General Atlantic stakes 14% in Alkami Technology (ALKT) and pledges shares
Filing Impact
Filing Sentiment
Form Type
SCHEDULE 13D/A
General Atlantic–affiliated investment funds report beneficial ownership of 14,879,451 shares of Alkami Technology common stock, representing 14.0% of the class. The percentage is based on 106,148,144 shares outstanding as of February 20, 2026, as disclosed in Alkami’s Form 10-K.
The group holds its position through a complex structure of Delaware, Bermuda and Luxembourg entities formed to acquire, hold and dispose of investments. Members describe the stake as being for investment purposes and indicate they may increase, reduce or hedge their holdings over time through open-market trades, block trades or derivatives.
Certain entities entered into margin loan agreements in October 2025 with Morgan Stanley affiliates, borrowing $12,705,332.68 and $38,294,667.32 secured by 2,346,162 and 7,071,479 pledged Alkami shares, respectively, maturing around October 16, 2028. Lenders may require prepayment, additional collateral, or foreclose on pledged shares if customary events occur.
Positive
- None.
Negative
- None.
Insights
General Atlantic discloses a 14% Alkami stake with pledged shares backing margin loans.
General Atlantic–related funds collectively report beneficial ownership of 14,879,451 Alkami common shares, or 14.0% of the company, calculated against 106,148,144 shares outstanding as of February 20, 2026. The filing formalizes a large, long-term oriented investment position held through multiple affiliated funds.
The group characterizes the position as for investment purposes and states it may buy more shares, reduce holdings, or use derivatives, depending on Alkami’s performance and market conditions. This flexibility is typical for private equity–style investors and does not by itself signal a specific future action.
Two entities entered into margin loan agreements dated October 16, 2025, fully drawn on October 17, 2025, for $12,705,332.68 and $38,294,667.32, secured by 2,346,162 and 7,071,479 pledged shares. If customary trigger events occur, lenders may demand prepayment, additional collateral, or foreclose on pledged shares, so future disclosures will clarify any changes in ownership resulting from these arrangements.
|
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
|
ALKAMI TECHNOLOGY, INC. (Name of Issuer) |
Common stock, par value $0.001 per share (Title of Class of Securities) |
Michael Gosk
c/o General Atlantic Service Company, LP, 55 East 52nd Street, 33rd Floor
New York, NY, 10055
(212) 715-4000
c/o General Atlantic Service Company, LP, 55 East 52nd Street, 33rd Floor
New York, NY, 10055
(212) 715-4000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
10/16/2025
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
14,879,451.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
Includes 34,731 shares and 7,225 restricted stock units held by Raphael Osnoss, who is an employee of General Atlantic Service Company, L.P. ("GASC"), solely for the benefit of GASC, which is controlled by the Partnership Committee (as defined below).
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic (SPV) GP, LLC | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
9,645,318.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
9.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic Partners 100, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
9,645,318.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
9.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic (AL), L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
9,645,318.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
9.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic Partners (Bermuda) EU, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
BERMUDA
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
9,645,318.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
9.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic Partners (Lux) SCSp | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
LUXEMBOURG
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
14,837,495.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic GenPar, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
9,645,318.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
9.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GAP Coinvestments III, LLC | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
14,837,495.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GAP Coinvestments IV, LLC | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
14,837,495.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GAP Coinvestments V, LLC | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
14,837,495.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GAP Coinvestments CDA, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
14,837,495.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic GenPar (Lux) SCSp | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
LUXEMBOURG
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
14,837,495.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic (Lux) S.a r.l. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
LUXEMBOURG
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
14,837,495.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
HC |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic GenPar (Bermuda), L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
BERMUDA
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
14,837,495.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GAP (Bermuda) L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
BERMUDA
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
14,879,451.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
14.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person:
Includes 34,731 shares and 7,225 restricted stock units held by Raphael Osnoss, who is an employee of GASC, solely for the benefit of GASC, which is controlled by the Partnership Committee.
