Nierenberg Investment Management Company, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Nierenberg Investment Management Company, LLC reported 47 stock positions worth $171.2 million. Its top holding was Mr Cooper (COOP) at 23.6% of the portfolio, followed by Eqt (EQT, 16.7%) and Potbelly (PBPB, 16.6%). Compared with Q4 2024, it opened 7 new positions, sold out of 6, added to 7 and reduced 6. The biggest buy was Criteo SA-Spon (CRTO, shares +294%) and the biggest sale an exit from Eastern Bankshares (EBC).

Most Recent 13F
Q2 2026
Location
Camas, WA
CIK
0001282683
Portfolio Value
$171.2M (Q1 2025)
SEC Filing
0001941040-25-000290 ↗ filed May 13, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $171.0M Q1 2024 Q2 2024: $170.6M Q2 2024 Q3 2024: $166.9M Q3 2024 Q4 2024: $170.9M Q4 2024 Q1 2025: $171.2M $171.2M Q1 2025 Q2 2025: $171.4M Q2 2025 Q3 2025: $180.9M Q3 2025 Q4 2025: $198.2M Q4 2025 Q1 2026: $200.8M Q1 2026 Q2 2026: $201.4M Q2 2026

Holdings 47 stocks · $171.2M
COOP Mr Cooper Group Inc. 23.56% 337,304 $40.3M Reduce -7.1%
EQT Eqt Corp. 16.75% 536,693 $28.7M No change
PBPB Potbelly Corp. 16.55% 2,980,564 $28.3M No change
CTLP Cantaloupe Inc. 11.34% 2,467,534 $19.4M Reduce -6.6%
CRTO Criteo SA-Spon 5.51% 266,498 $9.4M Add +294.5%
RVSB Riverview Bancorp Inc. 5.39% 1,633,034 $9.2M Add +26.9%
ADTN Adtran Holdings Inc. 2.22% 435,110 $3.8M Add +26.8%
CNXC Concentrix Corp. 2.10% 64,480 $3.6M No change
KBR KBR Inc. 1.56% 53,710 $2.7M Add +5.9%
BKD Brookdale Senior Living Inc. 1.50% 410,110 $2.6M Add +156.1%
EXE Expand Energy Corp. 1.27% 19,555 $2.2M No change
MTCH Match Group Inc. 1.04% 57,230 $1.8M No change
TPC Tutor Perini Corp. 0.90% 66,680 $1.5M No change
ECVT Ecovyst Inc. 0.83% 228,810 $1.4M No change
BREAD FINANCIAL HLDGS (BFH 4.25 06/15/28) 0.81% 27,680 $1.4M New
CLFD Clearfield Inc. 0.70% 40,510 $1.2M Reduce -2.4%
RRC Range Resources Corp. 0.69% 29,555 $1.2M No change
DHC Diversified Healthcare Trust 0.64% 456,110 $1.1M No change
HOPE Hope Bancorp Inc. 0.61% 99,555 $1.0M No change
HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I 0.60% 124,450 $1.0M No change
FFIC Flushing Financial Corp. 0.58% 77,555 $985K No change
SEB Seaboard Corp. 0.45% 286 $771K New
SSUP Superior Industries Intl 0.41% 333,555 $710K Add +159.0%
GDOT Green Dot Corp. Class A 0.38% 77,555 $655K New
GIFI Gulf Island Fabrication Inc. 0.38% 99,555 $643K Reduce -36.0%
PLPC Preformed Line Products Co. 0.37% 4,555 $638K No change
WNC Wabash National Corp. 0.36% 55,555 $614K New
OIS Oil States International Inc. filed as OIL STS INTL INC 0.34% 111,555 $575K Add +373.6%
MTRX Matrix Service Co. 0.32% 44,555 $554K Reduce -10.1%
OSK Oshkosh Corp. 0.32% 5,750 $541K No change
ARHS Arhaus Inc. 0.30% 59,310 $516K No change
NNBR NN Inc. 0.29% 222,555 $503K New
PLAB Photronics Inc. 0.28% 23,330 $484K No change
FLR Fluor Corp. 0.14% 6,555 $235K Reduce -94.7%
DXC DXC Technology Co. 0.14% 13,555 $231K No change
ARRY Array Technologies Inc. 0.06% 19,555 $95K No change
UFI Unifi Inc. 0.05% 17,555 $84K No change
FFWM First Foundation Inc. 0.05% 15,555 $81K No change
NAGE Niagen Bioscience Inc. 0.05% 11,555 $80K No change
SCYX Scynexis Inc. 0.04% 75,555 $72K No change
BGFV Big 5 Sporting Goods Corp. 0.04% 67,555 $65K No change
DHX Dhi Group Inc. 0.04% 44,555 $62K New
ENZB Enzo Biochem Inc. 0.02% 88,555 $33K No change
WTI W&T Offshore Inc. 0.01% 13,555 $21K No change
BRY Berry Corp. 0.01% 5,555 $18K New
OLPX Olaplex Holdings Inc. 0.01% 12,555 $16K No change
CTMX Cytomx Therapeutics Inc. 0.00% 12,555 $8K No change

