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Azarias Capital Management, L.P.

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13F filer, CIK 1625279, West Chester, PA

Azarias Capital Management, L.P. reported $220,007,436 across 24 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-07-21. Its ten largest share positions make up 69.07% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001085146-25-003990

Period
2025-06-30
Reported value
$220M
Holdings
24
Top 10 weight
69.07%
New
3
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
EXKnew+1,139,331$5.61M
GPORnew+24,931$5.02M
COHUadded+166,432$3.2M
SDadded+274,594$2.97M
IWNnew+17,897$2.82M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
HCSGreduced-334,750-$5.03M
MAG SILVER CORPexited-293,244-$4.48M
EUreduced-1,423,181-$4.07M
RELLexited-285,710-$3.19M
IPIreduced-81,858-$2.92M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001085146-25-003990, largest first. % of portfolio is the value over $220,007,436, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 106,461 shares; 2025Q2: 106,461 shares 106,461$65.8M29.9%0Timeline
URGUR-ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 20,949,653 shares; 2025Q1: 17,945,808 shares; 2025Q2: 17,764,624 shares 17,764,624$18.7M8.48%-181,184Timeline
EUENCORE ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 5,346,013 shares; 2025Q1: 5,103,345 shares; 2025Q2: 3,680,164 shares 3,680,164$10.5M4.78%-1,423,181Timeline
NXENEXGEN ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 2,038,627 shares; 2025Q1: 1,788,651 shares; 2025Q2: 1,414,414 shares 1,414,414$9.82M4.46%-374,237Timeline
MTUSMETALLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 663,998 shares; 2025Q1: 519,773 shares; 2025Q2: 593,036 shares 593,036$9.14M4.15%+73,263Timeline
MTRXMATRIX SVC COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,218,105 shares; 2025Q1: 571,155 shares; 2025Q2: 627,766 shares 627,766$8.48M3.85%+56,611Timeline
SMPSTANDARD MTR PRODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 362,642 shares; 2025Q1: 266,053 shares; 2025Q2: 257,726 shares 257,726$7.92M3.6%-8,327Timeline
SCHLSCHOLASTIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 467,783 shares; 2025Q1: 370,005 shares; 2025Q2: 361,220 shares 361,220$7.58M3.44%-8,785Timeline
CCJCAMECO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 118,666 shares; 2025Q1: 111,666 shares; 2025Q2: 96,572 shares 96,572$7.17M3.26%-15,094Timeline
MPAAMOTORCAR PTS AMER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,083,105 shares; 2025Q1: 634,649 shares; 2025Q2: 615,852 shares 615,852$6.9M3.14%-18,797Timeline
KMTKENNAMETAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 195,281 shares; 2025Q1: 235,968 shares; 2025Q2: 276,451 shares 276,451$6.35M2.89%+40,483Timeline
VPGVISHAY PRECISION GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 219,074 shares; 2025Q1: 203,290 shares; 2025Q2: 214,564 shares 214,564$6.03M2.74%+11,274Timeline
TBITRUEBLUE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,590,516 shares; 2025Q1: 1,074,069 shares; 2025Q2: 899,119 shares 899,119$5.83M2.65%-174,950Timeline
IPIINTREPID POTASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 657,464 shares; 2025Q1: 239,380 shares; 2025Q2: 157,522 shares 157,522$5.63M2.56%-81,858Timeline
EXKENDEAVOUR SILVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,139,331 shares 1,139,331$5.61M2.55%newTimeline
DNNDENISON MINES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 3,326,586 shares; 2025Q1: 3,064,876 shares; 2025Q2: 3,064,876 shares 3,064,876$5.58M2.54%0Timeline
GPORGULFPORT ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 24,931 shares 24,931$5.02M2.28%newTimeline
UUUUENERGY FUELS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 911,721 shares; 2025Q1: 911,721 shares; 2025Q2: 857,933 shares 857,933$4.93M2.24%-53,788Timeline
HCSGHEALTHCARE SVCS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,230,584 shares; 2025Q1: 649,556 shares; 2025Q2: 314,806 shares 314,806$4.73M2.15%-334,750Timeline
COHUCOHU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 69,379 shares; 2025Q2: 235,811 shares 235,811$4.54M2.06%+166,432Timeline
HOFTHOOKER FURNISHINGS CORPORATIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 754,328 shares; 2025Q1: 485,707 shares; 2025Q2: 354,190 shares 354,190$3.75M1.7%-131,517Timeline
SDSANDRIDGE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 71,476 shares; 2025Q2: 346,070 shares 346,070$3.74M1.7%+274,594Timeline
UFIUNIFI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,430,375 shares; 2025Q1: 943,364 shares; 2025Q2: 671,986 shares 671,986$3.51M1.59%-271,378Timeline
IWNISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 17,897 shares 17,897$2.82M1.28%newTimeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
MAG SILVER CORPMAG SILVER CORP293,244$4.48Mshares
RELLRICHARDSON ELECTRS LTD285,710$3.19Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001085146-25-003990 base2025-07-21acceptance time not in the bulk data set