Ballast Asset Management, LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Ballast Asset Management, LP reported 54 stock positions worth $192.4 million. Its top holding was Climb Global Solutions (CLMB) at 4.5% of the portfolio, followed by Solaris Energy Infrastructur (SEI, 4.3%) and Natural Resource Partners (NRP, 4.1%). Compared with Q1 2025, it opened 6 new positions, sold out of 6, added to 14 and reduced 5. The biggest buy was a new position in Collegium Pharmaceutical (COLL) and the biggest sale International General Insura (IGIC, shares −75%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001998389
Portfolio Value
$192.4M (Q2 2025)
SEC Filing
0001998389-25-000006 ↗ filed Aug 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $184.6M Q1 2024 Q2 2024: $184.3M Q2 2024 Q3 2024: $195.6M Q3 2024 Q4 2024: $201.7M Q4 2024 Q1 2025: $189.7M Q1 2025 Q2 2025: $192.4M $192.4M Q2 2025 Q3 2025: $219.1M Q3 2025 Q4 2025: $211.7M Q4 2025 Q1 2026: $224.7M Q1 2026 Q2 2026: $250.7M Q2 2026

Holdings 54 stocks · $192.4M
CLMB Climb Global Solutions Inc. 4.48% 80,618 $8.6M No change
SEI Solaris Energy Infrastructur 4.34% 295,118 $8.3M No change
NRP Natural Resource Partners LP 4.05% 81,588 $7.8M No change
TPB Turning Point Brands Inc. 4.00% 101,629 $7.7M No change
AGM Federal Agric MTG Corp. Class C 3.63% 35,981 $7.0M No change
BELFB Bel Fuse Inc. Class B 3.52% 69,366 $6.8M No change
CBNK Capital Bancorp Inc. 3.37% 193,321 $6.5M No change
AZZ Azz Inc. 2.75% 56,078 $5.3M Reduce -16.5%
CVCO Cavco Industries Inc. 2.75% 12,158 $5.3M Reduce -23.6%
RGLD Royal Gold Inc. 2.43% 26,322 $4.7M No change
ECVT Ecovyst Inc. 2.38% 555,373 $4.6M Add +14.4%
PATK Patrick Industries Inc. 2.37% 49,342 $4.6M No change
BCO The Brink's Co. 2.34% 50,506 $4.5M Add +0.0%
MTUS Metallus Inc. 2.29% 285,302 $4.4M Add +0.1%
EXP Eagle Materials Inc. 2.26% 21,537 $4.4M No change
EPR Epr Properties filed as EPR PPTYS 2.25% 74,368 $4.3M No change
GEO The Geo Group Inc. 2.19% 175,602 $4.2M No change
MTG Mgic Investment Corp. 2.14% 147,553 $4.1M Reduce -36.2%
GPGI Gpgi Inc. filed as COMPOSECURE INC 2.12% 288,948 $4.1M Add +0.8%
CASS Cass Information Systems Inc. 2.04% 90,106 $3.9M Reduce -10.8%
LSTR Landstar System Inc. 1.95% 26,965 $3.7M Add +10.3%
CNR Core Natural Resources Inc. 1.80% 49,711 $3.5M No change
G Genpact Ltd. 1.72% 75,384 $3.3M No change
RCMT RCM Technologies Inc. 1.70% 138,511 $3.3M Add +1.0%
GSM Ferroglobe PLC 1.62% 848,087 $3.1M Add +5.0%
HLMN Hillman Solutions Corp. 1.58% 424,790 $3.0M Add +10.8%
KN Knowles Corp. 1.55% 169,103 $3.0M No change
EPSN Epsilon Energy Ltd. 1.55% 402,901 $3.0M No change
BLCO Bausch + Lomb Corp. 1.47% 217,131 $2.8M No change
CRMT America's Car-Mart Inc. 1.46% 50,067 $2.8M No change
CCSI Consensus Cloud Solution 1.41% 117,935 $2.7M Add +1.0%
COLL Collegium Pharmaceutical Inc. 1.34% 87,206 $2.6M New
TEX Terex Corp. 1.33% 54,650 $2.6M Add +20.2%
EXTR Extreme Networks Inc. 1.32% 141,026 $2.5M Add +0.9%
MBIN Merchants Bancorp 1.31% 76,469 $2.5M New
GBTG Global Business Travel Group 1.30% 397,922 $2.5M No change
IRMD Iradimed Corp. 1.27% 40,914 $2.4M No change
OZK Bank Ozk 1.26% 51,620 $2.4M New
DCI Donaldson Co. Inc. 1.26% 34,860 $2.4M New
IPGP Ipg Photonics Corp. 1.24% 34,744 $2.4M No change
TRIP Tripadvisor Inc. 1.23% 180,672 $2.4M No change
KOS Kosmos Energy Ltd. 1.22% 1,364,387 $2.3M Add +38.1%
DOX Amdocs Ltd. 1.17% 24,734 $2.3M No change
LII Lennox International Inc. 1.15% 3,863 $2.2M No change
BRKR Bruker Corp. 1.13% 52,800 $2.2M New
CBT Cabot Corp. 1.11% 28,532 $2.1M New
IMXI International Money Express 1.11% 211,366 $2.1M No change
IMKTA Ingles Markets Inc. Class A 1.04% 31,669 $2.0M Add +1.0%
BIOX Bioceres Crop Solutions Corp. 1.02% 438,406 $2.0M No change
PHIN Phinia Inc. 0.96% 41,410 $1.8M No change
IGIC International General Insura filed as INTL GNRL INSURANCE HLDNGS L 0.91% 72,897 $1.8M Reduce -74.7%
QDEL Quidelortho Corp. 0.38% 25,190 $726K No change
RHLD Resolute Holdings Manag 0.27% 16,102 $513K Add +1.0%
AMR Alpha Metallurgical Resource 0.17% 2,889 $325K No change

