FIRST SABREPOINT CAPITAL MANAGEMENT LP Hedge Fund

Location: Dallas, TX

CIK: 0001731530 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value: $316M (100.0% shares, 0.0% debt)

Holdings (37)

TPB TURNING PT BRANDS INC 12.5%

Value $39.54M Shares 400,000 Est. Cost $49.68 Unrealized +82.2%

FCFS FIRSTCASH HOLDINGS INC 10.0%

Value $31.68M Shares 200,000 Est. Cost $107.52 Unrealized +29.2%

LAUR LAUREATE EDUCATION INC 8.0%

Value $25.23M Shares 800,000 Est. Cost $15.14 Unrealized +73.0%

— TURNING PT BRANDS INC 6.5%

Value $20.49M Shares 207,300 Est. Cost — Unrealized —

CVCO CAVCO INDS INC DEL 6.4%

Value $20.33M Shares 35,000 Est. Cost $406.79 Unrealized +20.2%

MSFT MICROSOFT CORP 5.7%

Value $18.13M Shares 35,000 Est. Cost $169.76 Unrealized +199.7%

BTI BRITISH AMERN TOB PLC 5.2%

Value $16.45M Shares 310,000 Est. Cost $44.18 Unrealized —

STRL STERLING INFRASTRUCTURE INC 4.5%

Value $14.27M Shares 42,000 Est. Cost $58.04 Unrealized +389.1%

AMRZ AMRIZE LTD 4.1%

Value $13.1M Shares 270,000 Est. Cost $50.79 Unrealized +0.4%

HAS HASBRO INC 3.4%

Value $10.62M Shares 140,000 Est. Cost $61.59 Unrealized +24.2%

WD WALKER & DUNLOP INC 3.2%

Value $10.03M Shares 120,000 Est. Cost $76.52 Unrealized +3.7%

AZO AUTOZONE INC 2.5%

Value $7.937M Shares 1,850 Est. Cost $2212.51 Unrealized +81.3%

MAA MID-AMER APT CMNTYS INC 2.4%

Value $7.685M Shares 55,000 Est. Cost $128.47 Unrealized +11.0%

EGY VAALCO ENERGY INC 2.4%

Value $7.638M Shares 1,900,000 Est. Cost $4.25 Unrealized -11.6%

PGNY PROGYNY INC 2.4%

Value $7.532M Shares 350,000 Est. Cost $17.99 Unrealized +26.3%

LOPE GRAND CANYON ED INC 2.1%

Value $6.586M Shares 30,000 Est. Cost $151.26 Unrealized +27.0%

— CARVANA CO 1.8%

Value $5.659M Shares 15,000 Est. Cost — Unrealized —

GRBK GREEN BRICK PARTNERS INC 1.6%

Value $5.17M Shares 70,000 Est. Cost $61.98 Unrealized +10.3%

— JOBY AVIATION INC 1.3%

Value $4.116M Shares 255,000 Est. Cost — Unrealized —

— IONQ INC 1.3%

Value $3.998M Shares 65,000 Est. Cost — Unrealized —

— SOLAREDGE TECHNOLOGIES INC 1.2%

Value $3.885M Shares 105,000 Est. Cost — Unrealized —

— QUANTUMSCAPE CORP 1.2%

Value $3.881M Shares 315,000 Est. Cost — Unrealized —

— PALANTIR TECHNOLOGIES INC 1.2%

Value $3.648M Shares 20,000 Est. Cost — Unrealized —

— RIGETTI COMPUTING INC 1.0%

Value $3.277M Shares 110,000 Est. Cost — Unrealized —

— UNUSUAL MACHS INC 1.0%

Value $3.247M Shares 215,000 Est. Cost — Unrealized —

BLD TOPBUILD CORP 1.0%

Value $3.127M Shares 8,000 Est. Cost $300.92 Unrealized +32.6%

— AST SPACEMOBILE INC 0.9%

Value $2.896M Shares 59,000 Est. Cost — Unrealized —

OPRA OPERA LTD 0.8%

Value $2.683M Shares 130,000 Est. Cost $20.64 Unrealized —

— AEROVIRONMENT INC 0.8%

Value $2.677M Shares 8,500 Est. Cost — Unrealized —

— D-WAVE QUANTUM INC 0.7%

Value $2.224M Shares 90,000 Est. Cost — Unrealized —

— AMPRIUS TECHNOLOGIES INC 0.6%

Value $1.9M Shares 180,600 Est. Cost — Unrealized —

