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LM Asset Management Inc.

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13F filer, CIK 2057190, VANCOUVER, British Columbia, Canada

LM Asset Management Inc. reported $126,410,217 across 11 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 100% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000935836-26-000089

Period
2025-12-31
Reported value
$126M
Holdings
11
Top 10 weight
100%
New
3
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GTadded+1,170,000$10.2M
BDNnew+2,680,000$7.83M
VETadded+830,600$6.92M
PSLVnew+210,000$4.97M
GTEadded+899,620$3.81M

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
LUMNreduced-6,450,000-$50.1M
TSATreduced-123,000-$3.55M
ARISreduced-200,000-$3.25M
JHXexited-140,000-$2.69M
HYMCexited-254,000-$1.57M

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, Q4 2025

Share positions as resolved from 13F-HR 0000935836-26-000089, largest first. % of portfolio is the value over $124,950,217, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VETVERMILION ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 2,000,000 shares; 2025Q1: 2,440,000 shares; 2025Q2: 2,790,000 shares; 2025Q3: 2,942,000 shares; 2025Q4: 3,772,600 shares 3,772,600$31.4M25.16%+830,600Timeline
LUMNLUMEN TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 8,807,000 shares; 2025Q1: 9,803,900 shares; 2025Q2: 10,367,000 shares; 2025Q3: 10,187,000 shares; 2025Q4: 3,737,000 shares 3,737,000$29M23.24%-6,450,000Timeline
GTEGRAN TIERRA ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 1,096,589 shares; 2025Q1: 1,716,600 shares; 2025Q2: 1,945,800 shares; 2025Q3: 2,791,800 shares; 2025Q4: 3,691,420 shares 3,691,420$15.7M12.53%+899,620Timeline
GTGOODYEAR TIRE & RUBR COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 510,000 shares; 2025Q4: 1,680,000 shares 1,680,000$14.7M11.78%+1,170,000Timeline
TSATTELESAT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 809,200 shares; 2025Q1: 531,450 shares; 2025Q2: 466,450 shares; 2025Q3: 452,450 shares; 2025Q4: 329,450 shares 329,450$9.52M7.62%-123,000Timeline
BDNBRANDYWINE RLTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,680,000 shares 2,680,000$7.83M6.26%newTimeline
ASTLALGOMA STL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: 910,000 shares; 2025Q2: 890,000 shares; 2025Q3: 1,150,000 shares; 2025Q4: 1,470,000 shares 1,470,000$6.03M4.82%+320,000Timeline
PSLVSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 720,000 shares; 2025Q1: 300,000 shares; 2025Q2: 330,000 shares; 2025Q3: not reported; 2025Q4: 210,000 shares 210,000$4.97M3.97%newTimeline
ARISARIS MINING CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: 520,000 shares; 2025Q2: 470,000 shares; 2025Q3: 455,000 shares; 2025Q4: 255,000 shares 255,000$4.14M3.31%-200,000Timeline
CMTGCLAROS MTG TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 534,000 shares 534,000$1.63M1.31%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
LUMNLUMEN TECHNOLOGIES INC COMcall29,000$1.46M+5,400

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
PSLVSPROTT ASSET MANAGEMENT LP330,000$5.18Mcall
JHXJAMES HARDIE INDS PLC140,000$2.69Mshares
HYMCHYCROFT MINING HOLDING CORP254,000$1.57Mshares

How Q4 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 0000935836-26-000089 base2026-02-13acceptance time not in the bulk data set