Battery Management Boosts Braze Stake to Nearly 18% of Portfolio as Shares Sink 60% Year Over Year

Overview

• Battery Management disclosed purchasing 839,864 Braze shares in the fourth quarter, an estimated $24.88 million based on average pricing.
• The fund’s quarter-end Braze position increased in value by $42.99 million and represented 17.98% of its reported 13F assets.
• Braze closed at $16.93 on February 17, 2026, about 60% below its price a year earlier after a sharp decline since December.
• Braze reported fiscal third-quarter revenue up 25.5% year over year to $190.8 million, including $181.6 million in subscription revenue and $17.8 million in free cash flow.
• Large customers grew to 303 accounts with at least $500,000 in ARR and dollar-based net retention held at 108%, while GAAP operating losses continued with $37.6 million in quarterly stock-based compensation.