Irenic Capital Management LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Irenic Capital Management LP reported 42 stock positions worth $723.1 million. Its top holding was Integer (ITGR) at 13.7% of the portfolio, followed by Sotera Health (SHC, 9.3%) and Theravance Biopharma (TBPH, 7.1%). Compared with Q3 2025, it opened 27 new positions, sold out of 3, added to 6 and reduced 2. The biggest buy was a new position in Integer (ITGR) and the biggest sale Papa John's Intl (PZZA, shares −70%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001929389
Portfolio Value
$723.1M (Q4 2025)
SEC Filing
0001929389-26-000002 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $723.1M $723.1M Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.4B Q2 2026

Holdings 42 stocks · $723.1M
ITGR Integer Holdings Corp. 13.71% 1,263,663 $99.1M New
SHC Sotera Health Co. 9.27% 3,798,026 $67.0M Add +7.0%
TBPH Theravance Biopharma Inc. 7.14% 2,760,948 $51.7M No change
ALKT Alkami Technology Inc. 6.72% 2,106,448 $48.6M New
WK Workiva Inc. 6.58% 552,010 $47.6M Add +11.1%
RSVR Reservoir Media Inc. 6.27% 5,986,176 $45.3M Add +5.6%
DBD Diebold Nixdorf Inc. 6.05% 644,057 $43.7M Add +8.5%
HI Hillenbrand Inc. 5.93% 1,351,604 $42.9M No change
SPSC SPS Commerce Inc. 5.57% 452,066 $40.3M New
ELME Elme Communities 4.59% 1,909,557 $33.2M Add +12.3%
FWRD Forward Air Corp. 4.25% 1,229,819 $30.7M No change
AIV Apartment Invt & Mgmt Co. Class A 3.20% 3,890,324 $23.1M New
NWS News Corp. Class B 2.43% 593,809 $17.6M No change
RAL Ralliant Corp. 2.34% 332,042 $16.9M New
SITC Site Centers Corp. filed as SITE CTRS CORP 2.31% 2,605,378 $16.7M No change
AD Array Digital Infrastructure 1.74% 235,294 $12.6M New
PZZA Papa John's Intl Inc. 1.73% 325,108 $12.5M Reduce -69.7%
TASK Taskus Inc. Class A 1.56% 954,425 $11.3M New
BLND Blend Labs Inc. Class A 1.31% 3,114,949 $9.5M New
CWAN Clearwater Analytics HDS-A 0.83% 250,000 $6.0M New
SAC.U Safeguard Acquisition Corp. 0.70% 500,000 $5.0M New
GPACU General Purpose Acquisition 0.69% 500,000 $5.0M New
PKST Peakstone Realty Trust 0.67% 336,817 $4.8M New
CTRI Centuri Holdings Inc. 0.63% 180,000 $4.5M New
WSR Whitestone REIT 0.62% 322,176 $4.5M New
SNDA Sonida Senior Living Inc. 0.48% 106,125 $3.5M New
HVMC Highview Merger Corp. Class A 0.41% 300,000 $3.0M No change
SHY iShares 1-3 Year Treasury Bo 0.34% 30,000 $2.5M No change
MLAB Mesa Laboratories Inc. 0.27% 25,000 $2.0M New
FSLR First Solar Inc. 0.25% 7,000 $1.8M New
WEAV Weave Communications Inc. 0.24% 226,731 $1.7M New
ICLR Icon PLC 0.20% 8,000 $1.5M New
SGRY Surgery Partners Inc. 0.18% 84,620 $1.3M Reduce -92.5%
COO The Cooper Cos Inc. 0.17% 15,000 $1.2M New
AIN Albany Intl Corp. Class A 0.14% 20,000 $1.0M New
ATKR Atkore Inc. 0.12% 13,977 $884K New
LION Lionsgate Studios Corp. 0.12% 95,400 $871K New
SARO Standardaero Inc. 0.10% 25,000 $717K New
HSIC Henry Schein Inc. 0.04% 4,000 $302K New
ABUS Arbutus Biopharma Corp. 0.04% 59,853 $288K New
MRVI Maravai Lifesciences Hldgs-A 0.04% 80,668 $262K Add +290.3%
GSM Ferroglobe PLC 0.01% 10,000 $46K New

Options reported separately and not counted above: ISHARES TR puts ($723.9M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $39.8M (not counted above)
SecurityClassShares / PrincipalValueChange
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal 42,173,000$37.0MAdd +5.0%
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 3,000,000$2.7MNo change
HVMCW Highview Merger Corp. - 30 *W EXP 07/24/203 150,000$41KNo change

Total filed on the 13F, all lines: $762.9M.

Portfolio Sells Q3 2025 → Q4 2025
PZZA Papa John's Intl Inc. Reduce -69.7% 1.73% −9.22
SGRY Surgery Partners Inc. Reduce -92.5% 0.18% −5.01
GO Grocery Outlet Holding Corp. Sold out 0.00% −3.76
NSA National Storage Affiliates Sold out 0.00% −2.58
JAMF Jamf Holding Corp. Sold out 0.00% −0.20

Portfolio Buys Q3 2025 → Q4 2025
ITGR Integer Holdings Corp. New 13.71% +13.71
ALKT Alkami Technology Inc. New 6.72% +6.72
SPSC SPS Commerce Inc. New 5.57% +5.57
AIV Apartment Invt & Mgmt Co. Class A New 3.20% +3.20
RAL Ralliant Corp. New 2.34% +2.34
AD Array Digital Infrastructure New 1.74% +1.74
TASK Taskus Inc. Class A New 1.56% +1.56
BLND Blend Labs Inc. Class A New 1.31% +1.31
CWAN Clearwater Analytics HDS-A New 0.83% +0.83
SAC.U Safeguard Acquisition Corp. New 0.70% +0.70
GPACU General Purpose Acquisition New 0.69% +0.69
PKST Peakstone Realty Trust New 0.67% +0.67
CTRI Centuri Holdings Inc. New 0.63% +0.63
WSR Whitestone REIT New 0.62% +0.62
SNDA Sonida Senior Living Inc. New 0.48% +0.48
MLAB Mesa Laboratories Inc. New 0.27% +0.27
FSLR First Solar Inc. New 0.25% +0.25
WEAV Weave Communications Inc. New 0.24% +0.24
ICLR Icon PLC New 0.20% +0.20
COO The Cooper Cos Inc. New 0.17% +0.17
AIN Albany Intl Corp. Class A New 0.14% +0.14
ATKR Atkore Inc. New 0.12% +0.12
LION Lionsgate Studios Corp. New 0.12% +0.12
SARO Standardaero Inc. New 0.10% +0.10
HSIC Henry Schein Inc. New 0.04% +0.04
ABUS Arbutus Biopharma Corp. New 0.04% +0.04
MRVI Maravai Lifesciences Hldgs-A Add +290.3% 0.04% +0.02
GSM Ferroglobe PLC New 0.01% +0.01
DBD Diebold Nixdorf Inc. Add +8.5% 6.05% −1.12
ELME Elme Communities Add +12.3% 4.59% −1.47
WK Workiva Inc. Add +11.1% 6.58% −2.47
SHC Sotera Health Co. Add +7.0% 9.27% −2.55
RSVR Reservoir Media Inc. Add +5.6% 6.27% −3.50

Options Activity Q3 2025 → Q4 2025
ISHARES TR put Add +59.8% 2,940,900 $723.9M

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

Notes & Other Activity Q3 2025 → Q4 2025
BANDWIDTH INC (BAND 0.5 04/01/28) NOTE 0.500% 4/0 · principal Add +5.0% 42,173,000 $37.0M

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