--- title: "Thoma Bravo's Q1 2026 13F Is 95.5% SailPoint — and Nothing Else" type: research slug: thoma-bravo-q1-2026-sailpoint-95pct-single-name-13f canonical_url: https://13finsight.com/research/thoma-bravo-q1-2026-sailpoint-95pct-single-name-13f published_at: 2026-05-11T07:06:06.691Z updated_at: 2026-05-11T07:06:09.793Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 1105 locale: en source: 13F Insight --- # Thoma Bravo's Q1 2026 13F Is 95.5% SailPoint — and Nothing Else > Thoma Bravo's Q1 2026 13F is the cleanest single-position post-IPO retained-equity disclosure of the cycle: 95.5% in SailPoint (SAIL), with N-able and ServiceTitan filling the rest. Thoma Bravo, L.P.'s Q1 2026 13F discloses just three positions, and one of them is the entire story: SailPoint Technologies (SAIL) at $6.35 billion — 95.5% of the firm's reported $6.65B public-equity sleeve. N-able (NABL) at $234 million and ServiceTitan (TTAN) at $66 million round out the filing. There is no fourth position. There is, in fact, almost no portfolio at all in the conventional sense.This 13F is not an asset manager's research book. It is a single-name post-IPO retention disclosure from one of the most consequential software-focused private-equity firms of the last decade, and the differentiated angle this quarter is that the AUM compressed from $10.18B in Q4 2025 to $6.65B in Q1 2026 — a 34.7% drop — while the holdings count stayed at exactly 3. This is what concentrated PE retained-equity looks like when SailPoint trades through a quarter in which the public price drops materially. The shares didn't move; the marks did.The Single-Name SetupSailPoint is the identity-security platform Thoma Bravo took private in 2022 in a multi-billion-dollar all-cash transaction, then re-floated on the public markets in early 2025 after a roughly three-year private-ownership cycle. The firm retained a controlling equity position through the IPO — standard practice for a PE-led re-IPO where the sponsor wants to demonstrate ongoing alignment with the public float and to avoid creating an immediate post-IPO supply overhang. The 479.84 million SAIL shares disclosed in this filing represent that retained block, sitting on Thoma Bravo's 13F as the visible edge of the post-IPO distribution sequence.The bar chart above renders cleanly because there is essentially nothing to render. SailPoint at $6.35B dwarfs N-able's $234M and ServiceTitan's $66M by an order of magnitude each. This is the most concentrated single-name 13F in the large-PE universe in Q1 2026 — comparable in shape to the most extreme founder-controlled small-cap filings, but at $6B+ in absolute scale.The QoQ Story Is the SAIL MarkThe full AUM history shows the trajectory in clear relief. Thoma Bravo's reported 13F value sat above $10B for most of 2025 — multi-position legacy from earlier exits and buyouts — then compressed sharply through the year as Thoma Bravo distributed shares of various post-IPO names back to LPs, leaving the SailPoint anchor as essentially the entire residual.The Q4 2025 → Q1 2026 leg, from $10.18B to $6.65B, is structurally different. The position count stayed at exactly 3; SailPoint share count was largely unchanged across the filings; and the AUM compression is therefore almost entirely a SAIL mark-to-market move. At 95.5% concentration, every 10% move in SailPoint's stock price translates to roughly $635M of reported 13F AUM swing on Thoma Bravo's books — completely independent of any portfolio decision.This is a structural feature of single-name PE-retention 13Fs that retail readers should internalize. Reading the AUM headline as "Thoma Bravo down 35% on the quarter" would imply discretionary trimming or fund underperformance. Neither is correct. The firm did not sell SailPoint into the quarter; the position got marked. Those are categorically different events.The Two Tail Positions Tell a Distribution StoryNABL and TTAN deserve a sentence each, primarily because what is missing from this 13F is the more revealing signal. Across 2024 and 2025, Thoma Bravo's 13F held positions in 4-7 portfolio companies at any given time — Anaplan post-IPO residuals, Ping Identity holdings during its public phase, Coupa Software pre-take-private, and others. By Q1 2026, all of those have been fully distributed below the 13F reporting threshold.What's left:NABL ($233.9M, 3.5%): N-able is the IT-management spinoff that Thoma Bravo took private as part of the SolarWinds carve-up and re-floated separately. The $234M position represents continuing retained equity from that exit cycle.TTAN ($65.9M, 1.0%): ServiceTitan is one of the more recent vertical-SaaS IPOs in the home-services category. Thoma Bravo's small reported position likely reflects late-stage pre-IPO investment retained through the December 2024 IPO lockup window.Notably absent: