Starboard Value LP Diversified Active

CIK: 0001517137 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $5,279,508 (100.0% shares, 0.0% debt)

Holdings (22)

New Positions (3)

CWAN CLEARWATER ANALYTICS HLDGS I 4.5%

Value ($000) $240,212 Shares 9,959,031 Est. Cost $20.03 Unrealized 0.0%

FLR FLUOR CORP NEW 3.9%

Value ($000) $205,732 Shares 5,191,327 Est. Cost $44.24 Unrealized 0.0%

BIXI BITCOIN INFRASTRUCTURE ACQUI 0.1%

Value ($000) $2,988 Shares 300,000 Est. Cost $9.85 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CWAN	CLEARWATER ANALYTICS HLDGS I	9,959,031	$240,212	4.5%	$20.03	0.0%	CL A	185123106
FLR	FLUOR CORP NEW	5,191,327	$205,732	3.9%	$44.24	0.0%	COM	343412102
BIXI	BITCOIN INFRASTRUCTURE ACQUI	300,000	$2,988	0.1%	$9.85	0.0%	USD CL A ORD SHS	G1143H101

Increased Positions (4)

KVUE KENVUE INC 8.9%

Value ($000) $471,057 (+38.7%) Shares 27,307,632 (+30.5%) Est. Cost $20.41 Unrealized -20.4%

MTCH MATCH GROUP INC NEW 7.0%

Value ($000) $367,957 (-5.9%) Shares 11,395,379 (+2.9%) Est. Cost $33.57 Unrealized -2.1%

TRIP TRIPADVISOR INC 2.7%

Value ($000) $140,431 (-9.2%) Shares 9,644,996 (+1.4%) Est. Cost $13.82 Unrealized +10.1%

RIOT RIOT PLATFORMS INC 3.1%

Value ($000) $161,474 (-3.8%) Shares 12,744,576 (+44.5%) Est. Cost $13.77 Unrealized +24.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KVUE	KENVUE INC	27,307,632 (+30.5%)	$471,057 (+38.7%)	8.9%	$20.41	-20.4%	COM	49177J102
MTCH	MATCH GROUP INC NEW	11,395,379 (+2.9%)	$367,957 (-5.9%)	7.0%	$33.57	-2.1%	COM	57667L107
TRIP	TRIPADVISOR INC	9,644,996 (+1.4%)	$140,431 (-9.2%)	2.7%	$13.82	+10.1%	COM	896945201
RIOT	RIOT PLATFORMS INC	12,744,576 (+44.5%)	$161,474 (-3.8%)	3.1%	$13.77	+24.2%	COM	767292105

Exited Positions (1)

ALIT ALIGHT INC 2.8%

Value ($000) $149,523 Shares 45,865,899 Est. Cost $8.43 Unrealized -70.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALIT	ALIGHT INC	45,865,899	$149,523	2.8%	$8.43	-70.8%	—	01626W101

Decreased Positions (8)

ADSK AUTODESK INC 5.6%

Value ($000) $296,523 (-28.9%) Shares 1,001,733 (-23.7%) Est. Cost $267.44 Unrealized +13.1%

NWS NEWS CORP NEW 2.5%

Value ($000) $131,530 (-36.7%) Shares 4,439,081 (-26.2%) Est. Cost $22.32 Unrealized +33.5%

GEN GEN DIGITAL INC 5.5%

Value ($000) $287,822 (-16.7%) Shares 10,585,592 (-13.0%) Est. Cost $15.78 Unrealized +70.2%

HR HEALTHCARE RLTY TR 4.0%

Value ($000) $213,570 (-18.3%) Shares 12,600,000 (-13.0%) Est. Cost $16.95 Unrealized —

BDX BECTON DICKINSON & CO 3.4%

Value ($000) $180,469 (-20.2%) Shares 929,917 (-23.0%) Est. Cost $211.78 Unrealized -10.5%

