Nierenberg Investment Management Company, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Nierenberg Investment Management Company, LLC reported 40 stock positions worth $180.9 million. Its top holding was Potbelly (PBPB) at 28.1% of the portfolio, followed by Eqt (EQT, 16.1%) and Mr Cooper (COOP, 14.7%). Compared with Q2 2025, it opened 5 new positions, sold out of 4, added to 4 and reduced 5. The biggest buy was LYFT Class A (LYFT, shares +1812%) and the biggest sale Mr Cooper (COOP, shares −57%).

Most Recent 13F
Q2 2026
Location
Camas, WA
CIK
0001282683
Portfolio Value
$180.9M (Q3 2025)
SEC Filing
0001941040-25-000623 ↗ filed Nov 12, 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 Q1 2025 Q2 2025: $171.4M Q2 2025 Q3 2025: $180.9M $180.9M Q3 2025 Q4 2025: $198.2M Q4 2025 Q1 2026: $200.8M Q1 2026 Q2 2026: $201.4M Q2 2026

Holdings 40 stocks · $180.9M
PBPB Potbelly Corp. 28.07% 2,980,564 $50.8M No change
EQT Eqt Corp. 16.15% 536,693 $29.2M No change
COOP Mr Cooper Group Inc. 14.69% 126,121 $26.6M Reduce -57.4%
LYFT LYFT Inc. Class A 9.90% 813,555 $17.9M Add +1811.8%
RVSB Riverview Bancorp Inc. 6.03% 2,032,775 $10.9M Add +4.9%
CRTO Criteo SA-Spon 5.31% 424,959 $9.6M Reduce -20.7%
GDOT Green Dot Corp. Class A 2.52% 339,110 $4.6M No change
BKD Brookdale Senior Living Inc. 1.92% 410,110 $3.5M No change
ADTN Adtran Holdings Inc. 1.78% 343,110 $3.2M No change
KBR KBR Inc. 1.40% 53,710 $2.5M No change
CNXC Concentrix Corp. 1.29% 50,480 $2.3M No change
DHC Diversified Healthcare Trust 1.11% 456,110 $2.0M No change
ECVT Ecovyst Inc. 1.11% 228,810 $2.0M No change
MTCH Match Group Inc. 1.11% 56,680 $2.0M No change
EXE Expand Energy Corp. 0.91% 15,555 $1.7M No change
TPC Tutor Perini Corp. 0.89% 24,680 $1.6M Reduce -44.8%
DXC DXC Technology Co. 0.75% 99,555 $1.4M Add +634.5%
RRC Range Resources Corp. 0.61% 29,555 $1.1M No change
SEB Seaboard Corp. 0.58% 286 $1.0M No change
PLPC Preformed Line Products Co. 0.49% 4,555 $893K No change
BFH Bread Financial Holdings Inc. 0.47% 15,380 $858K No change
HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I 0.45% 124,450 $816K No change
OSK Oshkosh Corp. 0.41% 5,750 $746K No change
OIS Oil States International Inc. filed as OIL STS INTL INC 0.37% 111,555 $676K No change
TTGT Techtarget Inc. 0.36% 111,555 $648K New
ARHS Arhaus Inc. 0.35% 59,310 $630K No change
CLFD Clearfield Inc. 0.31% 16,510 $568K Reduce -52.2%
FLR Fluor Corp. 0.15% 6,555 $276K No change
OSUR Orasure Technologies Inc. 0.08% 44,555 $143K Add +285.6%
ACH Accendra Health Inc. filed as OWENS & MINOR INC NEW 0.07% 27,555 $132K New
WNC Wabash National Corp. 0.07% 12,555 $124K Reduce -83.8%
GIFI Gulf Island Fabrication Inc. 0.07% 17,555 $123K No change
FORR Forrester Research Inc. 0.07% 11,555 $122K New
SCYX Scynexis Inc. 0.03% 75,555 $58K No change
CTMX Cytomx Therapeutics Inc. 0.02% 12,555 $40K No change
TALK Talkspace Inc. 0.02% 11,555 $32K New
EB Eventbrite Inc. Class A 0.02% 11,555 $29K New
NNBR NN Inc. 0.02% 13,555 $28K No change
WTI W&T Offshore Inc. 0.01% 13,555 $25K No change
OLPX Olaplex Holdings Inc. 0.01% 12,555 $16K No change

Options reported separately and not counted above: SPY puts ($16.7M), QQQ puts ($10.3M), GEV puts ($6.9M), NVDA puts ($4.3M), AVGO puts ($3.4M), VRT puts ($3.2M), ANET puts ($2.7M), CEG puts ($2.3M), EXE calls ($1.5M), ACH puts ($720K), BRY calls ($605K), ETN puts ($599K).

Portfolio Sells Q2 2025 → Q3 2025
COOP Mr Cooper Group Inc. Reduce -57.4% 14.69% −11.08
CRTO Criteo SA-Spon Reduce -20.7% 5.31% −2.18
HOPE Hope Bancorp Inc. Sold out 0.00% −0.62
CLFD Clearfield Inc. Reduce -52.2% 0.31% −0.56
WNC Wabash National Corp. Reduce -83.8% 0.07% −0.41
PLAB Photronics Inc. Sold out 0.00% −0.38
TPC Tutor Perini Corp. Reduce -44.8% 0.89% −0.33
DHX Dhi Group Inc. Sold out 0.00% −0.08
BRY Berry Corp. Sold out 0.00% −0.01

Portfolio Buys Q2 2025 → Q3 2025
LYFT LYFT Inc. Class A Add +1811.8% 9.90% +9.51
DXC DXC Technology Co. Add +634.5% 0.75% +0.63
TTGT Techtarget Inc. New 0.36% +0.36
ACH Accendra Health Inc. New 0.07% +0.07
FORR Forrester Research Inc. New 0.07% +0.07
OSUR Orasure Technologies Inc. Add +285.6% 0.08% +0.06
TALK Talkspace Inc. New 0.02% +0.02
EB Eventbrite Inc. Class A New 0.02% +0.02
RVSB Riverview Bancorp Inc. Add +4.9% 6.03% −0.19

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put New 25,000 $16.7M
QQQ Invesco QQQ Trust Series 1 put Add +180.3% 17,100 $10.3M
GEV GE Vernova Inc. put Add +21.7% 11,200 $6.9M
NVDA Nvidia Corp. put Add +111.1% 22,800 $4.3M
AVGO Broadcom Inc. put Add +218.8% 10,200 $3.4M
VRT Vertiv Holdings Co. Class A put Add +130.4% 21,200 $3.2M
ANET Arista Networks Inc. put Add +232.1% 18,600 $2.7M
CEG Constellation Energy put Add +39.2% 7,100 $2.3M
ACH Accendra Health Inc. put New 150,000 $720K

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