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic Partners (Bermuda) IV, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
BERMUDA
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
5,192,177.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
4.9 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
General Atlantic (SPV) GP (Bermuda), LLC | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
BERMUDA
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
5,192,177.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
4.9 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GA AL Holding, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
BERMUDA
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
9,645,318.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
9.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GA AL Holding II, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
BERMUDA
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,846,015.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
2.7 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GENERAL ATLANTIC (AL) SPV, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
7,071,479.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
6.7 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GAP Coinvestments PE Holdco, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,846,015.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
2.7 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GAP Coinvestments PE, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,846,015.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
2.7 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GAP Coinvestments PE Holdco GP, L.P. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,846,015.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
2.7 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GAP Holdings GP, LLC | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,846,015.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
2.7 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| CUSIP Number(s): |
| 1 |
Name of reporting person
GAP Coinvestments PE GP, LLC | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
OO | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,846,015.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
2.7 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
| Item 1. | Security and Issuer | |
| (a) | Title of Class of Securities:
Common stock, par value $0.001 per share | |
| (b) | Name of Issuer:
ALKAMI TECHNOLOGY, INC. | |
| (c) | Address of Issuer's Principal Executive Offices:
5601 Granite Parkway, Suite 120, Plano,
TEXAS
, 75024. | |
Item 1 Comment:
This Amendment No. 1 to Schedule 13D (the "Statement") is being filed to amend the Statement as originally filed with the Securities and Exchange Commission on August 20, 2025, with respect to the common stock, par value $0.001 per share (the "common stock") of Alkami Technology, Inc. a company incorporated in Delaware (the "Company"), whose principal executive offices are located at 5601 Granite Parkway, Suite 120, Plano, Texas 75204. Except as otherwise provided herein, each Item of the Statement remains unchanged. | ||
| Item 2. | Identity and Background | |
| (a) | This Statement is being filed by a "group," as defined in Rule 13d-5 of the General Rules and Regulations promulgated under the Exchange Act. The members of the group are: (i) General Atlantic, L.P., a Delaware limited partnership ("GA LP"); (ii) General Atlantic (SPV) GP, LLC, a Delaware limited liability corporation ("GA SPV GP"), (iii) General Atlantic Partners 100, L.P., a Delaware limited partnership ("GAP 100"); (iv) General Atlantic (AL), L.P., a Delaware limited partnership ("GA AL"), (v) General Atlantic Partners (Bermuda) EU, L.P., a Bermuda limited partnership ("GAP Bermuda EU"); (vi) General Atlantic Partners (Lux), SCSp, a Luxembourg special limited partnership ("GAP Lux"), (vii) General Atlantic GenPar, L.P., a Delaware limited partnership ("GA GenPar"), (viii) GAP Coinvestments III, LLC, a Delaware limited liability corporation ("GAPCO III"), (ix) GAP Coinvestments IV, LLC, a Delaware limited liability corporation ("GAPCO IV"), (x) GAP Coinvestments