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FIRST SABREPOINT CAPITAL MANAGEMENT LP

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13F filer, CIK 1731530, DALLAS, TX

FIRST SABREPOINT CAPITAL MANAGEMENT LP reported $269,442,957 across 37 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 60.87% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001731530-25-000004

Period
2025-03-31
Reported value
$269M
Holdings
37
Top 10 weight
60.87%
New
3
Sold out
25

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BTInew+185,000$7.65M
TPBadded+96,800$5.75M
WDAYnew+21,500$5.02M
FCFSadded+26,086$3.14M
GOGOadded+325,000$2.8M

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
VSTexited-65,000-$8.96M
TLNexited-35,000-$7.05M
NVGSreduced-436,312-$5.81M
WSCexited-135,000-$4.52M
PGNYreduced-200,000-$4.47M

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 0001731530-25-000004, largest first. % of portfolio is the value over $239,086,943, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TPBTURNING PT BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 174,203 shares; 2024Q4: 280,000 shares; 2025Q1: 376,800 shares 376,800$22.4M9.37%+96,800Timeline
FCFSFIRSTCASH 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: 200,000 shares; 2024Q4: 138,915 shares; 2025Q1: 165,001 shares 165,001$19.9M8.3%+26,086Timeline
LAURLAUREATE ED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,075,000 shares; 2025Q1: 915,000 shares 915,000$18.7M7.83%-160,000Timeline
MAAMID-AMER APT CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 85,000 shares; 2025Q1: 95,000 shares 95,000$15.9M6.66%+10,000Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 100,000 shares; 2025Q1: 100,000 shares 100,000$15.9M6.64%0Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,000 shares; 2024Q4: 35,000 shares; 2025Q1: 35,000 shares 35,000$13.1M5.5%0Timeline
GRBKGREEN BRICK PARTNERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,000 shares; 2024Q4: 135,000 shares; 2025Q1: 179,478 shares 179,478$10.5M4.38%+44,478Timeline
LOPEGRAND CANYON ED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,850 shares; 2024Q4: 75,000 shares; 2025Q1: 60,000 shares 60,000$10.4M4.34%-15,000Timeline
EEFTEURONET WORLDWIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,768 shares; 2024Q4: 100,000 shares; 2025Q1: 90,000 shares 90,000$9.62M4.02%-10,000Timeline
CPTCAMDEN PPTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,000 shares; 2024Q4: 65,000 shares; 2025Q1: 75,000 shares 75,000$9.17M3.84%+10,000Timeline
STRLSTERLING INFRASTRUCTURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,000 shares; 2024Q4: 70,000 shares; 2025Q1: 72,500 shares 72,500$8.21M3.43%+2,500Timeline
WDWALKER & DUNLOP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 150,000 shares; 2024Q4: 92,058 shares; 2025Q1: 95,068 shares 95,068$8.12M3.39%+3,010Timeline
PGNYPROGYNY 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: 560,000 shares; 2025Q1: 360,000 shares 360,000$8.04M3.36%-200,000Timeline
CVCOCAVCO INDS INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,750 shares; 2024Q4: 12,750 shares; 2025Q1: 15,000 shares 15,000$7.79M3.26%+2,250Timeline
BTIBRITISH AMERN TOB PLCQuarterly 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: 185,000 shares 185,000$7.65M3.2%newTimeline
EGYVAALCO 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: 1,450,000 shares; 2024Q4: 1,950,000 shares; 2025Q1: 2,000,000 shares 2,000,000$7.52M3.15%+50,000Timeline
AZOAUTOZONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,850 shares; 2024Q4: 1,850 shares; 2025Q1: 1,850 shares 1,850$7.05M2.95%0Timeline
AESIATLAS ENERGY SOLUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 370,000 shares; 2024Q4: 350,000 shares; 2025Q1: 375,000 shares 375,000$6.69M2.8%+25,000Timeline
GOGOGOGO 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: 325,000 shares; 2025Q1: 650,000 shares 650,000$5.6M2.34%+325,000Timeline
BLDTOPBUILD CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,200 shares; 2024Q4: 25,000 shares; 2025Q1: 18,000 shares 18,000$5.49M2.3%-7,000Timeline
WDAYWORKDAY 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: not reported; 2025Q1: 21,500 shares 21,500$5.02M2.1%newTimeline
TFINTRIUMPH FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 67,488 shares; 2025Q1: 80,000 shares 80,000$4.62M1.93%+12,512Timeline
NVGSNAVIGATOR HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 186,296 shares; 2024Q4: 682,516 shares; 2025Q1: 246,204 shares 246,204$3.28M1.37%-436,312Timeline
NVRNVR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 430 shares; 2024Q4: 700 shares; 2025Q1: 430 shares 430$3.12M1.3%-270Timeline
CIENCIENA 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: 85,200 shares; 2025Q1: 40,000 shares 40,000$2.42M1.01%-45,200Timeline
IMXIINTERNATIONAL MONEY EXPRESSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 148,821 shares; 2024Q4: 148,821 shares; 2025Q1: 154,599 shares 154,599$1.95M0.82%+5,778Timeline
OABIOMNIAB INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,665,000 shares; 2024Q4: 1,460,602 shares; 2025Q1: 410,000 shares 410,000$984K0.41%-1,050,602Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
TURNING PT BRANDS INCTURNING PT BRANDS INC CALLcall271,600$16.1M+99,700
BRINKER INTL INCBRINKER INTL INC PUTput25,000$3.73M0
NEW FORTRESS ENERGY INCNEW FORTRESS ENERGY INC COM CL Aput385,000$3.2M0
POWELL INDS INCPOWELL INDS INC COMput15,000$2.55M-5,000
MODINE MFG COMODINE MFG CO PUTput20,000$1.53M-60,100
GOGO INCGOGO INC COMcall160,000$1.38Mnew
AST SPACEMOBILE INCAST SPACEMOBILE INC CALLput54,000$1.23M+40,000
ARCHER AVIATION INCARCHER AVIATION INC COM CL Aput50,000$356K-300,000
SOUNDHOUND AI INCSOUNDHOUND AI INC PUTput20,000$162K-273,000
RIGETTI COMPUTING INCRIGETTI COMPUTING INC COMMON STOCKput566,280$71.5K+436,280

