Ballast Asset Management, LP

Long Only Manager • Value

Ballast Asset Management, LP is a Value-focused institution based in Dallas, TX led by Ragen R Stienke, managing $219.1M across 54 long positions as of Q3 2025 with CLMB as the largest holding (5% allocation).

Managing PartnerRagen R Stienke

Portfolio Value: $219.1M
Positions: 54
Top Holding: CLMB at 4.91%
Last Reported: Q3 2025

Address3879 Maple Avenue, Suite 300, Dallas, TX, 75219, United States

Top Holdings

Largest long holdings in Ballast Asset Management, LP's portfolio (32.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Climb Global Solutions, Inc. CLMB	Technology Distributors Technology	$10.8M	4.91%	-$110.7K Sold	1.73% 79.8K shares	Q3 2023 Held for 2y 2m
2 Natural Resource Partners NRP	Coal Energy	$8.0M	3.64%	-$600.6K Sold	0.58% 75.9K shares	Q3 2023 Held for 2y 2m
3 Solaris Energy Infrastructure SEI	Unknown Unknown	$7.3M	3.32%	-$4.5M Sold	0.41% 181.8K shares	Q3 2024 Held for 1y 2m
4 Bel Fuse BELFB	Hardware, Equipment & Parts Technology	$7.2M	3.29%	-$2.6M Sold	0.40% 51.1K shares	Q1 2024 Held for 1y 8m
5 Cavco Industries CVCO	Residential Construction Consumer Cyclical	$7.1M	3.24%	+$47.0K Bought	0.15% 12.2K shares	Q3 2023 Held for 2y 2m
6 Turning Point Brands TPB	Tobacco Consumer Defensive	$6.7M	3.05%	-$3.4M Sold	0.37% 67.6K shares	Q3 2024 Held for 1y 2m
7 AZZ AZZ	Manufacturing - Metal Fabrication Industrials	$6.2M	2.82%	+$56.5K Bought	0.19% 56.6K shares	Q3 2023 Held for 2y 2m
8 Capital Bancorp CBNK	Banks - Regional Financial Services	$6.1M	2.79%	-$48.6K Sold	1.16% 191.8K shares	Q3 2023 Held for 2y 2m
9 CompoSecure CMPO	Manufacturing - Metal Fabrication Industrials	$6.1M	2.79%	+$90.8K Bought	0.29% 293.3K shares	Q3 2024 Held for 1y 2m
10 Federal Agricultural Mortgage AGM	Financial - Credit Services Financial Services	$6.1M	2.78%	+$46.5K Bought	0.33% 36.3K shares	Q3 2023 Held for 2y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Ballast Asset Management, LP's latest filing

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Market Value

$219.1M

Prior: $192.4M

Q/Q Change

+13.92%

+$26.8M

Net Flows % of MV

-0.304%

New Purchases

2 stocks

$5.0M

Added To

41 stocks

+$13.6M

Sold Out Of

3 stocks

$6.1M

Reduced Holdings

10 stocks

-$13.1M

Increased Positions

Position	Shares Δ	Change
1 Mueller Industries MLI	New	0 → 30.2K +$3.1M
2 ATN International ATNI	New	0 → 126.7K +$1.9M
3 QuidelOrtho Corporation QDEL	+217.66%	25.2K → 80.0K +$1.6M
4 Alpha Metallurgical Resources AMR	+119.38%	2.9K → 6.3K +$565.9K
5 Merchants Bancorp MBIN	+80.32%	76.5K → 137.9K +$2.0M

Decreased Positions

Position	Shares Δ	Change
1 Lennox International LII	Sold	3.9K → 0 −$2.2M
2 International Money Express IMXI	Sold	211.4K → 0 −$2.1M
3 International General Insurance Holdings IGIC	Sold	72.9K → 0 −$1.8M
4 Cass Information Systems CASS	-42.56%	90.1K → 51.8K −$1.5M
5 Solaris Energy Infrastructure SEI	-38.41%	295.1K → 181.8K −$4.5M