Ballast Asset Management, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Ballast Asset Management, LP reported 54 stock positions worth $219.1 million. Its top holding was Climb Global Solutions (CLMB) at 4.9% of the portfolio, followed by Natural Resource Partners (NRP, 3.6%) and Solaris Energy Infrastructur (SEI, 3.3%). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 41 and reduced 10. The biggest buy was a new position in Criteo SA-Spon (CRTO) and the biggest sale an exit from Lennox International (LII).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001998389
- Portfolio Value
- $219.1M (Q3 2025)
- SEC Filing
- 0001998389-25-000008 ↗ filed Nov 4, 2025
Holdings Value
Holdings 54 stocks · $219.1M
| CLMB Climb Global Solutions Inc. | 4.91% | 79,797 | $10.8M | Reduce -1.0% |
| NRP Natural Resource Partners LP | 3.64% | 75,868 | $8.0M | Reduce -7.0% |
| SEI Solaris Energy Infrastructur | 3.32% | 181,774 | $7.3M | Reduce -38.4% |
| BELFB Bel Fuse Inc. Class B | 3.29% | 51,080 | $7.2M | Reduce -26.4% |
| CVCO Cavco Industries Inc. | 3.24% | 12,239 | $7.1M | Add +0.7% |
| TPB Turning Point Brands Inc. | 3.05% | 67,552 | $6.7M | Reduce -33.5% |
| AZZ Azz Inc. | 2.82% | 56,596 | $6.2M | Add +0.9% |
| CBNK Capital Bancorp Inc. | 2.79% | 191,796 | $6.1M | Reduce -0.8% |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 2.79% | 293,311 | $6.1M | Add +1.5% |
| AGM Federal Agric MTG Corp. Class C | 2.78% | 36,258 | $6.1M | Add +0.8% |
| BCO The Brink's Co. | 2.73% | 51,249 | $6.0M | Add +1.5% |
| RGLD Royal Gold Inc. | 2.44% | 26,617 | $5.3M | Add +1.1% |
| PATK Patrick Industries Inc. | 2.37% | 50,245 | $5.2M | Add +1.8% |
| EXP Eagle Materials Inc. | 2.36% | 22,180 | $5.2M | Add +3.0% |
| ECVT Ecovyst Inc. | 2.24% | 560,137 | $4.9M | Add +0.9% |
| MTUS Metallus Inc. | 2.18% | 289,317 | $4.8M | Add +1.4% |
| EPR Epr Properties filed as EPR PPTYS | 2.02% | 76,343 | $4.4M | Add +2.7% |
| TEX Terex Corp. | 2.01% | 85,795 | $4.4M | Add +57.0% |
| MBIN Merchants Bancorp | 2.00% | 137,887 | $4.4M | Add +80.3% |
| CNR Core Natural Resources Inc. | 1.96% | 51,403 | $4.3M | Add +3.4% |
| MTG Mgic Investment Corp. | 1.95% | 150,918 | $4.3M | Add +2.3% |
| CRTO Criteo SA-Spon | 1.94% | 187,850 | $4.2M | New |
| LSTR Landstar System Inc. | 1.93% | 34,579 | $4.2M | Add +28.2% |
| GBTG Global Business Travel Group | 1.87% | 505,999 | $4.1M | Add +27.2% |
| KN Knowles Corp. | 1.83% | 172,447 | $4.0M | Add +2.0% |
| COLL Collegium Pharmaceutical Inc. | 1.83% | 114,315 | $4.0M | Add +31.1% |
| GSM Ferroglobe PLC | 1.82% | 878,576 | $4.0M | Add +3.6% |
