Irenic Capital Management LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Irenic Capital Management LP reported 18 stock positions worth $431.8 million. Its top holding was Triumph (TGI) at 14.0% of the portfolio, followed by Apartment Invt & Mgmt Class A (AIV, 9.8%) and Reservoir Media (RSVR, 9.8%). Compared with Q1 2025, it opened 5 new positions, sold out of 6, added to 5 and reduced 5. The biggest buy was a new position in Grocery Outlet (GO) and the biggest sale an exit from iShares TR.

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001929389
Portfolio Value
$431.8M (Q2 2025)
SEC Filing
0001768757-25-000009 ↗ filed Aug 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 Q4 2024 Q1 2025: $632.0M Q1 2025 Q2 2025: $431.8M $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 18 stocks · $431.8M
TGI Triumph Group Inc. 14.01% 2,350,173 $60.5M Reduce -37.9%
AIV Apartment Invt & Mgmt Co. Class A 9.79% 4,886,442 $42.3M Add +5.5%
RSVR Reservoir Media Inc. 9.76% 5,492,310 $42.1M Add +1.9%
SHC Sotera Health Co. 9.56% 3,712,011 $41.3M Add +19.1%
DBD Diebold Nixdorf Inc. 7.64% 595,223 $33.0M Reduce -17.4%
TBPH Theravance Biopharma Inc. 7.05% 2,760,948 $30.5M No change
FWRD Forward Air Corp. 6.99% 1,229,719 $30.2M No change
SITC Site Centers Corp. filed as SITE CTRS CORP 6.82% 2,605,378 $29.5M Add +76.9%
TRS Trimas Corp. 5.98% 901,926 $25.8M Add +5.7%
NWS News Corp. Class B 5.12% 643,809 $22.1M Reduce -13.2%
BASE Couchbase Inc. 4.53% 802,134 $19.6M Reduce -52.1%
GO Grocery Outlet Holding Corp. 4.48% 1,557,655 $19.3M New
BATRK Atlanta Braves Holdings in-C 4.03% 372,105 $17.4M Reduce -5.7%
LION Lionsgate Studios Corp. 1.65% 1,228,035 $7.1M New
SGRY Surgery Partners Inc. 1.33% 257,499 $5.7M New
VIGL Vigil Neuroscience Inc. 0.68% 371,321 $3.0M New
SHY iShares 1-3 Year Treasury Bo 0.58% 30,000 $2.5M No change
MRVI Maravai Lifesciences Hldgs-A 0.01% 20,668 $50K New

Options reported separately and not counted above: ISHARES TR puts ($220.1M), GE AEROSPACE puts ($2.9M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $22.8M (not counted above)
SecurityClassShares / PrincipalValueChange
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 24,173,000$20.4MNo change
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 3,000,000$2.4MNo change

Total filed on the 13F, all lines: $454.6M.

Portfolio Sells Q1 2025 → Q2 2025
ISHARES TR Sold out 0.00% −32.16
MAGN Magnera Corp. Sold out 0.00% −3.48
TGI Triumph Group Inc. Reduce -37.9% 14.01% −1.17
ACHC Acadia Healthcare Co. Inc. Sold out 0.00% −0.64
BLND Blend Labs Inc. Class A Sold out 0.00% −0.15
FUN Six Flags Entertainment Corp. Sold out 0.00% −0.08
GSM Ferroglobe PLC Sold out 0.00% −0.01
BASE Couchbase Inc. Reduce -52.1% 4.53% +0.36
BATRK Atlanta Braves Holdings in-C Reduce -5.7% 4.03% +1.53
NWS News Corp. Class B Reduce -13.2% 5.12% +1.55
DBD Diebold Nixdorf Inc. Reduce -17.4% 7.64% +2.65

Portfolio Buys Q1 2025 → Q2 2025
GO Grocery Outlet Holding Corp. New 4.48% +4.48
SITC Site Centers Corp. Add +76.9% 6.82% +3.83
SHC Sotera Health Co. Add +19.1% 9.56% +3.81
AIV Apartment Invt & Mgmt Co. Class A Add +5.5% 9.79% +3.34
RSVR Reservoir Media Inc. Add +1.9% 9.76% +3.25
TRS Trimas Corp. Add +5.7% 5.98% +2.81
LION Lionsgate Studios Corp. New 1.65% +1.65
SGRY Surgery Partners Inc. New 1.33% +1.33
VIGL Vigil Neuroscience Inc. New 0.68% +0.68
MRVI Maravai Lifesciences Hldgs-A New 0.01% +0.01

Options Activity Q1 2025 → Q2 2025
ISHARES TR put New 1,020,200 $220.1M
GE AEROSPACE put New 11,300 $2.9M

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

Notes & Other Activity Q1 2025 → Q2 2025
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal Sold out 6,514,000 $6.0Mbefore exit

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