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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 $259,146,737 across 29 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 70.71% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001731530-26-000002

Period
2025-12-31
Reported value
$259M
Holdings
29
Top 10 weight
70.71%
New
10
Sold out
18

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CVSAnew+135,000$14M
AGMnew+44,500$7.81M
NPKInew+650,000$7.75M
EEFTnew+101,155$7.7M
TFINnew+89,692$5.62M

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
LAURreduced-300,000-$10.1M
BTIreduced-160,000-$9.06M
MAAexited-55,000-$7.69M
WDreduced-90,000-$5.41M
GRBKexited-70,000-$5.17M

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 0001731530-26-000002, largest first. % of portfolio is the value over $243,191,803, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 174,203 shares; 2024Q4: 280,000 shares; 2025Q1: 376,800 shares; 2025Q2: 400,000 shares; 2025Q3: 400,000 shares; 2025Q4: 400,000 shares 400,000$43.4M17.83%0Timeline
FCFSFIRSTCASH HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,000 shares; 2024Q4: 138,915 shares; 2025Q1: 165,001 shares; 2025Q2: 200,000 shares; 2025Q3: 200,000 shares; 2025Q4: 195,000 shares 195,000$31.1M12.78%-5,000Timeline
LAURLAUREATE ED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,075,000 shares; 2025Q1: 915,000 shares; 2025Q2: 900,000 shares; 2025Q3: 800,000 shares; 2025Q4: 500,000 shares 500,000$16.8M6.92%-300,000Timeline
CVCOCAVCO INDS INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,750 shares; 2024Q4: 12,750 shares; 2025Q1: 15,000 shares; 2025Q2: 30,000 shares; 2025Q3: 35,000 shares; 2025Q4: 27,000 shares 27,000$15.9M6.56%-8,000Timeline
CVSACOVISTA 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: not reported; 2025Q3: not reported; 2025Q4: 135,000 shares 135,000$14M5.74%newTimeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,000 shares; 2024Q4: 35,000 shares; 2025Q1: 35,000 shares; 2025Q2: 35,000 shares; 2025Q3: 35,000 shares; 2025Q4: 25,000 shares 25,000$12.1M4.97%-10,000Timeline
AMRZAMRIZE 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: 100,000 shares; 2025Q3: 270,000 shares; 2025Q4: 200,000 shares 200,000$10.8M4.45%-70,000Timeline
AZOAUTOZONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,850 shares; 2024Q4: 1,850 shares; 2025Q1: 1,850 shares; 2025Q2: 1,850 shares; 2025Q3: 1,850 shares; 2025Q4: 3,000 shares 3,000$10.2M4.18%+1,150Timeline
STRLSTERLING INFRASTRUCTURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,000 shares; 2024Q4: 70,000 shares; 2025Q1: 72,500 shares; 2025Q2: 50,000 shares; 2025Q3: 42,000 shares; 2025Q4: 30,000 shares 30,000$9.19M3.78%-12,000Timeline
BTIBRITISH AMERN TOB PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 185,000 shares; 2025Q2: 350,000 shares; 2025Q3: 310,000 shares; 2025Q4: 150,000 shares 150,000$8.49M3.49%-160,000Timeline
LOPEGRAND CANYON ED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,850 shares; 2024Q4: 75,000 shares; 2025Q1: 60,000 shares; 2025Q2: 40,000 shares; 2025Q3: 30,000 shares; 2025Q4: 50,000 shares 50,000$8.32M3.42%+20,000Timeline
AGMFEDERAL AGRIC MTG CORPQuarterly 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: 44,500 shares 44,500$7.81M3.21%newTimeline
HASHASBRO 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: 205,000 shares; 2025Q3: 140,000 shares; 2025Q4: 94,765 shares 94,765$7.77M3.2%-45,235Timeline
NPKINPK INTERNATIONAL 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: not reported; 2025Q3: not reported; 2025Q4: 650,000 shares 650,000$7.75M3.19%newTimeline
EEFTEURONET WORLDWIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,768 shares; 2024Q4: 100,000 shares; 2025Q1: 90,000 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 101,155 shares 101,155$7.7M3.17%newTimeline
PGNYPROGYNY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 560,000 shares; 2025Q1: 360,000 shares; 2025Q2: 230,000 shares; 2025Q3: 350,000 shares; 2025Q4: 250,000 shares 250,000$6.42M2.64%-100,000Timeline
TFINTRIUMPH FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 67,488 shares; 2025Q1: 80,000 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 89,692 shares 89,692$5.62M2.31%newTimeline
EGYVAALCO ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,450,000 shares; 2024Q4: 1,950,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 1,900,000 shares; 2025Q4: 1,510,000 shares 1,510,000$5.5M2.26%-390,000Timeline
GBFHGBANK FINL HLDGS 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: not reported; 2025Q3: not reported; 2025Q4: 110,000 shares 110,000$3.73M1.53%newTimeline
BLDTOPBUILD CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,200 shares; 2024Q4: 25,000 shares; 2025Q1: 18,000 shares; 2025Q2: 8,000 shares; 2025Q3: 8,000 shares; 2025Q4: 8,000 shares 8,000$3.34M1.37%0Timeline
BTUPEABODY ENGR CORPQuarterly 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: 100,000 shares 100,000$2.97M1.22%newTimeline
WDWALKER & DUNLOP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 150,000 shares; 2024Q4: 92,058 shares; 2025Q1: 95,068 shares; 2025Q2: 117,000 shares; 2025Q3: 120,000 shares; 2025Q4: 30,000 shares 30,000$1.8M0.74%-90,000Timeline
COOKTRAEGER INC COMQuarterly 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: 1,219,575 shares 1,219,575$1.32M0.54%newTimeline
THTARGET HOSPITALITY CORPQuarterly 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: 150,000 shares 150,000$1.2M0.49%newTimeline

