So, Keenan Capital dropped $88.3 million on Clearwater Analytics (CWAN 1.49%). It’s like when you decide to impulse-buy a really expensive, artisanal cheese. You’re committed. And you hope it pairs well with your portfolio. They scooped up 3,660,973 shares in Q4, which, let’s be honest, is a lot of shares. It’s enough to make even a seasoned portfolio manager feel a little…exposed.
What’s the Deal?
According to the SEC filing from February 13, 2026, Keenan Capital decided Clearwater Analytics was worth a significant chunk of change. $88.3 million, to be precise. That’s after factoring in the usual quarterly market roller coaster. It’s a bold move. Like ordering the lobster when you’re pretty sure you’re still paying off student loans.
Digging a Little Deeper
- This isn’t a “let’s test the waters” investment. Clearwater now represents a whopping 16.08% of Keenan’s U.S. equity AUM as of December 31, 2025. That’s commitment, people. It’s like deciding to name your firstborn after your stock broker.
- Here’s the Keenan Capital Top 5 as of the filing:
- NASDAQ: APP: $119.08 million (21.7% of AUM)
- NYSE: CWAN: $88.30 million (16.1% of AUM)
- NASDAQ: GLBE: $73.32 million (13.4% of AUM)
- NASDAQ: WDAY: $68.57 million (12.5% of AUM)
- NYSE: GDDY: $67.63 million (12.3% of AUM)
- As of February 12, 2026, Clearwater shares were trading at $23.47, which is…underperforming. Down 14.5% year-over-year, and lagging the S&P 500 by a painful 27.43 percentage points. Ouch. It’s like realizing your avocado toast cost more than your rent.
Clearwater Analytics: The Basics
| Metric | Value |
|---|---|
| Price (as of market close 2026-02-12) | $23.47 |
| Market Capitalization | $6.78 billion |
| Revenue (TTM) | $451.80 million |
| Net Income (TTM) | $424.38 million |
What Does This All Mean?
Clearwater Analytics provides SaaS solutions for, and I quote, “automated investment data aggregation, reconciliation, accounting, and reporting.” Which, translated from corporate-speak, means they help big institutions keep track of their money. They operate on a subscription model, so it’s recurring revenue. Good. We like recurring revenue. It’s like a reliable streaming service – you know what you’re getting, and you’re vaguely annoyed about the monthly fee, but you keep paying it.
Now, here’s the interesting part. Clearwater agreed to be acquired in December for $8.4 billion. So, was Keenan Capital getting in before the acquisition, hoping for a quick flip? Or are they betting on the long-term viability of the company after the deal closes? It’s a bit of a mystery. It’s like ordering a cake for a party that might not happen.
Within a portfolio already brimming with high-growth software names like AppLovin and Workday, Clearwater adds another potential compounder. Long-term investors should focus on ARR durability, integration execution, and balance sheet leverage. And maybe a strong cup of coffee. The next earnings release is slated for Wednesday. Let’s see if this bet pays off. Or at least doesn’t bankrupt anyone.
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2026-02-17 00:23