JANA takes 5.1% Alkami Technology stake

JANA Partners Management, LP filed a Schedule 13D reporting beneficial ownership of 5,431,388 shares of Alkami Technology common stock, representing 5.1% of the outstanding shares.

Rhea-AI Filing Summary

JANA Partners Management, LP filed a Schedule 13D reporting beneficial ownership of 5,431,388 shares of Alkami Technology common stock, representing 5.1% of the outstanding shares. JANA acquired these shares for an aggregate purchase price of approximately $119 million and believes they are undervalued and an attractive investment opportunity.

JANA reports sole voting and sole dispositive power over all 5,431,388 shares. In addition, certain accounts it manages hold cash settled swaps referencing an aggregate of 2,953,899 shares, providing economic exposure equal to about 2.8% of Alkami’s shares, with expirations between October 16, 2028 and April 15, 2030.

Positive

• JANA builds a 5.1% stake: JANA Partners Management, LP reports beneficial ownership of 5,431,388 Alkami shares (5.1% of the company), acquired for about $119 million, and explicitly states it views the shares as undervalued and an attractive investment opportunity.

Negative

• None.

Insights

Activist investor & governance analyst

JANA has built a 5.1% Alkami stake, signaling potential activist interest.

JANA Partners Management reports beneficial ownership of 5,431,388 Alkami shares, or 5.1% of the company, purchased for about $119 million. As a well-known investment firm, JANA often takes meaningful positions when it sees value opportunities.

JANA states it bought the shares because it believes they are undervalued and represent an attractive investment. It holds sole voting and dispositive power over the stake, giving it clear influence over how those shares are voted in corporate matters.

Certain JANA-managed accounts also hold cash settled swaps tied to 2,953,899 additional shares, equal to 2.8% economic exposure, expiring between October 16, 2028 and April 15, 2030. This layered exposure may increase JANA’s economic interest beyond its direct holdings.

Key Figures

Shares beneficially owned: 5,431,388 shares Ownership percentage: 5.1% Aggregate purchase price: $119 million +4 more

7 metrics

Shares beneficially owned 5,431,388 shares Common stock beneficially owned by JANA

Ownership percentage 5.1% Percent of Alkami common stock class

Aggregate purchase price $119 million Cost to acquire 5,431,388 Alkami shares

Shares outstanding 106,148,144 shares Alkami shares outstanding as of February 20, 2026

Swap reference shares 2,953,899 shares Shares referenced by cash settled swaps

Swap economic exposure 2.8% Economic exposure via swaps relative to Alkami shares

Swap expirations Oct 16, 2028–Apr 15, 2030 Range of expiration dates for cash settled swaps

Key Terms

beneficially owned, sole Voting Power, sole Dispositive Power, cash settled swaps, +1 more

5 terms

beneficially owned financial

"The 5,431,388 Shares reported herein as beneficially owned by JANA were acquired"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole Voting Power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 7 | Sole Voting Power 5,431,388.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole Dispositive Power financial

"9 | Sole Dispositive Power 5,431,388.00 10 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

cash settled swaps financial

"have entered into notional principal amount derivative agreements in the form of cash settled swaps"

notional principal amount financial

"entered into notional principal amount derivative agreements in the form of cash settled swaps"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in Alkami Technology (ALKT) did JANA Partners disclose?

JANA Partners disclosed owning 5,431,388 shares of Alkami Technology common stock, representing 5.1% of the company. This level of beneficial ownership gives JANA meaningful voting influence and reflects a sizable capital commitment to Alkami’s equity.

How much did JANA Partners pay for its Alkami (ALKT) stake?

JANA Partners reports acquiring its 5,431,388 Alkami shares for an aggregate purchase price of approximately $119 million. This figure shows the scale of its investment and underpins JANA’s stated view that Alkami’s shares are undervalued.

Why did JANA Partners invest in Alkami Technology (ALKT)?

JANA Partners states it acquired Alkami shares because it believes they are undervalued and represent an attractive investment opportunity. This indicates JANA sees upside potential in Alkami’s valuation based on its analysis of the company’s prospects.

