First Sabrepoint Capital Management LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), First Sabrepoint Capital Management LP reported 27 stock positions worth $239.1 million . Its top holding was Turning Point Brands (TPB) at 9.4% of the portfolio, followed by Firstcash (FCFS, 8.3% ) and Laureate Education (LAUR, 7.8% ). Compared with Q4 2024, it opened 2 new positions, sold out of 7, added to 13 and reduced 9. The biggest buy was a new position in British American Tob-SP ADR (BTI) and the biggest sale an exit from Vistra (VST).
Location DALLAS, TX
CIK 0001731530
Portfolio Value $239.1M (Q1 2025) Holdings 27 stocks · $239.1M 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 Q4 2024 TPB Turning Point Brands Inc. 376,800 $22.4M Add +34.6% FCFS Firstcash Holdings Inc. 165,001 $19.9M Add +18.8% LAUR Laureate Education Inc. 915,000 $18.7M Reduce -14.9% MAA Mid-America Apartment Comm 95,000 $15.9M Add +11.8% PM Philip Morris International 100,000 $15.9M No change MSFT Microsoft Corp. 35,000 $13.1M No change GRBK Green Brick Partners Inc. 179,478 $10.5M Add +33.0% LOPE Grand Canyon Education Inc. 60,000 $10.4M Reduce -20.0% EEFT Euronet Worldwide Inc. 90,000 $9.6M Reduce -10.0% CPT Camden Property Trust 75,000 $9.2M Add +15.4% STRL Sterling Infrastructure Inc. 72,500 $8.2M Add +3.6% WD Walker & Dunlop Inc. 95,068 $8.1M Add +3.3% PGNY Progyny Inc. 360,000 $8.0M Reduce -35.7% CVCO Cavco Industries Inc. 15,000 $7.8M Add +17.6% BTI British American Tob-SP ADR 185,000 $7.7M New EGY Vaalco Energy Inc. 2,000,000 $7.5M Add +2.6% AZO AutoZone Inc. 1,850 $7.1M No change AESI Atlas Energy Solutions Inc. 375,000 $6.7M Add +7.1% GOGO Gogo Inc. 650,000 $5.6M Add +100.0% BLD Topbuild Corp. 18,000 $5.5M Reduce -28.0% WDAY Workday Inc. Class A 21,500 $5.0M New TFIN Triumph Financial Inc. 80,000 $4.6M Add +18.5% NVGS Navigator Holdings Ltd. 246,204 $3.3M Reduce -63.9% NVR NVR Inc. 430 $3.1M Reduce -38.6% CIEN Ciena Corp. 40,000 $2.4M Reduce -53.0% IMXI International Money Express 154,599 $2.0M Add +3.9% OABI Omniab Inc. 410,000 $984K Reduce -71.9%
Options reported separately and not counted above: TURNING PT BRANDS INC calls ($16.1M), BRINKER INTL INC puts ($3.7M), NEW FORTRESS ENERGY INC puts ($3.2M), POWELL INDS INC puts ($2.6M), MODINE MFG CO puts ($1.5M), GOGO INC calls ($1.4M), AST SPACEMOBILE INC puts ($1.2M), ARCHER AVIATION INC puts ($356K), SOUNDHOUND AI INC puts ($162K), RIGETTI COMPUTING INC puts ($72K).