V, LLC, a Delaware limited liability corporation ("GAPCO V"), (xi) GAP Coinvestments CDA, L.P., a Delaware limited partnership ("GAPCO CDA"), (xii) General Atlantic GenPar (Lux), SCSp, a Luxembourg special limited partnership ("GA GenPar Lux"), (xiii) General Atlantic (Lux) S.a r.l., a Luxembourg company ("GA Lux"), (xiv) General Atlantic GenPar (Bermuda), L.P., a Bermuda limited partnership ("GenPar Bermuda"), (xv) GAP (Bermuda) L.P., a Bermuda limited partnership ("GAP Bermuda"), (xvi) General Atlantic Partners (Bermuda) IV, L.P., a Bermuda limited partnership ("GAP Bermuda IV"), (xvii) General Atlantic (SPV) GP (Bermuda), LLC, Bermuda limited liability corporation ("GA SPV Bermuda"), (xviii) GA AL Holding, L.P., a Bermuda limited partnership ("GA AL Holding"), (xix) General Atlantic (AL) SPV, L.P., a Delaware limited partnership ("GA SPV"), GAP Coinvestments PE Holdco, L.P., a Delaware limited partnership ("GAP PE Holdco"), GAP Coinvestments PE, L.P., a Delaware limited partnership ("GAP PE"), GAP Coinvestments PE Holdco GP, L.P., a Delaware limited liability company ("GAP PE Holdco GP"), GAP Coinvestments PE GP, LLC, a Delaware limited liability company ("GAP PE GE"), GAP Holdings GP, LLC, a Delaware limited liability company ("GAP Holdings GP"), and GA AL Holding II, L.P., a Bermuda limited partnership ("GA AL Holding II"). Each of the foregoing is referred to as a Reporting Person and collectively as the "Reporting Persons." GAP 100, GAP Bermuda EU, GAP Bermuda IV and GAP Lux are collectively referred to as the "GA Funds." GAPCO III, GAPCO IV, GAPCO V and GAPCO CDA are collectively referred to as the "Sponsor Coinvestment Funds." Raphael Osnoss, an employee of GASC and director of the Company, holds 34,731 common shares and 7,225 restricted stock units solely for the benefit of GASC, which is controlled by the Partnership Committee. The address of GAP Bermuda EU, GenPar Bermuda, GAP Bermuda, GA AL Holding, GA AL Holding II, GAP Bermuda IV and GA SPV Bermuda is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The address of GAP Lux, GA GenPar Lux and GA Lux is 412F, Route d'Esch, L-1471 Luxembourg. The address of GAP 100, GA SPV GP, GA SPV, GA GenPar, GA AL, GAP PE Holdco, GAP PE, GAP PE GP, GAP PE Holdco GP, GAP Holdings GP and GA LP and each of the Sponsor Coinvestment Funds is c/o General Atlantic Service Company, L.P., 55 East 52nd Street, 33rd Floor, New York, NY 10055. Each of the Reporting Persons is engaged in acquiring, holding and disposing of interests in various companies for investment purposes. The following investment funds share beneficial ownership of the common shares held of record by GA AL, GA AL SPV, GA AL Holding and GA AL Holding II: GAP Bermuda EU, GAP Lux, GAPCO III, GAPCO IV, GAPCO V and GAPCO CDA. The following investment funds also share beneficial ownership of the common shares held of record by GA AL and GA AL SPV: GAP 100. The following investment funds also share beneficial ownership of the common shares held of record by GA AL Holding and GA AL Holding II: GAP Bermuda IV. The following investment funds also share beneficial ownership of the common shares held of record by GA AL SPV: GA AL. The following investment funds also share beneficial ownership of the common shares held of record by GA AL Holding II: GAP PE Holdco and GAP PE. The general partner of GA AL and GA SPV is GA SPV GP. The general partner of GAP Lux is GA GenPar Lux, and the general partner of GA GenPar Lux is GA Lux. The general partner of GA AL Holding and GA AL Holding II is GA SPV Bermuda. The general partner of GAP Bermuda EU, the general partner of GAP Bermuda IV, the sole member of GA SPV Bermuda and the sole shareholder of GA Lux is GenPar Bermuda. GA LP, which is controlled by the Partnership Committee of GASC MGP, LLC (the "Partnership Committee"), is the managing member of GAPCO III, GAPCO IV, and GAPCO V, the general partner of GAPCO CDA, and is the sole member of GA SPV and GAP Holdings GP. GAP Bermuda, which is also controlled by the Partnership Committee, is the general partner of GenPar Bermuda. The general partner of GAP 100 is GA GenPar, and the general partner of GA GenPar is GA LP. GAP Holdings GP is the general partner of GAP PE Holdco GP, which is the general partner of GAP PE Holdco. GAP Holdings GP is the sole member of GAP PE GP, which is the general partner of GAP PE. As of the date hereof, there are six members of the Partnership Committee. Each of the members of the Partnership Committee disclaims ownership of the shares except to the extent that he has a pecuniary interest therein. The information required by General Instruction C to Schedule 13D is attached hereto as Schedule A and is hereby incorporated by reference. The present principal occupation or employment of each of the members of the Partnership Committee is as a managing director of GA LP. | |
