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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 $252,493,188 across 24 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-10-15. Its ten largest share positions make up 67.38% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001625279-25-000012

Period
2025-09-30
Reported value
$252M
Holdings
24
Top 10 weight
67.38%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MANnew+205,731$7.8M
GPORadded+19,610$3.55M
IPIadded+102,266$3.13M
KMTadded+87,906$1.84M
SDadded+135,634$1.53M

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
URGreduced-4,260,326-$7.63M
SCHLreduced-194,276-$5.32M
MPAAreduced-312,898-$5.18M
UUUUreduced-261,950-$4.02M
SMPreduced-78,731-$3.21M

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, Q3 2025

Share positions as resolved from 13F-HR 0001625279-25-000012, largest first. % of portfolio is the value over $252,493,188, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 106,461 shares; 2025Q2: 106,461 shares; 2025Q3: 106,461 shares 106,461$70.9M28.09%0Timeline
URGUR-ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 20,949,653 shares; 2025Q1: 17,945,808 shares; 2025Q2: 17,764,624 shares; 2025Q3: 13,504,298 shares 13,504,298$24.2M9.57%-4,260,326Timeline
EUENCORE ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 5,346,013 shares; 2025Q1: 5,103,345 shares; 2025Q2: 3,680,164 shares; 2025Q3: 4,032,939 shares 4,032,939$12.9M5.13%+352,775Timeline
NXENEXGEN ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 2,038,627 shares; 2025Q1: 1,788,651 shares; 2025Q2: 1,414,414 shares; 2025Q3: 1,117,009 shares 1,117,009$10M3.96%-297,405Timeline
MTUSMETALLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 663,998 shares; 2025Q1: 519,773 shares; 2025Q2: 593,036 shares; 2025Q3: 567,486 shares 567,486$9.38M3.72%-25,550Timeline
EXKENDEAVOUR SILVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,139,331 shares; 2025Q3: 1,166,937 shares 1,166,937$9.15M3.62%+27,606Timeline
UUUUENERGY FUELS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 911,721 shares; 2025Q1: 911,721 shares; 2025Q2: 857,933 shares; 2025Q3: 595,983 shares 595,983$9.15M3.62%-261,950Timeline
MTRXMATRIX SVC COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,218,105 shares; 2025Q1: 571,155 shares; 2025Q2: 627,766 shares; 2025Q3: 634,843 shares 634,843$8.3M3.29%+7,077Timeline
GPORGULFPORT ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 24,931 shares; 2025Q3: 44,541 shares 44,541$8.06M3.19%+19,610Timeline
DNNDENISON MINES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 3,326,586 shares; 2025Q1: 3,064,876 shares; 2025Q2: 3,064,876 shares; 2025Q3: 2,922,967 shares 2,922,967$8.04M3.18%-141,909Timeline
IPIINTREPID POTASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 657,464 shares; 2025Q1: 239,380 shares; 2025Q2: 157,522 shares; 2025Q3: 259,788 shares 259,788$7.94M3.15%+102,266Timeline
MANMANPOWERGROUP INC WISQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 205,731 shares 205,731$7.8M3.09%newTimeline
KMTKENNAMETAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 195,281 shares; 2025Q1: 235,968 shares; 2025Q2: 276,451 shares; 2025Q3: 364,357 shares 364,357$7.63M3.02%+87,906Timeline
CCJCAMECO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 118,666 shares; 2025Q1: 111,666 shares; 2025Q2: 96,572 shares; 2025Q3: 87,728 shares 87,728$7.36M2.91%-8,844Timeline
SMPSTANDARD MTR PRODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 362,642 shares; 2025Q1: 266,053 shares; 2025Q2: 257,726 shares; 2025Q3: 178,995 shares 178,995$7.31M2.89%-78,731Timeline
TBITRUEBLUE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,590,516 shares; 2025Q1: 1,074,069 shares; 2025Q2: 899,119 shares; 2025Q3: 983,711 shares 983,711$6.03M2.39%+84,592Timeline
COHUCOHU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 69,379 shares; 2025Q2: 235,811 shares; 2025Q3: 285,648 shares 285,648$5.81M2.3%+49,837Timeline
SDSANDRIDGE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 71,476 shares; 2025Q2: 346,070 shares; 2025Q3: 481,704 shares 481,704$5.43M2.15%+135,634Timeline
MPAAMOTORCAR PTS AMER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,083,105 shares; 2025Q1: 634,649 shares; 2025Q2: 615,852 shares; 2025Q3: 302,954 shares 302,954$5.01M1.98%-312,898Timeline
HOFTHOOKER FURNISHINGS CORPORATIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 754,328 shares; 2025Q1: 485,707 shares; 2025Q2: 354,190 shares; 2025Q3: 473,179 shares 473,179$4.8M1.9%+118,989Timeline
SCHLSCHOLASTIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 467,783 shares; 2025Q1: 370,005 shares; 2025Q2: 361,220 shares; 2025Q3: 166,944 shares 166,944$4.57M1.81%-194,276Timeline
VPGVISHAY PRECISION GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 219,074 shares; 2025Q1: 203,290 shares; 2025Q2: 214,564 shares; 2025Q3: 142,164 shares 142,164$4.56M1.8%-72,400Timeline
HCSGHEALTHCARE SVCS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,230,584 shares; 2025Q1: 649,556 shares; 2025Q2: 314,806 shares; 2025Q3: 253,363 shares 253,363$4.26M1.69%-61,443Timeline
UFIUNIFI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,430,375 shares; 2025Q1: 943,364 shares; 2025Q2: 671,986 shares; 2025Q3: 812,558 shares 812,558$3.87M1.53%+140,572Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
IWNISHARES TR17,897$2.82Mshares

How Q3 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 0001625279-25-000012 base2025-10-15acceptance time not in the bulk data set