First Sabrepoint Capital Management LP In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), First Sabrepoint Capital Management LP reported 20 stock positions worth $234.0 million . Its top holding was Turning Point Brands (TPB) at 17.4% of the portfolio, followed by Firstcash (FCFS, 15.9% ) and Sterling Infrastructure (STRL, 7.2% ). Compared with Q1 2026, it opened 3 new positions, sold out of 10, added to 9 and reduced 5. The biggest buy was Vaalco Energy (EGY, shares +136% ) and the biggest sale an exit from Grand Canyon Education (LOPE).
Location DALLAS, TX
CIK 0001731530
Portfolio Value $234.0M (Q2 2026) Holdings 20 stocks · $234.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 TPB Turning Point Brands Inc. 480,000 $40.7M Add +20.0% FCFS Firstcash Holdings Inc. 172,103 $37.2M Reduce -2.9% STRL Sterling Infrastructure Inc. 20,000 $16.8M No change EGY Vaalco Energy Inc. 3,300,000 $16.8M Add +135.7% TFIN Triumph Financial Inc. 155,000 $11.8M Add +40.1% CVCO Cavco Industries Inc. 18,500 $11.4M Reduce -44.0% AMRZ Amrize Ltd. 200,000 $10.7M Add +6.4% UCTT Ultra Clean Holdings Inc. 70,000 $10.0M Reduce -44.0% BTI British American Tob-SP ADR 160,000 $9.9M Add +6.7% NPKI NPK International Inc. 600,000 $9.5M Add +9.1% LAUR Laureate Education Inc. 248,640 $9.0M Add +0.3% MTDR Matador Resources Co. 180,000 $9.0M Add +33.3% TH Target Hospitality Corp. 420,000 $8.6M Reduce -30.2% BBW Build-A-Bear Workshop Inc. 210,645 $6.4M Add +11.9% SFM Sprouts Farmers Market Inc. 65,000 $5.5M No change RUSHA Rush Enterprises Inc. Class A 75,000 $5.5M New LWAY Lifeway Foods Inc. 170,000 $5.1M New AZO AutoZone Inc. 1,500 $4.8M Reduce -40.0% BOOT Boot Barn Holdings Inc. 20,000 $3.3M New KOS Kosmos Energy Ltd. 1,000,000 $2.1M No change
Options reported separately and not counted above: TURNING PT BRANDS INC calls ($33.1M), UNITED STS BRENT OIL FD LP calls ($18.3M), TRIUMPH FINANCIAL INC calls ($7.6M), FIRSTCASH HOLDINGS INC calls ($6.3M), ALASKA AIR GROUP INC puts ($2.6M), UNITED STS OIL FD LP calls ($1.9M), PROSHARES TR II puts ($274K).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ LOPE Grand Canyon Education Inc. Sold out 0.00% −4.03 CVSA Covista Inc. Sold out 0.00% −3.77 BTU Peabody Energy Corp. Sold out 0.00% −3.37 ICHR Ichor Holdings Ltd. Sold out 0.00% −3.24 ENTG Entegris Inc. Sold out 0.00% −2.64 VSNT Versant Media Group Inc. Sold out 0.00% −2.27 CVCO Cavco Industries Inc. Reduce -44.0% 4.86% −1.68 AZO AutoZone Inc. Reduce -40.0% 2.05% −1.40 PARR Par Pacific Holdings Inc. Sold out 0.00% −1.28 BLD Topbuild Corp. Sold out 0.00% −1.15 COLD Americold Realty Trust Inc. Sold out 0.00% −0.80 GBFH Gbank Financial Holdings Inc. Sold out 0.00% −0.31 UCTT Ultra Clean Holdings Inc. Reduce -44.0% 4.27% +1.09 TH Target Hospitality Corp. Reduce -30.2% 3.65% +1.37 FCFS Firstcash Holdings Inc. Reduce -2.9% 15.91% +2.30
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ EGY Vaalco Energy Inc. Add +135.7% 7.16% +3.54 TPB Turning Point Brands Inc. Add +20.0% 17.40% +3.21 TFIN Triumph Financial Inc. Add +40.1% 5.06% +2.36 RUSHA Rush Enterprises Inc. Class A New 2.34% +2.34 LWAY Lifeway Foods Inc. New 2.17% +2.17 BOOT Boot Barn Holdings Inc. New 1.40% +1.40 NPKI NPK International Inc. Add +9.1% 4.08% +0.82 BTI British American Tob-SP ADR Add +6.7% 4.22% +0.64 MTDR Matador Resources Co. Add +33.3% 3.83% +0.34 LAUR Laureate Education Inc. Add +0.3% 3.86% +0.33 AMRZ Amrize Ltd. Add +6.4% 4.56% +0.25 BBW Build-A-Bear Workshop Inc. Add +11.9% 2.76% −0.13
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ TURNING PT BRANDS INC call Add +10.5% 389,800 $33.1M UNITED STS BRENT OIL FD LP call New 450,000 $18.3M TRIUMPH FINANCIAL INC call New 100,000 $7.6M FIRSTCASH HOLDINGS INC call New 29,300 $6.3M ALASKA AIR GROUP INC put New 50,000 $2.6M UNITED STS OIL FD LP call New 17,400 $1.9M PROSHARES TR II put Sold out 20,000 $322Kbefore exit PROSHARES TR II put New 10,000 $274K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 20 $234.0M TPB, FCFS, STRL, EGY, TFIN Q1 2026 27 $244.6M TPB, FCFS, CVCO, AMRZ, LOPE Q4 2025 24 $243.2M TPB, FCFS, LAUR, CVCO, CVSA Q3 2025 18 $247.7M TPB, FCFS, LAUR, CVCO, MSFT Q2 2025 23 $233.7M TPB, FCFS, LAUR, MSFT, BTI Q1 2025 27 $239.1M TPB, FCFS, LAUR, MAA, PM Q4 2024 32 $267.1M LAUR, TPB, MSFT, FCFS, MAA Q3 2024 29 $259.4M FCFS, VST, WD, LAUR, MAA Q2 2024 27 $236.5M MAA, LAUR, FCFS, MSFT, TFIN Q1 2024 26 $224.6M AESI, CRH, WSC, MSFT, FCFS