Makaira Partners LLC Long-Term Concentrated

CIK: 0001540866 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 11, 2026

Total Value ($000): $127,897 (100.0% shares, 0.0% debt)

Holdings (11)

Increased Positions (1)

LMB LIMBACH HLDGS INC 6.2%

Value ($000) $7,959 (+56.9%) Shares 102,239 (+95.7%) Est. Cost $98.25 Unrealized -16.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LMB	LIMBACH HLDGS INC	102,239 (+95.7%)	$7,959 (+56.9%)	6.2%	$98.25	-16.2%	COM	53263P105

Exited Positions (1)

BELFA BEL FUSE CL A ORD 0.4%

Value ($000) $466 Shares 4,001 Est. Cost $81.48 Unrealized +64.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BELFA	BEL FUSE CL A ORD	4,001	$466	0.4%	$81.48	+64.6%	—	077347201

Decreased Positions (6)

BBWI BATH & BODY WORKS INC 11.5%

Value ($000) $14,746 (-58.2%) Shares 734,355 (-46.4%) Est. Cost $42.25 Unrealized -48.6%

FLUT FLUTTER ENTMT PLC 7.0%

Value ($000) $8,907 (-56.9%) Shares 41,422 (-49.1%) Est. Cost $207.59 Unrealized +8.3%

SVV SAVERS VALUE VLG INC 1.2%

Value ($000) $1,486 (-85.6%) Shares 159,110 (-79.6%) Est. Cost $14.82 Unrealized -30.7%

LAMR LAMAR ADVERTISING CO NEW 11.9%

Value ($000) $15,190 (-27.0%) Shares 120,000 (-29.4%) Est. Cost $90.62 Unrealized —

BELFB BEL FUSE INC 7.3%

Value ($000) $9,330 (-33.8%) Shares 55,000 (-45.0%) Est. Cost $79.67 Unrealized +96.0%

WHD CACTUS INC 5.0%

Value ($000) $6,454 (-37.9%) Shares 141,286 (-46.4%) Est. Cost $46.95 Unrealized -11.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBWI	BATH & BODY WORKS INC	734,355 (-46.4%)	$14,746 (-58.2%)	11.5%	$42.25	-48.6%	COM	070830104
FLUT	FLUTTER ENTMT PLC	41,422 (-49.1%)	$8,907 (-56.9%)	7.0%	$207.59	+8.3%	SHS	G3643J108
SVV	SAVERS VALUE VLG INC	159,110 (-79.6%)	$1,486 (-85.6%)	1.2%	$14.82	-30.7%	COM	80517M109
LAMR	LAMAR ADVERTISING CO NEW	120,000 (-29.4%)	$15,190 (-27.0%)	11.9%	$90.62	—	CL A	512816109
BELFB	BEL FUSE INC	55,000 (-45.0%)	$9,330 (-33.8%)	7.3%	$79.67	+96.0%	CL B	077347300
WHD	CACTUS INC	141,286 (-46.4%)	$6,454 (-37.9%)	5.0%	$46.95	-11.0%	CL A	127203107

Unchanged Positions (4)

CHTR CHARTER COMMUNICATIONS INC N 26.8%

Value ($000) $34,235 Shares 164,000 Est. Cost $358.27 Unrealized -37.2%

CDW CDW CORP 10.6%

Value ($000) $13,620 Shares 100,000 Est. Cost $93.37 Unrealized +57.5%

DPZ DOMINOS PIZZA INC 12.1%

Value ($000) $15,422 Shares 37,000 Est. Cost $333.61 Unrealized +24.5%

HEI/A HEICO CORP NEW 0.4%

Value ($000) $548 Shares 2,171 Est. Cost $104.52 Unrealized +136.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CHTR	CHARTER COMMUNICATIONS INC N	164,000	$34,235	26.8%	$358.27	-37.2%	CL A	16119P108
CDW	CDW CORP	100,000	$13,620	10.6%	$93.37	+57.5%	COM	12514G108
DPZ	DOMINOS PIZZA INC	37,000	$15,422	12.1%	$333.61	+24.5%	COM	25754A201
HEI/A	HEICO CORP NEW	2,171	$548	0.4%	$104.52	+136.3%	CL A	422806208