Lansing Management LP Long-Term Concentrated

CIK: 0001691908 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $150,533 (100.0% shares, 0.0% debt)

Holdings (13)

New Positions (5)

BGSI BOYD GROUP SERVICES INC 8.5%

Value ($000) $12,869 Shares 80,760 Est. Cost $160.25 Unrealized 0.0%

HLT HILTON WORLDWIDE HLDGS INC 6.0%

Value ($000) $9,097 Shares 31,670 Est. Cost $272.20 Unrealized 0.0%

WCN WASTE CONNECTIONS INC 1.8%

Value ($000) $2,658 Shares 15,150 Est. Cost $172.81 Unrealized 0.0%

CLH CLEAN HARBORS INC 1.7%

Value ($000) $2,523 Shares 10,760 Est. Cost $228.49 Unrealized 0.0%

ODFL OLD DOMINION FREIGHT LINE IN 1.2%

Value ($000) $1,746 Shares 11,134 Est. Cost $143.18 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BGSI	BOYD GROUP SERVICES INC	80,760	$12,869	8.5%	$160.25	0.0%	COM	103310108
HLT	HILTON WORLDWIDE HLDGS INC	31,670	$9,097	6.0%	$272.20	0.0%	COM	43300A203
WCN	WASTE CONNECTIONS INC	15,150	$2,658	1.8%	$172.81	0.0%	COM	94106B101
CLH	CLEAN HARBORS INC	10,760	$2,523	1.7%	$228.49	0.0%	COM	184496107
ODFL	OLD DOMINION FREIGHT LINE IN	11,134	$1,746	1.2%	$143.18	0.0%	COM	679580100

Increased Positions (3)

COMP COMPASS INC 3.6%

Value ($000) $5,359 (+221.5%) Shares 507,000 (+144.2%) Est. Cost $8.71 Unrealized +4.8%

MCO MOODYS CORP 9.2%

Value ($000) $13,784 (+24.3%) Shares 26,983 (+16.0%) Est. Cost $479.44 Unrealized +1.6%

TRU TRANSUNION 12.5%

Value ($000) $18,864 (+8.9%) Shares 219,993 (+6.4%) Est. Cost $71.02 Unrealized +15.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COMP	COMPASS INC	507,000 (+144.2%)	$5,359 (+221.5%)	3.6%	$8.71	+4.8%	CL A	20464U100
MCO	MOODYS CORP	26,983 (+16.0%)	$13,784 (+24.3%)	9.2%	$479.44	+1.6%	COM	615369105
TRU	TRANSUNION	219,993 (+6.4%)	$18,864 (+8.9%)	12.5%	$71.02	+15.6%	COM	89400J107

Exited Positions (1)

ZTS ZOETIS INC 1.2%

Value ($000) $1,837 Shares 12,555 Est. Cost $173.01 Unrealized -24.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZTS	ZOETIS INC	12,555	$1,837	1.2%	$173.01	-24.7%	—	98978V103

Decreased Positions (4)

RACE FERRARI N V 10.9%

Value ($000) $16,334 (-39.7%) Shares 44,199 (-20.8%) Est. Cost $142.84 Unrealized +180.1%

ROP ROPER TECHNOLOGIES INC 4.4%

Value ($000) $6,695 (-55.1%) Shares 15,040 (-49.7%) Est. Cost $332.71 Unrealized +38.9%

IBKR INTERACTIVE BROKERS GROUP IN 12.8%

Value ($000) $19,260 (-17.2%) Shares 299,485 (-11.4%) Est. Cost $42.07 Unrealized +59.0%

APG API GROUP CORP 13.9%

Value ($000) $20,946 (+4.0%) Shares 547,470 (-6.6%) Est. Cost $24.54 Unrealized +50.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RACE	FERRARI N V	44,199 (-20.8%)	$16,334 (-39.7%)	10.9%	$142.84	+180.1%	COM	N3167Y103
ROP	ROPER TECHNOLOGIES INC	15,040 (-49.7%)	$6,695 (-55.1%)	4.4%	$332.71	+38.9%	COM	776696106
IBKR	INTERACTIVE BROKERS GROUP IN	299,485 (-11.4%)	$19,260 (-17.2%)	12.8%	$42.07	+59.0%	COM CL A	45841N107
APG	API GROUP CORP	547,470 (-6.6%)	$20,946 (+4.0%)	13.9%	$24.54	+50.6%	COM STK	00187Y100

Unchanged Positions (1)

HEI/A HEICO CORP NEW 13.6%

Value ($000) $20,398 Shares 80,805 Est. Cost $191.23 Unrealized +29.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HEI/A	HEICO CORP NEW	80,805	$20,398	13.6%	$191.23	+29.1%	CL A	422806208