HMI Capital Management, L.P. Long-Term Concentrated

CIK: 0001469026 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $1,218,224 (100.0% shares, 0.0% debt)

Holdings (10)

New Positions (2)

AMZN AMAZON COM INC 9.6%

Value ($000) $116,910 Shares 506,500 Est. Cost $228.79 Unrealized 0.0%

FICO FAIR ISAAC CORP 6.5%

Value ($000) $79,544 Shares 47,050 Est. Cost $1721.38 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	506,500	$116,910	9.6%	$228.79	0.0%	COM	023135106
FICO	FAIR ISAAC CORP	47,050	$79,544	6.5%	$1721.38	0.0%	COM	303250104

Increased Positions (3)

CWAN CLEARWATER ANALYTICS HLDGS I 12.6%

Value ($000) $152,909 (+58.3%) Shares 6,339,500 (+18.2%) Est. Cost $20.24 Unrealized -1.0%

TOST TOAST INC 12.5%

Value ($000) $152,817 (+25.2%) Shares 4,303,483 (+28.8%) Est. Cost $35.06 Unrealized +2.8%

TW TRADEWEB MKTS INC 4.7%

Value ($000) $57,211 (+17.6%) Shares 532,000 (+21.3%) Est. Cost $124.82 Unrealized -14.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CWAN	CLEARWATER ANALYTICS HLDGS I	6,339,500 (+18.2%)	$152,909 (+58.3%)	12.6%	$20.24	-1.0%	CL A	185123106
TOST	TOAST INC	4,303,483 (+28.8%)	$152,817 (+25.2%)	12.5%	$35.06	+2.8%	CL A	888787108
TW	TRADEWEB MKTS INC	532,000 (+21.3%)	$57,211 (+17.6%)	4.7%	$124.82	-14.0%	CL A	892672106

Exited Positions (4)

FLUT FLUTTER ENTMT PLC 17.5%

Value ($000) $212,702 Shares 837,409 Est. Cost $240.13 Unrealized -6.3%

NICE NICE LTD 9.2%

Value ($000) $111,537 Shares 770,390 Est. Cost $172.53 Unrealized —

WDAY WORKDAY INC 8.6%

Value ($000) $105,223 Shares 437,100 Est. Cost $232.56 Unrealized -2.3%

CHYM CHIME FINL INC 2.1%

Value ($000) $25,631 Shares 1,270,744 Est. Cost $32.95 Unrealized -35.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FLUT	FLUTTER ENTMT PLC	837,409	$212,702	17.5%	$240.13	-6.3%	—	G3643J108
NICE	NICE LTD	770,390	$111,537	9.2%	$172.53	—	—	653656108
WDAY	WORKDAY INC	437,100	$105,223	8.6%	$232.56	-2.3%	—	98138H101
CHYM	CHIME FINL INC	1,270,744	$25,631	2.1%	$32.95	-35.5%	—	16935C109

Decreased Positions (3)

GTLB GITLAB INC 13.2%

Value ($000) $160,969 (-44.8%) Shares 4,289,081 (-33.7%) Est. Cost $45.72 Unrealized -5.3%

CPNG COUPANG INC 13.1%

Value ($000) $159,376 (-42.0%) Shares 6,756,100 (-20.8%) Est. Cost $17.57 Unrealized +61.9%

OWL BLUE OWL CAPITAL INC 3.0%

Value ($000) $36,042 (-62.7%) Shares 2,412,457 (-57.7%) Est. Cost $19.56 Unrealized -20.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GTLB	GITLAB INC	4,289,081 (-33.7%)	$160,969 (-44.8%)	13.2%	$45.72	-5.3%	CLASS A COM	37637K108
CPNG	COUPANG INC	6,756,100 (-20.8%)	$159,376 (-42.0%)	13.1%	$17.57	+61.9%	CL A	22266T109
OWL	BLUE OWL CAPITAL INC	2,412,457 (-57.7%)	$36,042 (-62.7%)	3.0%	$19.56	-20.1%	COM CL A	09581B103

Unchanged Positions (2)

KLAR KLARNA GROUP PLC 10.6%

Value ($000) $128,710 Shares 4,452,097 Est. Cost $42.59 Unrealized -19.4%

NCNO NCINO INC 14.3%

Value ($000) $173,736 Shares 6,775,973 Est. Cost $41.86 Unrealized -39.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KLAR	KLARNA GROUP PLC	4,452,097	$128,710	10.6%	$42.59	-19.4%	SHS	G5279N105
NCNO	NCINO INC	6,775,973	$173,736	14.3%	$41.86	-39.3%	COM	63947X101