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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 $2,499,931,895 across 14 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 88.04% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001854440-26-000002

Period
2025-12-31
Reported value
$2.5B
Holdings
14
Top 10 weight
88.04%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GLBEnew+3,760,279$148M
FOURadded+500,000$31.5M

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
WMGreduced-5,343,396-$164M
MERIDIANLINK INCexited-6,558,899-$131M
LINEreduced-3,527,000-$123M
FUNreduced-3,500,000-$53.7M
FWONKreduced-320,000-$31.5M

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, Q4 2025

Share positions as resolved from 13F-HR 0001854440-26-000002, largest first. % of portfolio is the value over $2,499,931,895, 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; 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; 2025Q4: 5,571,725 shares 5,571,725$351M14.03%+500,000Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,251,852 shares 1,251,852$332M13.27%0Timeline
TPGTPG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,930,047 shares; 2025Q3: 4,930,047 shares; 2025Q4: 4,930,047 shares 4,930,047$315M12.59%0Timeline
TKOTKO GROUP HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,350,367 shares 1,350,367$282M11.29%0Timeline
LPLALPL FINL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 783,006 shares 783,006$280M11.19%-2,731Timeline
WMGWARNER MUSIC GROUP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,651,884 shares 6,651,884$204M8.16%-5,343,396Timeline
GLBEGLOBAL E ONLINE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 3,760,279 shares 3,760,279$148M5.91%newTimeline
LNGCHENIERE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 530,815 shares 530,815$103M4.13%0Timeline
FWONKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 959,329 shares 959,329$94.5M3.78%-320,000Timeline
ACELACCEL ENTERTAINMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 8,098,349 shares 8,098,349$92.4M3.7%0Timeline
BXBLACKSTONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 599,227 shares 599,227$92.4M3.69%0Timeline
FUNSIX FLAGS ENTERTAINMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,200,000 shares 5,200,000$79.8M3.19%-3,500,000Timeline
OSONESTREAM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,839,405 shares 3,839,405$70.6M2.82%0Timeline
LINELINEAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,605,810 shares 1,605,810$56.2M2.25%-3,527,000Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MERIDIANLINK INCMERIDIANLINK INC6,558,899$131Mshares

How Q4 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 0001854440-26-000002 base2026-02-17acceptance time not in the bulk data set