Nitorum Capital, L.P. Long-Term Concentrated

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $452,359 (100.0% shares, 0.0% debt)

Holdings (25)

New Positions (1)

Value ($000) $9,495 Shares 88,586 Est. Cost $103.44 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZZ	AZZ INC	88,586	$9,495	2.1%	$103.44	0.0%	COM	002474104

Increased Positions (1)

VMI VALMONT INDS INC 4.8%

Value ($000) $21,700 (+13.1%) Shares 53,937 (+9.0%) Est. Cost $204.57 Unrealized +98.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VMI	VALMONT INDS INC	53,937 (+9.0%)	$21,700 (+13.1%)	4.8%	$204.57	+98.9%	COM	920253101

Exited Positions (3)

FISV FISERV INC 5.6%

Value ($000) $25,299 Shares 196,224 Est. Cost $103.51 Unrealized -19.0%

FUN SIX FLAGS ENTERTAINMENT CORP 4.1%

Value ($000) $18,671 Shares 821,782 Est. Cost $45.58 Unrealized -60.3%

PRMB PRIMO BRANDS CORPORATION 3.9%

Value ($000) $17,847 Shares 807,547 Est. Cost $28.07 Unrealized -34.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	196,224	$25,299	5.6%	$103.51	-19.0%	—	337738108
FUN	SIX FLAGS ENTERTAINMENT CORP	821,782	$18,671	4.1%	$45.58	-60.3%	—	83001C108
PRMB	PRIMO BRANDS CORPORATION	807,547	$17,847	3.9%	$28.07	-34.2%	—	741623102

Decreased Positions (22)

CNNE CANNAE HLDGS INC 2.0%

Value ($000) $8,945 (-63.8%) Shares 568,685 (-57.9%) Est. Cost $20.87 Unrealized -19.1%

FIS FIDELITY NATL INFORMATION SV 1.9%

Value ($000) $8,603 (-52.5%) Shares 129,450 (-52.8%) Est. Cost $56.44 Unrealized +16.3%

DELL DELL TECHNOLOGIES INC 6.0%

Value ($000) $27,316 (-18.2%) Shares 217,003 (-7.8%) Est. Cost $113.70 Unrealized +23.8%

WBS WEBSTER FINL CORP 2.0%

Value ($000) $9,262 (-35.2%) Shares 147,156 (-38.8%) Est. Cost $47.22 Unrealized +25.7%

MNKD MANNKIND CORP 6.7%

Value ($000) $30,197 (-14.3%) Shares 5,325,823 (-18.8%) Est. Cost $4.33 Unrealized +27.3%

MLM MARTIN MARIETTA MATLS INC 10.1%

Value ($000) $45,569 (-9.1%) Shares 73,185 (-8.0%) Est. Cost $248.63 Unrealized +149.9%

GNTX GENTEX CORP 2.0%

Value ($000) $9,189 (-30.1%) Shares 394,887 (-15.0%) Est. Cost $21.47 Unrealized +12.3%

RBA RB GLOBAL INC 6.3%

Value ($000) $28,404 (-10.5%) Shares 276,120 (-5.7%) Est. Cost $57.36 Unrealized +77.1%

CPRT COPART INC 1.8%

Value ($000) $8,031 (-24.8%) Shares 205,125 (-13.6%) Est. Cost $29.88 Unrealized +38.8%

CHDN CHURCHILL DOWNS INC 10.4%

Value ($000) $47,112 (+3.8%) Shares 414,062 (-11.5%) Est. Cost $94.77 Unrealized +9.2%

BYD BOYD GAMING CORP 4.9%

Value ($000) $22,271 (-7.0%) Shares 261,270 (-5.7%) Est. Cost $58.87 Unrealized +39.7%

PSMT PRICESMART INC 4.4%

Value ($000) $19,747 (-6.9%) Shares 160,976 (-8.0%) Est. Cost $73.30 Unrealized +65.7%

OSW ONESPAWORLD HOLDINGS LIMITED 3.7%

Value ($000) $16,621 (-7.5%) Shares 801,393 (-5.7%) Est. Cost $19.03 Unrealized +9.9%

FCN FTI CONSULTING INC 3.1%

Value ($000) $13,984 (-8.0%) Shares 81,860 (-13.0%) Est. Cost $115.96 Unrealized +42.2%

EBAY EBAY INC. 1.8%

Value ($000) $8,160 (-9.5%) Shares 93,681 (-5.5%) Est. Cost $42.66 Unrealized +102.5%

BRK/B BERKSHIRE HATHAWAY INC DEL 2.4%

Value ($000) $10,768 (-5.7%) Shares 21,423 (-5.7%) Est. Cost $309.37 Unrealized +60.8%

— QIAGEN NV 2.4%

Value ($000) $11,010 (-5.1%) Shares 244,824 (-5.7%) Est. Cost $45.24 Unrealized —