What additional economic exposure to Alkami (ALKT) does JANA hold via derivatives?

Certain JANA-managed accounts hold cash settled swaps referencing 2,953,899 Alkami shares, equating to economic exposure of about 2.8% of the stock. These swaps, with expirations from October 16, 2028 to April 15, 2030, supplement JANA’s direct holdings.

What voting and dispositive powers does JANA report over its Alkami (ALKT) shares?

JANA reports sole voting power and sole dispositive power over all 5,431,388 Alkami shares it beneficially owns, with no shared power. This means JANA alone decides how these shares are voted and whether and when they are sold.

What is Alkami Technology’s share count underlying JANA’s 5.1% stake?

JANA’s 5.1% beneficial ownership is based on 106,148,144 Alkami shares outstanding as of February 20, 2026. That outstanding share figure comes from Alkami’s Form 10-K for the year ended December 31, 2025, filed with the SEC.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/01/2026 - 05:13 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

ALKAMI TECHNOLOGY, INC.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

(CUSIP Number)

Eleazer Klein and Brandon Gold
McDermott Will & Schulte LLP, 919 Third Avenue
New York, NY, 10022
212-756-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/25/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

JANA PARTNERS MANAGEMENT, LP

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)

AF

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:

7	Sole Voting Power 5,431,388.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,431,388.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,431,388.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.1 %

14

Type of Reporting Person (See Instructions)

IA, 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 2.	Identity and Background
(a)	This statement on Schedule 13D is filed by JANA Partners Management, LP, a Delaware limited partnership ("JANA" or the "Reporting Person") with respect to the shares of common stock, par value $0.001 per share ("Shares"), of Alkami Technology, Inc., a Delaware corporation (the "Issuer"). JANA is a private money management firm which holds the Shares reported as beneficially owned by it in various accounts under its management and control. JANA Partners Management GP, LLC (the "JANA GP") is the general partner of JANA.
(b)	The principal business address of JANA and the JANA GP is 888 Seventh Avenue, 24th Floor, New York, New York 10106.
(c)	The principal business of JANA is investing for accounts under its management. The principal business of the JANA GP is acting as the general partner of JANA.
(d)	Neither JANA nor the JANA GP has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	Neither JANA nor the JANA GP has, during the last five years, been 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.
(f)	JANA is a limited partnership organized in Delaware. The JANA GP is a limited liability company organized in Delaware.
Item 3.	Source and Amount of Funds or Other Consideration
	The 5,431,388 Shares reported herein as beneficially owned by JANA were acquired at an aggregate purchase price of approximately $119 million.
Item 4.	Purpose of Transaction
	The Reporting Person acquired the Shares because it believes the Shares are undervalued and represent an attractive investment opportunity.
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of Shares and percentage of Shares beneficially owned by the Reporting Person. The percentage of Shares reported to be beneficially owned by the Reporting Person is based upon 106,148,144 Shares outstanding as of February 20, 2026, as reported in the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the "SEC") on February 26, 2026.
(b)	See rows (7) through (10) of the cover page to this Schedule 13D for the number of Shares as to which the Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	All transactions in the Shares effected by the Reporting Person during the past sixty (60) days, which were all in the open market, are set forth in Schedule A and are incorporated herein by reference.
(d)	No person (other than the Reporting Person) 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, the Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Certain accounts under JANA's management and control have entered into notional principal amount derivative agreements in the form of cash settled swaps with respect to an aggregate of 2,953,899 Shares (collectively representing economic exposure comparable to 2.8% of the Shares) with expiration dates ranging from October 16, 2028 to April 15, 2030. Except as set forth herein, the Reporting Person has no contracts, arrangements, understandings or relationships (legal or otherwise) with respect to any securities of the Issuer, including any class of the Issuer's securities used as a reference security, in connection with any of the following: call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.
Item 7.	Material to be Filed as Exhibits.
	None

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.

JANA PARTNERS MANAGEMENT, LP

Signature:	/s/ Jennifer Fanjiang
Name/Title:	Jennifer Fanjiang, Partner, Chief Legal Officer and Chief Compliance Officer
Date:	04/01/2026