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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 $2,963,016,186 across 14 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 86.92% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001854440-25-000012

Period
2025-09-30
Reported value
$2.96B
Holdings
14
Top 10 weight
86.92%
New
0
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
LINEadded+1,605,810$62M
CRMadded+225,000$53.3M
FOURadded+105,320$8.15M

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
TKOreduced-874,513-$177M
MERIDIANLINK INCreduced-208,349-$4.15M

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, Q3 2025

Share positions as resolved from 13F-HR 0001854440-25-000012, largest first. % of portfolio is the value over $2,963,016,186, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
WMGWARNER MUSIC GROUP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 11,995,280 shares 11,995,280$409M13.79%0Timeline
FOURSHIFT4 PMTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,071,725 shares 5,071,725$393M13.25%+105,320Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,251,852 shares 1,251,852$297M10.01%+225,000Timeline
TPGTPG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,930,047 shares; 2025Q3: 4,930,047 shares 4,930,047$283M9.56%0Timeline
TKOTKO GROUP HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,350,367 shares 1,350,367$273M9.2%-874,513Timeline
LPLALPL FINL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,099,736 shares; 2024Q4: 938,354 shares; 2025Q1: 970,737 shares; 2025Q2: 785,737 shares; 2025Q3: 785,737 shares 785,737$261M8.82%0Timeline
LINELINEAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,545,000 shares; 2025Q1: 3,352,000 shares; 2025Q2: 3,527,000 shares; 2025Q3: 5,132,810 shares 5,132,810$198M6.69%+1,605,810Timeline
FUNSIX FLAGS ENTERTAINMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,250,750 shares; 2025Q1: 7,240,000 shares; 2025Q2: 8,700,000 shares; 2025Q3: 8,700,000 shares 8,700,000$198M6.67%0Timeline
FWONKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,279,329 shares 1,279,329$134M4.51%0Timeline
MERIDIANLINK INCMERIDIANLINK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 6,558,899 shares 6,558,899$131M4.41%-208,349
LNGCHENIERE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,279,473 shares; 2024Q4: 1,220,223 shares; 2025Q1: 943,315 shares; 2025Q2: 530,815 shares; 2025Q3: 530,815 shares 530,815$125M4.21%0Timeline
BXBLACKSTONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,186,631 shares; 2024Q4: 599,227 shares; 2025Q1: 599,227 shares; 2025Q2: 599,227 shares; 2025Q3: 599,227 shares 599,227$102M3.46%0Timeline
ACELACCEL ENTERTAINMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 8,098,349 shares 8,098,349$89.6M3.03%0Timeline
OSONESTREAM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 850,000 shares; 2024Q4: not reported; 2025Q1: 3,839,405 shares; 2025Q2: 3,839,405 shares; 2025Q3: 3,839,405 shares 3,839,405$70.8M2.39%0Timeline

How Q3 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 0001854440-25-000012 base2025-11-14acceptance time not in the bulk data set