FIRST SABREPOINT CAPITAL MANAGEMENT LP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATGE	ADTALEM GLOBAL ED INC	135,000	$13,968	5.4%	$114.51	0.0%	COM	00737L103
AGM	FEDERAL AGRIC MTG CORP	44,500	$7,813	3.0%	$167.06	0.0%	CL C	313148306
NPKI	NPK INTERNATIONAL INC	650,000	$7,748	3.0%	$12.20	0.0%	COM SHS	651718504
EEFT	EURONET WORLDWIDE INC	101,155	$7,699	3.0%	$77.96	0.0%	COM	298736109
TFIN	TRIUMPH FINANCIAL INC	89,692	$5,617	2.2%	$56.02	0.0%	COM	89679E300
GBFH	GBANK FINL HLDGS INC	110,000	$3,728	1.4%	$36.61	0.0%	COM	36166F100
BTU	PEABODY ENERGY CORP	100,000	$2,970	1.1%	$29.35	0.0%	COM	704551100
—	EURONET WORLDWIDE INC	30,000	$2,283	0.9%	—	—	CALL	298736909
COOK	TRAEGER INC	1,219,575	$1,317	0.5%	$0.97	0.0%	COMMON STOCK	89269P103
TH	TARGET HOSPITALITY CORP	150,000	$1,202	0.5%	$7.59	0.0%	COM	87615L107

Increased Positions (2)

AZO AUTOZONE INC 3.9%

Value ($000) $10,175 (+28.2%) Shares 3,000 (+62.2%) Est. Cost $2812.56 Unrealized +34.3%

LOPE GRAND CANYON ED INC 3.2%

Value ($000) $8,316 (+26.3%) Shares 50,000 (+66.7%) Est. Cost $163.10 Unrealized +10.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZO	AUTOZONE INC	3,000 (+62.2%)	$10,175 (+28.2%)	3.9%	$2812.56	+34.3%	COM	053332102
LOPE	GRAND CANYON ED INC	50,000 (+66.7%)	$8,316 (+26.3%)	3.2%	$163.10	+10.9%	COM	38526M106

Exited Positions (18)

