First Sabrepoint Capital Management LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), First Sabrepoint Capital Management LP reported 24 stock positions worth $243.2 million . Its top holding was Turning Point Brands (TPB) at 17.8% of the portfolio, followed by Firstcash (FCFS, 12.8% ) and Laureate Education (LAUR, 6.9% ). Compared with Q3 2025, it opened 9 new positions, sold out of 3, added to 2 and reduced 11. The biggest buy was a new position in Covista (CVSA) and the biggest sale Walker & Dunlop (WD, shares −75% ).
Location DALLAS, TX
CIK 0001731530
Portfolio Value $243.2M (Q4 2025) Holdings 24 stocks · $243.2M 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 Q3 2025 TPB Turning Point Brands Inc. 400,000 $43.4M No change FCFS Firstcash Holdings Inc. 195,000 $31.1M Reduce -2.5% LAUR Laureate Education Inc. 500,000 $16.8M Reduce -37.5% CVCO Cavco Industries Inc. 27,000 $15.9M Reduce -22.9% CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 135,000 $14.0M New MSFT Microsoft Corp. 25,000 $12.1M Reduce -28.6% AMRZ Amrize Ltd. 200,000 $10.8M Reduce -25.9% AZO AutoZone Inc. 3,000 $10.2M Add +62.2% STRL Sterling Infrastructure Inc. 30,000 $9.2M Reduce -28.6% BTI British American Tob-SP ADR 150,000 $8.5M Reduce -51.6% LOPE Grand Canyon Education Inc. 50,000 $8.3M Add +66.7% AGM Federal Agric MTG Corp. Class C 44,500 $7.8M New HAS Hasbro Inc. 94,765 $7.8M Reduce -32.3% NPKI NPK International Inc. 650,000 $7.7M New EEFT Euronet Worldwide Inc. 101,155 $7.7M New PGNY Progyny Inc. 250,000 $6.4M Reduce -28.6% TFIN Triumph Financial Inc. 89,692 $5.6M New EGY Vaalco Energy Inc. 1,510,000 $5.5M Reduce -20.5% GBFH Gbank Financial Holdings Inc. 110,000 $3.7M New BLD Topbuild Corp. 8,000 $3.3M No change BTU Peabody Energy Corp. 100,000 $3.0M New WD Walker & Dunlop Inc. 30,000 $1.8M Reduce -75.0% COOK Traeger Inc. 1,219,575 $1.3M New TH Target Hospitality Corp. 150,000 $1.2M New
Options reported separately and not counted above: TURNING PT BRANDS INC calls ($9.4M), EURONET WORLDWIDE INC calls ($2.3M), AST SPACEMOBILE INC puts ($2.2M), AMPRIUS TECHNOLOGIES INC puts ($1.4M), UNUSUAL MACHS INC puts ($637K).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ WD Walker & Dunlop Inc. Reduce -75.0% 0.74% −3.31 LAUR Laureate Education Inc. Reduce -37.5% 6.92% −3.26 BTI British American Tob-SP ADR Reduce -51.6% 3.49% −3.15 MAA Mid-America Apartment Comm Sold out 0.00% −3.10 MSFT Microsoft Corp. Reduce -28.6% 4.97% −2.35 GRBK Green Brick Partners Inc. Sold out 0.00% −2.09 STRL Sterling Infrastructure Inc. Reduce -28.6% 3.78% −1.98 CVCO Cavco Industries Inc. Reduce -22.9% 6.56% −1.65 HAS Hasbro Inc. Reduce -32.3% 3.20% −1.09 OPRA Opera Ltd.-ADR Sold out 0.00% −1.08 AMRZ Amrize Ltd. Reduce -25.9% 4.45% −0.84 EGY Vaalco Energy Inc. Reduce -20.5% 2.26% −0.82 PGNY Progyny Inc. Reduce -28.6% 2.64% −0.40 FCFS Firstcash Holdings Inc. Reduce -2.5% 12.78% −0.01
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ CVSA Covista Inc. New 5.74% +5.74 AGM Federal Agric MTG Corp. Class C New 3.21% +3.21 NPKI NPK International Inc. New 3.19% +3.19 EEFT Euronet Worldwide Inc. New 3.17% +3.17 TFIN Triumph Financial Inc. New 2.31% +2.31 GBFH Gbank Financial Holdings Inc. New 1.53% +1.53 BTU Peabody Energy Corp. New 1.22% +1.22 AZO AutoZone Inc. Add +62.2% 4.18% +0.98 LOPE Grand Canyon Education Inc. Add +66.7% 3.42% +0.76 COOK Traeger Inc. New 0.54% +0.54 TH Target Hospitality Corp. New 0.49% +0.49
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ TURNING PT BRANDS INC call Reduce -58.0% 87,000 $9.4M CARVANA CO put Sold out 15,000 $5.7Mbefore exit JOBY AVIATION INC put Sold out 255,000 $4.1Mbefore exit IONQ INC put Sold out 65,000 $4.0Mbefore exit SOLAREDGE TECHNOLOGIES INC put Sold out 105,000 $3.9Mbefore exit QUANTUMSCAPE CORP put Sold out 315,000 $3.9Mbefore exit PALANTIR TECHNOLOGIES INC put Sold out 20,000 $3.6Mbefore exit RIGETTI COMPUTING INC put Sold out 110,000 $3.3Mbefore exit AEROVIRONMENT INC put Sold out 8,500 $2.7Mbefore exit EURONET WORLDWIDE INC call New 30,000 $2.3M D-WAVE QUANTUM INC put Sold out 90,000 $2.2Mbefore exit AST SPACEMOBILE INC put Reduce -49.1% 30,000 $2.2M DIGITAL RLTY TR INC put Sold out 10,000 $1.7Mbefore exit VIASAT INC put Sold out 51,000 $1.5Mbefore exit BIGBEAR AI HLDGS INC put Sold out 210,000 $1.4Mbefore exit WINGSTOP INC put Sold out 3,500 $881Kbefore exit UNUSUAL MACHS INC put Reduce -76.7% 50,000 $637K AEVA TECHNOLOGIES INC put Sold out 30,000 $435Kbefore exit QUANTUM COMPUTING INC put Sold out 20,000 $368Kbefore 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