FIRST SABREPOINT CAPITAL MANAGEMENT LP

DALLAS, TX · CIK 1731530 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2019 · limited partnership

Assets managed$499.5m
Staff5 · 4 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $499.5m gross assets
Websitesabrepointcapital.com
Form ADV · 2026-03-25SEC adviser record

Legal entityFIRST SABREPOINT CAPITAL MANAGEMENT, LP (US)

Kindhedge funds, futures
Others nearbyDallas, TX

As an employer

Offices in1 country
Private fundshedge 1

$234.0m reported value -4.4% vs Q1 2026

20positions

74.7%in top 10

3 new 9 added 5 reduced 10 sold out vs Q1 2026

Options: 5 call positions ($67.2m notional), 2 put positions ($2.9m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TURNING PT BRANDS INC COM TPB	TPB	480,000	$40.7m17.40%	17.40%	Added +80.0k	+80,000 20.0%
2	FIRSTCASH HOLDINGS INC COM FCFS	FCFS	172,103	$37.2m15.91%	15.91%	Reduced -5.0k	-5,044 -2.9%
3	STERLING INFRASTRUCTURE INC COM STRL	STRL	20,000	$16.8m7.17%	7.17%	Unchanged
4	VAALCO ENERGY INC COM NEW EGY	EGY	3,300,000	$16.8m7.16%	7.16%	Added +1.9m	+1,900,000 135.7%
5	TRIUMPH FINANCIAL INC COM TFIN	TFIN	155,000	$11.8m5.06%	5.06%	Added +44.3k	+44,341 40.1%
6	CAVCO INDS INC DEL COM CVCO	CVCO	18,500	$11.4m4.86%	4.86%	Reduced -14.5k	-14,540 -44.0%
7	AMRIZE LTD SHS AMRZ	AMRZ	200,000	$10.7m4.56%	4.56%	Added +12.0k	+12,000 6.4%
8	ULTRA CLEAN HLDGS INC COM UCTT	UCTT	70,000	$10.0m4.27%	4.27%	Reduced -55.0k	-55,000 -44.0%
9	BRITISH AMERN TOB PLC SPONSORED ADR BTI	BTI	160,000	$9.9m4.22%	4.22%	Added +10.0k	+10,000 6.7%
10	NPK INTERNATIONAL INC COM SHS NPKI	NPKI	600,000	$9.5m4.08%	4.08%	Added +50.0k	+50,000 9.1%
11	LAUREATE EDUCATION INC COMMON STOCK LAUR	LAUR	248,640	$9.0m3.86%	3.86%	Added +640	+640 0.3%
12	MATADOR RES CO COM MTDR	MTDR	180,000	$9.0m3.83%	3.83%	Added +45.0k	+45,000 33.3%
13	TARGET HOSPITALITY CORP COM TH	TH	420,000	$8.6m3.65%	3.65%	Reduced -181.8k	-181,777 -30.2%
14	BUILD-A-BEAR WORKSHOP INC COM BBW	BBW	210,645	$6.4m2.76%	2.76%	Added +22.4k	+22,394 11.9%
15	SPROUTS FMRS MKT INC COM SFM	SFM	65,000	$5.5m2.35%	2.35%	Unchanged
16	RUSH ENTERPRISES INC CL A RUSHA	RUSHA	75,000	$5.5m2.34%	2.34%	New
17	LIFEWAY FOODS INC COM LWAY	LWAY	170,000	$5.1m2.17%	2.17%	New
18	AUTOZONE INC COM AZO	AZO	1,500	$4.8m2.05%	2.05%	Reduced -1.0k	-1,000 -40.0%
19	BOOT BARN HLDGS INC COM BOOT	BOOT	20,000	$3.3m1.40%	1.40%	New
20	KOSMOS ENERGY LTD COM KOS	KOS	1,000,000	$2.1m0.90%	0.90%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
GRAND CANYON ED INC LOPE	LOPE	58,000	$9.9m58.0k shares
ADTALEM GLOBAL ED INC CVSA	CVSA	80,000	$9.2m80.0k shares
PEABODY ENERGY CORP BTU	BTU	250,000	$8.2m250.0k shares
ICHOR HOLDINGS ICHR	ICHR	170,000	$7.9m170.0k shares
ENTEGRIS INC ENTG	ENTG	55,000	$6.4m55.0k shares
VERSANT MEDIA GROUP INC VSNT	VSNT	150,000	$5.6m150.0k shares
PAR PAC HOLDINGS INC PARR	PARR	50,000	$3.1m50.0k shares
TOPBUILD CORP BLD	BLD	8,000	$2.8m8.0k shares
AMERICOLD REALTY TRUST INC COLD	COLD	171,774	$2.0m171.8k shares
GBANK FINL HLDGS INC GBFH	GBFH	28,302	$757.4k28.3k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
TURNING PT BRANDS INC TPB · Call	TPB	Call	389,800	$33.1m389.8k shares	Added
UNITED STS BRENT OIL FD LP BNO · Call	BNO	Call	450,000	$18.3m450.0k shares	New
TRIUMPH FINANCIAL INC TFIN · Call	TFIN	Call	100,000	$7.6m100.0k shares	New
FIRSTCASH HOLDINGS INC FCFS · Call	FCFS	Call	29,300	$6.3m29.3k shares	New
ALASKA AIR GROUP INC ALK · Put	ALK	Put	50,000	$2.6m50.0k shares	New
UNITED STS OIL FD LP USO · Call	USO	Call	17,400	$1.9m17.4k shares	New
PROSHARES TR II BOIL · Put	BOIL	Put	10,000	$274.4k10.0k shares	New