Ararat Capital Management LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Ararat Capital Management LP reported 18 stock positions worth $220.3 million . Its top holding was Byline Bancorp (BY) at 9.5% of the portfolio, followed by Driven Brands (DRVN, 8.7% ) and Legalzoomcom (LZ, 8.6% ). Compared with Q1 2025, it opened 4 new positions, sold out of 2, added to 3 and reduced 11. The biggest buy was a new position in Klaviyo Class A (KVYO) and the biggest sale an exit from Enfusion Class A (ENFN).
Location WESTPORT, CT
CIK 0001768757
Portfolio Value $220.3M (Q2 2025) Holdings 18 stocks · $220.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 BY Byline Bancorp Inc. 785,192 $21.0M Reduce -2.6% DRVN Driven Brands Holdings Inc. 1,087,249 $19.1M Add +50.3% LZ Legalzoomcom Inc. 2,137,457 $19.0M Add +60.0% IAS Integral Ad Science Holding 2,156,154 $17.9M Add +35.6% GIL Gildan Activewear Inc. 355,233 $17.5M Reduce -8.6% PLOW Douglas Dynamics Inc. 584,919 $17.2M Reduce -18.8% CWH Camping World Holdings Inc. Class A 808,063 $13.9M Reduce -8.7% EWCZ European Wax Center Inc. Class A 2,466,997 $13.9M Reduce -26.4% EYE National Vision Holdings Inc. 507,749 $11.7M Reduce -44.8% KVYO Klaviyo Inc. Class A 282,838 $9.5M New SGI Somnigroup International Inc. 133,456 $9.1M Reduce -29.8% USFD US Foods Holding Corp. 114,905 $8.8M Reduce -14.9% CARG Cargurus Inc. 244,712 $8.2M New GDDY GoDaddy Inc. Class A 42,654 $7.7M Reduce -9.3% NCNO Ncino Inc. 272,540 $7.6M New FROG Jfrog Ltd. 165,403 $7.3M Reduce -63.1% FNKO Funko Inc. Class A 1,218,278 $5.8M New PAYC Paycom Software Inc. 21,989 $5.1M Reduce -57.8%
Options reported separately and not counted above: BGFV puts ($213K).
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ ENFN Enfusion Inc. Class A Sold out 0.00% −6.88 FROG Jfrog Ltd. Reduce -63.1% 3.29% −3.71 PAYC Paycom Software Inc. Reduce -57.8% 2.31% −3.25 TTAN Servicetitan Inc. Class A Sold out 0.00% −2.42 SGI Somnigroup International Inc. Reduce -29.8% 4.12% −1.45 BY Byline Bancorp Inc. Reduce -2.6% 9.53% −0.79 CWH Camping World Holdings Inc. Class A Reduce -8.7% 6.31% −0.69 GDDY GoDaddy Inc. Class A Reduce -9.3% 3.49% −0.66 GIL Gildan Activewear Inc. Reduce -8.6% 7.94% −0.47 EYE National Vision Holdings Inc. Reduce -44.8% 5.30% −0.45 PLOW Douglas Dynamics Inc. Reduce -18.8% 7.82% −0.36 USFD US Foods Holding Corp. Reduce -14.9% 4.02% −0.31 EWCZ European Wax Center Inc. Class A Reduce -26.4% 6.30% −0.17
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ KVYO Klaviyo Inc. Class A New 4.31% +4.31 CARG Cargurus Inc. New 3.72% +3.72 NCNO Ncino Inc. New 3.46% +3.46 LZ Legalzoomcom Inc. Add +60.0% 8.64% +3.02 FNKO Funko Inc. Class A New 2.63% +2.63 DRVN Driven Brands Holdings Inc. Add +50.3% 8.67% +2.60 IAS Integral Ad Science Holding Add +35.6% 8.13% +1.87
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ BGFV Big 5 Sporting Goods Corp. put New 150,000 $213K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 17 $213.5M FLYW, RELY, BY, GLBE, ITGR Q1 2026 15 $177.6M BY, EWCZ, FLYW, RELY, EYE Q4 2025 18 $203.0M CFLT, BY, DRVN, LZ, PLOW Q3 2025 20 $186.5M BY, LZ, DRVN, PLOW, GIL Q2 2025 18 $220.3M BY, DRVN, LZ, IAS, GIL Q1 2025 16 $204.4M BY, GIL, PLOW, FROG, CWH Q4 2024 16 $250.5M LZ, ENFN, IAS, BY, PLOW Q3 2024 18 $289.8M SQSP, ENFN, BY, IAS, SGI Q2 2024 21 $325.9M BY, ENFN, SQSP, GIL, LZ Q1 2024 23 $352.1M BY, LZ, ENFN, SQSP, GIL