| HLMN Hillman Solutions Corp. | 1.82% | 434,191 | $4.0M | Add +2.2% |
| RCMT RCM Technologies Inc. | 1.69% | 139,859 | $3.7M | Add +1.0% |
| GEO The Geo Group Inc. | 1.69% | 180,931 | $3.7M | Add +3.0% |
| CCSI Consensus Cloud Solution | 1.61% | 120,457 | $3.5M | Add +2.1% |
| OZK Bank Ozk | 1.60% | 68,830 | $3.5M | Add +33.3% |
| BLCO Bausch + Lomb Corp. | 1.52% | 221,662 | $3.3M | Add +2.1% |
| G Genpact Ltd. | 1.50% | 78,312 | $3.3M | Add +3.9% |
| MLI Mueller Industries Inc. | 1.40% | 30,239 | $3.1M | New |
| TRIP Tripadvisor Inc. | 1.37% | 185,181 | $3.0M | Add +2.5% |
| EXTR Extreme Networks Inc. | 1.33% | 141,008 | $2.9M | Reduce -0.0% |
| DCI Donaldson Co. Inc. | 1.32% | 35,453 | $2.9M | Add +1.7% |
| EPSN Epsilon Energy Ltd. | 1.28% | 554,727 | $2.8M | Add +37.7% |
| IPGP Ipg Photonics Corp. | 1.26% | 34,941 | $2.8M | Add +0.6% |
| IRMD Iradimed Corp. | 1.22% | 37,455 | $2.7M | Reduce -8.4% |
| KOS Kosmos Energy Ltd. | 1.17% | 1,551,030 | $2.6M | Add +13.7% |
| PHIN Phinia Inc. | 1.12% | 42,557 | $2.4M | Add +2.8% |
| QDEL Quidelortho Corp. | 1.08% | 80,019 | $2.4M | Add +217.7% |
| BRKR Bruker Corp. | 1.03% | 69,364 | $2.3M | Add +31.4% |
| IMKTA Ingles Markets Inc. Class A | 1.02% | 32,268 | $2.2M | Add +1.9% |
| CBT Cabot Corp. | 1.02% | 29,422 | $2.2M | Add +3.1% |
| CASS Cass Information Systems Inc. | 0.93% | 51,759 | $2.0M | Reduce -42.6% |
| DOX Amdocs Ltd. | 0.88% | 23,493 | $1.9M | Reduce -5.0% |
| ATNI Atn International Inc. | 0.87% | 126,727 | $1.9M | New |
| CRMT America's Car-Mart Inc. | 0.68% | 50,949 | $1.5M | Add +1.8% |
| RHLD Resolute Holdings Manag | 0.54% | 16,415 | $1.2M | Add +1.9% |
| BIOX Bioceres Crop Solutions Corp. | 0.48% | 745,030 | $1.0M | Add +69.9% |
| AMR Alpha Metallurgical Resource | 0.47% | 6,338 | $1.0M | Add +119.4% |
Portfolio Sells Q2 2025 → Q3 2025
| LII Lennox International Inc. | Sold out | 0.00% | −1.15 |
| IMXI International Money Express | Sold out | 0.00% | −1.11 |
| CASS Cass Information Systems Inc. | Reduce -42.6% | 0.93% | −1.11 |
| SEI Solaris Energy Infrastructur | Reduce -38.4% | 3.32% | −1.02 |
| TPB Turning Point Brands Inc. | Reduce -33.5% | 3.05% | −0.96 |
| IGIC International General Insura | Sold out | 0.00% | −0.91 |
| CBNK Capital Bancorp Inc. | Reduce -0.8% | 2.79% | −0.58 |
| NRP Natural Resource Partners LP | Reduce -7.0% | 3.64% | −0.42 |
| DOX Amdocs Ltd. | Reduce -5.0% | 0.88% | −0.29 |
| BELFB Bel Fuse Inc. Class B | Reduce -26.4% | 3.29% | −0.24 |
| IRMD Iradimed Corp. | Reduce -8.4% | 1.22% | −0.06 |
| EXTR Extreme Networks Inc. | Reduce -0.0% | 1.33% | +0.01 |
