Azarias Capital Management, L.P. Long-Term Concentrated

Location: Berwyn, PA

CIK: 0001625279 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Jul 13, 2026

Total Value: $230M (100.0% shares, 0.0% debt)

Holdings (23)

New Positions (1)

MOH MOLINA HEALTHCARE INC 3.0%

Value $6.997M Shares 30,593 Est. Cost $228.70 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MOH	MOLINA HEALTHCARE INC	30,593	$6.997M	3.0%	$228.70	—	COM	60855R100

Increased Positions (5)

DNN DENISON MINES CORP 5.6%

Value $12.97M (+25.7%) Shares 4,238,742 (+45.0%) Est. Cost $2.06 Unrealized —

SDRL SEADRILL LTD 3.5%

Value $7.991M (+28.5%) Shares 211,301 (+54.6%) Est. Cost $38.57 Unrealized —

IPI INTREPID POTASH INC 2.5%

Value $5.844M (-21.3%) Shares 178,281 (+2.7%) Est. Cost $26.60 Unrealized —

GPOR GULFPORT ENERGY CORP 3.4%

Value $7.881M (-11.6%) Shares 46,439 (+10.3%) Est. Cost $181.08 Unrealized —

SD SANDRIDGE ENERGY INC 1.9%

Value $4.405M (-13.5%) Shares 321,558 (+2.9%) Est. Cost $10.77 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DNN	DENISON MINES CORP	4,238,742 (+45.0%)	$12.97M (+25.7%)	5.6%	$2.06	—	COM	248356107
SDRL	SEADRILL LTD	211,301 (+54.6%)	$7.991M (+28.5%)	3.5%	$38.57	—	COM	G7997W102
IPI	INTREPID POTASH INC	178,281 (+2.7%)	$5.844M (-21.3%)	2.5%	$26.60	—	COM	46121Y201
GPOR	GULFPORT ENERGY CORP	46,439 (+10.3%)	$7.881M (-11.6%)	3.4%	$181.08	—	COMMON SHARES	402635502
SD	SANDRIDGE ENERGY INC	321,558 (+2.9%)	$4.405M (-13.5%)	1.9%	$10.77	—	COM NEW	80007P869

Exited Positions (2)

AVT AVNET INC 1.2%

Value $2.707M Shares 43,934 Est. Cost $58.27 Unrealized —

COHU COHU INC 0.8%

Value $1.824M Shares 59,559 Est. Cost $18.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVT	AVNET INC	43,934	$2.707M	1.2%	$58.27	—	—	053807103
COHU	COHU INC	59,559	$1.824M	0.8%	$18.40	—	—	192576106

Decreased Positions (11)

