LB Partners LLC Diversified Active

CIK: 0002007877 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $108,352 (100.0% shares, 0.0% debt)

Holdings (25)

Increased Positions (6)

SPT SPROUT SOCIAL INC 6.4%

Value ($000) $6,959 (+183.5%) Shares 617,477 (+225.0%) Est. Cost $12.50 Unrealized -13.6%

GTLB GITLAB INC 3.5%

Value ($000) $3,793 (+302.0%) Shares 101,077 (+382.9%) Est. Cost $43.80 Unrealized -1.2%

LPRO OPEN LENDING CORP 7.5%

Value ($000) $8,139 (-23.6%) Shares 5,250,841 (+4.0%) Est. Cost $1.62 Unrealized +9.4%

NIQ NIQ GLOBAL INTELLIGENCE PLC 3.7%

Value ($000) $4,035 (+32.0%) Shares 244,700 (+25.7%) Est. Cost $16.84 Unrealized -13.1%

RELY REMITLY GLOBAL INC 15.9%

Value ($000) $17,235 (+4.1%) Shares 1,248,888 (+23.0%) Est. Cost $16.56 Unrealized -12.3%

GLIBK GCI LIBERTY INC 0.4%

Value ($000) $402 (+41.8%) Shares 10,815 (+42.0%) Est. Cost $35.22 Unrealized -0.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPT	SPROUT SOCIAL INC	617,477 (+225.0%)	$6,959 (+183.5%)	6.4%	$12.50	-13.6%	COM CL A	85209W109
GTLB	GITLAB INC	101,077 (+382.9%)	$3,793 (+302.0%)	3.5%	$43.80	-1.2%	CLASS A COM	37637K108
LPRO	OPEN LENDING CORP	5,250,841 (+4.0%)	$8,139 (-23.6%)	7.5%	$1.62	+9.4%	COM	68373J104
NIQ	NIQ GLOBAL INTELLIGENCE PLC	244,700 (+25.7%)	$4,035 (+32.0%)	3.7%	$16.84	-13.1%	ORDINARY SHARES	G63755105
RELY	REMITLY GLOBAL INC	1,248,888 (+23.0%)	$17,235 (+4.1%)	15.9%	$16.56	-12.3%	COM	75960P104
GLIBK	GCI LIBERTY INC	10,815 (+42.0%)	$402 (+41.8%)	0.4%	$35.22	-0.4%	COM SER C	36164V800

Exited Positions (4)

— WIDEOPENWEST INC 18.5%

Value ($000) $20,006 Shares 3,877,126 Est. Cost $3.96 Unrealized —

LQDA LIQUIDIA CORPORATION 4.2%

Value ($000) $4,548 Shares 200,000 Est. Cost $7.20 Unrealized +295.4%

DBRG DIGITALBRIDGE GROUP INC 2.3%

Value ($000) $2,457 Shares 210,000 Est. Cost $12.64 Unrealized -5.0%

AMRZ AMRIZE LTD 0.4%

Value ($000) $485 Shares 10,000 Est. Cost $50.99 Unrealized +0.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	WIDEOPENWEST INC	3,877,126	$20,006	18.5%	$3.96	—	—	96758W101
LQDA	LIQUIDIA CORPORATION	200,000	$4,548	4.2%	$7.20	+295.4%	—	53635D202
DBRG	DIGITALBRIDGE GROUP INC	210,000	$2,457	2.3%	$12.64	-5.0%	—	25401T603
AMRZ	AMRIZE LTD	10,000	$485	0.4%	$50.99	+0.1%	—	H2927K103

Decreased Positions (3)

GOGO GOGO INC 0.6%

Value ($000) $699 (-97.5%) Shares 150,000 (-95.4%) Est. Cost $10.39 Unrealized -29.4%

TIGO MILLICOM INTL CELLULAR S A 11.9%

Value ($000) $12,862 (-15.1%) Shares 232,000 (-25.6%) Est. Cost $16.64 Unrealized +202.6%

FRPH FRP HLDGS INC 1.6%

Value ($000) $1,748 (-9.9%) Shares 76,682 (-3.6%) Est. Cost $29.32 Unrealized -19.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOGO	GOGO INC	150,000 (-95.4%)	$699 (-97.5%)	0.6%	$10.39	-29.4%	COM	38046C109
TIGO	MILLICOM INTL CELLULAR S A	232,000 (-25.6%)	$12,862 (-15.1%)	11.9%	$16.64	+202.6%	COM STK	L6388F110
FRPH	FRP HLDGS INC	76,682 (-3.6%)	$1,748 (-9.9%)	1.6%	$29.32	-19.4%	COM	30292L107

