Azarias Capital Management, L.P.

Q4 2025 13F-HR Holdings

Location
Berwyn, PA
Holdings as of
12/31/2025
Date filed
1/23/2026
Form type
13F-HR
Num holdings
25
Total value ($000)
$228,419
Net value change ($000)
-24,074 (-9.5%)
New positions
2
Sold out positions
1
Turnover %
3.8%
Sector allocation + QoQ delta (equities-only)
Prev filing: 10/15/2025 Next filing: 4/16/2026 SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
EIG 2,983 NEW
SPY 1,676 2.4%
MLR 1,497 NEW
MAN 821 10.5%
CCJ 669 9.1%
HOFT 539 11.2%
SD 491 9.0%
MTRX 246 3.0%
IPI 233 2.9%
Top Reduces (Value $000, Stocks/ETFs)
URG -4,782 -19.8%
HCSG -4,264 -100.0%
EXK -3,227 -35.3%
UUUU -3,055 -33.4%
VPG -2,860 -62.8%
SCHL -2,748 -60.1%
EU -2,697 -20.8%
MPAA -2,341 -46.7%
SMP -1,708 -23.4%
KMT -1,538 -20.2%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type