Irenic Capital Management LP In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 18, 2026), Irenic Capital Management LP reported 41 stock positions worth $1.1 billion . Its top holding was Snap Class A (SNAP) at 12.5% of the portfolio, followed by Integer (ITGR, 10.1% ) and Teleflex (TFX, 9.4% ). Compared with Q4 2025, it opened 15 new positions, sold out of 16, added to 13 and reduced 2. The biggest buy was a new position in Snap Class A (SNAP) and the biggest sale an exit from Hillenbrand (HI).
Location NEW YORK, NY
CIK 0001929389
Portfolio Value $1.1B (Q1 2026) Holdings 41 stocks · $1.1B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 SNAP Snap Inc. Class A 30,000,000 $138.0M New ITGR Integer Holdings Corp. 1,263,663 $111.2M No change TFX Teleflex Inc. 870,000 $104.1M New RAL Ralliant Corp. 1,740,218 $72.4M Add +424.1% SHC Sotera Health Co. 4,359,348 $62.5M Add +14.8% RSVR Reservoir Media Inc. 6,181,176 $60.5M Add +3.3% TBPH Theravance Biopharma Inc. 2,760,948 $44.8M No change ALKT Alkami Technology Inc. 2,675,151 $41.9M Add +27.0% SNDA Sonida Senior Living Inc. 1,219,747 $39.3M Add +1049.3% BANDWIDTH INC (BAND 0.5 04/01/28) 42,173,000 $37.6M New DBD Diebold Nixdorf Inc. 480,557 $36.3M Reduce -25.4% CMP Compass Minerals Internation 1,435,529 $33.5M New SPSC SPS Commerce Inc. 597,704 $33.3M Add +32.2% WK Workiva Inc. 552,010 $32.9M No change FWRD Forward Air Corp. 1,229,819 $20.6M No change AIV Apartment Invt & Mgmt Co. Class A 5,029,521 $20.5M Add +29.3% WSR Whitestone REIT 1,265,391 $20.4M Add +292.8% AHRT Ah Realty Trust Inc. 3,485,643 $19.2M New HPE Hewlett Packard Enterprise 785,000 $18.7M New PAR TECHNOLOGY CORP (PAR 1 01/15/30) 22,226,000 $17.3M New NWS News Corp. Class B 593,809 $16.9M No change RYAM Rayonier Advanced Materials 1,356,166 $15.0M New FSLR First Solar Inc. 72,889 $14.4M Add +941.3% PKST Peakstone Realty Trust 674,700 $14.1M Add +100.3% SITC Site Centers Corp. filed as SITE CTRS CORP 2,605,378 $14.1M No change JANX Janux Therapeutics Inc. 765,804 $10.6M New CTRI Centuri Holdings Inc. 354,771 $10.4M Add +97.1% SGRY Surgery Partners Inc. 711,000 $8.5M Add +740.2% SAC.U Safeguard Acquisition Corp. 500,000 $5.1M No change GPACU General Purpose Acquisition 500,000 $5.0M No change ADEA Adeia Inc. 199,900 $4.8M New ELME Elme Communities 1,909,557 $3.8M No change BLND Blend Labs Inc. Class A 2,204,200 $3.7M Reduce -29.2% HVMC Highview Merger Corp. Class A 450,000 $3.1M Add +50.0% SHY iShares 1-3 Year Treasury Bo 30,000 $2.5M No change QURE Uniqure NV 100,000 $1.6M New AVIR Atea Pharmaceuticals Inc. 301,699 $1.6M New FATE Fate Therapeutics Inc. 878,055 $1.1M New ATKR Atkore Inc. 13,977 $823K No change VOR Vor Biopharma Inc. 32,663 $583K New DH Definitive Healthcare Corp. 58,088 $71K New
