12 West Capital Management LP Diversified Active

CIK: 0001540531 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $839,675 (100.0% shares, 0.0% debt)

Holdings (18)

New Positions (3)

HE HAWAIIAN ELEC INDUSTRIES 2.7%

Value ($000) $22,755 Shares 1,850,000 Est. Cost $11.59 Unrealized 0.0%

BBNX BETA BIONICS INC 2.1%

Value ($000) $17,520 Shares 575,000 Est. Cost $26.70 Unrealized 0.0%

CPNG COUPANG INC 0.7%

Value ($000) $5,898 Shares 250,000 Est. Cost $28.45 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HE	HAWAIIAN ELEC INDUSTRIES	1,850,000	$22,755	2.7%	$11.59	0.0%	COM	419870100
BBNX	BETA BIONICS INC	575,000	$17,520	2.1%	$26.70	0.0%	COM	08659B102
CPNG	COUPANG INC	250,000	$5,898	0.7%	$28.45	0.0%	CL A	22266T109

Increased Positions (2)

SHAK SHAKE SHACK INC 19.0%

Value ($000) $159,385 (-2.9%) Shares 1,963,595 (+12.0%) Est. Cost $64.27 Unrealized +37.2%

TOST TOAST INC 7.8%

Value ($000) $65,617 (+0.8%) Shares 1,847,840 (+3.6%) Est. Cost $21.72 Unrealized +66.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SHAK	SHAKE SHACK INC	1,963,595 (+12.0%)	$159,385 (-2.9%)	19.0%	$64.27	+37.2%	CL A	819047101
TOST	TOAST INC	1,847,840 (+3.6%)	$65,617 (+0.8%)	7.8%	$21.72	+66.0%	CL A	888787108

Exited Positions (2)

U UNITY SOFTWARE INC 4.6%

Value ($000) $38,639 Shares 965,000 Est. Cost $37.08 Unrealized +9.9%

SDHC SMITH DOUGLAS HOMES CORP 1.1%

Value ($000) $9,451 Shares 535,140 Est. Cost $18.90 Unrealized -4.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
U	UNITY SOFTWARE INC	965,000	$38,639	4.6%	$37.08	+9.9%	—	91332U101
SDHC	SMITH DOUGLAS HOMES CORP	535,140	$9,451	1.1%	$18.90	-4.3%	—	83207R107

Decreased Positions (9)

RBLX ROBLOX CORP 10.1%

Value ($000) $85,082 (-42.3%) Shares 1,050,000 (-1.4%) Est. Cost $43.04 Unrealized +146.7%

GDS GDS HLDGS LTD 17.8%

Value ($000) $149,504 (-14.6%) Shares 4,283,776 (-5.3%) Est. Cost $29.96 Unrealized —

TBBB BBB FOODS INC 9.4%

Value ($000) $78,893 (-13.5%) Shares 2,362,770 (-30.2%) Est. Cost $29.01 Unrealized +3.1%

WING WINGSTOP INC 2.2%

Value ($000) $18,841 (-34.3%) Shares 79,000 (-30.7%) Est. Cost $260.10 Unrealized -4.8%

FWRG FIRST WATCH RESTAURANT GROUP 1.9%

Value ($000) $16,146 (-30.7%) Shares 1,070,701 (-28.2%) Est. Cost $17.16 Unrealized -1.8%

MRVI MARAVAI LIFESCIENCES HLDGS I 3.5%

Value ($000) $28,994 (-19.3%) Shares 8,921,335 (-28.8%) Est. Cost $9.06 Unrealized -62.8%

KRUS KURA SUSHI USA INC 3.4%

Value ($000) $28,332 (-14.3%) Shares 541,415 (-2.7%) Est. Cost $75.15 Unrealized -27.4%

OSCR OSCAR HEALTH INC 0.2%

Value ($000) $1,823 (-48.5%) Shares 126,855 (-32.1%) Est. Cost $13.70 Unrealized +26.3%

NU NU HLDGS LTD 0.4%

Value ($000) $3,097 (-29.7%) Shares 185,000 (-32.7%) Est. Cost $11.82 Unrealized +36.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RBLX	ROBLOX CORP	1,050,000 (-1.4%)	$85,082 (-42.3%)	10.1%	$43.04	+146.7%	CL A	771049103
GDS	GDS HLDGS LTD	4,283,776 (-5.3%)	$149,504 (-14.6%)	17.8%	$29.96	—	SPONSORED ADS	36165L108
TBBB	BBB FOODS INC	2,362,770 (-30.2%)	$78,893 (-13.5%)	9.4%	$29.01	+3.1%	CL A COM	G0896C103
WING	WINGSTOP INC	79,000 (-30.7%)	$18,841 (-34.3%)	2.2%	$260.10	-4.8%	COM	974155103
FWRG	FIRST WATCH RESTAURANT GROUP	1,070,701 (-28.2%)	$16,146 (-30.7%)	1.9%	$17.16	-1.8%	COM	33748L101
MRVI	MARAVAI LIFESCIENCES HLDGS I	8,921,335 (-28.8%)	$28,994 (-19.3%)	3.5%	$9.06	-62.8%	COM CL A	56600D107
KRUS	KURA SUSHI USA INC	541,415 (-2.7%)	$28,332 (-14.3%)	3.4%	$75.15	-27.4%	CL A COM	501270102
OSCR	OSCAR HEALTH INC	126,855 (-32.1%)	$1,823 (-48.5%)	0.2%	$13.70	+26.3%	CL A	687793109
NU	NU HLDGS LTD	185,000 (-32.7%)	$3,097 (-29.7%)	0.4%	$11.82	+36.0%	ORD SHS CL A	G6683N103

Unchanged Positions (4)

KVYO KLAVIYO INC 7.1%

Value ($000) $59,680 Shares 1,838,000 Est. Cost $31.86 Unrealized -12.1%

RGEN REPLIGEN CORP 4.7%

Value ($000) $39,528 Shares 241,233 Est. Cost $78.48 Unrealized +99.6%

NET CLOUDFLARE INC 3.9%

Value ($000) $32,530 Shares 165,000 Est. Cost $27.93 Unrealized +657.2%

AFRM AFFIRM HLDGS INC 3.1%

Value ($000) $26,051 Shares 350,000 Est. Cost $58.72 Unrealized +22.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KVYO	KLAVIYO INC	1,838,000	$59,680	7.1%	$31.86	-12.1%	COM SER A	49845K101
RGEN	REPLIGEN CORP	241,233	$39,528	4.7%	$78.48	+99.6%	COM	759916109
NET	CLOUDFLARE INC	165,000	$32,530	3.9%	$27.93	+657.2%	CL A COM	18915M107
AFRM	AFFIRM HLDGS INC	350,000	$26,051	3.1%	$58.72	+22.6%	COM CL A	00827B106