In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Castalian Partners, LLC reported 4 stock positions worth $22.8 million . Its top holding was Natural Resource Partners (NRP) at 69.8% of the portfolio, followed by Amentum (AMTM, 24.3% ) and Science Applications Inte (SAIC, 3.5% ). Compared with Q4 2024, it sold out of 17 and reduced 4. The biggest sale was an exit from Talen Energy (TLN).
Location EXCELSIOR, MN
CIK 0001976319
Portfolio Value $22.8M (Q1 2025) Holdings 4 stocks · $22.8M Holdings quarter Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 NRP Natural Resource Partners LP 153,081 $15.9M Reduce -4.2% AMTM Amentum Holdings Inc. 304,500 $5.5M Reduce -69.5% SAIC Science Applications Inte 7,100 $797K Reduce -82.3% NATL NCR Atleos Corp. 20,000 $528K Reduce -84.6%
Options reported separately and not counted above: OEF calls ($299.2M), NRP puts ($10.3M), GTLS calls ($10.1M), SHOO calls ($6.9M), NRP calls ($1.4M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ TLN Talen Energy Corp. Sold out 0.00% −7.90 NLOP Net Lease Office Property Sold out 0.00% −6.01 BVFL BV Financial Inc. Sold out 0.00% −5.77 CEF Sprott Physical Gold and Sil Sold out 0.00% −4.19 ET Energy Transfer LP Sold out 0.00% −4.18 BATRK Atlanta Braves Holdings in-C Sold out 0.00% −4.17 SSBK Southern States Bancshares Sold out 0.00% −3.33 ARLP Alliance Resource Partners Sold out 0.00% −3.17 BKV BKV Corporation Sold out 0.00% −2.87 INBX Inhibrx Biosciences Inc. Sold out 0.00% −2.79 SUNS Sunrise Realty Trust Inc. Sold out 0.00% −2.56 NATL NCR Atleos Corp. Reduce -84.6% 2.32% −1.85 GLRE Greenlight Capital Re Ltd. Class A Sold out 0.00% −1.60 DEC Diversified Energy Co. PLC Sold out 0.00% −1.59 PAX Patria Investments Ltd. Class A Sold out 0.00% −1.54 ECBK Ecb Bancorp Inc. Sold out 0.00% −1.21 VINP Vinci Compass Investments LT Sold out 0.00% −1.19 GTLS Chart Industries Inc. Sold out 0.00% −0.90 SAIC Science Applications Inte Reduce -82.3% 3.50% −0.73 AMTM Amentum Holdings Inc. Reduce -69.5% 24.34% +4.46 NRP Natural Resource Partners LP Reduce -4.2% 69.85% +53.08
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ None this quarter.
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ OEF iShares S&P 100 ETF call New 1,500,000 $299.2M AMTM Amentum Holdings Inc. call Sold out 2,982,700 $62.7Mbefore exit NRP Natural Resource Partners LP put New 98,900 $10.3M MPT Medical Properties Trust Inc. put Sold out 2,600,000 $10.3Mbefore exit GTLS Chart Industries Inc. call New 70,000 $10.1M SHOO Steven Madden Ltd. call New 257,700 $6.9M SAIC Science Applications Inte call Sold out 50,000 $5.6Mbefore exit SBLK Star Bulk Carriers Corp. call Sold out 251,000 $3.8Mbefore exit RILY BRC Group Holdings Inc. put Sold out 675,600 $3.1Mbefore exit NRP Natural Resource Partners LP call Reduce -75.7% 13,500 $1.4M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2025 1 $7.4M NRP Q1 2025 4 $22.8M NRP, AMTM, SAIC, NATL Q4 2024 21 $105.8M AMTM, NRP, TLN, NLOP, BVFL