LB Partners LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), LB Partners LLC reported 25 stock positions worth $108.4 million. Its top holding was Remitly Global (RELY) at 15.9% of the portfolio, followed by Capital One Financial (COF, 14.3%) and Millicom Intl Cellular (TIGO, 11.9%). Compared with Q3 2025, it sold out of 4, added to 6 and reduced 3. The biggest buy was Remitly Global (RELY, shares +23%) and the biggest sale Gogo (GOGO, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- CHARLOTTESVILLE, VA
- CIK
- 0002007877
- Portfolio Value
- $108.4M (Q4 2025)
- SEC Filing
- 0001104659-26-016127 ↗ filed Feb 17, 2026
Holdings Value
Holdings 25 stocks · $108.4M
| RELY Remitly Global Inc. | 15.91% | 1,248,888 | $17.2M | Add +23.0% |
| COF Capital One Financial Corp. | 14.33% | 64,056 | $15.5M | No change |
| TIGO Millicom Intl Cellular S.A. | 11.87% | 232,000 | $12.9M | Reduce -25.6% |
| AXP American Express Co. | 10.93% | 32,000 | $11.8M | No change |
| LPRO Open Lending Corp. | 7.51% | 5,250,841 | $8.1M | Add +4.0% |
| SPT Sprout Social Inc. Class A | 6.42% | 617,477 | $7.0M | Add +225.0% |
| GOOGL Alphabet Inc. Class A | 5.49% | 19,000 | $5.9M | No change |
| OPFI Oppfi Inc. | 4.83% | 500,000 | $5.2M | No change |
| NIQ Niq Global Intelligence PLC | 3.72% | 244,700 | $4.0M | Add +25.7% |
| GTLB Gitlab Inc. Class A | 3.50% | 101,077 | $3.8M | Add +382.9% |
| GOOG Alphabet Inc. Class C | 2.32% | 8,000 | $2.5M | No change |
| IMXI International Money Express | 2.03% | 143,000 | $2.2M | No change |
| KKR KKR & Co. Inc. | 2.01% | 17,100 | $2.2M | No change |
| LBRDK Liberty Broadband-C | 1.71% | 38,075 | $1.9M | No change |
| AMZN Amazon.com Inc. | 1.70% | 8,000 | $1.8M | No change |
| FRPH FRP Holdings Inc. filed as FRP HLDGS INC | 1.61% | 76,682 | $1.7M | Reduce -3.6% |
| THRY Thryv Holdings Inc. | 1.39% | 249,705 | $1.5M | No change |
| GOGO Gogo Inc. | 0.65% | 150,000 | $699K | Reduce -95.3% |
| TFPM Triple Flag Precious Met | 0.46% | 14,913 | $495K | No change |
| SGOL Abrdn Physical Gold Shares | 0.42% | 11,000 | $452K | No change |
| GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC | 0.37% | 10,815 | $402K | Add +42.0% |
| SPGI S&P Global Inc. | 0.36% | 750 | $392K | No change |
| MTA Metalla Royalty & Streaming | 0.26% | 36,000 | $280K | No change |
| BSM Black Stone Minerals LP | 0.12% | 10,000 | $133K | No change |
| WU Western Union Co. | 0.09% | 10,000 | $93K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| GOGO Gogo Inc. | Reduce -95.3% | 0.65% | −17.16 |
| WOW Wideopenwest Inc. | Sold out | 0.00% | −12.84 |
| LQDA Liquidia Corp. | Sold out | 0.00% | −2.92 |
| DBRG Digitalbridge Group Inc. | Sold out | 0.00% | −1.58 |
| AMRZ Amrize Ltd. | Sold out | 0.00% | −0.31 |
| FRPH FRP Holdings Inc. | Reduce -3.6% | 1.61% | +0.37 |
| TIGO Millicom Intl Cellular S.A. | Reduce -25.6% | 11.87% | +2.15 |
Portfolio Buys Q3 2025 → Q4 2025
| RELY Remitly Global Inc. | Add +23.0% | 15.91% | +5.28 |
| SPT Sprout Social Inc. Class A | Add +225.0% | 6.42% | +4.85 |
| GTLB Gitlab Inc. Class A | Add +382.9% | 3.50% | +2.90 |
| NIQ Niq Global Intelligence PLC | Add +25.7% | 3.72% | +1.76 |
| LPRO Open Lending Corp. | Add +4.0% | 7.51% | +0.67 |
| GLIBK Liberty Capital Corp. Class C | Add +42.0% | 0.37% | +0.19 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 33 | $146.6M | RELY, NIQ, LPRO, COF, AXP |
| Q1 2026 | 36 | $111.5M | RELY, COF, TIGO, AXP, SPT |
| Q4 2025 | 25 | $108.4M | RELY, COF, TIGO, AXP, LPRO |
| Q3 2025 | 29 | $155.8M | GOGO, WOW, RELY, TIGO, COF |
| Q2 2025 | 23 | $156.6M | GOGO, WOW, TIGO, COF, RELY |
| Q1 2025 | 22 | $139.0M | WOW, GOGO, TIGO, RELY, DFS |
| Q4 2024 | 21 | $133.4M | WOW, GOGO, TIGO, RELY, AXP |
| Q3 2024 | 22 | $115.1M | WOW, GOGO, TIGO, AXP, DFS |
| Q2 2024 | 25 | $120.1M | WOW, GOGO, TIGO, AXP, RELY |
| Q1 2024 | 21 | $97.2M | WOW, GOGO, TIGO, AXP, BABA |