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DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP

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13F filer, CIK 1854440, GREENBRAE, CA

DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP reported $2,992,418,083 across 14 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 91.22% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001854440-25-000004

Period
2025-03-31
Reported value
$2.99B
Holdings
14
Top 10 weight
91.22%
New
2
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
FUNadded+5,989,250$214M
FOURadded+2,256,391$184M
LINEadded+1,807,000$106M
OSnew+3,839,405$81.9M
WMGadded+1,625,000$50.9M

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
COLDexited-4,112,511-$88M
LNGreduced-276,908-$64.1M
TKOreduced-315,209-$48.2M
ARES ACQUISITION CORP IIexited-1,500,000-$16.6M

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, Q1 2025

Share positions as resolved from 13F-HR 0001854440-25-000004, largest first. % of portfolio is the value over $2,992,418,083, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
FOURSHIFT4 PMTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,142,514 shares; 2024Q4: 2,510,014 shares; 2025Q1: 4,766,405 shares 4,766,405$389M13.01%+2,256,391Timeline
WMGWARNER MUSIC GROUP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,870,280 shares; 2024Q4: 10,370,280 shares; 2025Q1: 11,995,280 shares 11,995,280$376M12.57%+1,625,000Timeline
TKOTKO GROUP HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,740,089 shares; 2024Q4: 2,740,089 shares; 2025Q1: 2,424,880 shares 2,424,880$371M12.38%-315,209Timeline
LPLALPL FINL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,099,736 shares; 2024Q4: 938,354 shares; 2025Q1: 970,737 shares 970,737$318M10.61%+32,383Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,026,852 shares; 2024Q4: 1,026,852 shares; 2025Q1: 1,026,852 shares 1,026,852$276M9.21%0Timeline
FUNSIX FLAGS ENTERTAINMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,250,750 shares; 2025Q1: 7,240,000 shares 7,240,000$258M8.63%+5,989,250Timeline
LNGCHENIERE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,279,473 shares; 2024Q4: 1,220,223 shares; 2025Q1: 943,315 shares 943,315$218M7.29%-276,908Timeline
FWONKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,142,261 shares; 2024Q4: 2,244,329 shares; 2025Q1: 2,244,329 shares 2,244,329$202M6.75%0Timeline
LINELINEAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,545,000 shares; 2025Q1: 3,352,000 shares 3,352,000$197M6.57%+1,807,000Timeline
MERIDIANLINK INCMERIDIANLINK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,767,248 shares; 2024Q4: 6,767,248 shares; 2025Q1: 6,767,248 shares 6,767,248$125M4.19%0
BXBLACKSTONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,186,631 shares; 2024Q4: 599,227 shares; 2025Q1: 599,227 shares 599,227$83.8M2.8%0Timeline
OSONESTREAM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 850,000 shares; 2024Q4: not reported; 2025Q1: 3,839,405 shares 3,839,405$81.9M2.74%newTimeline
ACELACCEL ENTERTAINMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,098,349 shares; 2024Q4: 8,098,349 shares; 2025Q1: 8,098,349 shares 8,098,349$80.3M2.68%0Timeline
ARES ACQUISITION CORP IIARES ACQUISITION CORP IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,500,000 shares 1,500,000$16.7M0.56%new

Sold out in Q1 2025

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

SecurityShares beforeValue beforeType
COLDAMERICOLD REALTY TRUST INC4,112,511$88Mshares
ARES ACQUISITION CORP IIARES ACQUISITION CORP II1,500,000$16.6Mshares

How Q1 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 0001854440-25-000004 base2025-05-15acceptance time not in the bulk data set