In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Greenhouse Funds LLLP reported 33 stock positions worth $2.6 billion . Its top holding was NCR Voyix (VYX) at 7.2% of the portfolio, followed by Bill (BILL, 6.2% ) and Sportradar Group AG-A (SRAD, 6.1% ). Compared with Q3 2025, it opened 5 new positions, sold out of 4, added to 16 and reduced 11. The biggest buy was a new position in Toast Class A (TOST) and the biggest sale an exit from Equifax (EFX).
Location BALTIMORE, MD
CIK 0001626220
Portfolio Value $2.6B (Q4 2025) Holdings 33 stocks · $2.6B 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 Q3 2025 VYX NCR Voyix Corp. 18,350,987 $187.2M Add +4.8% BILL Bill Holdings Inc. 2,933,926 $160.0M Reduce -3.0% SRAD Sportradar Group AG-A 6,621,554 $157.4M Add +4.9% GSAT Globalstar Inc. 2,224,845 $135.8M Add +3.5% NCLH Norwegian Cruise Line Holdin 5,298,649 $118.3M Add +4.4% CDRE Cadre Holdings Inc. 2,792,035 $114.0M Add +0.1% MSGS Madison Square Garden Sports 422,091 $109.2M Reduce -0.5% GTM Zoominfo Technologies Inc. 10,632,097 $108.1M Add +1.0% RBC RBC Bearings Inc. 235,187 $105.5M Add +0.7% CFLT Confluent Inc. Class A 3,366,843 $101.8M Reduce -5.8% NEO Neogenomics Inc. 8,643,846 $101.7M Add +5.2% HQY Healthequity Inc. 1,079,704 $98.9M Add +1.0% MCW Mister Car Wash Inc. 16,549,713 $92.0M Reduce -1.9% HAYW Hayward Holdings Inc. 5,952,001 $92.0M Add +1.8% OLED Universal Display Corp. 774,330 $90.4M Add +6.8% XBI SS SPDR S&P Biotech ETF 687,524 $83.8M Add +1.7% CHYM Chime Financial Inc. Class A 3,291,951 $82.9M Add +39.9% VMI Valmont Industries 204,124 $82.1M Add +2.4% MMSI Merit Medical Systems Inc. 867,227 $76.4M Reduce -0.5% TDY Teledyne Technologies Inc. 149,466 $76.3M Add +12.8% TOST Toast Inc. Class A 1,860,143 $66.1M New OII Oceaneering Intl Inc. 2,468,260 $59.3M Reduce -0.9% ALAB Astera Labs Inc. 314,417 $52.3M Reduce -2.2% ADT Adt Inc. 5,687,898 $45.9M Add +10.9% PHR Phreesia Inc. 2,471,960 $41.8M Reduce -36.3% FLS Flowserve Corp. 552,830 $38.4M New NOVT Novanta Inc. 226,071 $26.9M New SG Sweetgreen Inc. Class A 3,550,564 $24.0M Reduce -10.0% CLAR Clarus Corp. 5,448,431 $18.3M No change CHEF The Chefs' Warehouse Inc. 236,270 $14.7M Reduce -3.8% UNF Unifirst Corp. 63,894 $12.3M New GTLB Gitlab Inc. Class A 214,529 $8.1M Reduce -80.2% LIVN Livanova PLC 120,341 $7.4M New