EU ENCORE ENERGY CORP 2.3%

Value $5.36M (-41.2%) Shares 4,091,894 (-19.3%) Est. Cost $3.57 Unrealized —

URG UR-ENERGY INC 7.8%

Value $17.95M (-11.4%) Shares 13,199,479 (-3.0%) Est. Cost $1.40 Unrealized —

TBI TRUEBLUE INC 2.3%

Value $5.293M (+35.1%) Shares 759,341 (-24.2%) Est. Cost $11.05 Unrealized —

MPAA MOTORCAR PTS AMER INC 3.1%

Value $7.022M (+19.1%) Shares 458,325 (-14.0%) Est. Cost $12.33 Unrealized —

MTUS METALLUS INC 3.4%

Value $7.841M (-11.7%) Shares 419,507 (-22.8%) Est. Cost $15.40 Unrealized —

MAN MANPOWERGROUP INC WIS 3.9%

Value $8.988M (-9.6%) Shares 266,146 (-21.2%) Est. Cost $37.28 Unrealized —

UFI UNIFI INC 0.9%

Value $2.169M (-30.6%) Shares 456,722 (-47.8%) Est. Cost $9.58 Unrealized —

EIG EMPLOYERS HLDGS INC 2.9%

Value $6.671M (+15.7%) Shares 132,159 (-5.7%) Est. Cost $42.08 Unrealized —

HOFT HOOKER FURNISHINGS CORPORATI 2.6%

Value $5.999M (+17.3%) Shares 336,453 (-15.3%) Est. Cost $17.55 Unrealized —

SMP STANDARD MTR PRODS INC 2.1%

Value $4.718M (+6.8%) Shares 121,073 (-4.8%) Est. Cost $31.10 Unrealized —

MTRX MATRIX SVC CO 4.0%

Value $9.23M (-1.6%) Shares 673,692 (-17.5%) Est. Cost $10.48 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EU	ENCORE ENERGY CORP	4,091,894 (-19.3%)	$5.36M (-41.2%)	2.3%	$3.57	—	COM NEW	29259W700
URG	UR-ENERGY INC	13,199,479 (-3.0%)	$17.95M (-11.4%)	7.8%	$1.40	—	COM	91688R108
TBI	TRUEBLUE INC	759,341 (-24.2%)	$5.293M (+35.1%)	2.3%	$11.05	—	COM	89785X101
MPAA	MOTORCAR PTS AMER INC	458,325 (-14.0%)	$7.022M (+19.1%)	3.1%	$12.33	—	COM	620071100
MTUS	METALLUS INC	419,507 (-22.8%)	$7.841M (-11.7%)	3.4%	$15.40	—	COM	887399103
MAN	MANPOWERGROUP INC WIS	266,146 (-21.2%)	$8.988M (-9.6%)	3.9%	$37.28	—	COM	56418H100
UFI	UNIFI INC	456,722 (-47.8%)	$2.169M (-30.6%)	0.9%	$9.58	—	COM NEW	904677200
EIG	EMPLOYERS HLDGS INC	132,159 (-5.7%)	$6.671M (+15.7%)	2.9%	$42.08	—	COM	292218104
HOFT	HOOKER FURNISHINGS CORPORATI	336,453 (-15.3%)	$5.999M (+17.3%)	2.6%	$17.55	—	COM	439038100
SMP	STANDARD MTR PRODS INC	121,073 (-4.8%)	$4.718M (+6.8%)	2.1%	$31.10	—	COM	853666105
MTRX	MATRIX SVC CO	673,692 (-17.5%)	$9.23M (-1.6%)	4.0%	$10.48	—	COM	576853105

Unchanged Positions (6)

SPY STATE STR SPDR S&P 500 ETF T 34.6%

Value $79.5M Shares 106,461 Est. Cost $559.39 Unrealized —

NXE NEXGEN ENERGY LTD 2.8%

Value $6.413M Shares 682,943 Est. Cost $5.28 Unrealized —

UUUU ENERGY FUELS INC 2.4%

Value $5.518M Shares 380,528 Est. Cost $7.31 Unrealized —

MLR MILLER INDS INC TENN 2.4%

Value $5.623M Shares 109,926 Est. Cost $40.58 Unrealized —

CCJ CAMECO CORP 2.2%

Value $5.131M Shares 50,371 Est. Cost $25.79 Unrealized —

AGX ARGAN INC 0.1%

Value $302K Shares 378 Est. Cost $370.57 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	106,461	$79.5M	34.6%	$559.39	—	TR UNIT	78462F103
NXE	NEXGEN ENERGY LTD	682,943	$6.413M	2.8%	$5.28	—	COM	65340P106
UUUU	ENERGY FUELS INC	380,528	$5.518M	2.4%	$7.31	—	COM NEW	292671708
MLR	MILLER INDS INC TENN	109,926	$5.623M	2.4%	$40.58	—	COM NEW	600551204
CCJ	CAMECO CORP	50,371	$5.131M	2.2%	$25.79	—	COM	13321L108
AGX	ARGAN INC	378	$302K	0.1%	$370.57	—	COM	04010E109