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Irenic Capital Management LP

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13F filer, CIK 1929389, NEW YORK, NY

Irenic Capital Management LP reported $677,620,918 across 22 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 78.57% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001768757-25-000009

Period
2025-06-30
Reported value
$678M
Holdings
22
Top 10 weight
78.57%
New
8
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
FWRDnew+1,229,719$30.2M
GOnew+1,557,655$19.3M
SITCadded+1,132,542$12.8M
LIONnew+1,228,035$7.13M
SHCadded+594,785$6.61M

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
ISHARES TRexited-1,018,900-$203M
TRIUMPH GROUP INC NEWreduced-1,436,849-$37M
FORWARD AIR CORPexited-1,229,719-$24.7M
MAGNexited-1,210,829-$22M
Couchbase Increduced-871,275-$21.2M

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, Q2 2025

Share positions as resolved from 13F-HR 0001768757-25-000009, largest first. % of portfolio is the value over $454,563,453, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TRIUMPH GROUP INC NEWTRIUMPH GROUP INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,158,726 shares; 2024Q4: 3,787,022 shares; 2025Q1: 3,787,022 shares; 2025Q2: 2,350,173 shares 2,350,173$60.5M13.31%-1,436,849
AIVAPARTMENT INVT & MGMT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,793,018 shares; 2024Q4: 3,812,595 shares; 2025Q1: 4,633,134 shares; 2025Q2: 4,886,442 shares 4,886,442$42.3M9.3%+253,308Timeline
RSVRRESERVOIR MEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,312,582 shares; 2024Q4: 5,322,582 shares; 2025Q1: 5,388,003 shares; 2025Q2: 5,492,310 shares 5,492,310$42.1M9.27%+104,307Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,788,331 shares; 2024Q4: 2,909,163 shares; 2025Q1: 3,117,226 shares; 2025Q2: 3,712,011 shares 3,712,011$41.3M9.08%+594,785Timeline
DBDDIEBOLD NIXDORF INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 572,779 shares; 2024Q4: 633,327 shares; 2025Q1: 720,658 shares; 2025Q2: 595,223 shares 595,223$33M7.25%-125,435Timeline
TBPHTHERAVANCE BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,760,948 shares; 2024Q4: 2,760,948 shares; 2025Q1: 2,760,948 shares; 2025Q2: 2,760,948 shares 2,760,948$30.5M6.7%0Timeline
FWRDFORWARD AIR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,229,719 shares 1,229,719$30.2M6.64%newTimeline
SITCSITE CTRS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,472,836 shares; 2025Q2: 2,605,378 shares 2,605,378$29.5M6.48%+1,132,542Timeline
TRSTRIMAS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 853,484 shares; 2025Q2: 901,926 shares 901,926$25.8M5.68%+48,442Timeline
NWSNEWS CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,600,989 shares; 2024Q4: 1,380,261 shares; 2025Q1: 742,009 shares; 2025Q2: 643,809 shares 643,809$22.1M4.86%-98,200Timeline
Couchbase IncCouchbase IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,673,409 shares; 2025Q2: 802,134 shares 802,134$19.6M4.3%-871,275
GOGROCERY OUTLET HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,557,655 shares 1,557,655$19.3M4.26%newTimeline
BATRKATLANTA BRAVES HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 394,760 shares; 2025Q2: 372,105 shares 372,105$17.4M3.83%-22,655Timeline
LIONLIONSGATE STUDIOS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,228,035 shares 1,228,035$7.13M1.57%newTimeline
SGRYSURGERY PARTNERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 257,499 shares 257,499$5.72M1.26%newTimeline
VIGIL NEUROSCIENCE INCVIGIL NEUROSCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 371,321 shares 371,321$2.95M0.65%new
SHYISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,000 shares; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares 30,000$2.49M0.55%0Timeline
MRVIMARAVAI LIFESCIENCES HLDGS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 20,668 shares 20,668$49.8K0.01%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
ISHARES TRISHARES TR PUTput1,020,200$220Mnew
GE AEROSPACEGE AEROSPACE PUTput11,300$2.91Mnew

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$20.4M0
ARRAY TECHNOLOGIES INCARRAY TECHNOLOGIES INC NOTE 1.000%12/0principal3,000,000$2.4M0

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
ISHARES TRISHARES TR1,018,900$203Mshares
FORWARD AIR CORPFORWARD AIR CORP1,229,719$24.7Mshares
MAGNMAGNERA CORP1,210,829$22Mshares
UNITY SOFTWARE INCUNITY SOFTWARE INC6,514,000$6.03Mprincipal
ACHCACADIA HEALTHCARE COMPANY IN133,907$4.06Mshares
BLNDBLEND LABS INC284,854$954Kshares
FUNSIX FLAGS ENTERTAINMENT CORP13,848$494Kshares
GSMFERROGLOBE PLC16,263$60.3Kshares

How Q2 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 0001768757-25-000009 base2025-08-14acceptance time not in the bulk data set