Ararat Capital Management LP Diversified Active

CIK: 0001768757 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $202,972 (100.0% shares, 0.0% debt)

Holdings (18)

New Positions (3)

CFLT CONFLUENT INC 10.4%

Value ($000) $21,203 Shares 701,170 Est. Cost $24.55 Unrealized 0.0%

GLBE GLOBAL E ONLINE LTD 6.2%

Value ($000) $12,525 Shares 318,626 Est. Cost $37.09 Unrealized 0.0%

RELY REMITLY GLOBAL INC 4.8%

Value ($000) $9,690 Shares 702,186 Est. Cost $14.53 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CFLT	CONFLUENT INC	701,170	$21,203	10.4%	$24.55	0.0%	CLASS A COM	20717M103
GLBE	GLOBAL E ONLINE LTD	318,626	$12,525	6.2%	$37.09	0.0%	SHS	M5216V106
RELY	REMITLY GLOBAL INC	702,186	$9,690	4.8%	$14.53	0.0%	COM	75960P104

Increased Positions (9)

CARG CARGURUS INC 6.3%

Value ($000) $12,693 (+125.7%) Shares 330,969 (+119.2%) Est. Cost $33.34 Unrealized +8.1%

FLYW FLYWIRE CORPORATION 6.2%

Value ($000) $12,643 (+20.5%) Shares 892,850 (+15.2%) Est. Cost $12.48 Unrealized +9.7%

PLOW DOUGLAS DYNAMICS INC 7.4%

Value ($000) $14,945 (+9.9%) Shares 457,720 (+5.2%) Est. Cost $25.16 Unrealized +25.7%

DRVN DRIVEN BRANDS HLDGS INC 9.3%

Value ($000) $18,821 (+6.4%) Shares 1,269,989 (+15.7%) Est. Cost $16.38 Unrealized -9.2%

KLC KINDERCARE LEARNING COMPANIE 1.3%

Value ($000) $2,598 (-28.9%) Shares 601,466 (+9.2%) Est. Cost $8.11 Unrealized -37.9%

EYE NATIONAL VISION HLDGS INC 6.1%

Value ($000) $12,452 (+7.1%) Shares 482,263 (+21.1%) Est. Cost $14.44 Unrealized +86.2%

LZ LEGALZOOM COM INC 9.2%

Value ($000) $18,621 (+4.6%) Shares 1,875,255 (+9.3%) Est. Cost $10.00 Unrealized -0.8%

USFD US FOODS HLDG CORP 2.5%

Value ($000) $5,155 (+8.9%) Shares 68,440 (+10.8%) Est. Cost $38.73 Unrealized +93.9%

GDDY GODADDY INC 2.5%

Value ($000) $5,095 (+6.3%) Shares 41,059 (+17.2%) Est. Cost $85.33 Unrealized +51.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CARG	CARGURUS INC	330,969 (+119.2%)	$12,693 (+125.7%)	6.3%	$33.34	+8.1%	COM CL A	141788109
FLYW	FLYWIRE CORPORATION	892,850 (+15.2%)	$12,643 (+20.5%)	6.2%	$12.48	+9.7%	COM VTG	302492103
PLOW	DOUGLAS DYNAMICS INC	457,720 (+5.2%)	$14,945 (+9.9%)	7.4%	$25.16	+25.7%	COM	25960R105
DRVN	DRIVEN BRANDS HLDGS INC	1,269,989 (+15.7%)	$18,821 (+6.4%)	9.3%	$16.38	-9.2%	COM	26210V102
KLC	KINDERCARE LEARNING COMPANIE	601,466 (+9.2%)	$2,598 (-28.9%)	1.3%	$8.11	-37.9%	COM	49456W105
EYE	NATIONAL VISION HLDGS INC	482,263 (+21.1%)	$12,452 (+7.1%)	6.1%	$14.44	+86.2%	COM	63845R107
LZ	LEGALZOOM COM INC	1,875,255 (+9.3%)	$18,621 (+4.6%)	9.2%	$10.00	-0.8%	COM	52466B103
USFD	US FOODS HLDG CORP	68,440 (+10.8%)	$5,155 (+8.9%)	2.5%	$38.73	+93.9%	COM	912008109
GDDY	GODADDY INC	41,059 (+17.2%)	$5,095 (+6.3%)	2.5%	$85.33	+51.7%	CL A	380237107

