So, Braze is down 59%. Let’s just pause there for a second. That’s…a lot. Like, “accidentally wore mismatched shoes to a board meeting” level of a lot. And yet, Solel Partners just threw another $15.59 million at it. Which, frankly, is either incredibly savvy, or they’ve lost a bet to Warren Buffett. Either way, it’s a story. They scooped up 526,300 shares in the fourth quarter, bringing their total stake to a cool $43.62 million. That’s enough to buy a small island…or a lot of customer engagement software.
What’s Happening Here?
Solel Partners isn’t just sprinkling a little fairy dust on a dying unicorn. This is a significant commitment. 7.06% of their portfolio, to be exact. That’s not “Oh, we had some spare change lying around.” That’s “We’ve done the spreadsheets, argued with the analysts, and decided this thing might not be totally doomed.” Their top holdings? UnitedHealth, Synchrony, CVS…and now, Braze. It’s like a well-balanced portfolio…with a side of hope.
The Numbers, Because We Have To
- Braze’s weight in Solel’s portfolio: 7.06%. That’s commitment, people.
- Top Holdings:
- NYSE: UNH: $68.18 million (The sensible choice.)
- NYSE: SYF: $61.65 million (Still sensible.)
- NYSE: CVS: $47.12 million (Okay, we’re mostly sensible.)
- NASDAQ: BRZE: $43.62 million (Here’s where things get interesting.)
- NYSE: BRSL: $43.27 million (And a little more interesting.)
- Share Price (as of Feb 17, 2026): $16.93. Which, let’s be honest, sounds like a price you pay for a decent brunch.
Braze, for those not in the know, is a customer engagement platform. Basically, they help companies annoy you more effectively…I mean, personally connect with you. They’re all about data ingestion, segmentation, predictive analytics…the whole shebang. Headquartered in New York City, naturally, because where else would you build a company dedicated to maximizing digital noise?
So, What Does This Mean for Investors?
Look, I’m not saying this is a guaranteed win. The stock is down nearly 60% for a reason. But Solel isn’t just throwing money at a sinking ship. They see something. Braze recently reported Q3 revenue of $190.8 million, up 25.5% year-over-year. Subscription revenue is solid at $181.6 million, and remaining performance obligations total $891.4 million. They’re also showing a non-GAAP operating income of $5.1 million, which is…progress. It’s like finding a matching sock in the laundry. A small victory, but a victory nonetheless.
They’ve got 2,528 customers, with large customers growing even faster. The question is whether they can keep that momentum going. Can they turn growth into actual profit? Can they convince investors that this isn’t just another tech bubble waiting to burst? Solel seems to think they can. And honestly, in this market, a little bit of optimism is a good thing. Even if it’s just a well-calculated gamble.
| Metric | Value |
|---|---|
| Price (as of market close 2/17/26) | $16.93 |
| Market Capitalization | $2 billion |
| Revenue (TTM) | $693.41 million |
| Net Income (TTM) | ($116.68 million) |
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2026-02-20 21:42