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Soapstone Management L.P.

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13F filer, CIK 1726948, BETHESDA, MD

Soapstone Management L.P. reported $147,313,327 across 13 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 95.83% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-25-020993

Period
2025-09-30
Reported value
$147M
Holdings
13
Top 10 weight
95.83%
New
2
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BDXnew+23,500$4.4M
COOnew+63,750$4.37M
AWKadded+30,380$4.23M
AGIadded+91,268$3.18M
PSAadded+10,000$2.89M

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
CFGreduced-150,000-$7.97M
AMZNreduced-32,500-$7.14M
SAIAexited-23,750-$6.51M
LDOSexited-37,500-$5.92M
UNHexited-8,500-$2.65M

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 0001398344-25-020993, largest first. % of portfolio is the value over $147,313,327, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CSTMCONSTELLIUM SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 895,000 shares; 2024Q4: 1,539,957 shares; 2025Q1: 1,577,199 shares; 2025Q2: 1,776,559 shares; 2025Q3: 1,669,099 shares 1,669,099$24.8M16.86%-107,460Timeline
CFGCITIZENS FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,000 shares; 2024Q4: 100,000 shares; 2025Q1: 300,000 shares; 2025Q2: 575,000 shares; 2025Q3: 425,000 shares 425,000$22.6M15.34%-150,000Timeline
PSAPUBLIC STORAGEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 53,750 shares; 2025Q2: 65,000 shares; 2025Q3: 75,000 shares 75,000$21.7M14.71%+10,000Timeline
AWKAMERICAN WTR WKS CO INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 91,250 shares; 2025Q1: 125,000 shares; 2025Q2: 114,650 shares; 2025Q3: 145,030 shares 145,030$20.2M13.7%+30,380Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,000 shares; 2024Q4: 73,750 shares; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares; 2025Q3: 67,500 shares 67,500$14.8M10.06%-32,500Timeline
MTNVAIL RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,750 shares; 2024Q4: 78,750 shares; 2025Q1: 81,250 shares; 2025Q2: 82,500 shares; 2025Q3: 83,023 shares 83,023$12.4M8.43%+523Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 219,423 shares; 2025Q3: 310,691 shares 310,691$10.8M7.35%+91,268Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 58,750 shares; 2025Q1: 40,000 shares; 2025Q2: 37,500 shares; 2025Q3: 30,000 shares 30,000$5.06M3.43%-7,500Timeline
BDXBECTON DICKINSON & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 23,500 shares 23,500$4.4M2.99%newTimeline
COOCOOPER COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 63,750 shares 63,750$4.37M2.97%newTimeline
OLNOLIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,000 shares; 2024Q4: 150,000 shares; 2025Q1: 150,000 shares; 2025Q2: 150,000 shares; 2025Q3: 150,000 shares 150,000$3.75M2.54%0Timeline
BLDRBUILDERS FIRSTSOURCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,500 shares; 2024Q4: 15,000 shares; 2025Q1: 15,000 shares; 2025Q2: 15,000 shares; 2025Q3: 15,000 shares 15,000$1.82M1.23%0Timeline
NEOGNEOGEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 473,613 shares; 2024Q4: 100,000 shares; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares 100,000$571K0.39%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
SAIASAIA INC23,750$6.51Mshares
LDOSLEIDOS HOLDINGS INC37,500$5.92Mshares
UNHUNITEDHEALTH GROUP INC8,500$2.65Mshares
IQVIQVIA HLDGS INC5,000$788Kshares

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 0001398344-25-020993 base2025-11-14acceptance time not in the bulk data set