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Irenic Capital Management LP

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13F filer, CIK 1929389, NEW YORK, NY

Irenic Capital Management LP reported $659,595,188 across 22 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 82.96% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001929389-25-000004

Period
2025-03-31
Reported value
$660M
Holdings
22
Top 10 weight
82.96%
New
8
Sold out
11

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ISHARES TRnew+1,018,900$203M
Couchbase Incnew+1,673,409$26.4M
TRSnew+853,484$20M
SITCnew+1,472,836$18.9M
BATRKnew+394,760$15.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BARNES GROUP INCexited-2,572,142-$122M
EDRexited-3,051,357-$95.5M
KBRexited-556,144-$32.2M
DHexited-7,003,194-$28.8M
NWSreduced-638,252-$19.4M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001929389-25-000004, largest first. % of portfolio is the value over $659,595,188, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ISHARES TRISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,018,900 shares 1,018,900$203M30.82%new
TRIUMPH GROUP INC NEWTRIUMPH GROUP INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,158,726 shares; 2024Q4: 3,787,022 shares; 2025Q1: 3,787,022 shares 3,787,022$96M14.55%0
RSVRRESERVOIR MEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,312,582 shares; 2024Q4: 5,322,582 shares; 2025Q1: 5,388,003 shares 5,388,003$41.1M6.23%+65,421Timeline
AIVAPARTMENT INVT & MGMT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,793,018 shares; 2024Q4: 3,812,595 shares; 2025Q1: 4,633,134 shares 4,633,134$40.8M6.18%+820,539Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,788,331 shares; 2024Q4: 2,909,163 shares; 2025Q1: 3,117,226 shares 3,117,226$36.3M5.51%+208,063Timeline
DBDDIEBOLD NIXDORF INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 572,779 shares; 2024Q4: 633,327 shares; 2025Q1: 720,658 shares 720,658$31.5M4.78%+87,331Timeline
Couchbase IncCouchbase IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,673,409 shares 1,673,409$26.4M4%new
FORWARD AIR CORPFORWARD AIR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,229,719 shares; 2024Q4: 1,229,719 shares; 2025Q1: 1,229,719 shares 1,229,719$24.7M3.75%0
TBPHTHERAVANCE BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,760,948 shares; 2024Q4: 2,760,948 shares; 2025Q1: 2,760,948 shares 2,760,948$24.7M3.74%0Timeline
NWSNEWS CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,600,989 shares; 2024Q4: 1,380,261 shares; 2025Q1: 742,009 shares 742,009$22.5M3.42%-638,252Timeline
MAGNMAGNERA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 895,772 shares; 2025Q1: 1,210,829 shares 1,210,829$22M3.33%+315,057Timeline
TRSTRIMAS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 853,484 shares 853,484$20M3.03%newTimeline
SITCSITE CTRS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,472,836 shares 1,472,836$18.9M2.87%newTimeline
BATRKATLANTA BRAVES HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 394,760 shares 394,760$15.8M2.39%newTimeline
ACHCACADIA HEALTHCARE COMPANY INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 133,907 shares; 2025Q1: 133,907 shares 133,907$4.06M0.62%0Timeline
SHYISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,000 shares; 2025Q1: 30,000 shares 30,000$2.48M0.38%+24,000Timeline
BLNDBLEND LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 284,854 shares 284,854$954K0.14%newTimeline
FUNSIX FLAGS ENTERTAINMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 13,848 shares 13,848$494K0.07%newTimeline
GSMFERROGLOBE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 16,263 shares 16,263$60.3K0.01%newTimeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
BANDWIDTH INCBANDWIDTH INC NOTE 0.500% 4/0principal24,173,000$19.4M0
UNITY SOFTWARE INCUNITY SOFTWARE INC NOTE 11/1principal6,514,000$6.03M0
ARRAY TECHNOLOGIES INCARRAY TECHNOLOGIES INC NOTE 1.000%12/0principal3,000,000$2.21M0

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
STATE STR SPDR S&P 500 ETF TSTATE STR SPDR S&P 500 ETF T270,800$159Mput
BARNES GROUP INCBARNES GROUP INC2,572,142$122Mshares
ISHARES TRISHARES TR495,500$109Mput
EDRENDEAVOR GROUP HLDGS INC3,051,357$95.5Mshares
KBRKBR INC556,144$32.2Mshares
DHDEFINITIVE HEALTHCARE CORP7,003,194$28.8Mshares
KBR INCKBR INC104,000$6.02Mcall
ARRYARRAY TECHNOLOGIES INC70,000$423Kshares
GRALGRAIL INC20,000$357Kshares
FIRST SOLAR INCFIRST SOLAR INC1,100$194Kcall
ARRAY TECHNOLOGIES INCARRAY TECHNOLOGIES INC25,300$153Kcall

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001929389-25-000004 base2025-05-15acceptance time not in the bulk data set