| (b) | See Item 2(a). | |
| (c) | See Item 2(a). | |
| (d) | None of the Reporting Persons and none of the individuals listed on Schedule A have, during the last five years, been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. | |
| (e) | See Item 2(d). | |
| (f) | See Item 2(a). | |
| Item 3. | Source and Amount of Funds or Other Consideration | |
The Reporting Persons obtained the funds for the purchases of common stock reported herein from contributions from the GA Funds and the Sponsor Coinvestment Funds. | ||
| Item 4. | Purpose of Transaction | |
The Reporting Persons acquired the common stock reported herein for investment purposes. Consistent with such purposes, the Reporting Persons may engage in communications with, without limitation, one or more stockholders of the Company, management of the Company, one or more members of the board of directors of the Company, and may make suggestions concerning the Company's operations, prospects, business and financial strategies, strategic transactions, assets and liabilities, business and financing alternatives, the composition of the board of directors of the Company and such other matters as the Reporting Persons may deem relevant to their investment in the common stock. The Reporting Persons expect that they will, from time to time, review their investment position in the common stock or the Company and may, depending on the Company's performance and other market conditions, increase or decrease their investment position in the common stock. The Reporting Persons may, from time to time, make additional purchases of common stock either in the open market or in privately-negotiated transactions, depending upon the Reporting Persons' evaluation of the Company's business, prospects and financial condition, the market for the common stock, other opportunities available to the Reporting Persons, general economic conditions, stock market conditions and other factors. Depending upon the factors noted above, the Reporting Persons may also decide to hold or dispose of all or part of their investments in the common stock, and/or enter into derivative transactions with institutional counterparties with respect to the Company's securities, including the common stock. Except as set forth in this Item 4 or Item 6 below, the Reporting Persons have no present plans or proposals that relate to, or that would result in, any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Exchange Act. | ||
| Item 5. | Interest in Securities of the Issuer | |
| (a) | The percentages used herein are calculated based upon on an aggregate of 106,148,144 shares of common stock reported by the Company to be outstanding as of February 20, 2026, as reflected in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on February 26, 2026. By virtue of the fact that (i) the GA Funds and the Sponsor Coinvestment Funds contributed the capital to fund the purchases, and share beneficial ownership of, the common stock held of record by GA AL, GA AL Holding, GA AL Holding II, (ii) the general partner of GA AL and GA SPV is GA SPV GP, (iii) the general partner of GAP Lux is GA GenPar Lux, and the general partner of GA GenPar Lux is GA Lux., (iv) the general partner of GA AL Holding is GA SPV Bermuda, (v) the general partner of GAP Bermuda EU, the general partner of GAP Bermuda IV, the sole member of GA SPV Bermuda and the sole shareholder of GA Lux is GenPar Bermuda, (vi) GAP Lux has appointed Carne Global Fund Management (Luxembourg) S.A. (the "AIFM") as the alternative investment fund manager of GAP Lux pursuant to an alternative investment fund management agreement to