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 CALLcall87,000$9.43M-120,300
EURONET WORLDWIDE INCEURONET WORLDWIDE INC COMcall30,000$2.28Mnew
AST SPACEMOBILE INCAST SPACEMOBILE INC CALLput30,000$2.18M-29,000
AMPRIUS TECHNOLOGIES INCAMPRIUS TECHNOLOGIES INC PUTput180,600$1.42M0
UNUSUAL MACHS INCUNUSUAL MACHS INC COM SHSput50,000$637K-165,000

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MAAMID-AMER APT CMNTYS INC55,000$7.69Mshares
CARVANA COCARVANA CO15,000$5.66Mput
GRBKGREEN BRICK PARTNERS INC70,000$5.17Mshares
JOBY AVIATION INCJOBY AVIATION INC255,000$4.12Mput
IONQ INCIONQ INC65,000$4Mput
SOLAREDGE TECHNOLOGIES INCSOLAREDGE TECHNOLOGIES INC105,000$3.88Mput
QUANTUMSCAPE CORPQUANTUMSCAPE CORP315,000$3.88Mput
PALANTIR TECHNOLOGIES INCPALANTIR TECHNOLOGIES INC20,000$3.65Mput
RIGETTI COMPUTING INCRIGETTI COMPUTING INC110,000$3.28Mput
OPRAOPERA LTD130,000$2.68Mshares
AEROVIRONMENT INCAEROVIRONMENT INC8,500$2.68Mput
D-WAVE QUANTUM INCD-WAVE QUANTUM INC90,000$2.22Mput
DIGITAL RLTY TR INCDIGITAL RLTY TR INC10,000$1.73Mput
VIASAT INCVIASAT INC51,000$1.49Mput
BIGBEAR AI HLDGS INCBIGBEAR AI HLDGS INC210,000$1.37Mput
WINGSTOP INCWINGSTOP INC3,500$881Kput
AEVA TECHNOLOGIES INCAEVA TECHNOLOGIES INC30,000$435Kput
QUANTUM COMPUTING INCQUANTUM COMPUTING INC20,000$368Kput

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 0001731530-26-000002 base2026-02-13acceptance time not in the bulk data set