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Madison Avenue Partners, LP

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13F filer, CIK 1801265, NEW YORK, NY

Madison Avenue Partners, LP reported $2,327,585,399 across 23 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 83.2% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001801265-26-000002

Period
2025-12-31
Reported value
$2.33B
Holdings
23
Top 10 weight
83.2%
New
9
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
INDVnew+6,280,502$225M
SOLSnew+2,782,460$135M
MOHnew+633,877$110M
MICCnew+6,429,296$102M
UNFnew+303,844$58.6M

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
INDIVIOR PLCexited-6,463,585-$156M
SNDKreduced-628,349-$149M
NWSAexited-1,453,322-$44.6M
KROSreduced-1,884,511-$38.4M
AIVexited-3,617,314-$28.7M

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 0001801265-26-000002, largest first. % of portfolio is the value over $2,327,585,399, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SNDKSANDISK 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: 3,571,109 shares; 2025Q3: 2,062,521 shares; 2025Q4: 1,434,172 shares 1,434,172$340M14.63%-628,349Timeline
GHCGRAHAM HLDGS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 235,271 shares; 2024Q4: 235,271 shares; 2025Q1: 245,271 shares; 2025Q2: 245,271 shares; 2025Q3: 245,829 shares; 2025Q4: 245,829 shares 245,829$270M11.6%0Timeline
GMEDGLOBUS MED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,137,050 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,712,148 shares; 2025Q3: 2,548,163 shares; 2025Q4: 2,624,751 shares 2,624,751$229M9.85%+76,588Timeline
INDVINDIVIOR PHARMACEUTICALS 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: 6,280,502 shares 6,280,502$225M9.68%newTimeline
MKLMARKEL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 91,357 shares; 2025Q2: 84,310 shares; 2025Q3: 84,310 shares; 2025Q4: 87,889 shares 87,889$189M8.12%+3,579Timeline
TBPHTHERAVANCE BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,511,150 shares; 2024Q4: 9,511,150 shares; 2025Q1: 9,511,150 shares; 2025Q2: 9,511,150 shares; 2025Q3: 9,511,150 shares; 2025Q4: 9,511,150 shares 9,511,150$178M7.65%0Timeline
SOLVSOLVENTUM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,827,672 shares; 2024Q4: 2,827,672 shares; 2025Q1: 2,813,017 shares; 2025Q2: 2,244,344 shares; 2025Q3: 1,988,376 shares; 2025Q4: 1,988,058 shares 1,988,058$158M6.77%-318Timeline
SOLSSOLSTICE ADVANCED MATLS 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: 2,782,460 shares 2,782,460$135M5.81%newTimeline
MOHMOLINA HEALTHCARE 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: 633,877 shares 633,877$110M4.73%newTimeline
MICCMAGNUM ICE CREAM CO NVQuarterly 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: 6,429,296 shares 6,429,296$102M4.38%newTimeline
LKFTLAKEFRONT BIOTHERAPEUTICS NVQuarterly 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: 1,877,011 shares; 2025Q3: 2,195,775 shares; 2025Q4: 2,213,169 shares 2,213,169$72.4M3.11%+17,394Timeline
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: not reported; 2025Q2: not reported; 2025Q3: 1,223,767 shares; 2025Q4: 1,223,767 shares 1,223,767$69.3M2.98%0Timeline
UNFUNIFIRST CORP MASSQuarterly 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: 303,844 shares 303,844$58.6M2.52%newTimeline
STGWSTAGWELL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,147,662 shares; 2024Q4: 7,147,662 shares; 2025Q1: 7,147,662 shares; 2025Q2: 8,014,322 shares; 2025Q3: 8,014,322 shares; 2025Q4: 8,014,322 shares 8,014,322$39.2M1.68%0Timeline
WLYWILEY JOHN & SONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,290,206 shares; 2024Q4: 2,096,793 shares; 2025Q1: 2,208,066 shares; 2025Q2: 2,052,696 shares; 2025Q3: 1,170,624 shares; 2025Q4: 1,147,258 shares 1,147,258$35.1M1.51%-23,366Timeline
MAGNMAGNERA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,406,293 shares; 2025Q1: 3,344,005 shares; 2025Q2: 3,344,005 shares; 2025Q3: 2,832,281 shares; 2025Q4: 1,780,649 shares 1,780,649$27M1.16%-1,051,632Timeline
TPBTURNING PT BRANDS 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: 247,723 shares 247,723$26.9M1.15%newTimeline
CBCCENTRAL BANCOMPANYQuarterly 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: 993,879 shares 993,879$24M1.03%newTimeline
KROSKEROS THERAPEUTICS 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: 2,691,465 shares; 2025Q3: 2,708,218 shares; 2025Q4: 823,707 shares 823,707$16.8M0.72%-1,884,511Timeline
SBGISINCLAIR 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: 909,653 shares 909,653$13.9M0.6%newTimeline
WKWORKIVA 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: 59,946 shares 59,946$5.17M0.22%newTimeline
FSPFRANKLIN STR PPTYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,291,443 shares; 2024Q4: 2,733,418 shares; 2025Q1: 2,733,418 shares; 2025Q2: 2,580,357 shares; 2025Q3: 2,580,357 shares; 2025Q4: 2,253,389 shares 2,253,389$2.13M0.09%-326,968Timeline
SNSHARKNINJA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,152 shares; 2024Q4: 6,152 shares; 2025Q1: 6,152 shares; 2025Q2: 6,152 shares; 2025Q3: 6,152 shares; 2025Q4: 6,152 shares 6,152$688K0.03%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
INDIVIOR PLCINDIVIOR PLC6,463,585$156Mshares
NWSANEWS CORP NEW1,453,322$44.6Mshares
AIVAPARTMENT INVT & MGMT CO3,617,314$28.7Mshares
CTRICENTURI HOLDINGS INC693,136$14.7Mshares
NNINELNET INC31,535$3.95Mshares
ALMSALUMIS INC417,777$1.67Mshares

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 0001801265-26-000002 base2026-02-17acceptance time not in the bulk data set