LB Partners LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 24, 2026), LB Partners LLC reported 36 stock positions worth $111.5 million. Its top holding was Remitly Global (RELY) at 21.5% of the portfolio, followed by Capital One Financial (COF, 11.5%) and Millicom Intl Cellular (TIGO, 9.6%). Compared with Q4 2025, it opened 13 new positions, sold out of 2, added to 6 and reduced 6. The biggest buy was Remitly Global (RELY, shares +22%) and the biggest sale American Express (AXP, shares −6%).

Most Recent 13F
Q2 2026
Location
CHARLOTTESVILLE, VA
CIK
0002007877
Portfolio Value
$111.5M (Q1 2026)
SEC Filing
0001398344-26-007181 ↗ filed Apr 24, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $97.2M Q1 2024 Q2 2024: $120.1M Q2 2024 Q3 2024: $115.1M Q3 2024 Q4 2024: $133.4M Q4 2024 Q1 2025: $139.0M Q1 2025 Q2 2025: $156.6M Q2 2025 Q3 2025: $155.8M Q3 2025 Q4 2025: $108.4M Q4 2025 Q1 2026: $111.5M $111.5M Q1 2026 Q2 2026: $146.6M Q2 2026

Holdings 36 stocks · $111.5M
RELY Remitly Global Inc. 21.50% 1,529,195 $24.0M Add +22.4%
COF Capital One Financial Corp. 11.47% 70,056 $12.8M Add +9.4%
TIGO Millicom Intl Cellular S.A. 9.61% 143,000 $10.7M Reduce -38.4%
AXP American Express Co. 8.14% 30,000 $9.1M Reduce -6.3%
SPT Sprout Social Inc. Class A 7.73% 1,510,979 $8.6M Add +144.7%
LPRO Open Lending Corp. 6.06% 5,400,841 $6.8M Add +2.9%
GOOGL Alphabet Inc. Class A 4.90% 19,000 $5.5M No change
NIQ Niq Global Intelligence PLC 4.08% 399,700 $4.5M Add +63.3%
OPFI Oppfi Inc. 3.46% 500,000 $3.9M No change
GOGO Gogo Inc. 2.90% 804,034 $3.2M Add +436.0%
GOOG Alphabet Inc. Class C 2.06% 8,000 $2.3M No change
PDD PDD Holdings Inc. 2.02% 22,000 $2.2M New
AMZN Amazon.com Inc. 1.49% 8,000 $1.7M No change
KKR KKR & Co. Inc. 1.42% 17,100 $1.6M No change
FISV Fiserv Inc. 1.35% 27,000 $1.5M New
MU Micron Technology Inc. 1.21% 4,000 $1.4M New
FOUR SHIFT4 Payments Inc. Class A 1.18% 30,000 $1.3M New
GTLB Gitlab Inc. Class A 1.16% 60,000 $1.3M Reduce -40.6%
TBBB BBB Foods Inc. Class A 1.11% 35,000 $1.2M New
NVDA Nvidia Corp. 0.94% 6,000 $1.0M New
LBRDK Liberty Broadband-C 0.82% 18,075 $909K Reduce -52.5%
PYPL PayPal Holdings Inc. 0.81% 20,000 $905K New
GPN Global Payments Inc. 0.60% 10,000 $673K New
NOW ServiceNow Inc. 0.56% 6,000 $627K New
TFPM Triple Flag Precious Met 0.46% 14,913 $518K No change
DVN Devon Energy Corp. 0.45% 10,000 $503K New
SGOL Abrdn Physical Gold Shares 0.44% 11,000 $491K No change
GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC 0.36% 10,815 $402K No change
IMXI International Money Express 0.33% 23,000 $363K Reduce -83.9%
SPGI S&P Global Inc. 0.29% 750 $319K No change
CVX Chevron Corp. 0.26% 1,400 $290K New
MTA Metalla Royalty & Streaming 0.21% 36,000 $239K No change
OXY Occidental Petroleum Corp. 0.20% 3,400 $221K New
FRPH FRP Holdings Inc. filed as FRP HLDGS INC 0.19% 9,582 $210K Reduce -87.5%
BSM Black Stone Minerals LP 0.14% 10,000 $151K No change
MFIC Midcap Financial Investment 0.10% 10,000 $112K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $75K (not counted above)
SecurityClassShares / PrincipalValueChange
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal 100,000$75KNew

Total filed on the 13F, all lines: $111.5M.

Portfolio Sells Q4 2025 → Q1 2026
AXP American Express Co. Reduce -6.3% 8.14% −2.79
GTLB Gitlab Inc. Class A Reduce -40.6% 1.16% −2.34
TIGO Millicom Intl Cellular S.A. Reduce -38.4% 9.61% −2.26
IMXI International Money Express Reduce -83.9% 0.33% −1.70
FRPH FRP Holdings Inc. Reduce -87.5% 0.19% −1.42
THRY Thryv Holdings Inc. Sold out 0.00% −1.39
LBRDK Liberty Broadband-C Reduce -52.5% 0.82% −0.89
WU Western Union Co. Sold out 0.00% −0.09

Portfolio Buys Q4 2025 → Q1 2026
RELY Remitly Global Inc. Add +22.4% 21.50% +5.59
GOGO Gogo Inc. Add +436.0% 2.90% +2.25
PDD PDD Holdings Inc. New 2.02% +2.02
FISV Fiserv Inc. New 1.35% +1.35
SPT Sprout Social Inc. Class A Add +144.7% 7.73% +1.30
MU Micron Technology Inc. New 1.21% +1.21
FOUR SHIFT4 Payments Inc. Class A New 1.18% +1.18
TBBB BBB Foods Inc. Class A New 1.11% +1.11
NVDA Nvidia Corp. New 0.94% +0.94
PYPL PayPal Holdings Inc. New 0.81% +0.81
GPN Global Payments Inc. New 0.60% +0.60
NOW ServiceNow Inc. New 0.56% +0.56
DVN Devon Energy Corp. New 0.45% +0.45
NIQ Niq Global Intelligence PLC Add +63.3% 4.08% +0.35
CVX Chevron Corp. New 0.26% +0.26
OXY Occidental Petroleum Corp. New 0.20% +0.20
MFIC Midcap Financial Investment New 0.10% +0.10
LPRO Open Lending Corp. Add +2.9% 6.06% −1.46
COF Capital One Financial Corp. Add +9.4% 11.47% −2.86

Notes & Other Activity Q4 2025 → Q1 2026
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal New 100,000 $75K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 33$146.6MRELY, NIQ, LPRO, COF, AXP
Q1 2026 36$111.5MRELY, COF, TIGO, AXP, SPT
Q4 2025 25$108.4MRELY, COF, TIGO, AXP, LPRO
Q3 2025 29$155.8MGOGO, WOW, RELY, TIGO, COF
Q2 2025 23$156.6MGOGO, WOW, TIGO, COF, RELY
Q1 2025 22$139.0MWOW, GOGO, TIGO, RELY, DFS
Q4 2024 21$133.4MWOW, GOGO, TIGO, RELY, AXP
Q3 2024 22$115.1MWOW, GOGO, TIGO, AXP, DFS
Q2 2024 25$120.1MWOW, GOGO, TIGO, AXP, RELY
Q1 2024 21$97.2MWOW, GOGO, TIGO, AXP, BABA