undertake all functions required of an external alternative investment fund manager under the Luxembourg law of 12 July 2013 on alternative investment fund managers, as amended from time to time and GAP Lux has also entered into a delegated portfolio management and distribution agreement with the AIFM and GASC in order to appoint GASC to act as the portfolio manager of GAP Lux, (vii) the general partner of GAP 100 is GA GenPar, and the general partner of GA GenPar is GA LP, (viii) the general partner of GAP PE Holdco is GAP PE Holdco GP, and the general partner of GAP PE Holdco GP is GAP Holdings GP, (ix) the general partner of GAP PE is GAP PE GP, and the sole member of GAP PE GP is GAP Holdings GP, (x) GA LP, which is controlled by the Partnership Committee, is the managing member of GAPCO III, GAPCO IV, and GAPCO V, the general partner of GAPCO CDA, and is the sole member of GA SPV and GAP Holdings GP, (xi) GAP Bermuda, which is also controlled by the Partnership Committee, is the general partner of GenPar Bermuda and (xii) GASC, with respect to GAP Lux, is controlled by the Partnership Committee, the Reporting Persons may be deemed to have the power to vote and direct the disposition of the common stock owned of record by GA AL and GA AL Holding. As a result, as of the date hereof, each of the Reporting Persons may be deemed to beneficially own the shares of common stock indicated on row (11) on such Reporting Person's cover page included herein. | |
| (b) | Each of the Reporting Persons has the shared power to vote or direct the vote and the shared power to dispose or to direct the disposition of the shares of common stock indicated on row (8) on such Reporting Person's cover page that may be deemed to be beneficially owned by each of them. | |
| (c) | The table in Annex A specifies the date, amount and weighted average price of shares of common stock purchased by the Reporting Persons during the 60-day period prior to March 11, 2026. The Reporting Persons effected purchases of shares of common stock through open market transactions and block trades. See Annex A. | |
| (d) | No person other than the persons listed is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any securities owned by any member of the group. | |
| (e) | Not applicable. | |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer | |
Item 6 of the Statement is hereby amended and supplemented as follows:
GA AL Holding, acting through GA SPV Bermuda in its capacity as general partner, entered into a Margin Loan Agreement (the "Bermuda Margin Loan Agreement") dated as of October 16, 2025 (the "Closing Date") with Morgan Stanley Senior Funding, Inc. as administrative agent ("Bermuda Administrative Agent"), Morgan Stanley & Co. LLC as calculation agent and the lenders from time to time party thereto. In connection with the Bermuda Margin Loan Agreement, GA AL Holding entered into a Pledge and Security Agreement dated as of the Closing Date with Bermuda Administrative Agent and Morgan Stanley Bank, N.A. as lender pursuant to which GA AL Holding pledged 2,346,162 shares of Company common stock owned by GA AL Holding (the "Bermuda Pledged Shares") on or about the Closing Date as collateral to secure repayment of obligations under the Bermuda Margin Loan Agreement and may be required to post additional collateral in certain circumstances (the "Bermuda Pledge and Security Agreement" and, collectively with the Bermuda Margin Loan Agreement and each agreement or instrument delivered pursuant to the foregoing or pursuant to the security interests and collateral granted in accordance with the foregoing, the "Bermuda Loan Documents"). GA AL Holding may borrow up to $12,705,332.68 under the Bermuda Margin Loan Agreement, which was fully drawn on October 17, 2025.
The margin loan entered into pursuant to the Bermuda Margin Loan Agreement matures on or about October 16, 2028. Upon the occurrence of certain events that are customary for this type of margin loan, the lender(s) party to the Bermuda Margin Loan Agreement may exercise their rights to require GA AL Holding to pre-pay the loan proceeds, post additional collateral, or foreclose on, and dispose of, the Bermuda Pledged Shares in accordance with the Bermuda Loan Documents.
