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Irenic Capital Management LP

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13F filer, CIK 1929389, NEW YORK, NY

Irenic Capital Management LP reported $954,642,871 across 21 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 78.87% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001929389-25-000008

Period
2025-09-30
Reported value
$955M
Holdings
21
Top 10 weight
78.87%
New
7
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PZZAnew+1,073,700$51.7M
WKnew+497,010$42.8M
HInew+1,351,604$36.5M
ELMEnew+1,699,873$28.7M
SGRYadded+874,704$18.9M

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
TRIUMPH GROUP INC NEWexited-2,350,173-$60.5M
AIVexited-4,886,442-$42.3M
TRSexited-901,926-$25.8M
Couchbase Incexited-802,134-$19.6M
BATRKexited-372,105-$17.4M

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, Q3 2025

Share positions as resolved from 13F-HR 0001929389-25-000008, largest first. % of portfolio is the value over $509,242,903, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,548,071 shares 3,548,071$55.8M10.96%-163,940Timeline
PZZAPAPA JOHNS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,073,700 shares 1,073,700$51.7M10.15%newTimeline
RSVRRESERVOIR MEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,669,671 shares 5,669,671$46.2M9.06%+177,361Timeline
WKWORKIVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 497,010 shares 497,010$42.8M8.4%newTimeline
TBPHTHERAVANCE BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,760,948 shares 2,760,948$40.3M7.92%0Timeline
HIHILLENBRAND INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,351,604 shares 1,351,604$36.5M7.18%newTimeline
DBDDIEBOLD NIXDORF INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 572,779 shares; 2024Q4: 633,327 shares; 2025Q1: 720,658 shares; 2025Q2: 595,223 shares; 2025Q3: 593,461 shares 593,461$33.8M6.65%-1,762Timeline
FWRDFORWARD AIR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,229,719 shares; 2025Q3: 1,229,819 shares 1,229,819$31.5M6.19%+100Timeline
ELMEELME COMMUNITIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,699,873 shares 1,699,873$28.7M5.63%newTimeline
SGRYSURGERY PARTNERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 257,499 shares; 2025Q3: 1,132,203 shares 1,132,203$24.5M4.81%+874,704Timeline
SITCSITE CTRS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,472,836 shares; 2025Q2: 2,605,378 shares; 2025Q3: 2,605,378 shares 2,605,378$23.5M4.61%0Timeline
NWSNEWS CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,600,989 shares; 2024Q4: 1,380,261 shares; 2025Q1: 742,009 shares; 2025Q2: 643,809 shares; 2025Q3: 593,809 shares 593,809$20.5M4.03%-50,000Timeline
GOGROCERY OUTLET HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,557,655 shares; 2025Q3: 1,106,789 shares 1,106,789$17.8M3.49%-450,866Timeline
NSANATIONAL STORAGE AFFILIATESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 402,822 shares 402,822$12.2M2.39%newTimeline
HVMCUHIGHVIEW MERGER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 300,000 shares 300,000$3.04M0.6%newTimeline
SHYISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,000 shares; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares 30,000$2.49M0.49%0Timeline
JAMFJAMF HOLDING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 90,000 shares 90,000$963K0.19%newTimeline
MRVIMARAVAI LIFESCIENCES HLDGS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 20,668 shares; 2025Q3: 20,668 shares 20,668$59.3K0.01%0Timeline

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 PUTput1,840,800$445M+820,600

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% 4/0principal40,173,000$34.3M+16,000,000
ARRAY TECHNOLOGIES INCARRAY TECHNOLOGIES INC NOTE 1.000%12/0principal3,000,000$2.61M0

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
TRIUMPH GROUP INC NEWTRIUMPH GROUP INC NEW2,350,173$60.5Mshares
AIVAPARTMENT INVT & MGMT CO4,886,442$42.3Mshares
TRSTRIMAS CORP901,926$25.8Mshares
Couchbase IncCouchbase Inc802,134$19.6Mshares
BATRKATLANTA BRAVES HLDGS INC372,105$17.4Mshares
LIONLIONSGATE STUDIOS CORP1,228,035$7.13Mshares
VIGIL NEUROSCIENCE INCVIGIL NEUROSCIENCE INC371,321$2.95Mshares
GE AEROSPACEGE AEROSPACE11,300$2.91Mput

How Q3 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 0001929389-25-000008 base2025-11-14acceptance time not in the bulk data set