Options reported separately and not counted above: GPN calls ($50.3M), CFLT calls ($30.2M), FLR calls ($29.7M), BILL calls ($27.3M), SRAD calls ($17.8M), GSAT puts ($12.2M), ADT calls ($11.7M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ EFX Equifax Inc. Sold out 0.00% −3.03 BLKB Blackbaud Inc. Sold out 0.00% −2.01 PHR Phreesia Inc. Reduce -36.3% 1.62% −1.93 GTLB Gitlab Inc. Class A Reduce -80.2% 0.31% −1.58 SAIA Saia Inc. Sold out 0.00% −1.21 GPN Global Payments Inc. Sold out 0.00% −0.82 ALAB Astera Labs Inc. Reduce -2.2% 2.02% −0.43 SG Sweetgreen Inc. Class A Reduce -10.0% 0.93% −0.30 OII Oceaneering Intl Inc. Reduce -0.9% 2.29% −0.11 BILL Bill Holdings Inc. Reduce -3.0% 6.18% −0.05 CHEF The Chefs' Warehouse Inc. Reduce -3.8% 0.57% +0.01 MCW Mister Car Wash Inc. Reduce -1.9% 3.55% +0.06 MMSI Merit Medical Systems Inc. Reduce -0.5% 2.95% +0.13 MSGS Madison Square Garden Sports Reduce -0.5% 4.22% +0.48 CFLT Confluent Inc. Class A Reduce -5.8% 3.93% +1.18
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ TOST Toast Inc. Class A New 2.55% +2.55 GSAT Globalstar Inc. Add +3.5% 5.25% +2.21 FLS Flowserve Corp. New 1.48% +1.48 NEO Neogenomics Inc. Add +5.2% 3.93% +1.46 CHYM Chime Financial Inc. Class A Add +39.9% 3.20% +1.36 NOVT Novanta Inc. New 1.04% +1.04 XBI SS SPDR S&P Biotech ETF Add +1.7% 3.24% +0.61 RBC RBC Bearings Inc. Add +0.7% 4.07% +0.53 UNF Unifirst Corp. New 0.48% +0.48 CDRE Cadre Holdings Inc. Add +0.1% 4.40% +0.45 LIVN Livanova PLC New 0.29% +0.29 VMI Valmont Industries Add +2.4% 3.17% +0.17 HAYW Hayward Holdings Inc. Add +1.8% 3.55% +0.12 ADT Adt Inc. Add +10.9% 1.77% +0.04 TDY Teledyne Technologies Inc. Add +12.8% 2.95% −0.07 HQY Healthequity Inc. Add +1.0% 3.82% −0.12 GTM Zoominfo Technologies Inc. Add +1.0% 4.18% −0.28 NCLH Norwegian Cruise Line Holdin Add +4.4% 4.57% −0.29 SRAD Sportradar Group AG-A Add +4.9% 6.08% −0.52 OLED Universal Display Corp. Add +6.8% 3.49% −0.55 VYX NCR Voyix Corp. Add +4.8% 7.23% −1.31
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ GPN Global Payments Inc. call Reduce -13.3% 650,000 $50.3M FLR Fluor Corp. call New 750,000 $29.7M NCLH Norwegian Cruise Line Holdin call Sold out 1,000,000 $24.6Mbefore exit SRAD Sportradar Group AG-A call New 750,000 $17.8M GSAT Globalstar Inc. put New 200,000 $12.2M GTM Zoominfo Technologies Inc. call Sold out 1,100,000 $12.0Mbefore exit ADT Adt Inc. call Add +45.3% 1,453,300 $11.7M VYX NCR Voyix Corp. call Sold out 459,000 $5.8Mbefore 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 29 $1.9B VYX, RBC, NEO, SRAD, HQY Q1 2026 28 $2.1B SRAD, GSAT, RBC, VYX, BILL Q4 2025 33 $2.6B VYX, BILL, SRAD, GSAT, NCLH Q3 2025 32 $2.6B VYX, SRAD, BILL, NCLH, GTM Q2 2025 31 $2.4B SRAD, VYX, BILL, OLED, GTM Q1 2025 33 $2.1B SRAD, VYX, MCW, BILL, AVDX Q4 2024 32 $2.3B SRAD, CHEF, FLR, BILL, VYX Q3 2024 33 $2.0B FLR, SRAD, OLED, CDRE, VYX Q2 2024 35 $1.9B FLR, OLED, SRAD, CDRE, CHEF Q1 2024 32 $1.6B CDRE, CHEF, FLR, SRAD, OLED