FIRST SABREPOINT CAPITAL MANAGEMENT LP
Follow13F filer, CIK 1731530, DALLAS, TX
FIRST SABREPOINT CAPITAL MANAGEMENT LP reported $315,925,189 across 37 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 80.48% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001731530-25-000007
- Period
- 2025-09-30
- Reported value
- $316M
- Holdings
- 37
- Top 10 weight
- 80.48%
- New
- 13
- Sold out
- 11
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| AMRZadded | +170,000 | $8.25M |
| CVCOadded | +5,000 | $2.9M |
| OPRAnew | +130,000 | $2.68M |
| PGNYadded | +120,000 | $2.58M |
| WDadded | +3,000 | $251K |
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 |
|---|---|---|
| CPTexited | -65,000 | -$7.32M |
| BLexited | -100,000 | -$5.66M |
| HASreduced | -65,000 | -$4.93M |
| AESIexited | -350,000 | -$4.68M |
| LAURreduced | -100,000 | -$3.15M |
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 0001731530-25-000007, largest first. % of portfolio is the value over $247,749,634, 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 | $39.5M | 15.96% | 0 | Timeline | ||
| FCFSFIRSTCASH HOLDINGS INC | 200,000 | $31.7M | 12.79% | 0 | Timeline | ||
| LAURLAUREATE ED INC | 800,000 | $25.2M | 10.18% | -100,000 | Timeline | ||
| CVCOCAVCO INDS INC DEL | 35,000 | $20.3M | 8.2% | +5,000 | Timeline | ||
| MSFTMICROSOFT CORP | 35,000 | $18.1M | 7.32% | 0 | Timeline | ||
| BTIBRITISH AMERN TOB PLC | 310,000 | $16.5M | 6.64% | -40,000 | Timeline | ||
| STRLSTERLING INFRASTRUCTURE INC | 42,000 | $14.3M | 5.76% | -8,000 | Timeline | ||
| AMRZAMRIZE LTD | 270,000 | $13.1M | 5.29% | +170,000 | Timeline | ||
| HASHASBRO INC | 140,000 | $10.6M | 4.29% | -65,000 | Timeline | ||
| WDWALKER & DUNLOP INC | 120,000 | $10M | 4.05% | +3,000 | Timeline | ||
| AZOAUTOZONE INC | 1,850 | $7.94M | 3.2% | 0 | Timeline | ||
| MAAMID-AMER APT CMNTYS INC | 55,000 | $7.69M | 3.1% | -20,000 | Timeline | ||
| EGYVAALCO ENERGY INC | 1,900,000 | $7.64M | 3.08% | -100,000 | Timeline | ||
| PGNYPROGYNY INC | 350,000 | $7.53M | 3.04% | +120,000 | Timeline | ||
| LOPEGRAND CANYON ED INC | 30,000 | $6.59M | 2.66% | -10,000 | Timeline | ||
| GRBKGREEN BRICK PARTNERS INC | 70,000 | $5.17M | 2.09% | -9,679 | Timeline | ||
| BLDTOPBUILD COR | 8,000 | $3.13M | 1.26% | 0 | Timeline | ||
| OPRAOPERA LTD | 130,000 | $2.68M | 1.08% | 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 | 207,300 | $20.5M | -240,400 |
| CARVANA COCARVANA CO CALL | put | 15,000 | $5.66M | new |
| JOBY AVIATION INCJOBY AVIATION INC COMMON STOCK | put | 255,000 | $4.12M | new |
| IONQ INCIONQ INC COM | put | 65,000 | $4M | +55,000 |
| SOLAREDGE TECHNOLOGIES INCSOLAREDGE TECHNOLOGIES INC PUT | put | 105,000 | $3.88M | new |
| QUANTUMSCAPE CORPQUANTUMSCAPE CORP PUT | put | 315,000 | $3.88M | new |
| PALANTIR TECHNOLOGIES INCPALANTIR TECHNOLOGIES INC PUT | put | 20,000 | $3.65M | new |
| RIGETTI COMPUTING INCRIGETTI COMPUTING INC COMMON STOCK | put | 110,000 | $3.28M | +85,000 |
| UNUSUAL MACHS INCUNUSUAL MACHS INC COM SHS | put | 215,000 | $3.25M | new |
| AST SPACEMOBILE INCAST SPACEMOBILE INC CALL | put | 59,000 | $2.9M | +39,000 |
| AEROVIRONMENT INCAEROVIRONMENT INC COM | put | 8,500 | $2.68M | new |
| D-WAVE QUANTUM INCD-WAVE QUANTUM INC COM | put | 90,000 | $2.22M | +75,000 |
| AMPRIUS TECHNOLOGIES INCAMPRIUS TECHNOLOGIES INC PUT | put | 180,600 | $1.9M | new |
| DIGITAL RLTY TR INCDIGITAL RLTY TR INC COM | put | 10,000 | $1.73M | new |
| VIASAT INCVIASAT INC PUT | put | 51,000 | $1.49M | new |
| BIGBEAR AI HLDGS INCBIGBEAR AI HLDGS INC PUT | put | 210,000 | $1.37M | new |
| WINGSTOP INCWINGSTOP INC PUT | put | 3,500 | $881K | new |
| AEVA TECHNOLOGIES INCAEVA TECHNOLOGIES INC COM NEW | put | 30,000 | $435K | -35,000 |
| QUANTUM COMPUTING INCQUANTUM COMPUTING INC PUT | put | 20,000 | $368K | 0 |
Sold out in Q3 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| CPTCAMDEN PPTY TR | 65,000 | $7.32M | shares |
| BLBLACKLINE INC | 100,000 | $5.66M | shares |
| AESIATLAS ENERGY SOLUTIONS INC | 350,000 | $4.68M | shares |
| HASBRO INCHASBRO INC | 50,000 | $3.69M | call |
| NVRNVR INC | 370 | $2.73M | shares |
| GOGOGOGO INC | 170,000 | $2.5M | shares |
| DUOLINGO INCDUOLINGO INC | 4,000 | $1.64M | put |
| MODINE MFG COMODINE MFG CO | 16,000 | $1.58M | put |
| NEW FORTRESS ENERGY INCNEW FORTRESS ENERGY INC | 260,000 | $863K | put |
| BYRNA TECHNOLOGIES INCBYRNA TECHNOLOGIES INC | 17,500 | $540K | put |
| BBWBUILD-A-BEAR WORKSHOP INC | 2,262 | $117K | shares |
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).
| Filing | Role | Amendment | Filed | Accepted | Ingested |
|---|---|---|---|---|---|
| 13F-HR 0001731530-25-000007 | base | 2025-11-14 | acceptance time not in the bulk data set |