First Sabrepoint Capital Management LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), First Sabrepoint Capital Management LP reported 23 stock positions worth $233.7 million . Its top holding was Turning Point Brands (TPB) at 13.0% of the portfolio, followed by Firstcash (FCFS, 11.6% ) and Laureate Education (LAUR, 9.0% ). Compared with Q1 2025, it opened 4 new positions, sold out of 8, added to 5 and reduced 11. The biggest buy was a new position in Hasbro (HAS) and the biggest sale an exit from Philip Morris International (PM).
Location DALLAS, TX
CIK 0001731530
Portfolio Value $233.7M (Q2 2025) Holdings 23 stocks · $233.7M 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 2025 TPB Turning Point Brands Inc. 400,000 $30.3M Add +6.2% FCFS Firstcash Holdings Inc. 200,000 $27.0M Add +21.2% LAUR Laureate Education Inc. 900,000 $21.0M Reduce -1.6% MSFT Microsoft Corp. 35,000 $17.4M No change BTI British American Tob-SP ADR 350,000 $16.6M Add +89.2% HAS Hasbro Inc. 205,000 $15.1M New CVCO Cavco Industries Inc. 30,000 $13.0M Add +100.0% STRL Sterling Infrastructure Inc. 50,000 $11.5M Reduce -31.0% MAA Mid-America Apartment Comm 75,000 $11.1M Reduce -21.1% WD Walker & Dunlop Inc. 117,000 $8.2M Add +23.1% LOPE Grand Canyon Education Inc. 40,000 $7.6M Reduce -33.3% CPT Camden Property Trust 65,000 $7.3M Reduce -13.3% EGY Vaalco Energy Inc. 2,000,000 $7.2M No change AZO AutoZone Inc. 1,850 $6.9M No change BL Blackline Inc. 100,000 $5.7M New PGNY Progyny Inc. 230,000 $5.1M Reduce -36.1% GRBK Green Brick Partners Inc. 79,679 $5.0M Reduce -55.6% AMRZ Amrize Ltd. 100,000 $5.0M New AESI Atlas Energy Solutions Inc. 350,000 $4.7M Reduce -6.7% NVR NVR Inc. 370 $2.7M Reduce -13.9% BLD Topbuild Corp. 8,000 $2.6M Reduce -55.6% GOGO Gogo Inc. 170,000 $2.5M Reduce -73.8% BBW Build-A-Bear Workshop Inc. 2,262 $117K New
Options reported separately and not counted above: TURNING PT BRANDS INC calls ($33.9M), HASBRO INC calls ($3.7M), AEVA TECHNOLOGIES INC puts ($2.5M), DUOLINGO INC puts ($1.6M), MODINE MFG CO puts ($1.6M), AST SPACEMOBILE INC puts ($935K), NEW FORTRESS ENERGY INC puts ($863K), BYRNA TECHNOLOGIES INC puts ($540K), IONQ INC puts ($430K), QUANTUM COMPUTING INC puts ($383K), RIGETTI COMPUTING INC puts ($297K), D-WAVE QUANTUM INC puts ($220K).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ PM Philip Morris International Sold out 0.00% −6.64 EEFT Euronet Worldwide Inc. Sold out 0.00% −4.02 GRBK Green Brick Partners Inc. Reduce -55.6% 2.14% −2.23 WDAY Workday Inc. Class A Sold out 0.00% −2.10 TFIN Triumph Financial Inc. Sold out 0.00% −1.93 MAA Mid-America Apartment Comm Reduce -21.1% 4.75% −1.91 NVGS Navigator Holdings Ltd. Sold out 0.00% −1.37 GOGO Gogo Inc. Reduce -73.8% 1.07% −1.28 PGNY Progyny Inc. Reduce -36.1% 2.17% −1.20 BLD Topbuild Corp. Reduce -55.6% 1.11% −1.19 LOPE Grand Canyon Education Inc. Reduce -33.3% 3.24% −1.11 CIEN Ciena Corp. Sold out 0.00% −1.01 IMXI International Money Express Sold out 0.00% −0.82 AESI Atlas Energy Solutions Inc. Reduce -6.7% 2.00% −0.80 CPT Camden Property Trust Reduce -13.3% 3.13% −0.70 OABI Omniab Inc. Sold out 0.00% −0.41 NVR NVR Inc. Reduce -13.9% 1.17% −0.13 LAUR Laureate Education Inc. Reduce -1.6% 9.00% +1.18 STRL Sterling Infrastructure Inc. Reduce -31.0% 4.94% +1.50
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ HAS Hasbro Inc. New 6.48% +6.48 BTI British American Tob-SP ADR Add +89.2% 7.09% +3.89 TPB Turning Point Brands Inc. Add +6.2% 12.97% +3.60 FCFS Firstcash Holdings Inc. Add +21.2% 11.57% +3.26 BL Blackline Inc. New 2.42% +2.42 CVCO Cavco Industries Inc. Add +100.0% 5.58% +2.32 AMRZ Amrize Ltd. New 2.12% +2.12 WD Walker & Dunlop Inc. Add +23.1% 3.53% +0.13 BBW Build-A-Bear Workshop Inc. New 0.05% +0.05
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ TURNING PT BRANDS INC call Add +64.8% 447,700 $33.9M BRINKER INTL INC put Sold out 25,000 $3.7Mbefore exit HASBRO INC call New 50,000 $3.7M POWELL INDS INC put Sold out 15,000 $2.6Mbefore exit AEVA TECHNOLOGIES INC put New 65,000 $2.5M DUOLINGO INC put New 4,000 $1.6M MODINE MFG CO put Reduce -20.0% 16,000 $1.6M GOGO INC call Sold out 160,000 $1.4Mbefore exit AST SPACEMOBILE INC put Reduce -63.0% 20,000 $935K NEW FORTRESS ENERGY INC put Reduce -32.5% 260,000 $863K BYRNA TECHNOLOGIES INC put New 17,500 $540K IONQ INC put New 10,000 $430K QUANTUM COMPUTING INC put New 20,000 $383K ARCHER AVIATION INC put Sold out 50,000 $356Kbefore exit RIGETTI COMPUTING INC put Reduce -95.6% 25,000 $297K D-WAVE QUANTUM INC put New 15,000 $220K SOUNDHOUND AI INC put Sold out 20,000 $162Kbefore exit
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