In addition, GA SPV, acting through GA SPV GP in its capacity as general partner, entered into a Margin Loan Agreement (the "Delaware Margin Loan Agreement") dated as of October 16, 2025 (the "Closing Date") with Morgan Stanley Senior Funding, Inc. as administrative agent ("Delaware Administrative Agent"), Morgan Stanley & Co. LLC as calculation agent and the lenders from time to time party thereto. In connection with the Delaware Margin Loan Agreement, GA SPV entered into a Pledge and Security Agreement dated as of the Closing Date with Delaware Administrative Agent and Morgan Stanley Bank, N.A. as lender pursuant to which GA SPV pledged 7,071,479 shares of Company common stock owned by GA SPV (the "Delaware Pledged Shares") on or about the Closing Date as collateral to secure repayment of obligations under the Delaware Margin Loan Agreement and may be required to post additional collateral in certain circumstances (the "Delaware Pledge and Security Agreement" and, collectively with the Delaware Margin Loan Agreement and each agreement or instrument delivered pursuant to the foregoing or pursuant to the security interests and collateral granted in accordance with the foregoing, the "Delaware Loan Documents"). GA SPV may borrow up to $38,294,667.32 under the Delaware Margin Loan Agreement, which was fully drawn on October 17, 2025.
The margin loan entered into pursuant to the Delaware Margin Loan Agreement matures on or about October 16, 2028. Upon the occurrence of certain events that are customary for this type of margin loan, the lender(s) party to the Delaware Margin Loan Agreement may exercise their rights to require GA SPV to pre-pay the loan proceeds, post additional collateral, or foreclose on, and dispose of, the Delaware Pledged Shares in accordance with the Delaware Loan Documents.
The Reporting Persons entered into a Joint Filing Agreement on March 11, 2026 (the "Joint Filing Agreement"), pursuant to which they have agreed to file this Statement jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Exchange Act. A copy of the Joint Filing Agreement is attached hereto as Exhibit 1. Except as described above, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons or, to the best of their knowledge, any of the persons named in Schedule A hereto and any other person with respect to any securities of the Company, including, but not limited to, transfer or voting of any securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies. | ||
| Item 7. | Material to be Filed as Exhibits. | |
Exhibit 1: Agreement relating to the filing of the joint acquisition statements as required by Rule 13d-1(k)(1) under the Exchange Act.
Exhibit 2: Annex A - Open Market Purchases | ||
| SIGNATURE | |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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FAQ
How much of Alkami Technology (ALKT) does General Atlantic beneficially own?
General Atlantic–affiliated funds report beneficial ownership of 14,879,451 Alkami common shares, or 14.0% of the company. This percentage is based on 106,148,144 shares outstanding as of February 20, 2026, as reported in Alkami’s Form 10-K.
What is the purpose of General Atlantic’s investment in Alkami Technology (ALKT)?
The reporting group states it acquired Alkami common stock for investment purposes. They may communicate with management and other shareholders and may increase, decrease, hold, dispose of, or hedge their position over time based on Alkami’s performance and broader market conditions.
Which entities are included in the General Atlantic group holding Alkami Technology (ALKT) shares?
The filing lists multiple related entities, including General Atlantic, L.P., various GA Funds, Sponsor Coinvestment Funds, and Bermuda and Luxembourg partnerships. Together they form a “group” under Rule 13d-5 and are referred to collectively as the Reporting Persons.
What margin loans are secured by Alkami Technology (ALKT) shares held by General Atlantic entities?
GA AL Holding and GA SPV entered into margin loan agreements dated October 16, 2025, fully drawn on October 17, 2025, for $12,705,332.68 and $38,294,667.32. These loans are secured by 2,346,162 and 7,071,479 pledged Alkami shares, respectively.
When do the margin loans backed by Alkami Technology (ALKT) shares mature?
The margin loans entered into by GA AL Holding and GA SPV under the Bermuda and Delaware Margin Loan Agreements each mature on or about October 16, 2028. Until maturity, lenders have rights to demand prepayment, additional collateral, or potentially foreclose on pledged shares if specified events occur.
How could the margin loan agreements affect General Atlantic’s Alkami Technology (ALKT) stake?
The agreements allow lenders, upon certain customary events, to require prepayment, additional collateral, or foreclose on pledged Alkami shares. Such actions could change the number of shares held by the pledged entities, depending on future conditions and any remedies exercised by the lenders.