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Ararat Capital Management LP

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13F filer, CIK 1768757, WESTPORT, CT

Ararat Capital Management LP reported $220,515,083 across 19 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 72.96% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001768757-25-000008

Period
2025-06-30
Reported value
$221M
Holdings
19
Top 10 weight
72.96%
New
5
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
KVYOnew+282,838$9.5M
CARGnew+244,712$8.19M
NCNOnew+272,540$7.62M
LZadded+801,853$7.14M
DRVNadded+363,657$6.39M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
ENFUSION INCexited-1,261,199-$14.1M
FROGreduced-282,363-$12.4M
EYEreduced-412,134-$9.48M
PAYCreduced-30,051-$6.95M
EWCZreduced-884,039-$4.98M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001768757-25-000008, largest first. % of portfolio is the value over $220,302,083, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BYBYLINE BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 827,312 shares; 2024Q4: 801,925 shares; 2025Q1: 806,515 shares; 2025Q2: 785,192 shares 785,192$21M9.53%-21,323Timeline
DRVNDRIVEN BRANDS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 723,592 shares; 2025Q2: 1,087,249 shares 1,087,249$19.1M8.67%+363,657Timeline
LZLEGALZOOM COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,565,804 shares; 2024Q4: 3,248,482 shares; 2025Q1: 1,335,604 shares; 2025Q2: 2,137,457 shares 2,137,457$19M8.64%+801,853Timeline
INTEGRAL AD SCIENCE HLDNG COINTEGRAL AD SCIENCE HLDNG COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,012,566 shares; 2024Q4: 2,281,912 shares; 2025Q1: 1,589,834 shares; 2025Q2: 2,156,154 shares 2,156,154$17.9M8.13%+566,320
GILGILDAN ACTIVEWEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 403,089 shares; 2024Q4: 405,393 shares; 2025Q1: 388,625 shares; 2025Q2: 355,233 shares 355,233$17.5M7.94%-33,392Timeline
PLOWDOUGLAS DYNAMICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 573,931 shares; 2024Q4: 807,186 shares; 2025Q1: 719,875 shares; 2025Q2: 584,919 shares 584,919$17.2M7.82%-134,956Timeline
CWHCAMPING WORLD HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 578,961 shares; 2024Q4: 865,821 shares; 2025Q1: 885,293 shares; 2025Q2: 808,063 shares 808,063$13.9M6.31%-77,230Timeline
EWCZEUROPEAN WAX CTR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,237,244 shares; 2024Q4: 2,418,693 shares; 2025Q1: 3,351,036 shares; 2025Q2: 2,466,997 shares 2,466,997$13.9M6.3%-884,039Timeline
EYENATIONAL VISION HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 919,883 shares; 2025Q2: 507,749 shares 507,749$11.7M5.3%-412,134Timeline
KVYOKLAVIYO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 282,838 shares 282,838$9.5M4.31%newTimeline
SGISOMNIGROUP INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 396,360 shares; 2024Q4: 223,901 shares; 2025Q1: 190,208 shares; 2025Q2: 133,456 shares 133,456$9.08M4.12%-56,752Timeline
USFDUS FOODS HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 247,098 shares; 2024Q4: 206,000 shares; 2025Q1: 135,040 shares; 2025Q2: 114,905 shares 114,905$8.85M4.02%-20,135Timeline
CARGCARGURUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 244,712 shares 244,712$8.19M3.72%newTimeline
GDDYGODADDY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 63,529 shares; 2024Q4: 54,771 shares; 2025Q1: 47,018 shares; 2025Q2: 42,654 shares 42,654$7.68M3.49%-4,364Timeline
NCNONCINO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 329,459 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 272,540 shares 272,540$7.62M3.46%newTimeline
FROGJFROG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 512,308 shares; 2024Q4: 585,926 shares; 2025Q1: 447,766 shares; 2025Q2: 165,403 shares 165,403$7.26M3.29%-282,363Timeline
FNKOFUNKO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,218,278 shares 1,218,278$5.8M2.63%newTimeline
PAYCPAYCOM SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 62,982 shares; 2024Q4: 54,863 shares; 2025Q1: 52,040 shares; 2025Q2: 21,989 shares 21,989$5.09M2.31%-30,051Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
BIG 5 SPORTING GOODS CORPBIG 5 SPORTING GOODS CORP COMput150,000$213Knew

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
ENFUSION INCENFUSION INC1,261,199$14.1Mshares
TTANSERVICETITAN INC52,076$4.95Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001768757-25-000008 base2025-08-14acceptance time not in the bulk data set