Permit Capital, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Permit Capital, LLC reported 19 stock positions worth $321.4 million. Its top holding was SBA Communications (SBAC) at 34.6% of the portfolio, followed by Pitney Bowes (PBI, 10.7%) and Expedia (EXPE, 6.4%). Compared with Q3 2025, it sold out of 1, added to 5 and reduced 5. The biggest buy was Pitney Bowes (PBI, shares +14%) and the biggest sale an exit from Sandisk (SNDK).

Most Recent 13F
Q2 2026
Location
WEST CONSHOHOCKEN, PA
CIK
0001313978
Portfolio Value
$321.4M (Q4 2025)
SEC Filing
0001193125-26-046072 ↗ filed Feb 11, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $156.8M Q1 2024 Q2 2024: $266.0M Q2 2024 Q3 2024: $325.1M Q3 2024 Q4 2024: $290.4M Q4 2024 Q1 2025: $282.1M Q1 2025 Q2 2025: $308.8M Q2 2025 Q3 2025: $319.1M Q3 2025 Q4 2025: $321.4M $321.4M Q4 2025 Q1 2026: $294.4M Q1 2026 Q2 2026: $357.4M Q2 2026

Holdings 19 stocks · $321.4M
SBAC SBA Communications Corp. 34.62% 575,312 $111.3M Reduce -0.5%
PBI Pitney Bowes Inc. 10.69% 3,250,000 $34.4M Add +14.0%
EXPE Expedia Group Inc. 6.43% 73,000 $20.7M Reduce -12.1%
WDC Western Digital Corp. 4.29% 80,000 $13.8M Reduce -20.0%
GOOG Alphabet Inc. Class C 4.20% 43,000 $13.5M Reduce -8.5%
IDCC Interdigital Inc. 4.11% 41,472 $13.2M Reduce -0.5%
ECHO Echostar Corp. Class A 3.56% 105,263 $11.4M No change
FTDR Frontdoor Inc. 3.55% 197,600 $11.4M Add +27.0%
MTCH Match Group Inc. 3.52% 350,000 $11.3M Add +19.9%
OTEX Open Text Corp. 3.14% 310,000 $10.1M No change
MTG Mgic Investment Corp. 3.10% 341,350 $10.0M No change
CVS CVS Health Corp. 3.10% 125,500 $10.0M No change
META Meta Platforms Inc. Class A 3.08% 15,000 $9.9M No change
GEN Gen Digital Inc. 2.75% 325,000 $8.8M No change
PYPL PayPal Holdings Inc. 2.36% 130,000 $7.6M No change
RRC Range Resources Corp. 2.29% 208,850 $7.4M No change
SIG Signet Jewelers Ltd. 2.09% 81,000 $6.7M No change
HPQ HP Inc. 1.86% 269,000 $6.0M Add +22.8%
QVCAQ QVC Group Inc. 1.26% 388,062 $4.1M Add +7.3%

Portfolio Sells Q3 2025 → Q4 2025
SNDK Sandisk Corp. Sold out 0.00% −1.33
IDCC Interdigital Inc. Reduce -0.5% 4.11% −0.40
SBAC SBA Communications Corp. Reduce -0.5% 34.62% −0.40
WDC Western Digital Corp. Reduce -20.0% 4.29% +0.52
GOOG Alphabet Inc. Class C Reduce -8.5% 4.20% +0.61
EXPE Expedia Group Inc. Reduce -12.1% 6.43% +0.87

Portfolio Buys Q3 2025 → Q4 2025
PBI Pitney Bowes Inc. Add +14.0% 10.69% +0.50
MTCH Match Group Inc. Add +19.9% 3.52% +0.28
FTDR Frontdoor Inc. Add +27.0% 3.55% +0.26
HPQ HP Inc. Add +22.8% 1.86% −0.00
QVCAQ QVC Group Inc. Add +7.3% 1.26% −0.27

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 20$357.4MSBAC, PBI, EXPE, FTDR, WDC
Q1 2026 19$294.4MSBAC, PBI, EXPE, ECHO, WDC
Q4 2025 19$321.4MSBAC, PBI, EXPE, WDC, GOOG
Q3 2025 20$319.1MSBAC, PBI, EXPE, IDCC, WDC
Q2 2025 20$308.8MSBAC, PBI, EXPE, IDCC, META
Q1 2025 20$282.1MSBAC, PBI, IDCC, EXPE, META
Q4 2024 31$290.4MSBAC, PBI, IDCC, EXPE, FTDR
Q3 2024Amended 31$325.1MSBAC, PBI, EXPE, FTDR, PYPL
Q2 2024 30$266.0MSBAC, PBI, EXPE, GOOG, META
Q1 2024 26$156.8MPBI, META, EXPE, MTG, SIG