Unchanged Positions (16)

COF CAPITAL ONE FINL CORP 14.3%

Value ($000) $15,525 Shares 64,056 Est. Cost $185.05 Unrealized +20.1%

THRY THRYV HLDGS INC 1.4%

Value ($000) $1,511 Shares 249,705 Est. Cost $15.19 Unrealized -47.9%

GOOGL ALPHABET INC 5.5%

Value ($000) $5,947 Shares 19,000 Est. Cost $133.35 Unrealized +114.2%

AXP AMERICAN EXPRESS CO 10.9%

Value ($000) $11,838 Shares 32,000 Est. Cost $156.99 Unrealized +127.4%

LBRDK LIBERTY BROADBAND CORP 1.7%

Value ($000) $1,850 Shares 38,075 Est. Cost $67.73 Unrealized -23.2%

GOOG ALPHABET INC 2.3%

Value ($000) $2,510 Shares 8,000 Est. Cost $134.68 Unrealized +112.6%

OPFI OPPFI INC 4.8%

Value ($000) $5,230 Shares 500,000 Est. Cost $3.32 Unrealized +205.5%

IMXI INTERNATIONAL MNY EXPRESS IN 2.0%

Value ($000) $2,196 Shares 143,000 Est. Cost $16.69 Unrealized -10.0%

AMZN AMAZON COM INC 1.7%

Value ($000) $1,847 Shares 8,000 Est. Cost $197.89 Unrealized +15.6%

TFPM TRIPLE FLAG PRECIOUS METAL 0.5%

Value ($000) $495 Shares 14,913 Est. Cost $13.09 Unrealized +139.0%

MTA METALLA ROYALTY & STREAMING 0.3%

Value ($000) $280 Shares 36,000 Est. Cost $2.89 Unrealized +148.7%

SGOL ETFS GOLD TR 0.4%

Value ($000) $452 Shares 11,000 Est. Cost $19.74 Unrealized —

KKR KKR & CO INC 2.0%

Value ($000) $2,180 Shares 17,100 Est. Cost $66.83 Unrealized +86.0%

SPGI S&P GLOBAL INC 0.4%

Value ($000) $392 Shares 750 Est. Cost $388.21 Unrealized +27.3%

WU WESTERN UN CO 0.1%

Value ($000) $93 Shares 10,000 Est. Cost $7.99 Unrealized —

BSM BLACK STONE MINERALS L P 0.1%

Value ($000) $133 Shares 10,000 Est. Cost $15.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COF	CAPITAL ONE FINL CORP	64,056	$15,525	14.3%	$185.05	+20.1%	COM	14040H105
THRY	THRYV HLDGS INC	249,705	$1,511	1.4%	$15.19	-47.9%	COM NEW	886029206
GOOGL	ALPHABET INC	19,000	$5,947	5.5%	$133.35	+114.2%	CAP STK CL A	02079K305
AXP	AMERICAN EXPRESS CO	32,000	$11,838	10.9%	$156.99	+127.4%	COM	025816109
LBRDK	LIBERTY BROADBAND CORP	38,075	$1,850	1.7%	$67.73	-23.2%	COM SER C	530307305
GOOG	ALPHABET INC	8,000	$2,510	2.3%	$134.68	+112.6%	CAP STK CL C	02079K107
OPFI	OPPFI INC	500,000	$5,230	4.8%	$3.32	+205.5%	COM CL A	68386H103
IMXI	INTERNATIONAL MNY EXPRESS IN	143,000	$2,196	2.0%	$16.69	-10.0%	COM	46005L101
AMZN	AMAZON COM INC	8,000	$1,847	1.7%	$197.89	+15.6%	COM	023135106
TFPM	TRIPLE FLAG PRECIOUS METAL	14,913	$495	0.5%	$13.09	+139.0%	COM	89679M104
MTA	METALLA ROYALTY & STREAMING	36,000	$280	0.3%	$2.89	+148.7%	COM NEW	59124U605
SGOL	ETFS GOLD TR	11,000	$452	0.4%	$19.74	—	PHYSCL GOLD SHS	00326A104
KKR	KKR & CO INC	17,100	$2,180	2.0%	$66.83	+86.0%	COM	48251W104
SPGI	S&P GLOBAL INC	750	$392	0.4%	$388.21	+27.3%	COM	78409V104
WU	WESTERN UN CO	10,000	$93	0.1%	$7.99	—	COM	959802109
BSM	BLACK STONE MINERALS L P	10,000	$133	0.1%	$15.96	—	COM UNIT	09225M101