CRM SALESFORCE INC 4.7%

Value ($000) $249,101 (-15.4%) Shares 940,325 (-24.3%) Est. Cost $236.73 Unrealized +4.8%

NWSA NEWS CORP NEW 2.9%

Value ($000) $153,990 (-21.4%) Shares 5,895,487 (-7.6%) Est. Cost $24.27 Unrealized +8.1%

ROG ROGERS CORP 2.1%

Value ($000) $110,201 (-18.3%) Shares 1,203,457 (-28.2%) Est. Cost $101.68 Unrealized -15.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADSK	AUTODESK INC	1,001,733 (-23.7%)	$296,523 (-28.9%)	5.6%	$267.44	+13.1%	COM	052769106
NWS	NEWS CORP NEW	4,439,081 (-26.2%)	$131,530 (-36.7%)	2.5%	$22.32	+33.5%	CL B	65249B208
GEN	GEN DIGITAL INC	10,585,592 (-13.0%)	$287,822 (-16.7%)	5.5%	$15.78	+70.2%	COM	668771108
HR	HEALTHCARE RLTY TR	12,600,000 (-13.0%)	$213,570 (-18.3%)	4.0%	$16.95	—	CL A COM	42226K105
BDX	BECTON DICKINSON & CO	929,917 (-23.0%)	$180,469 (-20.2%)	3.4%	$211.78	-10.5%	COM	075887109
CRM	SALESFORCE INC	940,325 (-24.3%)	$249,101 (-15.4%)	4.7%	$236.73	+4.8%	COM	79466L302
NWSA	NEWS CORP NEW	5,895,487 (-7.6%)	$153,990 (-21.4%)	2.9%	$24.27	+8.1%	CL A	65249B109
ROG	ROGERS CORP	1,203,457 (-28.2%)	$110,201 (-18.3%)	2.1%	$101.68	-15.5%	COM	775133101

Unchanged Positions (7)

AQN ALGONQUIN PWR UTILS CORP 7.4%

Value ($000) $390,460 Shares 63,489,420 Est. Cost $6.86 Unrealized -13.4%

QRVO QORVO INC 12.0%

Value ($000) $634,744 Shares 7,510,871 Est. Cost $76.14 Unrealized +15.9%

ACTG ACACIA RESH CORP 4.3%

Value ($000) $228,602 Shares 61,123,595 Est. Cost $3.93 Unrealized -8.7%

BILL BILL HOLDINGS INC 7.3%

Value ($000) $383,135 Shares 7,024,848 Est. Cost $46.44 Unrealized +10.6%

BLMN BLOOMIN BRANDS INC 0.9%

Value ($000) $49,243 Shares 7,980,992 Est. Cost $23.53 Unrealized -70.4%

IJH ISHARES TR 6.6%

Value ($000) $346,543 Shares 5,250,656 Est. Cost $62.22 Unrealized —

IWM ISHARES TR 0.6%

Value ($000) $33,724 Shares 137,000 Est. Cost $215.79 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AQN	ALGONQUIN PWR UTILS CORP	63,489,420	$390,460	7.4%	$6.86	-13.4%	COM	015857105
QRVO	QORVO INC	7,510,871	$634,744	12.0%	$76.14	+15.9%	COM	74736K101
ACTG	ACACIA RESH CORP	61,123,595	$228,602	4.3%	$3.93	-8.7%	ACACIA TCH COM	003881307
BILL	BILL HOLDINGS INC	7,024,848	$383,135	7.3%	$46.44	+10.6%	COM	090043100
BLMN	BLOOMIN BRANDS INC	7,980,992	$49,243	0.9%	$23.53	-70.4%	COM	094235108
IJH	ISHARES TR	5,250,656	$346,543	6.6%	$62.22	—	CORE S&P MCP ETF	464287507
IWM	ISHARES TR	137,000	$33,724	0.6%	$215.79	—	RUSSELL 2000 ETF	464287655