MA MASTERCARD INCORPORATED 2.1%

Value ($000) $9,400 (-5.4%) Shares 16,465 (-5.7%) Est. Cost $323.40 Unrealized +72.8%

EVR EVERCORE INC 2.0%

Value ($000) $9,051 (-4.8%) Shares 26,602 (-5.6%) Est. Cost $124.73 Unrealized +157.3%

LAUR LAUREATE EDUCATION INC 4.8%

Value ($000) $21,580 (-1.8%) Shares 640,918 (-8.0%) Est. Cost $12.35 Unrealized +150.0%

UTHR UNITED THERAPEUTICS CORP DEL 4.0%

Value ($000) $18,039 (-0.9%) Shares 37,022 (-14.8%) Est. Cost $229.60 Unrealized +102.8%

ICUI ICU MED INC 4.8%

Value ($000) $21,922 (-0.2%) Shares 153,657 (-16.1%) Est. Cost $134.84 Unrealized -0.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNNE	CANNAE HLDGS INC	568,685 (-57.9%)	$8,945 (-63.8%)	2.0%	$20.87	-19.1%	COM	13765N107
FIS	FIDELITY NATL INFORMATION SV	129,450 (-52.8%)	$8,603 (-52.5%)	1.9%	$56.44	+16.3%	COM	31620M106
DELL	DELL TECHNOLOGIES INC	217,003 (-7.8%)	$27,316 (-18.2%)	6.0%	$113.70	+23.8%	CL C	24703L202
WBS	WEBSTER FINL CORP	147,156 (-38.8%)	$9,262 (-35.2%)	2.0%	$47.22	+25.7%	COM	947890109
MNKD	MANNKIND CORP	5,325,823 (-18.8%)	$30,197 (-14.3%)	6.7%	$4.33	+27.3%	COM NEW	56400P706
MLM	MARTIN MARIETTA MATLS INC	73,185 (-8.0%)	$45,569 (-9.1%)	10.1%	$248.63	+149.9%	COM	573284106
GNTX	GENTEX CORP	394,887 (-15.0%)	$9,189 (-30.1%)	2.0%	$21.47	+12.3%	COM	371901109
RBA	RB GLOBAL INC	276,120 (-5.7%)	$28,404 (-10.5%)	6.3%	$57.36	+77.1%	COM	74935Q107
CPRT	COPART INC	205,125 (-13.6%)	$8,031 (-24.8%)	1.8%	$29.88	+38.8%	COM	217204106
CHDN	CHURCHILL DOWNS INC	414,062 (-11.5%)	$47,112 (+3.8%)	10.4%	$94.77	+9.2%	COM	171484108
BYD	BOYD GAMING CORP	261,270 (-5.7%)	$22,271 (-7.0%)	4.9%	$58.87	+39.7%	COM	103304101
PSMT	PRICESMART INC	160,976 (-8.0%)	$19,747 (-6.9%)	4.4%	$73.30	+65.7%	COM	741511109
OSW	ONESPAWORLD HOLDINGS LIMITED	801,393 (-5.7%)	$16,621 (-7.5%)	3.7%	$19.03	+9.9%	COM	P73684113
FCN	FTI CONSULTING INC	81,860 (-13.0%)	$13,984 (-8.0%)	3.1%	$115.96	+42.2%	COM	302941109
EBAY	EBAY INC.	93,681 (-5.5%)	$8,160 (-9.5%)	1.8%	$42.66	+102.5%	COM	278642103
BRK/B	BERKSHIRE HATHAWAY INC DEL	21,423 (-5.7%)	$10,768 (-5.7%)	2.4%	$309.37	+60.8%	CL B NEW	084670702
—	QIAGEN NV	244,824 (-5.7%)	$11,010 (-5.1%)	2.4%	$45.24	—	COM SHS	N72482206
MA	MASTERCARD INCORPORATED	16,465 (-5.7%)	$9,400 (-5.4%)	2.1%	$323.40	+72.8%	CL A	57636Q104
EVR	EVERCORE INC	26,602 (-5.6%)	$9,051 (-4.8%)	2.0%	$124.73	+157.3%	CLASS A	29977A105
LAUR	LAUREATE EDUCATION INC	640,918 (-8.0%)	$21,580 (-1.8%)	4.8%	$12.35	+150.0%	COMMON STOCK	518613203
UTHR	UNITED THERAPEUTICS CORP DEL	37,022 (-14.8%)	$18,039 (-0.9%)	4.0%	$229.60	+102.8%	COM	91307C102
ICUI	ICU MED INC	153,657 (-16.1%)	$21,922 (-0.2%)	4.8%	$134.84	-0.7%	COM	44930G107

Unchanged Positions (1)

GNRC GENERAC HLDGS INC 3.5%

Value ($000) $15,983 Shares 117,201 Est. Cost $154.17 Unrealized +4.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GNRC	GENERAC HLDGS INC	117,201	$15,983	3.5%	$154.17	+4.7%	COM	368736104