56% | +0.10 |
| IMKTA Ingles Markets Inc. Class A | Add +1.5% | 1.08% | +0.09 |
| TKR Timken Co. | Add +1.3% | 1.13% | +0.09 |
| NRP Natural Resource Partners LP | Add +2.0% | 4.47% | +0.06 |
| TRIP Tripadvisor Inc. | Add +1.5% | 1.35% | +0.05 |
| IRMD Iradimed Corp. | Add +1.5% | 1.13% | +0.03 |
| LII Lennox International Inc. | Add +1.1% | 1.14% | −0.01 |
| BWA Borgwarner Inc. | Add +1.5% | 1.43% | −0.04 |
| HLMN Hillman Solutions Corp. | Add +1.5% | 1.78% | −0.05 |
| CRMT America's Car-Mart Inc. | Add +1.4% | 1.20% | −0.06 |
| BELFB Bel Fuse Inc. Class B | Add +1.5% | 2.74% | −0.06 |
| EXP Eagle Materials Inc. | Add +1.4% | 2.52% | −0.08 |
| IPGP Ipg Photonics Corp. | Add +1.4% | 1.16% | −0.08 |
| UFPT Ufp Technologies Inc. | Add +1.5% | 0.65% | −0.08 |
| QDEL Quidelortho Corp. | Add +1.5% | 0.46% | −0.08 |
| LSTR Landstar System Inc. | Add +1.5% | 1.93% | −0.12 |
| TEX Terex Corp. | Add +1.5% | 0.91% | −0.12 |
| NTIC Northern Technologies Intl | Add +1.5% | 0.78% | −0.16 |
| EXTR Extreme Networks Inc. | Add +1.4% | 0.97% | −0.17 |
| ECVT Ecovyst Inc. | Add +1.5% | 1.59% | −0.23 |
| BIOX Bioceres Crop Solutions Corp. | Add +1.5% | 1.05% | −0.25 |
| GBTG Global Business Travel Group | Add +1.4% | 1.52% | −0.28 |
| CLMB Climb Global Solutions Inc. | Add +1.6% | 4.71% | −0.28 |
| KN Knowles Corp. | Add +1.3% | 1.35% | −0.29 |
| KOS Kosmos Energy Ltd. | Add +13.0% | 1.19% | −0.30 |
| RCMT RCM Technologies Inc. | Add +1.5% | 1.13% | −0.36 |
| GPRE Green Plains Inc. | Add +1.4% | 0.50% | −0.41 |
| BLCO Bausch + Lomb Corp. | Add +1.5% | 1.66% | −0.47 |
| IMXI International Money Express | Add +1.5% | 1.41% | −0.75 |
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 |