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Irenic Capital Management LP

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13F filer, CIK 1929389, NEW YORK, NY

Irenic Capital Management LP reported $1,486,794,023 across 46 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 68.58% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001929389-26-000002

Period
2025-12-31
Reported value
$1.49B
Holdings
46
Top 10 weight
68.58%
New
29
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ITGRnew+1,263,663$99.1M
ALKTnew+2,106,448$48.6M
SPSCnew+452,066$40.3M
AIVnew+3,890,324$23.1M
RALnew+332,042$16.9M

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
PZZAreduced-748,592-$28.8M
GOexited-1,106,789-$17.8M
SGRYreduced-1,047,583-$16.2M
NSAexited-402,822-$12.2M
HVMCUexited-300,000-$3.04M

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, Q4 2025

Share positions as resolved from 13F-HR 0001929389-26-000002, largest first. % of portfolio is the value over $762,862,080, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ITGRINTEGER HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,263,663 shares 1,263,663$99.1M12.99%newTimeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,798,026 shares 3,798,026$67M8.78%+249,955Timeline
TBPHTHERAVANCE BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,760,948 shares 2,760,948$51.7M6.77%0Timeline
ALKTALKAMI TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,106,448 shares 2,106,448$48.6M6.37%newTimeline
WKWORKIVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 497,010 shares; 2025Q4: 552,010 shares 552,010$47.6M6.24%+55,000Timeline
RSVRRESERVOIR MEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,986,176 shares 5,986,176$45.3M5.94%+316,505Timeline
DBDDIEBOLD NIXDORF INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 572,779 shares; 2024Q4: 633,327 shares; 2025Q1: 720,658 shares; 2025Q2: 595,223 shares; 2025Q3: 593,461 shares; 2025Q4: 644,057 shares 644,057$43.7M5.73%+50,596Timeline
HIHILLENBRAND INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,351,604 shares; 2025Q4: 1,351,604 shares 1,351,604$42.9M5.62%0Timeline
SPSCSPS COMM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 452,066 shares 452,066$40.3M5.28%newTimeline
ELMEELME COMMUNITIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,699,873 shares; 2025Q4: 1,909,557 shares 1,909,557$33.2M4.36%+209,684Timeline
FWRDFORWARD AIR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,229,719 shares; 2025Q3: 1,229,819 shares; 2025Q4: 1,229,819 shares 1,229,819$30.7M4.03%0Timeline
AIVAPARTMENT INVT & MGMT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,793,018 shares; 2024Q4: 3,812,595 shares; 2025Q1: 4,633,134 shares; 2025Q2: 4,886,442 shares; 2025Q3: not reported; 2025Q4: 3,890,324 shares 3,890,324$23.1M3.03%newTimeline
NWSNEWS CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 593,809 shares 593,809$17.6M2.31%0Timeline
RALRALLIANT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 332,042 shares 332,042$16.9M2.22%newTimeline
SITCSITE CTRS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,605,378 shares 2,605,378$16.7M2.19%0Timeline
ADARRAY DIGITAL INFRASTRUCTUREQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 235,294 shares 235,294$12.6M1.65%newTimeline
PZZAPAPA JOHNS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,073,700 shares; 2025Q4: 325,108 shares 325,108$12.5M1.64%-748,592Timeline
TASKTASKUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 954,425 shares 954,425$11.3M1.48%newTimeline
BLNDBLEND LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 284,854 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 3,114,949 shares 3,114,949$9.47M1.24%newTimeline
CWANCLEARWATER ANALYTICS HLDGS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 250,000 shares 250,000$6.03M0.79%newTimeline
SACUSAFEGUARD ACQUISITION CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 500,000 shares 500,000$5.04M0.66%newTimeline
GPACUGENERAL PURP ACQUISITION CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 500,000 shares 500,000$5M0.66%newTimeline
PKSTPEAKSTONE REALTY TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 336,817 shares 336,817$4.83M0.63%newTimeline
CTRICENTURI HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 180,000 shares 180,000$4.54M0.6%newTimeline
WSRWHITESTONE REITQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 322,176 shares 322,176$4.48M0.59%newTimeline
SNDASONIDA SENIOR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 106,125 shares 106,125$3.46M0.45%newTimeline
HVMCHIGHVIEW MERGER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 300,000 shares 300,000$3M0.39%newTimeline
SHYISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,000 shares; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares; 2025Q4: 30,000 shares 30,000$2.48M0.33%0Timeline
MLABMESA LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 25,000 shares 25,000$1.96M0.26%newTimeline
FSLRFIRST SOLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 7,000 shares 7,000$1.83M0.24%newTimeline
WEAVWEAVE COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 226,731 shares 226,731$1.72M0.23%newTimeline
ICLRICON PUB LTD COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 8,000 shares 8,000$1.46M0.19%newTimeline
SGRYSURGERY PARTNERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 257,499 shares; 2025Q3: 1,132,203 shares; 2025Q4: 84,620 shares 84,620$1.31M0.17%-1,047,583Timeline
COOCOOPER COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 15,000 shares 15,000$1.23M0.16%newTimeline
AINALBANY INTL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 20,000 shares 20,000$1.01M0.13%newTimeline
ATKRATKORE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 13,977 shares 13,977$884K0.12%newTimeline
LIONLIONSGATE STUDIOS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,228,035 shares; 2025Q3: not reported; 2025Q4: 95,400 shares 95,400$871K0.11%newTimeline
SAROSTANDARDAERO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 25,000 shares 25,000$717K0.09%newTimeline
HSICSCHEIN HENRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,000 shares 4,000$302K0.04%newTimeline
ABUSARBUTUS BIOPHARMA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 59,853 shares 59,853$288K0.04%newTimeline
MRVIMARAVAI LIFESCIENCES HLDGS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 20,668 shares; 2025Q3: 20,668 shares; 2025Q4: 80,668 shares 80,668$262K0.03%+60,000Timeline
GSMFERROGLOBE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 16,263 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 10,000 shares 10,000$46.4K0.01%newTimeline
HVMCWHIGHVIEW MERGER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 150,000 shares 150,000$40.5K0.01%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 PUTput2,940,900$724M+1,100,100

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% 4/0principal42,173,000$37M+2,000,000
ARRAY TECHNOLOGIES INCARRAY TECHNOLOGIES INC NOTE 1.000%12/0principal3,000,000$2.74M0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
GOGROCERY OUTLET HLDG CORP1,106,789$17.8Mshares
NSANATIONAL STORAGE AFFILIATES402,822$12.2Mshares
HVMCUHIGHVIEW MERGER CORP300,000$3.04Mshares
JAMFJAMF HOLDING CORP90,000$963Kshares

How Q4 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 0001929389-26-000002 base2026-02-17acceptance time not in the bulk data set