Exited Positions (5)

CWH CAMPING WORLD HLDGS INC 3.4%

Value ($000) $6,997 Shares 443,116 Est. Cost $21.62 Unrealized -43.3%

— INTEGRAL AD SCIENCE HLDNG CO 3.3%

Value ($000) $6,798 Shares 668,407 Est. Cost $9.51 Unrealized —

KVYO KLAVIYO INC 3.0%

Value ($000) $6,122 Shares 221,107 Est. Cost $31.68 Unrealized -11.6%

FROG JFROG LTD 2.4%

Value ($000) $4,783 Shares 101,054 Est. Cost $32.23 Unrealized +76.4%

PAYC PAYCOM SOFTWARE INC 1.9%

Value ($000) $3,773 Shares 18,126 Est. Cost $201.71 Unrealized -12.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CWH	CAMPING WORLD HLDGS INC	443,116	$6,997	3.4%	$21.62	-43.3%	—	13462K109
—	INTEGRAL AD SCIENCE HLDNG CO	668,407	$6,798	3.3%	$9.51	—	—	45828L108
KVYO	KLAVIYO INC	221,107	$6,122	3.0%	$31.68	-11.6%	—	49845K101
FROG	JFROG LTD	101,054	$4,783	2.4%	$32.23	+76.4%	—	M6191J100
PAYC	PAYCOM SOFTWARE INC	18,126	$3,773	1.9%	$201.71	-12.3%	—	70432V102

Decreased Positions (6)

EWCZ EUROPEAN WAX CTR INC 3.8%

Value ($000) $7,707 (-38.0%) Shares 2,140,700 (-31.3%) Est. Cost $8.93 Unrealized -58.1%

NCNO NCINO INC 3.1%

Value ($000) $6,382 (-34.8%) Shares 248,900 (-31.1%) Est. Cost $26.02 Unrealized -2.4%

SGI SOMNIGROUP INTERNATIONAL INC 4.7%

Value ($000) $9,464 (-15.9%) Shares 106,002 (-20.6%) Est. Cost $33.43 Unrealized +161.3%

GIL GILDAN ACTIVEWEAR INC 5.5%

Value ($000) $11,109 (-11.7%) Shares 177,864 (-18.3%) Est. Cost $32.89 Unrealized +80.7%

FNKO FUNKO INC 1.4%

Value ($000) $2,887 (-8.2%) Shares 849,041 (-7.1%) Est. Cost $4.56 Unrealized -31.1%

BY BYLINE BANCORP INC 9.4%

Value ($000) $18,982 (+0.8%) Shares 651,196 (-4.1%) Est. Cost $19.58 Unrealized +42.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EWCZ	EUROPEAN WAX CTR INC	2,140,700 (-31.3%)	$7,707 (-38.0%)	3.8%	$8.93	-58.1%	CLASS A COM	29882P106
NCNO	NCINO INC	248,900 (-31.1%)	$6,382 (-34.8%)	3.1%	$26.02	-2.4%	COM	63947X101
SGI	SOMNIGROUP INTERNATIONAL INC	106,002 (-20.6%)	$9,464 (-15.9%)	4.7%	$33.43	+161.3%	COM	88023U101
GIL	GILDAN ACTIVEWEAR INC	177,864 (-18.3%)	$11,109 (-11.7%)	5.5%	$32.89	+80.7%	COM	375916103
FNKO	FUNKO INC	849,041 (-7.1%)	$2,887 (-8.2%)	1.4%	$4.56	-31.1%	COM CL A	361008105
BY	BYLINE BANCORP INC	651,196 (-4.1%)	$18,982 (+0.8%)	9.4%	$19.58	+42.8%	COM	124411109