FIRST SABREPOINT CAPITAL MANAGEMENT LP
Follow13F filer, CIK 1731530, DALLAS, TX
FIRST SABREPOINT CAPITAL MANAGEMENT LP reported $280,629,354 across 35 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 73.35% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001731530-25-000006
- Period
- 2025-06-30
- Reported value
- $281M
- Holdings
- 35
- Top 10 weight
- 73.35%
- New
- 11
- Sold out
- 13
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| HASnew | +205,000 | $15.1M |
| BTIadded | +165,000 | $7.81M |
| CVCOadded | +15,000 | $6.52M |
| BLnew | +100,000 | $5.66M |
| AMRZnew | +100,000 | $4.96M |
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
| Security | Shares change | Approx. value |
|---|---|---|
| PMexited | -100,000 | -$15.9M |
| EEFTexited | -90,000 | -$9.62M |
| GOGOreduced | -480,000 | -$7.05M |
| GRBKreduced | -99,799 | -$6.28M |
| STRLreduced | -22,500 | -$5.19M |
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 0001731530-25-000006, largest first. % of portfolio is the value over $233,676,295, the sum of the share positions whose value is usable for ratios (method).
| Security | History | Shares | Value | % of portfolio | Change | Latest event | Timeline |
|---|---|---|---|---|---|---|---|
| TPBTURNING PT BRANDS INC | 400,000 | $30.3M | 12.97% | +23,200 | Timeline | ||
| FCFSFIRSTCASH HOLDINGS INC | 200,000 | $27M | 11.57% | +34,999 | Timeline | ||
| LAURLAUREATE ED INC | 900,000 | $21M | 9% | -15,000 | Timeline | ||
| MSFTMICROSOFT CORP | 35,000 | $17.4M | 7.45% | 0 | Timeline | ||
| BTIBRITISH AMERN TOB PLC | 350,000 | $16.6M | 7.09% | +165,000 | Timeline | ||
| HASHASBRO INC | 205,000 | $15.1M | 6.48% | new | Timeline | ||
| CVCOCAVCO INDS INC DEL | 30,000 | $13M | 5.58% | +15,000 | Timeline | ||
| STRLSTERLING INFRASTRUCTURE INC | 50,000 | $11.5M | 4.94% | -22,500 | Timeline | ||
| MAAMID-AMER APT CMNTYS INC | 75,000 | $11.1M | 4.75% | -20,000 | Timeline | ||
| WDWALKER & DUNLOP INC | 117,000 | $8.25M | 3.53% | +21,932 | Timeline | ||
| LOPEGRAND CANYON ED INC | 40,000 | $7.56M | 3.24% | -20,000 | Timeline | ||
| CPTCAMDEN PPTY TR | 65,000 | $7.32M | 3.13% | -10,000 | Timeline | ||
| EGYVAALCO ENERGY INC | 2,000,000 | $7.22M | 3.09% | 0 | Timeline | ||
| AZOAUTOZONE INC | 1,850 | $6.87M | 2.94% | 0 | Timeline | ||
| BLBLACKLINE INC | 100,000 | $5.66M | 2.42% | new | Timeline | ||
| PGNYPROGYNY INC | 230,000 | $5.06M | 2.17% | -130,000 | Timeline | ||
| GRBKGREEN BRICK PARTNERS INC | 79,679 | $5.01M | 2.14% | -99,799 | Timeline | ||
| AMRZAMRIZE LTD | 100,000 | $4.96M | 2.12% | new | Timeline | ||
| AESIATLAS ENERGY SOLUTIONS INC | 350,000 | $4.68M | 2% | -25,000 | Timeline | ||
| NVRNVR INC | 370 | $2.73M | 1.17% | -60 | Timeline | ||
| BLDTOPBUILD COR | 8,000 | $2.59M | 1.11% | -10,000 | Timeline | ||
| GOGOGOGO INC | 170,000 | $2.5M | 1.07% | -480,000 | Timeline | ||
| BBWBUILD-A-BEAR WORKSHOP INC | 2,262 | $117K | 0.05% | new | Timeline |
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).
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| TURNING PT BRANDS INCTURNING PT BRANDS INC CALL | call | 447,700 | $33.9M | +176,100 |
| HASBRO INCHASBRO INC COM | call | 50,000 | $3.69M | new |
| AEVA TECHNOLOGIES INCAEVA TECHNOLOGIES INC COM NEW | put | 65,000 | $2.46M | new |
| DUOLINGO INCDUOLINGO INC PUT | put | 4,000 | $1.64M | new |
| MODINE MFG COMODINE MFG CO PUT | put | 16,000 | $1.58M | -4,000 |
| AST SPACEMOBILE INCAST SPACEMOBILE INC CALL | put | 20,000 | $935K | -34,000 |
| NEW FORTRESS ENERGY INCNEW FORTRESS ENERGY INC COM CL A | put | 260,000 | $863K | -125,000 |
| BYRNA TECHNOLOGIES INCBYRNA TECHNOLOGIES INC COM NEW | put | 17,500 | $540K | new |
| IONQ INCIONQ INC COM | put | 10,000 | $430K | new |
| QUANTUM COMPUTING INCQUANTUM COMPUTING INC PUT | put | 20,000 | $383K | new |
| RIGETTI COMPUTING INCRIGETTI COMPUTING INC COMMON STOCK | put | 25,000 | $296K | -541,280 |
| D-WAVE QUANTUM INCD-WAVE QUANTUM INC COM | put | 15,000 | $220K | new |
Sold out in Q2 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| PMPHILIP MORRIS INTL INC | 100,000 | $15.9M | shares |
| EEFTEURONET WORLDWIDE INC | 90,000 | $9.62M | shares |
| WDAYWORKDAY INC | 21,500 | $5.02M | shares |
| TFINTRIUMPH FINANCIAL INC | 80,000 | $4.62M | shares |
| BRINKER INTL INCBRINKER INTL INC | 25,000 | $3.73M | put |
| NVGSNAVIGATOR HLDGS LTD | 246,204 | $3.28M | shares |
| POWELL INDS INCPOWELL INDS INC | 15,000 | $2.55M | put |
| CIENCIENA CORP | 40,000 | $2.42M | shares |
| IMXIINTERNATIONAL MONEY EXPRESS | 154,599 | $1.95M | shares |
| GOGO INCGOGO INC | 160,000 | $1.38M | call |
| OABIOMNIAB INC | 410,000 | $984K | shares |
| ARCHER AVIATION INCARCHER AVIATION INC | 50,000 | $356K | put |
| SOUNDHOUND AI INCSOUNDHOUND AI INC | 20,000 | $162K | put |
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).
| Filing | Role | Amendment | Filed | Accepted | Ingested |
|---|---|---|---|---|---|
| 13F-HR 0001731530-25-000006 | base | 2025-08-14 | acceptance time not in the bulk data set |