Ararat Capital Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Ararat Capital Management LP reported 20 stock positions worth $186.5 million . Its top holding was Byline Bancorp (BY) at 10.1% of the portfolio, followed by Legalzoomcom (LZ, 9.5% ) and Driven Brands (DRVN, 9.5% ). Compared with Q2 2025, it opened 2 new positions, added to 3 and reduced 14. The biggest buy was a new position in Flywire Corp.-Voting (FLYW) and the biggest sale Integral Ad Science (IAS, shares −69% ).
Location WESTPORT, CT
CIK 0001768757
Portfolio Value $186.5M (Q3 2025) Holdings 20 stocks · $186.5M 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 Q2 2025 BY Byline Bancorp Inc. 679,116 $18.8M Reduce -13.5% LZ Legalzoomcom Inc. 1,715,356 $17.8M Reduce -19.8% DRVN Driven Brands Holdings Inc. 1,097,714 $17.7M Add +1.0% PLOW Douglas Dynamics Inc. 434,998 $13.6M Reduce -25.6% GIL Gildan Activewear Inc. 217,685 $12.6M Reduce -38.7% EWCZ European Wax Center Inc. Class A 3,114,767 $12.4M Add +26.3% EYE National Vision Holdings Inc. 398,289 $11.6M Reduce -21.6% SGI Somnigroup International Inc. 133,456 $11.3M No change FLYW Flywire Corp.-Voting 774,864 $10.5M New NCNO Ncino Inc. 361,292 $9.8M Add +32.6% CWH Camping World Holdings Inc. Class A 443,116 $7.0M Reduce -45.2% IAS Integral Ad Science Holding 668,407 $6.8M Reduce -69.0% KVYO Klaviyo Inc. Class A 221,107 $6.1M Reduce -21.8% CARG Cargurus Inc. 151,021 $5.6M Reduce -38.3% GDDY GoDaddy Inc. Class A 35,027 $4.8M Reduce -17.9% FROG Jfrog Ltd. 101,054 $4.8M Reduce -38.9% USFD US Foods Holding Corp. 61,773 $4.7M Reduce -46.2% PAYC Paycom Software Inc. 18,126 $3.8M Reduce -17.6% KLC Kindercare Learning Cos Inc. 550,644 $3.7M New FNKO Funko Inc. Class A 914,102 $3.1M Reduce -25.0%
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ IAS Integral Ad Science Holding Reduce -69.0% 3.64% −4.49 CWH Camping World Holdings Inc. Class A Reduce -45.2% 3.75% −2.55 USFD US Foods Holding Corp. Reduce -46.2% 2.54% −1.48 GIL Gildan Activewear Inc. Reduce -38.7% 6.75% −1.19 KVYO Klaviyo Inc. Class A Reduce -21.8% 3.28% −1.03 FNKO Funko Inc. Class A Reduce -25.0% 1.69% −0.95 GDDY GoDaddy Inc. Class A Reduce -17.9% 2.57% −0.92 FROG Jfrog Ltd. Reduce -38.9% 2.56% −0.73 CARG Cargurus Inc. Reduce -38.3% 3.01% −0.70 PLOW Douglas Dynamics Inc. Reduce -25.6% 7.29% −0.53 PAYC Paycom Software Inc. Reduce -17.6% 2.02% −0.29 BY Byline Bancorp Inc. Reduce -13.5% 10.10% +0.57 LZ Legalzoomcom Inc. Reduce -19.8% 9.55% +0.90 EYE National Vision Holdings Inc. Reduce -21.6% 6.23% +0.93
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ FLYW Flywire Corp.-Voting New 5.63% +5.63 KLC Kindercare Learning Cos Inc. New 1.96% +1.96 NCNO Ncino Inc. Add +32.6% 5.25% +1.79 DRVN Driven Brands Holdings Inc. Add +1.0% 9.48% +0.81 EWCZ European Wax Center Inc. Class A Add +26.3% 6.66% +0.36
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ BGFV Big 5 Sporting Goods Corp. put Sold out 150,000 $213Kbefore exit
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