FIRST SABREPOINT CAPITAL MANAGEMENT LP

Hedge Fund • Long/Short

FIRST SABREPOINT CAPITAL MANAGEMENT LP is a Long/Short Hedge Fund based in Dallas, TX led by George Hiland Baxter, reporting $420.7M in AUM as of Q3 2025 with 80% concentrated in top 10 holdings and 16% allocation to TPB.

Managing PartnerGeorge Hiland Baxter

Portfolio Value: $247.7M
Positions: 18
Top Holding: TPB at 15.96%
Last Reported: Q3 2025

Address8750 North Central Expressway, Suite 920, Dallas, TX, 75231, United States

Top Holdings

Largest long holdings in FIRST SABREPOINT CAPITAL MANAGEMENT LP's portfolio (80.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Turning Point Brands TPB	Tobacco Consumer Defensive	$39.5M	15.96%	—	2.22% 400.0K shares	Q3 2024 Held for 1y 2m
2 FirstCash Holdings FCFS	Financial - Credit Services Financial Services	$31.7M	12.79%	—	0.45% 200.0K shares	Q2 2023 Held for 2y 5m
3 Laureate Education, Inc. LAUR	Education & Training Services Consumer Defensive	$25.2M	10.18%	-$3.2M Sold	0.54% 800.0K shares	Q2 2024 Held for 1y 5m
4 Cavco Industries CVCO	Residential Construction Consumer Cyclical	$20.3M	8.20%	+$2.9M Bought	0.44% 35.0K shares	Q4 2023 Held for 1y 11m
5 Microsoft MSFT	Software - Infrastructure Technology	$18.1M	7.32%	—	0.00% 35.0K shares	Q1 2020 Held for 5y 8m
6 BTI British American Tobacco BTI	Unknown Unknown	$16.5M	6.64%	-$2.1M Sold	— 310.0K shares	Q1 2025 Held for 8 months
7 Sterling Infrastructure, Inc. STRL	Engineering & Construction Industrials	$14.3M	5.76%	-$2.7M Sold	0.14% 42.0K shares	Q2 2023 Held for 2y 5m
8 Amrize Ltd AMRZ	Unknown Unknown	$13.1M	5.29%	+$8.3M Bought	0.05% 270.0K shares	Q2 2025 Held for 5 months
9 Hasbro HAS	Leisure Consumer Cyclical	$10.6M	4.29%	-$4.9M Sold	0.10% 140.0K shares	Q2 2025 Held for 5 months
10 Walker & Dunlop WD	Financial - Mortgages Financial Services	$10.0M	4.05%	+$250.9K Bought	0.35% 120.0K shares	Q3 2019 Held for 6y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in FIRST SABREPOINT CAPITAL MANAGEMENT LP's latest filing

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Market Value

$247.7M

Prior: $233.7M

Q/Q Change

+6.02%

+$14.1M

Net Flows % of MV

-10.24%

Turnover Ratio

11.85%

New Purchases

1 stocks

$2.7M

Added To

4 stocks

+$14.0M

Sold Out Of

6 stocks

$23.0M

Reduced Holdings

8 stocks

-$19.0M

Increased Positions

Position	Shares Δ	Change
1 OPRA Opera Limited OPRA	New	0 → 130.0K +$2.7M
2 Amrize Ltd AMRZ	+170.0%	100.0K → 270.0K +$8.3M
3 Progyny PGNY	+52.17%	230.0K → 350.0K +$2.6M
4 Cavco Industries CVCO	+16.67%	30.0K → 35.0K +$2.9M
5 Walker & Dunlop WD	+2.56%	117.0K → 120.0K +$250.9K

Decreased Positions

Position	Shares Δ	Change
1 Camden Property Trust CPT	Sold	65.0K → 0 −$7.3M
2 BlackLine BL	Sold	100.0K → 0 −$5.7M
3 Atlas Energy Solutions AESI	Sold	350.0K → 0 −$4.7M
4 NVR NVR	Sold	370.0 → 0 −$2.7M
5 Gogo GOGO	Sold	170.0K → 0 −$2.5M