In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Edenbrook Capital, LLC reported 5 stock positions worth $236.9 million . Its top holding was Frequency Electronics (FEIM) at 42.6% of the portfolio, followed by Cognyte Software (CGNT, 27.6% ) and Magnite (MGNI, 19.1% ). Compared with Q3 2025, it added to 2 and reduced 1. The biggest buy was Cognyte Software (CGNT, shares +2% ) and the biggest sale Gentherm (THRM, shares −72% ).
Location Mt. Kisco, NY
CIK 0001666682
Portfolio Value $236.9M (Q4 2025) Holdings 5 stocks · $236.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 FEIM Frequency Electronics Inc. 1,873,810 $100.9M No change CGNT Cognyte Software Ltd. 6,951,671 $65.3M Add +2.0% MGNI Magnite Inc. 2,788,036 $45.2M Add +32.1% MCHX Marchex Inc. Class B 14,664,380 $24.3M No change THRM Gentherm Inc. 29,012 $1.1M Reduce -71.9%
Options reported separately and not counted above: QQQ puts ($96.8M), SPY puts ($68.2M), IWM puts ($38.4M), HYG puts ($32.3M), MGNI calls ($24.3M), ARKK puts ($11.5M), LQD puts ($11.0M), TLT calls ($8.7M), CGNT calls ($5.7M), IBIT puts ($2.5M).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ THRM Gentherm Inc. Reduce -71.9% 0.45% −1.34
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ CGNT Cognyte Software Ltd. Add +2.0% 27.59% −1.50 MGNI Magnite Inc. Add +32.1% 19.10% −4.26
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Add +5.0% 157,500 $96.8M SPY SS SPDR S&P 500 ETF Trust-US put Add +16.3% 100,000 $68.2M IWM iShares Russell 2000 ETF put Reduce -22.0% 156,000 $38.4M XLY SS Consumer Disc Select Sect put Sold out 300,000 $35.9Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -68.0% 400,000 $32.3M MGNI Magnite Inc. call New 1,500,000 $24.3M XLP SS Consumer Staples Sel Sect put Sold out 150,000 $11.8Mbefore exit ARKK ARK Innovation ETF put Reduce -28.6% 150,000 $11.5M LQD Ishr Ibx Usd Invgd CB ETF-Ui put New 100,000 $11.0M TLT iShares 20+ Year Treasury BD call New 100,000 $8.7M KRE SS SPDR S&P Regional Bank put Sold out 100,000 $6.3Mbefore exit CGNT Cognyte Software Ltd. call Add +34.4% 605,000 $5.7M XRT SS SPDR S&P Retail ETF put Sold out 60,000 $5.2Mbefore exit EWZ iShares MSCI Brazil ETF put Sold out 100,000 $3.1Mbefore exit ALLY Ally Financial Inc. put Sold out 60,000 $2.4Mbefore exit EXCHANGE TRADED CONCEPTS TRU put Sold out 80,000 $2.0Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 6 $286.1M FEIM, MGNI, CGNT, MCHX, DV Q1 2026 4 $195.6M FEIM, CGNT, MGNI, MCHX Q4 2025 5 $236.9M FEIM, CGNT, MGNI, MCHX, THRM Q3 2025 5 $196.7M FEIM, CGNT, MGNI, MCHX, THRM Q2 2025 5 $226.8M MGNI, CGNT, FEIM, MCHX, THRM Q1 2025 5 $165.1M CGNT, MGNI, FEIM, MCHX, PHX Q4 2024 6 $209.6M CGNT, MGNI, FEIM, BCOV, MCHX Q3 2024 8 $169.3M MGNI, CGNT, MCHX, FEIM, BCOV Q2 2024 8 $180.0M MGNI, CGNT, MCHX, FEIM, BCOV Q1 2024 8 $194.3M MGNI, CGNT, FEIM, MCHX, BCOV