# EDGAR Filing Document

**Accession Number:** 0001998389
**File Stem:** 0001998389-25-000006
**Filing Date:** 2025-8
**Character Count:** 9391
**Document Hash:** e1cd3ec7542d6045cac5f24074ec2676
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001998389-25-000006.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001998389-25-000006

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ballast Asset Management, LP
- **CENTRAL INDEX KEY:** 0001998389

**ORGANIZATION NAME:**
- **EIN:** 823359779
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23439
- **FILM NUMBER:** 251209793

**BUSINESS ADDRESS:**
- **STREET 1:** 3879 MAPLE AVE
- **STREET 2:** SUITE 300
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219
- **BUSINESS PHONE:** 469-420-5220

**MAIL ADDRESS:**
- **STREET 1:** 3879 MAPLE AVE
- **STREET 2:** SUITE 300
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Ballast Asset Management LP<br>**Address:** 3879 MAPLE AVE<br>SUITE 300<br>DALLAS, TX 75219

**Form 13F File Number:** 028-23439

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** STEFANIE KENNEDY<br>**Title:** CHIEF COMPLIANCE OFFICER<br>**Phone:** 469-420-5225

**Signature, Place, and Date of Signing:**

STEFANIE KENNEDY  Dallas, TX  08-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 54

**Form 13F Information Table Value Total:** $192368359

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

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|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AZZ INC USD 1.0 | COM | 002474104 |  | 5298249 | 56078 | SH |  | SOLE |  | 56078 | 0 | 0 |
| ALPHA METALLURGICAL RES IN USD 0.01 | COM | 020764106 |  | 324955 | 2889 | SH |  | SOLE |  | 2889 | 0 | 0 |
| AMERICAS CAR-MART INC USD 0.01 | COM | 03062T105 |  | 2805755 | 50067 | SH |  | SOLE |  | 50067 | 0 | 0 |
| BANK OZK LITTLE ROCK ARK NPV | COM | 06417N103 |  | 2429237 | 51620 | SH |  | SOLE |  | 51620 | 0 | 0 |
| BAUSCH PLUS LOMB CORP | COMMON SHARES | 071705107 |  | 2830688 | 217131 | SH |  | SOLE |  | 217131 | 0 | 0 |
| BEL FUSE INC USD 0.1 | CL B | 077347300 |  | 6776365 | 69366 | SH |  | SOLE |  | 69366 | 0 | 0 |
| BRINKS CO USD 1.0 | COM | 109696104 |  | 4509681 | 50506 | SH |  | SOLE |  | 50506 | 0 | 0 |
| BRUKER CORP USD 0.01 | COM | 116794108 |  | 2175360 | 52800 | SH |  | SOLE |  | 52800 | 0 | 0 |
| CABOT CORP USD 1.0 | COM | 127055101 |  | 2139900 | 28532 | SH |  | SOLE |  | 28532 | 0 | 0 |
| CAPITAL BANCORP INC MD USD 0.01 | COM | 139737100 |  | 6491719 | 193321 | SH |  | SOLE |  | 193321 | 0 | 0 |
| CASS INFORMATION SYS INC USD 0.5 | COM | 14808P109 |  | 3915106 | 90106 | SH |  | SOLE |  | 90106 | 0 | 0 |
| CAVCO INDS INC DEL USD 0.01 | COM | 149568107 |  | 5281800 | 12158 | SH |  | SOLE |  | 12158 | 0 | 0 |
| COLLEGIUM PHARMACEUTICAL USD 0.001 | COM | 19459J104 |  | 2578681 | 87206 | SH |  | SOLE |  | 87206 | 0 | 0 |
| COMPOSECURE INC USD 0.0001 | COM CL A | 20459V105 |  | 4071277 | 288948 | SH |  | SOLE |  | 288948 | 0 | 0 |
| CONSENSUS CLOUD SOLUTIONS USD 0.01 | COM | 20848V105 |  | 2719581 | 117935 | SH |  | SOLE |  | 117935 | 0 | 0 |
| CORE NAT RES INC USD 0.01 | COM SHS | 218937100 |  | 3466845 | 49711 | SH |  | SOLE |  | 49711 | 0 | 0 |
| QUIDELORTHO CORP USD 0.001 | COM | 219798105 |  | 725976 | 25190 | SH |  | SOLE |  | 25190 | 0 | 0 |
| DONALDSON COM USD5 | COM | 257651109 |  | 2417541 | 34860 | SH |  | SOLE |  | 34860 | 0 | 0 |
| EPR PROPER SBI USD0.01 | COM SH BEN INT | 26884U109 |  | 4332680 | 74368 | SH |  | SOLE |  | 74368 | 0 | 0 |
| EAGLE MATLS INC USD 0.01 | COM | 26969P108 |  | 4352843 | 21537 | SH |  | SOLE |  | 21537 | 0 | 0 |
