Lionstone Capital Management LLC Long-Term Concentrated

CIK: 0001575662 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $432,647 (100.0% shares, 0.0% debt)

Holdings (12)

Increased Positions (3)

QXO QXO INC 10.4%

Value ($000) $44,997 (+11.3%) Shares 2,332,662 (+10.0%) Est. Cost $16.67 Unrealized +15.0%

FSV FIRSTSERVICE CORP NEW 8.8%

Value ($000) $38,217 (-7.2%) Shares 245,720 (+13.7%) Est. Cost $104.31 Unrealized +55.7%

GLIBK GCI LIBERTY INC 0.1%

Value ($000) $253 (+38.2%) Shares 6,810 (+38.4%) Est. Cost $35.22 Unrealized -0.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QXO	QXO INC	2,332,662 (+10.0%)	$44,997 (+11.3%)	10.4%	$16.67	+15.0%	COM NEW	82846H405
FSV	FIRSTSERVICE CORP NEW	245,720 (+13.7%)	$38,217 (-7.2%)	8.8%	$104.31	+55.7%	COM	33767E202
GLIBK	GCI LIBERTY INC	6,810 (+38.4%)	$253 (+38.2%)	0.1%	$35.22	-0.4%	COM SER C	36164V800

Decreased Positions (4)

GOOG ALPHABET INC 16.9%

Value ($000) $73,286 (+15.2%) Shares 233,545 (-10.6%) Est. Cost $108.09 Unrealized +164.9%

LOW LOWES COS INC 1.2%

Value ($000) $5,144 (-50.6%) Shares 21,330 (-48.5%) Est. Cost $120.72 Unrealized +98.7%

APG API GROUP CORP 21.9%

Value ($000) $94,742 (+5.3%) Shares 2,476,270 (-5.4%) Est. Cost $17.66 Unrealized +109.4%

AMZN AMAZON COM INC 14.9%

Value ($000) $64,570 (-5.7%) Shares 279,740 (-10.3%) Est. Cost $113.58 Unrealized +101.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	233,545 (-10.6%)	$73,286 (+15.2%)	16.9%	$108.09	+164.9%	CAP STK CL C	02079K107
LOW	LOWES COS INC	21,330 (-48.5%)	$5,144 (-50.6%)	1.2%	$120.72	+98.7%	COM	548661107
APG	API GROUP CORP	2,476,270 (-5.4%)	$94,742 (+5.3%)	21.9%	$17.66	+109.4%	COM STK	00187Y100
AMZN	AMAZON COM INC	279,740 (-10.3%)	$64,570 (-5.7%)	14.9%	$113.58	+101.4%	COM	023135106

Unchanged Positions (5)

CPRT COPART INC 7.0%

Value ($000) $30,392 Shares 776,300 Est. Cost $36.57 Unrealized +13.4%

SPGI S&P GLOBAL INC 10.1%

Value ($000) $43,898 Shares 84,000 Est. Cost $320.59 Unrealized +54.2%

LBRDK LIBERTY BROADBAND CORP 0.3%

Value ($000) $1,196 Shares 24,605 Est. Cost $142.46 Unrealized -63.5%

FERG FERGUSON ENTERPRISES INC 8.3%

Value ($000) $35,854 Shares 161,048 Est. Cost $197.54 Unrealized +20.5%

UUUU ENERGY FUELS INC 0.0%

Value ($000) $98 Shares 6,760 Est. Cost $6.19 Unrealized +174.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CPRT	COPART INC	776,300	$30,392	7.0%	$36.57	+13.4%	COM	217204106
SPGI	S&P GLOBAL INC	84,000	$43,898	10.1%	$320.59	+54.2%	COM	78409V104
LBRDK	LIBERTY BROADBAND CORP	24,605	$1,196	0.3%	$142.46	-63.5%	COM SER C	530307305
FERG	FERGUSON ENTERPRISES INC	161,048	$35,854	8.3%	$197.54	+20.5%	COMMON STOCK NEW	31488V107
UUUU	ENERGY FUELS INC	6,760	$98	0.0%	$6.19	+174.3%	COM NEW	292671708