Sold out in Q1 2025

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

SecurityShares beforeValue beforeType
FIRSTCASH HOLDINGS INCFIRSTCASH HOLDINGS INC219,900$22.8Mcall
VSTVISTRA CORP65,000$8.96Mshares
TLNTALEN ENERGY CORP35,000$7.05Mshares
HARROW INCHARROW INC180,000$6.04Mput
IRON MTN INC DELIRON MTN INC DEL48,000$5.05Mput
GOOSEHEAD INS INCGOOSEHEAD INS INC48,100$4.88Mput
WSCWILLSCOT HLDGS CORP135,000$4.52Mshares
JOBY AVIATION INCJOBY AVIATION INC450,000$3.66Mput
RED CAT HLDGS INCRED CAT HLDGS INC260,000$3.34Mput
TPRTAPESTRY INC50,000$3.27Mshares
DHID R HORTON INC19,949$2.79Mshares
PHMPULTE GROUP INC25,000$2.72Mshares
MTHMERITAGE HOMES CORP17,500$2.69Mshares
HA SUSTAINABLE INFRA CAP INCHA SUSTAINABLE INFRA CAP INC95,000$2.55Mput
PROCEPT BIOROBOTICS CORPPROCEPT BIOROBOTICS CORP25,000$2.01Mput
WILLSCOT HLDGS CORPWILLSCOT HLDGS CORP50,000$1.67Mcall
WESTROCK COFFEE COWESTROCK COFFEE CO258,400$1.66Mput
INARI MED INCINARI MED INC30,000$1.53Mput
VITAL FARMS INCVITAL FARMS INC35,000$1.32Mput
OMEROS CORPOMEROS CORP120,600$1.19Mput
IONQ INCIONQ INC25,000$1.04Mput
NUSCALE PWR CORPNUSCALE PWR CORP40,000$717Kput
QUANTUM COMPUTING INCQUANTUM COMPUTING INC35,000$579Kput
AEROVIRONMENT INCAEROVIRONMENT INC3,100$477Kput
MEDICAL PROPERTIES TRUST INCMEDICAL PROPERTIES TRUST INC100,000$395Kput

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 0001731530-25-000004 base2025-05-15acceptance time not in the bulk data set