Irenic Capital Management LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Irenic Capital Management LP reported 19 stock positions worth $632.0 million. Its top holding was iShares TR at 32.2% of the portfolio, followed by Triumph (TGI, 15.2%) and Reservoir Media (RSVR, 6.5%). Compared with Q4 2024, it opened 8 new positions, sold out of 6, added to 6 and reduced 1. The biggest buy was a new position in iShares TR and the biggest sale an exit from Barnes.

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001929389
Portfolio Value
$632.0M (Q1 2025)
SEC Filing
0001929389-25-000004 ↗ filed May 15, 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 Q4 2024 Q1 2025: $632.0M $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 19 stocks · $632.0M
ISHARES TR 32.16% 1,018,900 $203.3M New
TGI Triumph Group Inc. 15.19% 3,787,022 $96.0M No change
RSVR Reservoir Media Inc. 6.51% 5,388,003 $41.1M Add +1.2%
AIV Apartment Invt & Mgmt Co. Class A 6.45% 4,633,134 $40.8M Add +21.5%
SHC Sotera Health Co. 5.75% 3,117,226 $36.3M Add +7.2%
DBD Diebold Nixdorf Inc. 4.99% 720,658 $31.5M Add +13.8%
BASE Couchbase Inc. 4.17% 1,673,409 $26.4M New
FWRD Forward Air Corp. 3.91% 1,229,719 $24.7M No change
TBPH Theravance Biopharma Inc. 3.90% 2,760,948 $24.7M No change
NWS News Corp. Class B 3.57% 742,009 $22.5M Reduce -46.2%
MAGN Magnera Corp. 3.48% 1,210,829 $22.0M Add +35.2%
TRS Trimas Corp. 3.16% 853,484 $20.0M New
SITC Site Centers Corp. filed as SITE CTRS CORP 2.99% 1,472,836 $18.9M New
BATRK Atlanta Braves Holdings in-C 2.50% 394,760 $15.8M New
ACHC Acadia Healthcare Co. Inc. 0.64% 133,907 $4.1M No change
SHY iShares 1-3 Year Treasury Bo 0.39% 30,000 $2.5M Add +400.0%
BLND Blend Labs Inc. Class A 0.15% 284,854 $954K New
FUN Six Flags Entertainment Corp. 0.08% 13,848 $494K New
GSM Ferroglobe PLC 0.01% 16,263 $60K New
Other holdings (3): bonds, preferreds, convertibles and warrants · $27.6M (not counted above)
SecurityClassShares / PrincipalValueChange
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 24,173,000$19.4MNo change
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal 6,514,000$6.0MNo change
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 3,000,000$2.2MNo change

Total filed on the 13F, all lines: $659.6M.

Portfolio Sells Q4 2024 → Q1 2025
BARNES GROUP INC Sold out 0.00% −19.32
EDR Endeavor Group Hold Class A Sold out 0.00% −15.18
KBR KBR Inc. Sold out 0.00% −5.12
DH Definitive Healthcare Corp. Sold out 0.00% −4.58
NWS News Corp. Class B Reduce -46.2% 3.57% −3.11
ARRY Array Technologies Inc. Sold out 0.00% −0.07
GRAL Grail Inc. Sold out 0.00% −0.06

Portfolio Buys Q4 2024 → Q1 2025
ISHARES TR New 32.16% +32.16
BASE Couchbase Inc. New 4.17% +4.17
TRS Trimas Corp. New 3.16% +3.16
SITC Site Centers Corp. New 2.99% +2.99
BATRK Atlanta Braves Holdings in-C New 2.50% +2.50
AIV Apartment Invt & Mgmt Co. Class A Add +21.5% 6.45% +0.94
MAGN Magnera Corp. Add +35.2% 3.48% +0.89
DBD Diebold Nixdorf Inc. Add +13.8% 4.99% +0.65
SHY iShares 1-3 Year Treasury Bo Add +400.0% 0.39% +0.31
BLND Blend Labs Inc. Class A New 0.15% +0.15
FUN Six Flags Entertainment Corp. New 0.08% +0.08
GSM Ferroglobe PLC New 0.01% +0.01
SHC Sotera Health Co. Add +7.2% 5.75% −0.57
RSVR Reservoir Media Inc. Add +1.2% 6.51% −1.15

Options Activity Q4 2024 → Q1 2025
STATE STR SPDR S&P 500 ETF T put Sold out 270,800 $158.7Mbefore exit
ISHARES TR put Sold out 495,500 $109.5Mbefore exit
KBR INC call Sold out 104,000 $6.0Mbefore exit
FIRST SOLAR INC call Sold out 1,100 $194Kbefore exit
ARRAY TECHNOLOGIES INC call Sold out 25,300 $153Kbefore exit

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