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Soapstone Management L.P.

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13F filer, CIK 1726948, BETHESDA, MD

Soapstone Management L.P. reported $135,709,865 across 13 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 96.58% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-26-003286

Period
2025-12-31
Reported value
$136M
Holdings
13
Top 10 weight
96.58%
New
2
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AGIadded+384,594$14.8M
BALLnew+200,000$10.6M
KNFnew+34,071$2.4M

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-200,000-$11.7M
AWKreduced-70,030-$9.14M
AMZNreduced-26,250-$6.06M
CSTMreduced-319,099-$6.02M
BDXexited-23,500-$4.4M

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 0001398344-26-003286, largest first. % of portfolio is the value over $135,709,865, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 219,423 shares; 2025Q3: 310,691 shares; 2025Q4: 695,285 shares 695,285$26.8M19.77%+384,594Timeline
CSTMCONSTELLIUM SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,350,000 shares 1,350,000$25.4M18.75%-319,099Timeline
PSAPUBLIC STORAGEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 53,750 shares; 2025Q2: 65,000 shares; 2025Q3: 75,000 shares; 2025Q4: 75,000 shares 75,000$19.5M14.34%0Timeline
CFGCITIZENS FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,000 shares; 2024Q4: 100,000 shares; 2025Q1: 300,000 shares; 2025Q2: 575,000 shares; 2025Q3: 425,000 shares; 2025Q4: 225,000 shares 225,000$13.1M9.68%-200,000Timeline
MTNVAIL RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,750 shares; 2024Q4: 78,750 shares; 2025Q1: 81,250 shares; 2025Q2: 82,500 shares; 2025Q3: 83,023 shares; 2025Q4: 80,000 shares 80,000$10.6M7.83%-3,023Timeline
BALLBALL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 200,000 shares 200,000$10.6M7.81%newTimeline
AWKAMERICAN WTR WKS CO INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 91,250 shares; 2025Q1: 125,000 shares; 2025Q2: 114,650 shares; 2025Q3: 145,030 shares; 2025Q4: 75,000 shares 75,000$9.79M7.21%-70,030Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,000 shares; 2024Q4: 73,750 shares; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares; 2025Q3: 67,500 shares; 2025Q4: 41,250 shares 41,250$9.52M7.02%-26,250Timeline
OLNOLIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,000 shares; 2024Q4: 150,000 shares; 2025Q1: 150,000 shares; 2025Q2: 150,000 shares; 2025Q3: 150,000 shares; 2025Q4: 150,000 shares 150,000$3.12M2.3%0Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 58,750 shares; 2025Q1: 40,000 shares; 2025Q2: 37,500 shares; 2025Q3: 30,000 shares; 2025Q4: 15,000 shares 15,000$2.54M1.87%-15,000Timeline
KNFKNIFE RIVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 34,071 shares 34,071$2.4M1.77%newTimeline
BLDRBUILDERS FIRSTSOURCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,500 shares; 2024Q4: 15,000 shares; 2025Q1: 15,000 shares; 2025Q2: 15,000 shares; 2025Q3: 15,000 shares; 2025Q4: 15,000 shares 15,000$1.54M1.14%0Timeline
NEOGNEOGEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 473,613 shares; 2024Q4: 100,000 shares; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares; 2025Q4: 100,000 shares 100,000$699K0.52%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
BDXBECTON DICKINSON & CO23,500$4.4Mshares
COOCOOPER COS INC63,750$4.37Mshares

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 0001398344-26-003286 base2026-02-17acceptance time not in the bulk data set