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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 $3,141,637,313 across 14 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 87.16% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001854440-25-000011

Period
2025-06-30
Reported value
$3.14B
Holdings
14
Top 10 weight
87.16%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TPGnew+4,930,047$259M
FUNadded+1,460,000$44.4M
FOURadded+200,000$19.8M
LINEadded+175,000$7.62M

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
FWONKreduced-965,000-$101M
LNGreduced-412,500-$100M
LPLAreduced-185,000-$69.4M
TKOreduced-200,000-$36.4M
ARES ACQUISITION CORP IIexited-1,500,000-$16.7M

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, Q2 2025

Share positions as resolved from 13F-HR 0001854440-25-000011, largest first. % of portfolio is the value over $3,141,637,313, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,142,514 shares; 2024Q4: 2,510,014 shares; 2025Q1: 4,766,405 shares; 2025Q2: 4,966,405 shares 4,966,405$492M15.67%+200,000Timeline
TKOTKO GROUP HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,740,089 shares; 2024Q4: 2,740,089 shares; 2025Q1: 2,424,880 shares; 2025Q2: 2,224,880 shares 2,224,880$405M12.89%-200,000Timeline
WMGWARNER MUSIC GROUP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,870,280 shares; 2024Q4: 10,370,280 shares; 2025Q1: 11,995,280 shares; 2025Q2: 11,995,280 shares 11,995,280$327M10.4%0Timeline
LPLALPL FINL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,099,736 shares; 2024Q4: 938,354 shares; 2025Q1: 970,737 shares; 2025Q2: 785,737 shares 785,737$295M9.38%-185,000Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,026,852 shares; 2024Q4: 1,026,852 shares; 2025Q1: 1,026,852 shares; 2025Q2: 1,026,852 shares 1,026,852$280M8.91%0Timeline
FUNSIX FLAGS ENTERTAINMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,250,750 shares; 2025Q1: 7,240,000 shares; 2025Q2: 8,700,000 shares 8,700,000$265M8.43%+1,460,000Timeline
TPGTPG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,930,047 shares 4,930,047$259M8.23%newTimeline
LINELINEAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,545,000 shares; 2025Q1: 3,352,000 shares; 2025Q2: 3,527,000 shares 3,527,000$153M4.89%+175,000Timeline
FWONKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,142,261 shares; 2024Q4: 2,244,329 shares; 2025Q1: 2,244,329 shares; 2025Q2: 1,279,329 shares 1,279,329$134M4.26%-965,000Timeline
LNGCHENIERE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,279,473 shares; 2024Q4: 1,220,223 shares; 2025Q1: 943,315 shares; 2025Q2: 530,815 shares 530,815$129M4.11%-412,500Timeline
MERIDIANLINK INCMERIDIANLINK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,767,248 shares; 2024Q4: 6,767,248 shares; 2025Q1: 6,767,248 shares; 2025Q2: 6,767,248 shares 6,767,248$110M3.5%0
OSONESTREAM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 850,000 shares; 2024Q4: not reported; 2025Q1: 3,839,405 shares; 2025Q2: 3,839,405 shares 3,839,405$109M3.46%0Timeline
ACELACCEL ENTERTAINMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,098,349 shares; 2024Q4: 8,098,349 shares; 2025Q1: 8,098,349 shares; 2025Q2: 8,098,349 shares 8,098,349$95.3M3.03%0Timeline
BXBLACKSTONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,186,631 shares; 2024Q4: 599,227 shares; 2025Q1: 599,227 shares; 2025Q2: 599,227 shares 599,227$89.6M2.85%0Timeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
ARES ACQUISITION CORP IIARES ACQUISITION CORP II1,500,000$16.7Mshares

How Q2 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 0001854440-25-000011 base2025-08-14acceptance time not in the bulk data set