First Sabrepoint Capital Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), First Sabrepoint Capital Management LP reported 18 stock positions worth $247.7 million . Its top holding was Turning Point Brands (TPB) at 16.0% of the portfolio, followed by Firstcash (FCFS, 12.8% ) and Laureate Education (LAUR, 10.2% ). Compared with Q2 2025, it opened 1 new position, sold out of 6, added to 4 and reduced 8. The biggest buy was Amrize (AMRZ, shares +170% ) and the biggest sale an exit from Camden Property Trust (CPT).
Location DALLAS, TX
CIK 0001731530
Portfolio Value $247.7M (Q3 2025) Holdings 18 stocks · $247.7M 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 Q2 2025 TPB Turning Point Brands Inc. 400,000 $39.5M No change FCFS Firstcash Holdings Inc. 200,000 $31.7M No change LAUR Laureate Education Inc. 800,000 $25.2M Reduce -11.1% CVCO Cavco Industries Inc. 35,000 $20.3M Add +16.7% MSFT Microsoft Corp. 35,000 $18.1M No change BTI British American Tob-SP ADR 310,000 $16.5M Reduce -11.4% STRL Sterling Infrastructure Inc. 42,000 $14.3M Reduce -16.0% AMRZ Amrize Ltd. 270,000 $13.1M Add +170.0% HAS Hasbro Inc. 140,000 $10.6M Reduce -31.7% WD Walker & Dunlop Inc. 120,000 $10.0M Add +2.6% AZO AutoZone Inc. 1,850 $7.9M No change MAA Mid-America Apartment Comm 55,000 $7.7M Reduce -26.7% EGY Vaalco Energy Inc. 1,900,000 $7.6M Reduce -5.0% PGNY Progyny Inc. 350,000 $7.5M Add +52.2% LOPE Grand Canyon Education Inc. 30,000 $6.6M Reduce -25.0% GRBK Green Brick Partners Inc. 70,000 $5.2M Reduce -12.2% BLD Topbuild Corp. 8,000 $3.1M No change OPRA Opera Ltd.-ADR 130,000 $2.7M New
Options reported separately and not counted above: TURNING PT BRANDS INC calls ($20.5M), CARVANA CO puts ($5.7M), JOBY AVIATION INC puts ($4.1M), IONQ INC puts ($4.0M), SOLAREDGE TECHNOLOGIES INC puts ($3.9M), QUANTUMSCAPE CORP puts ($3.9M), PALANTIR TECHNOLOGIES INC puts ($3.6M), RIGETTI COMPUTING INC puts ($3.3M), UNUSUAL MACHS INC puts ($3.2M), AST SPACEMOBILE INC puts ($2.9M), AEROVIRONMENT INC puts ($2.7M), D-WAVE QUANTUM INC puts ($2.2M), and 7 more.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ CPT Camden Property Trust Sold out 0.00% −3.13 BL Blackline Inc. Sold out 0.00% −2.42 HAS Hasbro Inc. Reduce -31.7% 4.29% −2.19 AESI Atlas Energy Solutions Inc. Sold out 0.00% −2.00 MAA Mid-America Apartment Comm Reduce -26.7% 3.10% −1.65 NVR NVR Inc. Sold out 0.00% −1.17 GOGO Gogo Inc. Sold out 0.00% −1.07 LOPE Grand Canyon Education Inc. Reduce -25.0% 2.66% −0.58 BTI British American Tob-SP ADR Reduce -11.4% 6.64% −0.45 GRBK Green Brick Partners Inc. Reduce -12.2% 2.09% −0.06 BBW Build-A-Bear Workshop Inc. Sold out 0.00% −0.05 EGY Vaalco Energy Inc. Reduce -5.0% 3.08% −0.01 STRL Sterling Infrastructure Inc. Reduce -16.0% 5.76% +0.82 LAUR Laureate Education Inc. Reduce -11.1% 10.18% +1.18
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ AMRZ Amrize Ltd. Add +170.0% 5.29% +3.17 CVCO Cavco Industries Inc. Add +16.7% 8.20% +2.63 OPRA Opera Ltd.-ADR New 1.08% +1.08 PGNY Progyny Inc. Add +52.2% 3.04% +0.87 WD Walker & Dunlop Inc. Add +2.6% 4.05% +0.52
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ TURNING PT BRANDS INC call Reduce -53.7% 207,300 $20.5M CARVANA CO put New 15,000 $5.7M JOBY AVIATION INC put New 255,000 $4.1M IONQ INC put Add +550.0% 65,000 $4.0M SOLAREDGE TECHNOLOGIES INC put New 105,000 $3.9M QUANTUMSCAPE CORP put New 315,000 $3.9M HASBRO INC call Sold out 50,000 $3.7Mbefore exit PALANTIR TECHNOLOGIES INC put New 20,000 $3.6M RIGETTI COMPUTING INC put Add +340.0% 110,000 $3.3M UNUSUAL MACHS INC put New 215,000 $3.2M AST SPACEMOBILE INC put Add +195.0% 59,000 $2.9M AEROVIRONMENT INC put New 8,500 $2.7M D-WAVE QUANTUM INC put Add +500.0% 90,000 $2.2M AMPRIUS TECHNOLOGIES INC put New 180,600 $1.9M DIGITAL RLTY TR INC put New 10,000 $1.7M DUOLINGO INC put Sold out 4,000 $1.6Mbefore exit MODINE MFG CO put Sold out 16,000 $1.6Mbefore exit VIASAT INC put New 51,000 $1.5M BIGBEAR AI HLDGS INC put New 210,000 $1.4M WINGSTOP INC put New 3,500 $881K NEW FORTRESS ENERGY INC put Sold out 260,000 $863Kbefore exit BYRNA TECHNOLOGIES INC put Sold out 17,500 $540Kbefore exit AEVA TECHNOLOGIES INC put Reduce -53.9% 30,000 $435K
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