| ECOVYST INC USD 0.01 | COM | 27923Q109 |  | 4570720 | 555373 | SH |  | SOLE |  | 555373 | 0 | 0 |
| EPSILON ENERGY LTD NPV | COM | 294375209 |  | 2973409 | 402901 | SH |  | SOLE |  | 402901 | 0 | 0 |
| EXTREME NETWORKS INC USD 0.001 | COM | 30226D106 |  | 2531417 | 141026 | SH |  | SOLE |  | 141026 | 0 | 0 |
| FEDERAL AGRIC MTG CORP USD 1.0 | CL C | 313148306 |  | 6990389 | 35981 | SH |  | SOLE |  | 35981 | 0 | 0 |
| GEO GROUP INC NEW USD 0.01 | COM | 36162J106 |  | 4205668 | 175602 | SH |  | SOLE |  | 175602 | 0 | 0 |
| GLOBAL BUSINESS TRAVEL USD 0.00005 | COM CL A | 37890B100 |  | 2506909 | 397922 | SH |  | SOLE |  | 397922 | 0 | 0 |
| HILLMAN SOLUTIONS CORP USD 0.0001 | COM | 431636109 |  | 3033001 | 424790 | SH |  | SOLE |  | 424790 | 0 | 0 |
| IPG PHOTONICS CORP USD 0.0001 | COM | 44980X109 |  | 2385176 | 34744 | SH |  | SOLE |  | 34744 | 0 | 0 |
| INGLES MKTS INC USD 0.05 | CL A | 457030104 |  | 2007181 | 31669 | SH |  | SOLE |  | 31669 | 0 | 0 |
| INTERNATIONAL MONEY EXPR USD 0.0001 | COM | 46005L101 |  | 2132683 | 211366 | SH |  | SOLE |  | 211366 | 0 | 0 |
| IRADIMED CORP USD 0.0001 | COM | 46266A109 |  | 2446248 | 40914 | SH |  | SOLE |  | 40914 | 0 | 0 |
| KNOWLES CORP USD 0.01 | COM | 49926D109 |  | 2979595 | 169103 | SH |  | SOLE |  | 169103 | 0 | 0 |
| KOSMOS ENERGY LTD USD 0.01 | COM | 500688106 |  | 2346746 | 1364387 | SH |  | SOLE |  | 1364387 | 0 | 0 |
| LANDSTAR SYS INC USD 0.01 | COM | 515098101 |  | 3748674 | 26965 | SH |  | SOLE |  | 26965 | 0 | 0 |
| LENNOX INTL INC USD 0.01 | COM | 526107107 |  | 2214426 | 3863 | SH |  | SOLE |  | 3863 | 0 | 0 |
| MGIC INVT CORP WIS USD 1.0 | COM | 552848103 |  | 4107876 | 147553 | SH |  | SOLE |  | 147553 | 0 | 0 |
| MERCHANTS BANCORP IND NPV | COM | 58844R108 |  | 2528830 | 76469 | SH |  | SOLE |  | 76469 | 0 | 0 |
| Natural Resource Partners L.P. | COM UNIT LTD PAR | 63900P608 |  | 7792470 | 81588 | SH |  | SOLE |  | 81588 | 0 | 0 |
| PATRICK INDS INC NPV | COM | 703343103 |  | 4552786 | 49342 | SH |  | SOLE |  | 49342 | 0 | 0 |
| PHINIA INC USD 0.01 | COMMON STOCK | 71880K101 |  | 1842331 | 41410 | SH |  | SOLE |  | 41410 | 0 | 0 |
| RCM TECHNOLOGIES INC USD 0.05 | COM NEW | 749360400 |  | 3264704 | 138511 | SH |  | SOLE |  | 138511 | 0 | 0 |
| RESOLUTE HLDGS MGMT INC USD 0.0001 | COM | 76134H101 |  | 513171 | 16102 | SH |  | SOLE |  | 16102 | 0 | 0 |
| ROYAL GOLD INC USD 0.01 | COM | 780287108 |  | 4681104 | 26322 | SH |  | SOLE |  | 26322 | 0 | 0 |
| SOLARIS ENERGY INFRASTRUCTURE INC | COM CL A | 83418M103 |  | 8348888 | 295118 | SH |  | SOLE |  | 295118 | 0 | 0 |
| TEREX CORP NEW USD 0.01 | COM | 880779103 |  | 2551609 | 54650 | SH |  | SOLE |  | 54650 | 0 | 0 |
| METALLUS INC NPV | COM | 887399103 |  | 4396504 | 285302 | SH |  | SOLE |  | 285302 | 0 | 0 |
| TRIPADVISOR INC USD 0.001 | COM | 896945201 |  | 2357770 | 180672 | SH |  | SOLE |  | 180672 | 0 | 0 |
| TURNING PT BRANDS INC USD 0.01 | COM | 90041L105 |  | 7700429 | 101629 | SH |  | SOLE |  | 101629 | 0 | 0 |
| CLIMB GLOBAL SOLUTIONS INC USD 0.01 | COM | 946760105 |  | 8618870 | 80618 | SH |  | SOLE |  | 80618 | 0 | 0 |
| AMDOCS LTD 0.01P | SHS | G02602103 |  | 2256730 | 24734 | SH |  | SOLE |  | 24734 | 0 | 0 |
| BIOCERES CROP SOLUTIONS USD 0.0001 | SHS | G1117K114 |  | 1956691 | 438406 | SH |  | SOLE |  | 438406 | 0 | 0 |
| FERROGLOBE PLC USD 7.5 | SHS | G33856108 |  | 3112479 | 848087 | SH |  | SOLE |  | 848087 | 0 | 0 |
| GENPACT LTD USD 0.01 | SHS | G3922B107 |  | 3317650 | 75384 | SH |  | SOLE |  | 75384 | 0 | 0 |
| INTERNATIONAL GENERAL IN USD 0.0001 | SHS | G4809J106 |  | 1750986 | 72897 | SH |  | SOLE |  | 72897 | 0 | 0 |

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