any large generalist tech holdings. Thoma Bravo is not a public-market technology investor in the traditional sense. The 13F is a thin window into one specific stage of their business model — the tail end of post-IPO distributions from completed take-private exits.Reading the SAIL PositionFor SailPoint shareholders themselves, the most important data point in the Thoma Bravo 13F is not the dollar value but the share count: 479.84 million SAIL shares as of Q1 2026 reporting. That is the supply-side read for any investor modeling SailPoint's float dynamics. The PE retained block is the single largest holder; how Thoma Bravo distributes those shares (steady secondary offerings, in-kind LP distributions, accelerated capital-markets transactions, or hold) is the dominant supply-and-demand variable for SAIL's public price action over the next 18-24 months.The cross-references worth pulling here are the SailPoint holder ledger on the SAIL stock page — which shows what the rest of the institutional community is doing in response to Thoma Bravo's known retained position — and the broader signal feed of post-IPO distribution patterns at /insights.What to WatchMid-August 2026 13F (Q2 2026): First reportable cycle to confirm whether Thoma Bravo cut SAIL share count or held the 479.84M block flat. A 5%+ share-count drop would be a material distribution signal; a flat read would suggest continued lockup discipline. The dollar value will move on SAIL price regardless — focus on shares.SailPoint corporate calendar: SAIL's next earnings cycle will likely surface management commentary on float and PE overhang. Watch the prepared remarks for any forward-looking language about secondary offerings or LP distributions.NABL and TTAN trajectory: If either of these falls out of the 13F entirely (below reporting threshold), it confirms Thoma Bravo has fully completed those distribution cycles, leaving SAIL as the literal sole remaining position.New names appearing: A new sub-$100M position popping into the next 13F would suggest another Thoma Bravo portfolio company has either approached or completed an IPO and the firm is reporting retained equity from a fresh exit.Bottom LineThoma Bravo's Q1 2026 13F is the cleanest example in the large-PE universe of a single-name post-IPO retention disclosure. Read it as a SailPoint position report rather than as a portfolio. The 34.7% AUM compression from Q4 2025 to Q1 2026 is a SAIL mark-to-market story, not a discretionary decision; the data point that will actually matter going forward is the 479.84 million SAIL share-count number and how it moves across upcoming 13F cycles. Compare with the broader PE-firm 13F shape covered in our recent Carlyle Group Q1 2026 read — which uses a similar two-anchor concentration structure but spreads the disclosed value across two large PE exits instead of one.Full position history and quarter-over-quarter share-count changes are on the Thoma Bravo filer page; supply-side context for SailPoint's institutional ownership is on the SAIL stock page. ## FAQ ### What is in Thoma Bravo's Q1 2026 13F filing? Thoma Bravo's Q1 2026 13F discloses just three positions totaling $6.65B: SailPoint Technologies (SAIL) at $6.35B (95.5%, 479.84M shares), N-able (NABL) at $233.9M (3.5%, 50.09M shares), and ServiceTitan (TTAN) at $65.9M (1.0%, 1.04M shares). There is no fourth position. ### Why is Thoma Bravo's 13F 95% in SailPoint? Thoma Bravo took SailPoint private in a multi-billion-dollar all-cash transaction in 2022, ran the company as a private holding for roughly three years, and re-floated SAIL on the public markets in early 2025. The 479.84M-share position represents the firm's retained controlling equity through the post-IPO distribution window — standard practice for a PE-led re-IPO. ### Why did Thoma Bravo's reported AUM drop 35% in Q1 2026? Holdings count stayed at exactly 3 positions across both quarters and SailPoint share count was largely unchanged. The reported AUM compression from $10.18B to $6.65B reflects mark-to-market price moves on the dominant SAIL position rather than discretionary selling. At 95.5% concentration, every 10% SAIL price move translates to roughly $635M of reported 13F AUM swing. ### What does Thoma Bravo's actual managed AUM look like? Thoma Bravo's actual AUM is in the hundreds of billions across software-focused private equity funds — none of which appears on the 13F because none is in qualifying US-listed equity securities. The $6.65B reported on the Q1 2026 13F represents only the firm's public-equity sleeve, which is essentially the post-IPO retained position from a single recent exit (SailPoint). --- Source: 13F Insight — https://13finsight.com/research/thoma-bravo-q1-2026-sailpoint-95pct-single-name-13f Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-11T07:06:09.793Z