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FIRST SABREPOINT CAPITAL MANAGEMENT LP

Q4 2025 · Filed 2026-02-13
Market Value
$231M
-1.5%
Holdings
25
+2
New Purchases
8
Added To
2
Closed
3
Reduced
10
Top 10 Concentration
73.3%
Turnover
44.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CVSA 6.05% 0.00% +6.05% $14M
AGM 3.38% 0.00% +3.38% $8M
NPKI 3.35% 0.00% +3.35% $8M
EEFT 3.33% 0.00% +3.33% $8M
TFIN 2.43% 0.00% +2.43% $6M
TPB 18.77% 16.85% +1.91% $43M
GBFH 1.61% 0.00% +1.61% $4M
BTU 1.29% 0.00% +1.29% $3M
AZO 4.40% 3.38% +1.02% $10M
LOPE 3.60% 2.81% +0.79% $8M
TH 0.52% 0.00% +0.52% $1M
BLD 1.44% 1.33% +0.11% $3M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
WD 0.78% 4.28% -3.50% $2M
LAUR 7.29% 10.75% -3.47% $17M
BTI 3.68% 7.01% -3.34% $8M
MAA 0.00% 3.28% -3.28% $0
MSFT 5.23% 7.73% -2.49% $12M
GRBK 0.00% 2.20% -2.20% $0
STRL 3.98% 6.08% -2.10% $9M
CVCO 6.90% 8.66% -1.76% $16M
HAS 3.36% 4.53% -1.16% $8M
OPRA 0.00% 1.14% -1.14% $0
EGY 2.38% 3.26% -0.88% $5M
PGNY 2.78% 3.21% -0.43% $6M
FCFS 13.45% 13.50% -0.05% $31M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 1 $12M 5.2%
Large Cap 6 $39M 16.9%
Mid Cap 8 $97M 41.9%
Small Cap 10 $83M 36.0%

Portfolio Analytics

Avg Market Cap
$136.8B
Median Market Cap
$3.0B
Avg P/E
25.6
Median P/E
23.4
Avg Dividend Yield
0.01%
Avg Beta
0.91
# Stocks
25
# ETFs / Funds
0

Top Holdings (25 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TPB 18.77% 400,000 $43M $108.40 $4M
2 FCFS 13.45% 195,000 $31M $159.38 -$605K -5,000 -2.5%
3 LAUR 7.29% 500,000 $17M $33.67 -$8M -300,000 -37.5%
4 CVCO 6.90% 27,000 $16M $590.74 -$4M -8,000 -22.9%
5 CVSA 6.05% 135,000 $14M $103.47 +135,000 NEW
6 MSFT 5.23% 25,000 $12M $483.62 -$6M -10,000 -28.6%
7 AZO 4.40% 3,000 $10M $3,391.50 $2M +1,150 +62.2%
8 STRL 3.98% 30,000 $9M $306.23 -$5M -12,000 -28.6%
9 BTI 3.68% 150,000 $8M $56.62 -$8M -160,000 -51.6%
10 LOPE 3.60% 50,000 $8M $166.31 $2M +20,000 +66.7%
11 AGM 3.38% 44,500 $8M $175.57 +44,500 NEW
12 HAS 3.36% 94,765 $8M $82.00 -$3M -45,235 -32.3%
13 NPKI 3.35% 650,000 $8M $11.92 +650,000 NEW
14 EEFT 3.33% 101,155 $8M $76.11 +101,155 NEW
15 PGNY 2.78% 250,000 $6M $25.68 -$1M -100,000 -28.6%
16 TFIN 2.43% 89,692 $6M $62.63 +89,692 NEW
17 EGY 2.38% 1,510,000 $5M $3.64 -$2M -390,000 -20.5%
18 GBFH 1.61% 110,000 $4M $33.89 +110,000 NEW
19 BLD 1.44% 8,000 $3M $417.19 $211K
20 BTU 1.29% 100,000 $3M $29.70 +100,000 NEW
21 WD 0.78% 30,000 $2M $60.15 -$8M -90,000 -75.0%
22 TH 0.52% 150,000 $1M $8.01 +150,000 NEW
23 MAA —% -$8M -55,000 -100.0% SOLD
24 OPRA —% -$3M -130,000 -100.0% SOLD
25 GRBK —% -$5M -70,000 -100.0% SOLD

New Positions

SymbolValue% Port
CVSA $14M 6.05%
AGM $8M 3.38%
NPKI $8M 3.35%
EEFT $8M 3.33%
TFIN $6M 2.43%
GBFH $4M 1.61%
BTU $3M 1.29%
TH $1M 0.52%

Sold Out Positions

SymbolValue% Port
GRBK —%
MAA —%
OPRA —%
View SEC EDGAR Filings for FIRST SABREPOINT CAPITAL MANAGEMENT LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms