HMI Capital Management, L.P.: TOAST INC (TOST): Quarterly 13F Position History
As of Q1 2026, HMI Capital Management, L.P. reported 3,814,983 shares of TOAST INC (TOST), worth $101.1M and representing 13.4% of its 13F equity book. Quarter-over-quarter share count change: 488,500 (-11.4%) . The position first appeared in Q3 2021 and has been disclosed across 19 13F-HR filings in Pactolio's tracked window.
- 3,814,983Shares Held (Latest Filing)
- $101.1MReported Market Value (Latest Filing)
- 13.4%Portfolio Weight (% of 13F Equity Book)
- 488,500Quarter-over-Quarter Share Change
- -$51.7MQuarter-over-Quarter Value Change
- 15,787,586Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 19 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 3,814,983 | 488,500 | -11.4% | $101.1M | 13.4% | $26.5 |
| Q4 2025 | 4,303,483 | +961,100 | +28.8% | $152.8M | 12.5% | $35.5 |
| Q3 2025 | 3,342,383 | +522,200 | +18.5% | $122.0M | 7.0% | $36.5 |
| Q2 2025 | 2,820,183 | 2,383,000 | -45.8% | $124.9M | 7.1% | $44.3 |
| Q1 2025 | 5,203,183 | +1,904,040 | +57.7% | $172.6M | 9.4% | $33.2 |
| Q4 2024 | 3,299,143 | 5,775,279 | -63.6% | $120.3M | 6.0% | $36.5 |
| Q3 2024 | 9,074,422 | 304,508 | -3.2% | $256.9M | 10.6% | $28.3 |
| Q2 2024 | 9,378,930 | 3,990,680 | -29.8% | $241.7M | 9.2% | $25.8 |
| Q1 2024 | 13,369,610 | 1,819,655 | -12.0% | $333.2M | 12.3% | $24.9 |
| Q4 2023 | 15,189,265 | +808,244 | +5.6% | $277.4M | 12.0% | $18.3 |
| Q3 2023 | 14,381,021 | 1,358,800 | -8.6% | $269.4M | 10.3% | $18.7 |
| Q2 2023 | 15,739,821 | 0 | — | $355.2M | 12.6% | $22.6 |
| Q1 2023 | 15,739,821 | 0 | — | $279.4M | 10.9% | $17.8 |
| Q4 2022 | 15,739,821 | 47,765 | -0.3% | $283.8M | 12.1% | $18.0 |
| Q3 2022 | 15,787,586 | 0 | — | $264.0M | 9.9% | $16.7 |
| Q2 2022 | 15,787,586 | +2,513,950 | +18.9% | $204.3M | 8.2% | $12.9 |
| Q1 2022 | 13,273,636 | +6,819,286 | +105.7% | $288.4M | 8.4% | $21.7 |
| Q4 2021 | 6,454,350 | +6,054,350 | +1513.6% | $224.0M | 6.1% | $34.7 |
| Q3 2021 | 400,000 | — | — | $20.0M | 0.6% | $50.0 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did HMI Capital Management, L.P. first disclose a TOST position in 13F-HR filings?
HMI Capital Management, L.P. first reported TOAST INC (TOST) on its 13F-HR filing for the period ending 2021-09-30 (Q3 2021). The position has appeared on 19 reported quarters within Pactolio's tracked window.
What was HMI Capital Management, L.P.'s most recent quarter-over-quarter share-count change in TOST?
Between Q4 2025 and Q1 2026, HMI Capital Management, L.P. reduced its TOST position by 488,500 shares (-11.4%), leaving 3,814,983 shares at a market value of $101.1M.
Does the implied price-per-share represent HMI Capital Management, L.P.'s cost basis in TOST?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.