MAA MID-AMER APT CMNTYS INC 3.0%

Value ($000) $7,685 Shares 55,000 Est. Cost $128.47 Unrealized +3.5%

— CARVANA CO 2.2%

Value ($000) $5,659 Shares 15,000 Est. Cost — Unrealized —

GRBK GREEN BRICK PARTNERS INC 2.0%

Value ($000) $5,170 Shares 70,000 Est. Cost $61.98 Unrealized +6.4%

— JOBY AVIATION INC 1.6%

Value ($000) $4,116 Shares 255,000 Est. Cost — Unrealized —

— IONQ INC 1.5%

Value ($000) $3,998 Shares 65,000 Est. Cost — Unrealized —

— SOLAREDGE TECHNOLOGIES INC 1.5%

Value ($000) $3,885 Shares 105,000 Est. Cost — Unrealized —

— QUANTUMSCAPE CORP 1.5%

Value ($000) $3,881 Shares 315,000 Est. Cost — Unrealized —

— PALANTIR TECHNOLOGIES INC 1.4%

Value ($000) $3,648 Shares 20,000 Est. Cost — Unrealized —

— RIGETTI COMPUTING INC 1.3%

Value ($000) $3,277 Shares 110,000 Est. Cost — Unrealized —

OPRA OPERA LTD 1.0%

Value ($000) $2,683 Shares 130,000 Est. Cost $20.64 Unrealized —

— AEROVIRONMENT INC 1.0%

Value ($000) $2,677 Shares 8,500 Est. Cost — Unrealized —

— D-WAVE QUANTUM INC 0.9%

Value ($000) $2,224 Shares 90,000 Est. Cost — Unrealized —

— DIGITAL RLTY TR INC 0.7%

Value ($000) $1,729 Shares 10,000 Est. Cost — Unrealized —

— VIASAT INC 0.6%

Value ($000) $1,494 Shares 51,000 Est. Cost — Unrealized —

— BIGBEAR AI HLDGS INC 0.5%

Value ($000) $1,369 Shares 210,000 Est. Cost — Unrealized —

— WINGSTOP INC 0.3%

Value ($000) $881 Shares 3,500 Est. Cost — Unrealized —

— AEVA TECHNOLOGIES INC 0.2%

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

— QUANTUM COMPUTING INC 0.1%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAA	MID-AMER APT CMNTYS INC	55,000	$7,685	3.0%	$128.47	+3.5%	—	59522J103
—	CARVANA CO	15,000	$5,659	2.2%	—	—	PUT	146869952
GRBK	GREEN BRICK PARTNERS INC	70,000	$5,170	2.0%	$61.98	+6.4%	—	392709101
—	JOBY AVIATION INC	255,000	$4,116	1.6%	—	—	PUT	G65163950
—	IONQ INC	65,000	$3,998	1.5%	—	—	PUT	46222L958
—	SOLAREDGE TECHNOLOGIES INC	105,000	$3,885	1.5%	—	—	PUT	83417M954
—	QUANTUMSCAPE CORP	315,000	$3,881	1.5%	—	—	PUT	74767V959
—	PALANTIR TECHNOLOGIES INC	20,000	$3,648	1.4%	—	—	PUT	69608A958
—	RIGETTI COMPUTING INC	110,000	$3,277	1.3%	—	—	PUT	76655K953
OPRA	OPERA LTD	130,000	$2,683	1.0%	$20.64	—	—	68373M107
—	AEROVIRONMENT INC	8,500	$2,677	1.0%	—	—	PUT	008073958
—	D-WAVE QUANTUM INC	90,000	$2,224	0.9%	—	—	PUT	26740W959
—	DIGITAL RLTY TR INC	10,000	$1,729	0.7%	—	—	PUT	253868953
—	VIASAT INC	51,000	$1,494	0.6%	—	—	PUT	92552V950
—	BIGBEAR AI HLDGS INC	210,000	$1,369	0.5%	—	—	PUT	08975B959
—	WINGSTOP INC	3,500	$881	0.3%	—	—	PUT	974155953
—	AEVA TECHNOLOGIES INC	30,000	$435	0.2%	—	—	PUT	00835Q952
—	QUANTUM COMPUTING INC	20,000	$368	0.1%	—	—	PUT	74766W958

Decreased Positions (14)

— TURNING PT BRANDS INC 3.6%

Value ($000) $9,431 (-54.0%) Shares 87,000 (-58.0%) Est. Cost — Unrealized —

LAUR LAUREATE EDUCATION INC 6.5%

Value ($000) $16,835 (-33.3%) Shares 500,000 (-37.5%) Est. Cost $15.14 Unrealized +103.9%

WD WALKER & DUNLOP INC 0.7%

Value ($000) $1,805 (-82.0%) Shares 30,000 (-75.0%) Est. Cost $76.52 Unrealized -7.9%

BTI BRITISH AMERN TOB PLC 3.3%

Value ($000) $8,493 (-48.4%) Shares 150,000 (-51.6%) Est. Cost $44.18 Unrealized —

MSFT MICROSOFT CORP 4.7%

Value ($000) $12,091 (-33.3%) Shares 25,000 (-28.6%) Est. Cost $169.76 Unrealized +194.9%

STRL STERLING INFRASTRUCTURE INC 3.5%

Value ($000) $9,187 (-35.6%) Shares 30,000 (-28.6%) Est. Cost $58.04 Unrealized +493.6%

CVCO CAVCO INDS INC DEL 6.2%

Value ($000) $15,950 (-21.5%) Shares 27,000 (-22.9%) Est. Cost $406.79 Unrealized +39.3%

HAS HASBRO INC 3.0%

Value ($000) $7,771 (-26.8%) Shares 94,765 (-32.3%) Est. Cost $61.59 Unrealized +26.7%

— UNUSUAL MACHS INC 0.2%

Value ($000) $637 (-80.4%) Shares 50,000 (-76.7%) Est. Cost — Unrealized —

AMRZ AMRIZE LTD 4.2%

Value ($000) $10,816 (-17.5%) Shares 200,000 (-25.9%) Est. Cost $50.79 Unrealized +0.5%