| CLMB Climb Global Solutions Inc. | Reduce -1.0% | 4.91% | +0.43 |
Portfolio Buys Q2 2025 → Q3 2025
| CRTO Criteo SA-Spon | New | 1.94% | +1.94 |
| MLI Mueller Industries Inc. | New | 1.40% | +1.40 |
| ATNI Atn International Inc. | New | 0.87% | +0.87 |
| QDEL Quidelortho Corp. | Add +217.7% | 1.08% | +0.70 |
| MBIN Merchants Bancorp | Add +80.3% | 2.00% | +0.69 |
| TEX Terex Corp. | Add +57.0% | 2.01% | +0.68 |
| GPGI Gpgi Inc. | Add +1.5% | 2.79% | +0.67 |
| GBTG Global Business Travel Group | Add +27.2% | 1.87% | +0.56 |
| CVCO Cavco Industries Inc. | Add +0.7% | 3.24% | +0.50 |
| COLL Collegium Pharmaceutical Inc. | Add +31.1% | 1.83% | +0.48 |
| BCO The Brink's Co. | Add +1.5% | 2.73% | +0.39 |
| OZK Bank Ozk | Add +33.3% | 1.60% | +0.34 |
| AMR Alpha Metallurgical Resource | Add +119.4% | 0.47% | +0.31 |
| KN Knowles Corp. | Add +2.0% | 1.83% | +0.29 |
| RHLD Resolute Holdings Manag | Add +1.9% | 0.54% | +0.27 |
| HLMN Hillman Solutions Corp. | Add +2.2% | 1.82% | +0.24 |
| GSM Ferroglobe PLC | Add +3.6% | 1.82% | +0.21 |
| CCSI Consensus Cloud Solution | Add +2.1% | 1.61% | +0.20 |
| PHIN Phinia Inc. | Add +2.8% | 1.12% | +0.16 |
| CNR Core Natural Resources Inc. | Add +3.4% | 1.96% | +0.16 |
| TRIP Tripadvisor Inc. | Add +2.5% | 1.37% | +0.15 |
| EXP Eagle Materials Inc. | Add +3.0% | 2.36% | +0.10 |
| DCI Donaldson Co. Inc. | Add +1.7% | 1.32% | +0.07 |
| AZZ Azz Inc. | Add +0.9% | 2.82% | +0.06 |
| BLCO Bausch + Lomb Corp. | Add +2.1% | 1.52% | +0.05 |
| IPGP Ipg Photonics Corp. | Add +0.6% | 1.26% | +0.02 |
| PATK Patrick Industries Inc. | Add +1.8% | 2.37% | +0.00 |
| RGLD Royal Gold Inc. | Add +1.1% | 2.44% | +0.00 |
| RCMT RCM Technologies Inc. | Add +1.0% | 1.69% | −0.00 |
| LSTR Landstar System Inc. | Add +28.2% | 1.93% | −0.01 |
| IMKTA Ingles Markets Inc. Class A | Add +1.9% | 1.02% | −0.02 |
| KOS Kosmos Energy Ltd. | Add +13.7% | 1.17% | −0.04 |
| CBT Cabot Corp. | Add +3.1% | 1.02% | −0.09 |
| BRKR Bruker Corp. | Add +31.4% | 1.03% | −0.10 |
| MTUS Metallus Inc. | Add +1.4% | 2.18% | −0.10 |
| ECVT Ecovyst Inc. | Add +0.9% | 2.24% | −0.14 |
| MTG Mgic Investment Corp. | Add +2.3% | 1.95% | −0.18 |
| G Genpact Ltd. | Add +3.9% | 1.50% | −0.23 |
| EPR Epr Properties | Add +2.7% | 2.02% | −0.23 |
| EPSN Epsilon Energy Ltd. | Add +37.7% | 1.28% | −0.27 |
| GEO The Geo Group Inc. | Add +3.0% | 1.69% | −0.49 |
| BIOX Bioceres Crop Solutions Corp. | Add +69.9% | 0.48% | −0.54 |
| CRMT America's Car-Mart Inc. | Add +1.8% | 0.68% | −0.78 |
| AGM Federal Agric MTG Corp. Class C | Add +0.8% | 2.78% | −0.85 |
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 |