FIRST SABREPOINT CAPITAL MANAGEMENT LP

Q4 2025 13F-HR Holdings

Location
Dallas, TX
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
29
Total value ($000)
$259,147
Net value change ($000)
-56,778 (-18.0%)
New positions
9
Sold out positions
3
Turnover %
27.8%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
ATGE 13,968 NEW
AGM 7,813 NEW
NPKI 7,748 NEW
EEFT 7,699 NEW
TFIN 5,617 NEW
TPB 3,816 9.7%
GBFH 3,728 NEW
BTU 2,970 NEW
AZO 2,238 28.2%
LOPE 1,730 26.3%
Top Reduces (Value $000, Stocks/ETFs)
LAUR -8,397 -33.3%
WD -8,229 -82.0%
BTI -7,962 -48.4%
MAA -7,685 -100.0%
MSFT -6,037 -33.3%
GRBK -5,170 -100.0%
STRL -5,080 -35.6%
CVCO -4,376 -21.5%
HAS -2,848 -26.8%
OPRA -2,683 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 15,955 (6.2% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type