Nine Ten Capital Management LLC Long-Term Concentrated

CIK: 0001635236 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $315,831 (100.0% shares, 0.0% debt)

Holdings (8)

Increased Positions (2)

MGNI MAGNITE INC 15.4%

Value ($000) $48,748 (-21.7%) Shares 3,003,583 (+5.1%) Est. Cost $12.52 Unrealized +32.5%

GPGI COMPOSECURE INC 14.8%

Value ($000) $46,636 (+5.5%) Shares 2,418,904 (+13.9%) Est. Cost $13.41 Unrealized +48.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MGNI	MAGNITE INC	3,003,583 (+5.1%)	$48,748 (-21.7%)	15.4%	$12.52	+32.5%	COM	55955D100
GPGI	COMPOSECURE INC	2,418,904 (+13.9%)	$46,636 (+5.5%)	14.8%	$13.41	+48.8%	COM CL A	20459V105

Exited Positions (1)

— SAPIENS INTL CORP N V 15.6%

Value ($000) $49,417 Shares 1,149,230 Est. Cost $32.81 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SAPIENS INTL CORP N V	1,149,230	$49,417	15.6%	$32.81	—	—	G7T16G103

Decreased Positions (3)

IRMD IRADIMED CORP 13.2%

Value ($000) $41,682 (-24.1%) Shares 428,477 (-44.5%) Est. Cost $24.57 Unrealized +247.4%

RHLD RESOLUTE HLDGS MGMT INC 6.1%

Value ($000) $19,194 (+109.8%) Shares 92,980 (-26.7%) Est. Cost $36.06 Unrealized +310.3%

SNEX STONEX GROUP INC 12.0%

Value ($000) $37,813 (-10.3%) Shares 397,486 (-4.8%) Est. Cost $39.02 Unrealized +141.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IRMD	IRADIMED CORP	428,477 (-44.5%)	$41,682 (-24.1%)	13.2%	$24.57	+247.4%	COM	46266A109
RHLD	RESOLUTE HLDGS MGMT INC	92,980 (-26.7%)	$19,194 (+109.8%)	6.1%	$36.06	+310.3%	COM	76134H101
SNEX	STONEX GROUP INC	397,486 (-4.8%)	$37,813 (-10.3%)	12.0%	$39.02	+141.7%	COM	861896108

Unchanged Positions (3)

WINA WINMARK CORP 10.7%

Value ($000) $33,882 Shares 83,671 Est. Cost $136.37 Unrealized +213.7%

AGYS AGILYSYS INC 13.7%

Value ($000) $43,167 Shares 363,239 Est. Cost $63.79 Unrealized +88.7%

CLBT CELLEBRITE DI LTD 14.2%

Value ($000) $44,709 Shares 2,479,727 Est. Cost $10.06 Unrealized +78.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WINA	WINMARK CORP	83,671	$33,882	10.7%	$136.37	+213.7%	COM	974250102
AGYS	AGILYSYS INC	363,239	$43,167	13.7%	$63.79	+88.7%	COM	00847J105
CLBT	CELLEBRITE DI LTD	2,479,727	$44,709	14.2%	$10.06	+78.5%	ORDINARY SHARES	M2197Q107