Ararat Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Ararat Capital Management LP reported 18 stock positions worth $203.0 million. Its top holding was Confluent Class A (CFLT) at 10.4% of the portfolio, followed by Byline Bancorp (BY, 9.4%) and Driven Brands (DRVN, 9.3%). Compared with Q3 2025, it opened 3 new positions, sold out of 5, added to 9 and reduced 6. The biggest buy was a new position in Confluent Class A (CFLT) and the biggest sale an exit from Camping World Class A (CWH).
- Most Recent 13F
- Q2 2026
- Location
- WESTPORT, CT
- CIK
- 0001768757
- Portfolio Value
- $203.0M (Q4 2025)
- SEC Filing
- 0001768757-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 18 stocks · $203.0M
| CFLT Confluent Inc. Class A | 10.45% | 701,170 | $21.2M | New |
| BY Byline Bancorp Inc. | 9.35% | 651,196 | $19.0M | Reduce -4.1% |
| DRVN Driven Brands Holdings Inc. | 9.27% | 1,269,989 | $18.8M | Add +15.7% |
| LZ Legalzoomcom Inc. | 9.17% | 1,875,255 | $18.6M | Add +9.3% |
| PLOW Douglas Dynamics Inc. | 7.36% | 457,720 | $14.9M | Add +5.2% |
| CARG Cargurus Inc. | 6.25% | 330,969 | $12.7M | Add +119.2% |
| FLYW Flywire Corp.-Voting | 6.23% | 892,850 | $12.6M | Add +15.2% |
| GLBE Global-E Online Ltd. | 6.17% | 318,626 | $12.5M | New |
| EYE National Vision Holdings Inc. | 6.13% | 482,263 | $12.5M | Add +21.1% |
| GIL Gildan Activewear Inc. | 5.47% | 177,864 | $11.1M | Reduce -18.3% |
| RELY Remitly Global Inc. | 4.77% | 702,186 | $9.7M | New |
| SGI Somnigroup International Inc. | 4.66% | 106,002 | $9.5M | Reduce -20.6% |
| EWCZ European Wax Center Inc. Class A | 3.80% | 2,140,700 | $7.7M | Reduce -31.3% |
| NCNO Ncino Inc. | 3.14% | 248,900 | $6.4M | Reduce -31.1% |
| USFD US Foods Holding Corp. | 2.54% | 68,440 | $5.2M | Add +10.8% |
| GDDY GoDaddy Inc. Class A | 2.51% | 41,059 | $5.1M | Add +17.2% |
| FNKO Funko Inc. Class A | 1.42% | 849,041 | $2.9M | Reduce -7.1% |
| KLC Kindercare Learning Cos Inc. | 1.28% | 601,466 | $2.6M | Add +9.2% |
Portfolio Sells Q3 2025 → Q4 2025
| CWH Camping World Holdings Inc. Class A | Sold out | 0.00% | −3.75 |
| IAS Integral Ad Science Holding | Sold out | 0.00% | −3.64 |
| KVYO Klaviyo Inc. Class A | Sold out | 0.00% | −3.28 |
| EWCZ European Wax Center Inc. Class A | Reduce -31.3% | 3.80% | −2.87 |
| FROG Jfrog Ltd. | Sold out | 0.00% | −2.56 |
| NCNO Ncino Inc. | Reduce -31.1% | 3.14% | −2.11 |
| PAYC Paycom Software Inc. | Sold out | 0.00% | −2.02 |
| SGI Somnigroup International Inc. | Reduce -20.6% | 4.66% | −1.37 |
| GIL Gildan Activewear Inc. | Reduce -18.3% | 5.47% | −1.27 |
| BY Byline Bancorp Inc. | Reduce -4.1% | 9.35% | −0.74 |
| FNKO Funko Inc. Class A | Reduce -7.1% | 1.42% | −0.26 |
Portfolio Buys Q3 2025 → Q4 2025
| CFLT Confluent Inc. Class A | New | 10.45% | +10.45 |
| GLBE Global-E Online Ltd. | New | 6.17% | +6.17 |
| RELY Remitly Global Inc. | New | 4.77% | +4.77 |
| CARG Cargurus Inc. | Add +119.2% | 6.25% | +3.24 |
| FLYW Flywire Corp.-Voting | Add +15.2% | 6.23% | +0.60 |
| PLOW Douglas Dynamics Inc. | Add +5.2% | 7.36% | +0.07 |
| USFD US Foods Holding Corp. | Add +10.8% | 2.54% | +0.00 |
| GDDY GoDaddy Inc. Class A | Add +17.2% | 2.51% | −0.06 |
| EYE National Vision Holdings Inc. | Add +21.1% | 6.13% | −0.10 |
| DRVN Driven Brands Holdings Inc. | Add +15.7% | 9.27% | −0.21 |
| LZ Legalzoomcom Inc. | Add +9.3% | 9.17% | −0.37 |
| KLC Kindercare Learning Cos Inc. | Add +9.2% | 1.28% | −0.68 |
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 |