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ VST Vistra Corp. Sold out 0.00% −3.36 TLN Talen Energy Corp. Sold out 0.00% −2.64 NVGS Navigator Holdings Ltd. Reduce -63.9% 1.37% −2.55 CIEN Ciena Corp. Reduce -53.0% 1.01% −1.69 WSC Willscot Holdings Corp. Sold out 0.00% −1.69 OABI Omniab Inc. Reduce -71.9% 0.41% −1.52 TPR Tapestry Inc. Sold out 0.00% −1.22 DHI D.R. Horton Inc. Sold out 0.00% −1.04 PHM Pultegroup Inc. Sold out 0.00% −1.02 MTH Meritage Homes Corp. Sold out 0.00% −1.01 NVR NVR Inc. Reduce -38.6% 1.30% −0.84 BLD Topbuild Corp. Reduce -28.0% 2.30% −0.62 LOPE Grand Canyon Education Inc. Reduce -20.0% 4.34% −0.26 PGNY Progyny Inc. Reduce -35.7% 3.36% −0.25 EEFT Euronet Worldwide Inc. Reduce -10.0% 4.02% +0.17 LAUR Laureate Education Inc. Reduce -14.9% 7.83% +0.46
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ BTI British American Tob-SP ADR New 3.20% +3.20 TPB Turning Point Brands Inc. Add +34.6% 9.37% +3.07 FCFS Firstcash Holdings Inc. Add +18.8% 8.30% +2.92 WDAY Workday Inc. Class A New 2.10% +2.10 MAA Mid-America Apartment Comm Add +11.8% 6.66% +1.74 GRBK Green Brick Partners Inc. Add +33.0% 4.38% +1.52 GOGO Gogo Inc. Add +100.0% 2.34% +1.36 CVCO Cavco Industries Inc. Add +17.6% 3.26% +1.13 CPT Camden Property Trust Add +15.4% 3.84% +1.01 WD Walker & Dunlop Inc. Add +3.3% 3.39% +0.04 EGY Vaalco Energy Inc. Add +2.6% 3.15% −0.05 AESI Atlas Energy Solutions Inc. Add +7.1% 2.80% −0.11 IMXI International Money Express Add +3.9% 0.82% −0.34 TFIN Triumph Financial Inc. Add +18.5% 1.93% −0.36 STRL Sterling Infrastructure Inc. Add +3.6% 3.43% −0.98
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ FIRSTCASH HOLDINGS INC call Sold out 219,900 $22.8Mbefore exit TURNING PT BRANDS INC call Add +58.0% 271,600 $16.1M HARROW INC put Sold out 180,000 $6.0Mbefore exit IRON MTN INC DEL put Sold out 48,000 $5.0Mbefore exit GOOSEHEAD INS INC put Sold out 48,100 $4.9Mbefore exit JOBY AVIATION INC put Sold out 450,000 $3.7Mbefore exit RED CAT HLDGS INC put Sold out 260,000 $3.3Mbefore exit POWELL INDS INC put Reduce -25.0% 15,000 $2.6M HA SUSTAINABLE INFRA CAP INC put Sold out 95,000 $2.5Mbefore exit PROCEPT BIOROBOTICS CORP put Sold out 25,000 $2.0Mbefore exit WILLSCOT HLDGS CORP call Sold out 50,000 $1.7Mbefore exit WESTROCK COFFEE CO put Sold out 258,400 $1.7Mbefore exit MODINE MFG CO put Reduce -75.0% 20,000 $1.5M INARI MED INC put Sold out 30,000 $1.5Mbefore exit GOGO INC call New 160,000 $1.4M VITAL FARMS INC put Sold out 35,000 $1.3Mbefore exit AST SPACEMOBILE INC put Add +285.7% 54,000 $1.2M OMEROS CORP put Sold out 120,600 $1.2Mbefore exit IONQ INC put Sold out 25,000 $1.0Mbefore exit NUSCALE PWR CORP put Sold out 40,000 $717Kbefore exit QUANTUM COMPUTING INC put Sold out 35,000 $579Kbefore exit AEROVIRONMENT INC put Sold out 3,100 $477Kbefore exit MEDICAL PPTYS TRUST INC put Sold out 100,000 $395Kbefore exit ARCHER AVIATION INC put Reduce -85.7% 50,000 $356K SOUNDHOUND AI INC put Reduce -93.2% 20,000 $162K RIGETTI COMPUTING INC put Add +335.6% 566,280 $72K
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