Options reported separately and not counted above: QQQ puts ($2.9M), GEV puts ($2.8M), EXE calls ($1.6M), NVDA puts ($1.2M), CEG puts ($1.0M), VRT puts ($664K), AVGO puts ($536K), BRY calls ($514K), ETN puts ($435K), ANET puts ($434K).

Portfolio Sells Q4 2024 → Q1 2025
EBC Eastern Bankshares Inc. Sold out 0.00% −6.19
FLR Fluor Corp. Reduce -94.7% 0.14% −3.40
CTLP Cantaloupe Inc. Reduce -6.6% 11.34% −3.36
BFH Bread Financial Holdings Inc. Sold out 0.00% −0.99
APP AppLovin Corp. Class A Sold out 0.00% −0.48
GIFI Gulf Island Fabrication Inc. Reduce -36.0% 0.38% −0.24
PFIE Profire Energy Inc. Sold out 0.00% −0.11
CLFD Clearfield Inc. Reduce -2.4% 0.70% −0.05
MTRX Matrix Service Co. Reduce -10.1% 0.32% −0.02
CYH Community Health Systems Inc. Sold out 0.00% −0.01
VISN Vistance Networks Inc. Sold out 0.00% −0.01
COOP Mr Cooper Group Inc. Reduce -7.1% 23.56% +3.17

Portfolio Buys Q4 2024 → Q1 2025
CRTO Criteo SA-Spon Add +294.5% 5.51% +3.95
RVSB Riverview Bancorp Inc. Add +26.9% 5.39% +1.07
BKD Brookdale Senior Living Inc. Add +156.1% 1.50% +1.03
BREAD FINANCIAL HLDGS (BFH 4.25 06/15/28) New 0.81% +0.81
ADTN Adtran Holdings Inc. Add +26.8% 2.22% +0.54
SEB Seaboard Corp. New 0.45% +0.45
GDOT Green Dot Corp. Class A New 0.38% +0.38
WNC Wabash National Corp. New 0.36% +0.36
NNBR NN Inc. New 0.29% +0.29
OIS Oil States International Inc. Add +373.6% 0.34% +0.27
SSUP Superior Industries Intl Add +159.0% 0.41% +0.26
DHX Dhi Group Inc. New 0.04% +0.04
BRY Berry Corp. New 0.01% +0.01
KBR KBR Inc. Add +5.9% 1.56% −0.16

Options Activity Q4 2024 → Q1 2025
EQT Eqt Corp. call Sold out 116,000 $5.3Mbefore exit
QQQ Invesco QQQ Trust Series 1 put New 6,100 $2.9M
GEV GE Vernova Inc. put New 9,200 $2.8M
ADTN Adtran Holdings Inc. call Sold out 200,000 $1.7Mbefore exit
NVDA Nvidia Corp. put New 10,800 $1.2M
CEG Constellation Energy put New 5,100 $1.0M
VRT Vertiv Holdings Co. Class A put New 9,200 $664K
CYH Community Health Systems Inc. call Sold out 200,100 $598Kbefore exit
AVGO Broadcom Inc. put New 3,200 $536K
BRY Berry Corp. call New 160,000 $514K
ETN Eaton Corp. PLC put New 1,600 $435K
ANET Arista Networks Inc. put New 5,600 $434K
VISN Vistance Networks Inc. call Sold out 50,000 $261Kbefore 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 35$201.4MSGOV, EQT, CRTO, LYFT, CART
Q1 2026 44$200.8MSGOV, EQT, CRTO, LYFT, KBR
Q4 2025 43$198.2MSGOV, EQT, RKT, CRTO, LYFT
Q3 2025 40$180.9MPBPB, EQT, COOP, LYFT, RVSB
Q2 2025 39$171.4MCOOP, PBPB, EQT, CRTO, RVSB
Q1 2025 47$171.2MCOOP, EQT, PBPB, CTLP, CRTO
Q4 2024 46$170.9MCOOP, PBPB, CTLP, EQT, EBC
Q3 2024 47$166.9MCOOP, PBPB, FLR, EQT, CTLP
Q2 2024 45$170.6MCOOP, PBPB, FLR, EQT, CTLP
Q1 2024 35$171.0MCOOP, PBPB, FLR, EQT, CTLP