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

CIK: 0001625279 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 23, 2026

Total Value ($000): $228,419 (100.0% shares, 0.0% debt)

Holdings (25)

New Positions (2)

EIG EMPLOYERS HLDGS INC 1.3%

Value ($000) $2,983 Shares 69,108 Est. Cost $40.61 Unrealized 0.0%

MLR MILLER INDS INC TENN 0.7%

Value ($000) $1,497 Shares 40,047 Est. Cost $38.78 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EIG	EMPLOYERS HLDGS INC	69,108	$2,983	1.3%	$40.61	0.0%	COM	292218104
MLR	MILLER INDS INC TENN	40,047	$1,497	0.7%	$38.78	0.0%	COM NEW	600551204

Increased Positions (6)

URG UR-ENERGY INC 8.5%

Value ($000) $19,391 (-19.8%) Shares 13,950,155 (+3.3%) Est. Cost $1.40 Unrealized +5.8%

EU ENCORE ENERGY CORP 4.5%

Value ($000) $10,249 (-20.8%) Shares 4,132,851 (+2.5%) Est. Cost $3.71 Unrealized -23.0%

MAN MANPOWERGROUP INC WIS 3.8%

Value ($000) $8,618 (+10.5%) Shares 289,883 (+40.9%) Est. Cost $38.33 Unrealized -18.5%

UFI UNIFI INC 1.4%

Value ($000) $3,164 (-18.2%) Shares 904,013 (+11.3%) Est. Cost $9.58 Unrealized -59.6%

MTRX MATRIX SVC CO 3.7%

Value ($000) $8,550 (+3.0%) Shares 730,767 (+15.1%) Est. Cost $10.24 Unrealized +22.7%

IPI INTREPID POTASH INC 3.6%

Value ($000) $8,177 (+2.9%) Shares 294,870 (+13.5%) Est. Cost $26.44 Unrealized +1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
URG	UR-ENERGY INC	13,950,155 (+3.3%)	$19,391 (-19.8%)	8.5%	$1.40	+5.8%	COM	91688R108
EU	ENCORE ENERGY CORP	4,132,851 (+2.5%)	$10,249 (-20.8%)	4.5%	$3.71	-23.0%	COM NEW	29259W700
MAN	MANPOWERGROUP INC WIS	289,883 (+40.9%)	$8,618 (+10.5%)	3.8%	$38.33	-18.5%	COM	56418H100
UFI	UNIFI INC	904,013 (+11.3%)	$3,164 (-18.2%)	1.4%	$9.58	-59.6%	COM NEW	904677200
MTRX	MATRIX SVC CO	730,767 (+15.1%)	$8,550 (+3.0%)	3.7%	$10.24	+22.7%	COM	576853105
IPI	INTREPID POTASH INC	294,870 (+13.5%)	$8,177 (+2.9%)	3.6%	$26.44	+1.7%	COM	46121Y201

Exited Positions (1)

HCSG HEALTHCARE SVCS GROUP INC 1.9%

Value ($000) $4,264 Shares 253,363 Est. Cost $12.77 Unrealized +40.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HCSG	HEALTHCARE SVCS GROUP INC	253,363	$4,264	1.9%	$12.77	+40.9%	—	421906108

Decreased Positions (12)

EXK ENDEAVOUR SILVER CORP 2.6%

Value ($000) $5,922 (-35.3%) Shares 630,009 (-46.0%) Est. Cost $3.99 Unrealized +112.7%

UUUU ENERGY FUELS INC 2.7%

Value ($000) $6,093 (-33.4%) Shares 419,028 (-29.7%) Est. Cost $7.31 Unrealized +132.3%

VPG VISHAY PRECISION GROUP INC 0.7%

Value ($000) $1,696 (-62.8%) Shares 44,054 (-69.0%) Est. Cost $23.47 Unrealized +50.7%

SCHL SCHOLASTIC CORP 0.8%

Value ($000) $1,823 (-60.1%) Shares 61,522 (-63.1%) Est. Cost $30.61 Unrealized -7.1%

MPAA MOTORCAR PTS AMER INC 1.2%

Value ($000) $2,670 (-46.7%) Shares 216,408 (-28.6%) Est. Cost $12.68 Unrealized +13.7%

SMP STANDARD MTR PRODS INC 2.5%

Value ($000) $5,599 (-23.4%) Shares 151,941 (-15.1%) Est. Cost $31.10 Unrealized +23.4%

