Irenic Capital Management LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Irenic Capital Management LP reported 17 stock positions worth $629.1 million. Its top holding was Barnes at 19.3% of the portfolio, followed by Endeavor Group Hold Class A (EDR, 15.2%) and Triumph (TGI, 11.2%). Compared with Q3 2024, it opened 6 new positions, sold out of 3, added to 7 and reduced 1. The biggest buy was Endeavor Group Hold Class A (EDR, shares +63%) and the biggest sale News Class B (NWS, shares −47%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001929389
Portfolio Value
$629.1M (Q4 2024)
SEC Filing
0001929389-25-000002 ↗ filed Feb 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $364.3M Q1 2024 Q2 2024: $382.2M Q2 2024 Q3 2024: $539.2M Q3 2024 Q4 2024: $629.1M $629.1M Q4 2024 Q1 2025: $632.0M Q1 2025 Q2 2025: $431.8M Q2 2025 Q3 2025: $472.3M Q3 2025 Q4 2025: $723.1M Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.4B Q2 2026

Holdings 17 stocks · $629.1M
BARNES GROUP INC 19.32% 2,572,142 $121.6M No change
EDR Endeavor Group Hold Class A 15.18% 3,051,357 $95.5M Add +63.1%
TGI Triumph Group Inc. 11.23% 3,787,022 $70.7M Add +19.9%
RSVR Reservoir Media Inc. 7.66% 5,322,582 $48.2M Add +0.2%
NWS News Corp. Class B 6.68% 1,380,261 $42.0M Reduce -46.9%
SHC Sotera Health Co. 6.33% 2,909,163 $39.8M Add +4.3%
FWRD Forward Air Corp. 6.30% 1,229,719 $39.7M No change
AIV Apartment Invt & Mgmt Co. Class A 5.51% 3,812,595 $34.7M Add +0.5%
KBR KBR Inc. 5.12% 556,144 $32.2M New
DH Definitive Healthcare Corp. 4.58% 7,003,194 $28.8M Add +9.2%
DBD Diebold Nixdorf Inc. 4.33% 633,327 $27.3M Add +10.6%
TBPH Theravance Biopharma Inc. 4.13% 2,760,948 $26.0M No change
MAGN Magnera Corp. 2.59% 895,772 $16.3M New
ACHC Acadia Healthcare Co. Inc. 0.84% 133,907 $5.3M New
SHY iShares 1-3 Year Treasury Bo 0.08% 6,000 $492K New
ARRY Array Technologies Inc. 0.07% 70,000 $423K New
GRAL Grail Inc. 0.06% 20,000 $357K New

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($158.7M), ISHARES TR puts ($109.5M), KBR INC calls ($6.0M), FIRST SOLAR INC calls ($194K), ARRAY TECHNOLOGIES INC calls ($153K).

Other holdings (3): bonds, preferreds, convertibles and warrants · $27.3M (not counted above)
SecurityClassShares / PrincipalValueChange
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 24,173,000$19.1MNo change
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal 6,514,000$5.9MNo change
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 3,000,000$2.2MNew

Total filed on the 13F, all lines: $656.4M.

Portfolio Sells Q3 2024 → Q4 2024
NWS News Corp. Class B Reduce -46.9% 6.68% −6.81
EQC Equity Commonwealth Sold out 0.00% −3.80
TENB Tenable Holdings Inc. Sold out 0.00% −0.69
IART Integra Lifesciences Holding Sold out 0.00% −0.04

Portfolio Buys Q3 2024 → Q4 2024
EDR Endeavor Group Hold Class A Add +63.1% 15.18% +5.27
KBR KBR Inc. New 5.12% +5.12
TGI Triumph Group Inc. Add +19.9% 11.23% +3.68
MAGN Magnera Corp. New 2.59% +2.59
ACHC Acadia Healthcare Co. Inc. New 0.84% +0.84
SHY iShares 1-3 Year Treasury Bo New 0.08% +0.08
ARRY Array Technologies Inc. New 0.07% +0.07
GRAL Grail Inc. New 0.06% +0.06
RSVR Reservoir Media Inc. Add +0.2% 7.66% −0.33
DBD Diebold Nixdorf Inc. Add +10.6% 4.33% −0.41
DH Definitive Healthcare Corp. Add +9.2% 4.58% −0.74
AIV Apartment Invt & Mgmt Co. Class A Add +0.5% 5.51% −0.85
SHC Sotera Health Co. Add +4.3% 6.33% −2.31

Options Activity Q3 2024 → Q4 2024
IWM iShares Russell 2000 ETF put Sold out 1,480,200 $327.0Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 408,500 $234.4Mbefore exit
STATE STR SPDR S&P 500 ETF T put New 270,800 $158.7M
ISHARES TR put New 495,500 $109.5M
TSM Taiwan Semiconductor-SP ADR put Sold out 42,800 $7.4Mbefore exit
KBR INC call New 104,000 $6.0M
FIRST SOLAR INC call New 1,100 $194K
ARRAY TECHNOLOGIES INC call New 25,300 $153K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024
EVENTBRITE INC (EB 0.75 09/15/26) NOTE 0.750% 9/1 · principal Sold out 7,000,000 $6.0Mbefore exit
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal New 3,000,000 $2.2M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 42$1.4BSNAP, RAL, ITGR, TFX, SHC
Q1 2026 41$1.1BSNAP, ITGR, TFX, RAL, SHC
Q4 2025 42$723.1MITGR, SHC, TBPH, ALKT, WK
Q3 2025 18$472.3MSHC, PZZA, RSVR, WK, TBPH
Q2 2025 18$431.8MTGI, AIV, RSVR, SHC, DBD
Q1 2025 19$632.0MISHARES TR, TGI, RSVR, AIV, SHC
Q4 2024 17$629.1MBARNES GROUP INC, EDR, TGI, RSVR, NWS
Q3 2024 14$539.2MBARNES GROUP INC, NWS, EDR, SHC, FWRD
Q2 2024 15$382.2MBARNES GROUP INC, NWS, RSVR, SHC, AIV
Q1 2024 16$364.3MBARNES GROUP INC, NWS, RSVR, SHC, AIV