— DIGITAL RLTY TR INC 0.5%

Value $1.729M Shares 10,000 Est. Cost — Unrealized —

— VIASAT INC 0.5%

Value $1.494M Shares 51,000 Est. Cost — Unrealized —

— BIGBEAR AI HLDGS INC 0.4%

Value $1.369M Shares 210,000 Est. Cost — Unrealized —

— WINGSTOP INC 0.3%

Value $881K Shares 3,500 Est. Cost — Unrealized —

— AEVA TECHNOLOGIES INC 0.1%

Value $435K Shares 30,000 Est. Cost — Unrealized —

— QUANTUM COMPUTING INC 0.1%

Value $368K Shares 20,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPB	TURNING PT BRANDS INC	400,000	$39.54M	12.5%	$49.68	+82.2%	COM	90041L105
FCFS	FIRSTCASH HOLDINGS INC	200,000	$31.68M	10.0%	$107.52	+29.2%	COM	33768G107
LAUR	LAUREATE EDUCATION INC	800,000	$25.23M	8.0%	$15.14	+73.0%	COMMON STOCK	518613203
—	TURNING PT BRANDS INC	207,300	$20.49M	6.5%	—	—	Call	90041L905
CVCO	CAVCO INDS INC DEL	35,000	$20.33M	6.4%	$406.79	+20.2%	COM	149568107
MSFT	MICROSOFT CORP	35,000	$18.13M	5.7%	$169.76	+199.7%	COM	594918104
BTI	BRITISH AMERN TOB PLC	310,000	$16.45M	5.2%	$44.18	—	SPONSORED ADR	110448107
STRL	STERLING INFRASTRUCTURE INC	42,000	$14.27M	4.5%	$58.04	+389.1%	COM	859241101
AMRZ	AMRIZE LTD	270,000	$13.1M	4.1%	$50.79	+0.4%	SHS	H2927K103
HAS	HASBRO INC	140,000	$10.62M	3.4%	$61.59	+24.2%	COM	418056107
WD	WALKER & DUNLOP INC	120,000	$10.03M	3.2%	$76.52	+3.7%	COM	93148P102
AZO	AUTOZONE INC	1,850	$7.937M	2.5%	$2212.51	+81.3%	COM	053332102
MAA	MID-AMER APT CMNTYS INC	55,000	$7.685M	2.4%	$128.47	+11.0%	COM	59522J103
EGY	VAALCO ENERGY INC	1,900,000	$7.638M	2.4%	$4.25	-11.6%	COM NEW	91851C201
PGNY	PROGYNY INC	350,000	$7.532M	2.4%	$17.99	+26.3%	COM	74340E103
LOPE	GRAND CANYON ED INC	30,000	$6.586M	2.1%	$151.26	+27.0%	COM	38526M106
—	CARVANA CO	15,000	$5.659M	1.8%	—	—	Put	146869952
GRBK	GREEN BRICK PARTNERS INC	70,000	$5.17M	1.6%	$61.98	+10.3%	COM	392709101
—	JOBY AVIATION INC	255,000	$4.116M	1.3%	—	—	Put	G65163950
—	IONQ INC	65,000	$3.998M	1.3%	—	—	Put	46222L958
—	SOLAREDGE TECHNOLOGIES INC	105,000	$3.885M	1.2%	—	—	Put	83417M954
—	QUANTUMSCAPE CORP	315,000	$3.881M	1.2%	—	—	Put	74767V959
—	PALANTIR TECHNOLOGIES INC	20,000	$3.648M	1.2%	—	—	Put	69608A958
—	RIGETTI COMPUTING INC	110,000	$3.277M	1.0%	—	—	Put	76655K953
—	UNUSUAL MACHS INC	215,000	$3.247M	1.0%	—	—	Put	91532F952
BLD	TOPBUILD CORP	8,000	$3.127M	1.0%	$300.92	+32.6%	COM	89055F103
—	AST SPACEMOBILE INC	59,000	$2.896M	0.9%	—	—	Put	00217D950
OPRA	OPERA LTD	130,000	$2.683M	0.8%	$20.64	—	SPONSORED ADS	68373M107
—	AEROVIRONMENT INC	8,500	$2.677M	0.8%	—	—	Put	008073958
—	D-WAVE QUANTUM INC	90,000	$2.224M	0.7%	—	—	Put	26740W959
—	AMPRIUS TECHNOLOGIES INC	180,600	$1.9M	0.6%	—	—	Put	03214Q958
—	DIGITAL RLTY TR INC	10,000	$1.729M	0.5%	—	—	Put	253868953
—	VIASAT INC	51,000	$1.494M	0.5%	—	—	Put	92552V950
—	BIGBEAR AI HLDGS INC	210,000	$1.369M	0.4%	—	—	Put	08975B959
—	WINGSTOP INC	3,500	$881K	0.3%	—	—	Put	974155953
—	AEVA TECHNOLOGIES INC	30,000	$435K	0.1%	—	—	Put	00835Q952
—	QUANTUM COMPUTING INC	20,000	$368K	0.1%	—	—	Put	74766W958