KMT KENNAMETAL INC 2.7%

Value ($000) $6,088 (-20.2%) Shares 214,288 (-41.2%) Est. Cost $22.38 Unrealized +13.2%

MTUS METALLUS INC 3.6%

Value ($000) $8,319 (-11.3%) Shares 484,811 (-14.6%) Est. Cost $14.88 Unrealized +15.2%

SD SANDRIDGE ENERGY INC 2.6%

Value ($000) $5,925 (+9.0%) Shares 410,574 (-14.8%) Est. Cost $10.68 Unrealized +23.9%

COHU COHU INC 2.4%

Value ($000) $5,520 (-4.9%) Shares 237,207 (-17.0%) Est. Cost $18.40 Unrealized +24.6%

GPOR GULFPORT ENERGY CORP 3.5%

Value ($000) $7,960 (-1.2%) Shares 38,273 (-14.1%) Est. Cost $181.00 Unrealized +10.1%

NXE NEXGEN ENERGY LTD 4.3%

Value ($000) $9,934 (-0.6%) Shares 1,079,795 (-3.3%) Est. Cost $5.28 Unrealized +67.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXK	ENDEAVOUR SILVER CORP	630,009 (-46.0%)	$5,922 (-35.3%)	2.6%	$3.99	+112.7%	COM	29258Y103
UUUU	ENERGY FUELS INC	419,028 (-29.7%)	$6,093 (-33.4%)	2.7%	$7.31	+132.3%	COM NEW	292671708
VPG	VISHAY PRECISION GROUP INC	44,054 (-69.0%)	$1,696 (-62.8%)	0.7%	$23.47	+50.7%	COM	92835K103
SCHL	SCHOLASTIC CORP	61,522 (-63.1%)	$1,823 (-60.1%)	0.8%	$30.61	-7.1%	COM	807066105
MPAA	MOTORCAR PTS AMER INC	216,408 (-28.6%)	$2,670 (-46.7%)	1.2%	$12.68	+13.7%	COM	620071100
SMP	STANDARD MTR PRODS INC	151,941 (-15.1%)	$5,599 (-23.4%)	2.5%	$31.10	+23.4%	COM	853666105
KMT	KENNAMETAL INC	214,288 (-41.2%)	$6,088 (-20.2%)	2.7%	$22.38	+13.2%	COM	489170100
MTUS	METALLUS INC	484,811 (-14.6%)	$8,319 (-11.3%)	3.6%	$14.88	+15.2%	COM	887399103
SD	SANDRIDGE ENERGY INC	410,574 (-14.8%)	$5,925 (+9.0%)	2.6%	$10.68	+23.9%	COM NEW	80007P869
COHU	COHU INC	237,207 (-17.0%)	$5,520 (-4.9%)	2.4%	$18.40	+24.6%	COM	192576106
GPOR	GULFPORT ENERGY CORP	38,273 (-14.1%)	$7,960 (-1.2%)	3.5%	$181.00	+10.1%	COMMON SHARES	402635502
NXE	NEXGEN ENERGY LTD	1,079,795 (-3.3%)	$9,934 (-0.6%)	4.3%	$5.28	+67.3%	COM	65340P106

Unchanged Positions (5)

SPY SPDR S&P 500 ETF TR 31.8%

Value ($000) $72,598 Shares 106,461 Est. Cost $559.39 Unrealized —

TBI TRUEBLUE INC 2.0%

Value ($000) $4,499 Shares 988,880 Est. Cost $11.13 Unrealized -53.9%

CCJ CAMECO CORP 3.5%

Value ($000) $8,026 Shares 87,728 Est. Cost $25.79 Unrealized +248.7%

HOFT HOOKER FURNISHINGS CORPORATI 2.3%

Value ($000) $5,342 Shares 473,179 Est. Cost $17.55 Unrealized -42.7%

DNN DENISON MINES CORP 3.4%

Value ($000) $7,775 Shares 2,922,967 Est. Cost $1.61 Unrealized +69.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	106,461	$72,598	31.8%	$559.39	—	TR UNIT	78462F103
TBI	TRUEBLUE INC	988,880	$4,499	2.0%	$11.13	-53.9%	COM	89785X101
CCJ	CAMECO CORP	87,728	$8,026	3.5%	$25.79	+248.7%	COM	13321L108
HOFT	HOOKER FURNISHINGS CORPORATI	473,179	$5,342	2.3%	$17.55	-42.7%	COM	439038100
DNN	DENISON MINES CORP	2,922,967	$7,775	3.4%	$1.61	+69.1%	COM	248356107