Options reported separately and not counted above: IWM puts ($323.9M), FSLR calls ($42.5M), QQQ puts ($37.3M), SNAP calls ($26.5M), SARO calls ($2.6M).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ HI Hillenbrand Inc. Sold out 0.00% −5.93 DBD Diebold Nixdorf Inc. Reduce -25.4% 3.29% −2.76 AD Array Digital Infrastructure Sold out 0.00% −1.74 PZZA Papa John's Intl Inc. Sold out 0.00% −1.73 TASK Taskus Inc. Class A Sold out 0.00% −1.56 BLND Blend Labs Inc. Class A Reduce -29.2% 0.34% −0.97 CWAN Clearwater Analytics HDS-A Sold out 0.00% −0.83 MLAB Mesa Laboratories Inc. Sold out 0.00% −0.27 WEAV Weave Communications Inc. Sold out 0.00% −0.24 ICLR Icon PLC Sold out 0.00% −0.20 COO The Cooper Cos Inc. Sold out 0.00% −0.17 AIN Albany Intl Corp. Class A Sold out 0.00% −0.14 LION Lionsgate Studios Corp. Sold out 0.00% −0.12 SARO Standardaero Inc. Sold out 0.00% −0.10 HSIC Henry Schein Inc. Sold out 0.00% −0.04 ABUS Arbutus Biopharma Corp. Sold out 0.00% −0.04 MRVI Maravai Lifesciences Hldgs-A Sold out 0.00% −0.04 GSM Ferroglobe PLC Sold out 0.00% −0.01
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ SNAP Snap Inc. Class A New 12.52% +12.52 TFX Teleflex Inc. New 9.44% +9.44 RAL Ralliant Corp. Add +424.1% 6.56% +4.23 BANDWIDTH INC (BAND 0.5 04/01/28) New 3.41% +3.41 SNDA Sonida Senior Living Inc. Add +1049.3% 3.57% +3.09 CMP Compass Minerals Internation New 3.04% +3.04 AHRT Ah Realty Trust Inc. New 1.74% +1.74 HPE Hewlett Packard Enterprise New 1.70% +1.70 PAR TECHNOLOGY CORP (PAR 1 01/15/30) New 1.57% +1.57 RYAM Rayonier Advanced Materials New 1.36% +1.36 WSR Whitestone REIT Add +292.8% 1.85% +1.23 FSLR First Solar Inc. Add +941.3% 1.30% +1.05 JANX Janux Therapeutics Inc. New 0.97% +0.97 PKST Peakstone Realty Trust Add +100.3% 1.28% +0.61 SGRY Surgery Partners Inc. Add +740.2% 0.77% +0.59 ADEA Adeia Inc. New 0.44% +0.44 CTRI Centuri Holdings Inc. Add +97.1% 0.94% +0.31 QURE Uniqure NV New 0.15% +0.15 AVIR Atea Pharmaceuticals Inc. New 0.15% +0.15 FATE Fate Therapeutics Inc. New 0.10% +0.10 VOR Vor Biopharma Inc. New 0.05% +0.05 DH Definitive Healthcare Corp. New 0.01% +0.01 HVMC Highview Merger Corp. Class A Add +50.0% 0.28% −0.14 RSVR Reservoir Media Inc. Add +3.3% 5.49% −0.78 AIV Apartment Invt & Mgmt Co. Class A Add +29.3% 1.86% −1.34 SPSC SPS Commerce Inc. Add +32.2% 3.02% −2.55 ALKT Alkami Technology Inc. Add +27.0% 3.80% −2.92 SHC Sotera Health Co. Add +14.8% 5.67% −3.60
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ ISHARES TR put Sold out 2,940,900 $723.9Mbefore exit IWM iShares Russell 2000 ETF put New 1,306,200 $323.9M FSLR First Solar Inc. call New 215,500 $42.5M QQQ Invesco QQQ Trust Series 1 put New 64,600 $37.3M SNAP Snap Inc. Class A call New 5,764,500 $26.5M SARO Standardaero Inc. call New 99,800 $2.6M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 42 $1.4B SNAP, RAL, ITGR, TFX, SHC Q1 2026 41 $1.1B SNAP, ITGR, TFX, RAL, SHC Q4 2025 42 $723.1M ITGR, SHC, TBPH, ALKT, WK Q3 2025 18 $472.3M SHC, PZZA, RSVR, WK, TBPH Q2 2025 18 $431.8M TGI, AIV, RSVR, SHC, DBD Q1 2025 19 $632.0M ISHARES TR, TGI, RSVR, AIV, SHC Q4 2024 17 $629.1M BARNES GROUP INC, EDR, TGI, RSVR, NWS Q3 2024 14 $539.2M BARNES GROUP INC, NWS, EDR, SHC, FWRD Q2 2024 15 $382.2M BARNES GROUP INC, NWS, RSVR, SHC, AIV Q1 2024 16 $364.3M BARNES GROUP INC, NWS, RSVR, SHC, AIV