Portfolio Sells Q1 2025 → Q2 2025
IGIC International General Insura Reduce -74.7% 0.91% −3.08
CVCO Cavco Industries Inc. Reduce -23.6% 2.75% −1.61
BWA Borgwarner Inc. Sold out 0.00% −1.43
STR Sitio Royalties Corp. Class A Sold out 0.00% −1.16
TKR Timken Co. Sold out 0.00% −1.13
MTG Mgic Investment Corp. Reduce -36.2% 2.14% −0.88
NTIC Northern Technologies Intl Sold out 0.00% −0.78
UFPT Ufp Technologies Inc. Sold out 0.00% −0.65
GPRE Green Plains Inc. Sold out 0.00% −0.50
CASS Cass Information Systems Inc. Reduce -10.8% 2.04% −0.27
AZZ Azz Inc. Reduce -16.5% 2.75% −0.21

Portfolio Buys Q1 2025 → Q2 2025
COLL Collegium Pharmaceutical Inc. New 1.34% +1.34
MBIN Merchants Bancorp New 1.31% +1.31
OZK Bank Ozk New 1.26% +1.26
DCI Donaldson Co. Inc. New 1.26% +1.26
BRKR Bruker Corp. New 1.13% +1.13
CBT Cabot Corp. New 1.11% +1.11
ECVT Ecovyst Inc. Add +14.4% 2.38% +0.79
RCMT RCM Technologies Inc. Add +1.0% 1.70% +0.57
GPGI Gpgi Inc. Add +0.8% 2.12% +0.47
TEX Terex Corp. Add +20.2% 1.33% +0.42
EXTR Extreme Networks Inc. Add +0.9% 1.32% +0.34
MTUS Metallus Inc. Add +0.1% 2.29% +0.28
BCO The Brink's Co. Add +0.0% 2.34% +0.05
GSM Ferroglobe PLC Add +5.0% 1.62% +0.04
KOS Kosmos Energy Ltd. Add +38.1% 1.22% +0.03
LSTR Landstar System Inc. Add +10.3% 1.95% +0.01
RHLD Resolute Holdings Manag Add +1.0% 0.27% +0.00
CCSI Consensus Cloud Solution Add +1.0% 1.41% −0.01
IMKTA Ingles Markets Inc. Class A Add +1.0% 1.04% −0.03
HLMN Hillman Solutions Corp. Add +10.8% 1.58% −0.20

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 53$250.7MAZZ, BELFB, AGM, CVCO, CLMB
Q1 2026 52$224.7MNRP, ECVT, AZZ, RGLD, SEI
Q4 2025 52$211.7MCLMB, NRP, BELFB, TPB, CVCO
Q3 2025 54$219.1MCLMB, NRP, SEI, BELFB, CVCO
Q2 2025 54$192.4MCLMB, SEI, NRP, TPB, AGM
Q1 2025 54$189.7MCLMB, NRP, CVCO, IGIC, AGM
Q4 2024 53$201.7MCLMB, NRP, SEI, CVCO, AGM
Q3 2024 49$195.6MCLMB, NRP, MTG, CVCO, AGM
Q2 2024 51$184.3MNRP, AGM, CLMB, CONSOL ENERGY INC, MTG
Q1 2024 51$184.6MEXP, NRP, AGM, CLMB, CVCO