Potrero Capital Research LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Potrero Capital Research LLC reported 34 stock positions worth $297.0 million . Its top holding was Talen Energy (TLN) at 9.8% of the portfolio, followed by Transalta (TAC, 7.3% ) and Blackline (BL, 6.9% ). Compared with Q3 2025, it opened 10 new positions, sold out of 14, added to 5 and reduced 15. The biggest buy was a new position in Blackline (BL) and the biggest sale Transalta (TAC, shares −32% ).
Location SAN FRANCISCO, CA
CIK 0001536630
Portfolio Value $297.0M (Q4 2025) Holdings 34 stocks · $297.0M 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 TLN Talen Energy Corp. 77,500 $29.1M Reduce -17.1% TAC Transalta Corp. 1,724,544 $21.8M Reduce -31.5% BL Blackline Inc. 370,557 $20.5M New MSFT Microsoft Corp. 38,694 $18.7M No change STX Seagate Technology Holdings 61,600 $17.0M Reduce -25.0% DBRG Digitalbridge Group Inc. 1,003,583 $15.4M Reduce -24.6% YETI Yeti Holdings Inc. filed as YETI HLDGS INC 320,769 $14.2M Reduce -13.5% BSTZ BlackRock Sci & Tech TRM TR 538,710 $12.2M Reduce -0.2% AMRZ Amrize Ltd. 219,123 $11.9M Reduce -14.1% TPB Turning Point Brands Inc. 106,751 $11.6M Reduce -19.0% BILL Bill Holdings Inc. 200,000 $10.9M No change AMBA Ambarella Inc. 148,537 $10.5M Add +41.0% IE Ivanhoe Electric Inc. / US 588,590 $9.4M Reduce -57.5% GEV GE Vernova Inc. 13,630 $8.9M Reduce -15.5% U Unity Software Inc. 200,000 $8.8M Reduce -40.4% CWAN Clearwater Analytics HDS-A 350,000 $8.4M New RDDT Reddit Inc. Class A 33,500 $7.7M No change WEAV Weave Communications Inc. 776,372 $5.9M New CMRC Commerce.com Inc. 1,415,339 $5.8M No change NXDR Nextdoor Holdings Inc. 2,546,187 $5.3M Reduce -0.8% BLND Blend Labs Inc. Class A 1,661,123 $5.0M New FRSH Freshworks Inc. Class A 396,579 $4.9M Add +0.8% JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 372,707 $4.8M Add +19.6% AD Array Digital Infrastructure 89,312 $4.8M New SPT Sprout Social Inc. Class A 380,302 $4.3M Add +153.5% LGN Legence Corp. Class A 93,349 $4.0M Reduce -34.9% UNF Unifirst Corp. 20,000 $3.9M New ESTC Elastic NV 40,000 $3.0M New SXT Sensient Technologies Corp. 27,408 $2.6M New METC Ramaco Resources Inc. Class A 114,176 $2.1M Reduce -67.3% SOLS Solstice Adv Materials Inc. 41,377 $2.0M New SSD Simpson Manufacturing Co. Inc. 9,141 $1.5M Reduce -84.8% META Meta Platforms Inc. Class A 218 $144K New BED BATH & BEYOND INC 34,506 $23K Add +90.9%
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 ▲ TAC Transalta Corp. Reduce -31.5% 7.34% −3.12 METC Ramaco Resources Inc. Class A Reduce -67.3% 0.69% −2.82 ROKU Roku Inc. Sold out 0.00% −2.69 SSD Simpson Manufacturing Co. Inc. Reduce -84.8% 0.50% −2.56 TLN Talen Energy Corp. Reduce -17.1% 9.78% −2.30 IE Ivanhoe Electric Inc. / US Reduce -57.5% 3.17% −2.11 SIMO Silicon Motion Technol-ADR Sold out 0.00% −1.49 CEPT Cantor Equity Partners Class A Sold out 0.00% −1.18 U Unity Software Inc. Reduce -40.4% 2.97% −1.10 AIFC AI Financial Corp. Sold out 0.00% −0.90 WLAC Willow Lane Acquisition Class A Sold out 0.00% −0.80 BELFB Bel Fuse Inc. Class B Sold out 0.00% −0.54 NXH Neighborhood Intelligence Inc. Sold out 0.00% −0.54 RDAG Republic Digital Acquis Class A Sold out 0.00% −0.47 STRZ Starz Entertainment Corp. Sold out 0.00% −0.42 PD Pagerduty Inc. Sold out 0.00% −0.41 VLOS Velos Acquisition I Corp. Sold out 0.00% −0.32 BARK Bark Inc. Sold out 0.00% −0.26 ETHZILLA CORPORATION Sold out 0.00% −0.22 STX Seagate Technology Holdings Reduce -25.0% 5.71% −0.18 IBP Installed Building Products Sold out 0.00% −0.15 TPB Turning Point Brands Inc. Reduce -19.0% 3.90% −0.06 GEV GE Vernova Inc. Reduce -15.5% 3.00% −0.01 LGN Legence Corp. Class A Reduce -34.9% 1.35% +0.01 NXDR Nextdoor Holdings Inc. Reduce -0.8% 1.80% +0.17 AMRZ Amrize Ltd. Reduce -14.1% 3.99% +0.23 DBRG Digitalbridge Group Inc. Reduce -24.6% 5.18% +0.45 BSTZ BlackRock Sci & Tech TRM TR Reduce -0.2% 4.10% +0.47 YETI Yeti Holdings Inc. Reduce -13.5% 4.77% +1.03
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 ▼ BL Blackline Inc. New 6.90% +6.90 CWAN Clearwater Analytics HDS-A New 2.84% +2.84 WEAV Weave Communications Inc. New 1.98% +1.98 BLND Blend Labs Inc. Class A New 1.70% +1.70 AD Array Digital Infrastructure New 1.61% +1.61 UNF Unifirst Corp. New 1.30% +1.30 ESTC Elastic NV New 1.02% +1.02 AMBA Ambarella Inc. Add +41.0% 3.54% +0.90 SXT Sensient Technologies Corp. New 0.87% +0.87 SPT Sprout Social Inc. Class A Add +153.5% 1.44% +0.85 SOLS Solstice Adv Materials Inc. New 0.68% +0.68 JAMF Jamf Holding Corp. Add +19.6% 1.63% +0.62 FRSH Freshworks Inc. Class A Add +0.8% 1.64% +0.23 META Meta Platforms Inc. Class A New 0.05% +0.05 BED BATH & BEYOND INC Add +90.9% 0.01% +0.00
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Sold out 500,000 $300.2Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Sold out 300,000 $199.9Mbefore exit TLN Talen Energy Corp. put Sold out 93,000 $39.6Mbefore 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 44 $163.2M GMTL, STX, GEV, GLW, CCXI Q1 2026 31 $162.9M BL, STX, BIRK, TAC, AMRZ Q4 2025 34 $297.0M TLN, TAC, BL, MSFT, STX Q3 2025 37 $329.1M TLN, TAC, MSFT, STX, IE Q2 2025 24 $215.1M TLN, TAC, MSFT, DBRG, TPB Q1 2025 18 $203.5M TAC, YEXT, UNF, DBRG, MSFT Q4 2024 25 $236.4M TAC, ZUO, GEV, DBRG, YEXT Q3 2024 34 $297.8M GEV, ZUO, YEXT, DBRG, VRT Q2 2024 27 $232.0M ZUO, GEV, SFIX, MSFT, BSTZ Q1 2024 25 $160.9M BLMN, MSFT, CXM, SFIX, BSTZ