EGY VAALCO ENERGY INC 2.1%

Value ($000) $5,496 (-28.0%) Shares 1,510,000 (-20.5%) Est. Cost $4.25 Unrealized -13.8%

PGNY PROGYNY INC 2.5%

Value ($000) $6,420 (-14.8%) Shares 250,000 (-28.6%) Est. Cost $17.99 Unrealized +27.8%

— AST SPACEMOBILE INC 0.8%

Value ($000) $2,179 (-24.8%) Shares 30,000 (-49.2%) Est. Cost — Unrealized —

FCFS FIRSTCASH HOLDINGS INC 12.0%

Value ($000) $31,079 (-1.9%) Shares 195,000 (-2.5%) Est. Cost $107.52 Unrealized +46.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	TURNING PT BRANDS INC	87,000 (-58.0%)	$9,431 (-54.0%)	3.6%	—	—	CALL	90041L905
LAUR	LAUREATE EDUCATION INC	500,000 (-37.5%)	$16,835 (-33.3%)	6.5%	$15.14	+103.9%	COMMON STOCK	518613203
WD	WALKER & DUNLOP INC	30,000 (-75.0%)	$1,805 (-82.0%)	0.7%	$76.52	-7.9%	COM	93148P102
BTI	BRITISH AMERN TOB PLC	150,000 (-51.6%)	$8,493 (-48.4%)	3.3%	$44.18	—	SPONSORED ADR	110448107
MSFT	MICROSOFT CORP	25,000 (-28.6%)	$12,091 (-33.3%)	4.7%	$169.76	+194.9%	COM	594918104
STRL	STERLING INFRASTRUCTURE INC	30,000 (-28.6%)	$9,187 (-35.6%)	3.5%	$58.04	+493.6%	COM	859241101
CVCO	CAVCO INDS INC DEL	27,000 (-22.9%)	$15,950 (-21.5%)	6.2%	$406.79	+39.3%	COM	149568107
HAS	HASBRO INC	94,765 (-32.3%)	$7,771 (-26.8%)	3.0%	$61.59	+26.7%	COM	418056107
—	UNUSUAL MACHS INC	50,000 (-76.7%)	$637 (-80.4%)	0.2%	—	—	PUT	91532F952
AMRZ	AMRIZE LTD	200,000 (-25.9%)	$10,816 (-17.5%)	4.2%	$50.79	+0.5%	SHS	H2927K103
EGY	VAALCO ENERGY INC	1,510,000 (-20.5%)	$5,496 (-28.0%)	2.1%	$4.25	-13.8%	COM NEW	91851C201
PGNY	PROGYNY INC	250,000 (-28.6%)	$6,420 (-14.8%)	2.5%	$17.99	+27.8%	COM	74340E103
—	AST SPACEMOBILE INC	30,000 (-49.2%)	$2,179 (-24.8%)	0.8%	—	—	PUT	00217D950
FCFS	FIRSTCASH HOLDINGS INC	195,000 (-2.5%)	$31,079 (-1.9%)	12.0%	$107.52	+46.0%	COM	33768G107

Unchanged Positions (3)

TPB TURNING PT BRANDS INC 16.7%

Value ($000) $43,360 Shares 400,000 Est. Cost $49.68 Unrealized +96.8%

— AMPRIUS TECHNOLOGIES INC 0.5%

Value ($000) $1,425 Shares 180,600 Est. Cost — Unrealized —

BLD TOPBUILD CORP 1.3%

Value ($000) $3,338 Shares 8,000 Est. Cost $300.92 Unrealized +42.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TPB	TURNING PT BRANDS INC	400,000	$43,360	16.7%	$49.68	+96.8%	COM	90041L105
—	AMPRIUS TECHNOLOGIES INC	180,600	$1,425	0.5%	—	—	PUT	03214Q958
BLD	TOPBUILD CORP	8,000	$3,338	1.3%	$300.92	+42.5%	COM	89055F103