Irenic Capital Management LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Irenic Capital Management LP reported 18 stock positions worth $472.3 million. Its top holding was Sotera Health (SHC) at 11.8% of the portfolio, followed by Papa John's Intl (PZZA, 10.9%) and Reservoir Media (RSVR, 9.8%). Compared with Q2 2025, it opened 7 new positions, sold out of 7, added to 3 and reduced 4. The biggest buy was a new position in Papa John's Intl (PZZA) and the biggest sale an exit from Triumph (TGI).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001929389
Portfolio Value
$472.3M (Q3 2025)
SEC Filing
0001929389-25-000008 ↗ filed Nov 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 Q2 2025 Q3 2025: $472.3M $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 · $472.3M
SHC Sotera Health Co. 11.82% 3,548,071 $55.8M Reduce -4.4%
PZZA Papa John's Intl Inc. 10.95% 1,073,700 $51.7M New
RSVR Reservoir Media Inc. 9.77% 5,669,671 $46.2M Add +3.2%
WK Workiva Inc. 9.06% 497,010 $42.8M New
TBPH Theravance Biopharma Inc. 8.53% 2,760,948 $40.3M No change
HI Hillenbrand Inc. 7.74% 1,351,604 $36.5M New
DBD Diebold Nixdorf Inc. 7.17% 593,461 $33.8M Reduce -0.3%
FWRD Forward Air Corp. 6.68% 1,229,819 $31.5M Add +0.0%
ELME Elme Communities 6.07% 1,699,873 $28.7M New
SGRY Surgery Partners Inc. 5.19% 1,132,203 $24.5M Add +339.7%
SITC Site Centers Corp. filed as SITE CTRS CORP 4.97% 2,605,378 $23.5M No change
NWS News Corp. Class B 4.34% 593,809 $20.5M Reduce -7.8%
GO Grocery Outlet Holding Corp. 3.76% 1,106,789 $17.8M Reduce -28.9%
NSA National Storage Affiliates 2.58% 402,822 $12.2M New
HVMCU Highview Merger Corp. 0.64% 300,000 $3.0M New
SHY iShares 1-3 Year Treasury Bo 0.53% 30,000 $2.5M No change
JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 0.20% 90,000 $963K New
MRVI Maravai Lifesciences Hldgs-A 0.01% 20,668 $59K No change

Options reported separately and not counted above: ISHARES TR puts ($445.4M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $36.9M (not counted above)
SecurityClassShares / PrincipalValueChange
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 40,173,000$34.3MAdd +66.2%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 3,000,000$2.6MNo change

Total filed on the 13F, all lines: $509.2M.

Portfolio Sells Q2 2025 → Q3 2025
TGI Triumph Group Inc. Sold out 0.00% −14.01
AIV Apartment Invt & Mgmt Co. Class A Sold out 0.00% −9.79
TRS Trimas Corp. Sold out 0.00% −5.98
BASE Couchbase Inc. Sold out 0.00% −4.53
BATRK Atlanta Braves Holdings in-C Sold out 0.00% −4.03
LION Lionsgate Studios Corp. Sold out 0.00% −1.65
NWS News Corp. Class B Reduce -7.8% 4.34% −0.77
GO Grocery Outlet Holding Corp. Reduce -28.9% 3.76% −0.72
VIGL Vigil Neuroscience Inc. Sold out 0.00% −0.68
DBD Diebold Nixdorf Inc. Reduce -0.3% 7.17% −0.47
SHC Sotera Health Co. Reduce -4.4% 11.82% +2.26

Portfolio Buys Q2 2025 → Q3 2025
PZZA Papa John's Intl Inc. New 10.95% +10.95
WK Workiva Inc. New 9.06% +9.06
HI Hillenbrand Inc. New 7.74% +7.74
ELME Elme Communities New 6.07% +6.07
SGRY Surgery Partners Inc. Add +339.7% 5.19% +3.86
NSA National Storage Affiliates New 2.58% +2.58
HVMCU Highview Merger Corp. New 0.64% +0.64
JAMF Jamf Holding Corp. New 0.20% +0.20
RSVR Reservoir Media Inc. Add +3.2% 9.77% +0.02
FWRD Forward Air Corp. Add +0.0% 6.68% −0.31

Options Activity Q2 2025 → Q3 2025
ISHARES TR put Add +80.4% 1,840,800 $445.4M
GE AEROSPACE put Sold out 11,300 $2.9Mbefore exit

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

Notes & Other Activity Q2 2025 → Q3 2025
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal Add +66.2% 40,173,000 $34.3M

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