Braze Stock Down 59%, so Why Did One Fund Just Invest Another $16 Million in Shares?

Solel Partners LP increased its stake in Braze (BRZE 0.82%) by 526,300 shares in the fourth quarter, an estimated $15.59 million trade based on quarterly average pricing, according to a February 17, 2026, SEC filing.

What happened

According to an SEC filing dated February 17, 2026, Solel Partners LP purchased an additional 526,300 shares of Braze in the fourth quarter. The estimated transaction value was $15.59 million, calculated using the average closing price during the quarter. The fund ended the period with 1,272,200 shares, bringing the total position value to $43.62 million at quarter-end. The net position change, including price movement, was $22.41 million.

What else to know

• This was a buy; Braze now makes up 7.06% of Solel Partners’ 13F reportable assets under management.
• Top holdings after the filing:
  • NYSE: UNH: $68.18 million (11.0% of AUM)
  • NYSE: SYF: $61.65 million (10.0% of AUM)
  • NYSE: CVS: $47.12 million (7.6% of AUM)
  • NASDAQ: BRZE: $43.62 million (7.1% of AUM)
  • NYSE: BRSL: $43.27 million (7.0% of AUM)
• As of February 17, 2026, BRZE shares were priced at $16.93, down a steep 59.5% over the past year and significantly underperforming the S&P 500’s roughly 13% gain in the same period.

Company overview

Company snapshot

• Braze offers a comprehensive customer engagement platform, including data ingestion, segmentation, predictive analytics, personalization, orchestration tools, and reporting for brands to manage consumer interactions across digital channels.
• The company serves clients worldwide, providing tools to enhance digital customer engagement.
• It’s headquartered in New York City, with a focus on technology and software for enterprise marketing.

Braze, Inc. is a technology company specializing in customer engagement software, with a strong presence among enterprise clients seeking advanced, data-driven marketing solutions. The company leverages a robust SaaS platform to help brands orchestrate personalized, cross-channel consumer experiences. Its comprehensive suite of tools and analytics provides a competitive edge in the rapidly evolving digital marketing landscape.

What this transaction means for investors

With Braze representing 7% of reported assets, this is no token add. It sits alongside sizable positions in UnitedHealth, Synchrony, and CVS, suggesting the manager sees asymmetric upside in a beaten-down growth name rather than just leaning into defensive healthcare exposure.

The timing is notable. Shares trade around $16.93, down nearly 60% over the past year. Yet Braze recently posted fiscal third quarter revenue of $190.8 million, up 25.5% year over year, with subscription revenue of $181.6 million. Remaining performance obligations totaled $891.4 million, and non-GAAP operating income was positive at $5.1 million.

This is still an unprofitable company overall, and retention has cooled from prior highs. But customer count rose to 2,528, with large customers growing even faster. For long-term investors, the question is whether durable double digit growth and improving profitability can outlast multiple compression. And a 7% portfolio weight says this manager believes the platform still matters.