Nierenberg Investment Management Company, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Nierenberg Investment Management Company, LLC reported 43 stock positions worth $198.2 million. Its top holding was iShares 0-3 Month Treasury B (SGOV) at 32.4% of the portfolio, followed by Eqt (EQT, 14.4%) and Rocket Cos Class A (RKT, 13.1%). Compared with Q3 2025, it opened 9 new positions, sold out of 6, added to 5 and reduced 3. The biggest buy was a new position in iShares 0-3 Month Treasury B (SGOV) and the biggest sale an exit from Potbelly (PBPB).

Most Recent 13F
Q2 2026
Location
Camas, WA
CIK
0001282683
Portfolio Value
$198.2M (Q4 2025)
SEC Filing
0001941040-26-000138 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $198.2M $198.2M Q4 2025 Q1 2026: $200.8M Q1 2026 Q2 2026: $201.4M Q2 2026

Holdings 43 stocks · $198.2M
SGOV iShares 0-3 Month Treasury B 32.44% 640,597 $64.3M New
EQT Eqt Corp. 14.42% 533,363 $28.6M Reduce -0.6%
RKT Rocket Cos Inc. Class A 13.06% 1,336,631 $25.9M New
CRTO Criteo SA-Spon 9.24% 888,888 $18.3M Add +109.2%
LYFT LYFT Inc. Class A 7.95% 813,555 $15.8M No change
RVSB Riverview Bancorp Inc. 5.15% 2,032,775 $10.2M No change
BKD Brookdale Senior Living Inc. 2.23% 410,110 $4.4M No change
GDOT Green Dot Corp. Class A 2.19% 339,110 $4.3M No change
KBR KBR Inc. 1.50% 73,710 $3.0M Add +37.2%
CNXC Concentrix Corp. 1.35% 64,480 $2.7M Add +27.7%
ECVT Ecovyst Inc. 1.12% 228,810 $2.2M No change
DHC Diversified Healthcare Trust 1.12% 456,110 $2.2M No change
EXE Expand Energy Corp. 0.87% 15,555 $1.7M No change
FCN Fti Consulting Inc. 0.82% 9,555 $1.6M New
DXC DXC Technology Co. 0.76% 102,510 $1.5M Add +3.0%
SEB Seaboard Corp. 0.64% 286 $1.3M No change
BFH Bread Financial Holdings Inc. 0.57% 15,380 $1.1M No change
VRT Vertiv Holdings Co. Class A 0.57% 7,000 $1.1M New
TNDM Tandem Diabetes Care Inc. 0.49% 44,555 $979K New
GLRE Greenlight Capital Re Ltd. Class A 0.41% 55,555 $810K New
ADTN Adtran Holdings Inc. 0.41% 93,110 $809K Reduce -72.9%
HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I 0.39% 124,450 $780K No change
OIS Oil States International Inc. filed as OIL STS INTL INC 0.38% 111,555 $755K No change
TTGT Techtarget Inc. 0.37% 136,910 $739K Add +22.7%
OSK Oshkosh Corp. 0.36% 5,750 $722K No change
CLFD Clearfield Inc. 0.24% 16,510 $481K No change
FLR Fluor Corp. 0.13% 6,555 $260K No change
GIFI Gulf Island Fabrication Inc. 0.11% 17,555 $210K No change
PLAB Photronics Inc. 0.10% 6,330 $203K New
TTEC Ttec Holdings Inc. filed as TTEC HLDGS INC 0.10% 55,555 $200K New
ARHS Arhaus Inc. 0.09% 15,310 $172K Reduce -74.2%
HOPE Hope Bancorp Inc. 0.07% 12,555 $138K New
WNC Wabash National Corp. 0.05% 12,555 $109K No change
OSUR Orasure Technologies Inc. 0.05% 44,555 $108K No change
FORR Forrester Research Inc. 0.05% 11,555 $94K No change
ACH Accendra Health Inc. filed as OWENS & MINOR INC NEW 0.04% 27,555 $77K No change
CTMX Cytomx Therapeutics Inc. 0.03% 12,555 $53K No change
EB Eventbrite Inc. Class A 0.03% 11,555 $51K No change
SCYX Scynexis Inc. 0.02% 75,555 $48K No change
TALK Talkspace Inc. 0.02% 11,555 $42K No change
WTI W&T Offshore Inc. 0.01% 13,555 $22K No change
NNBR NN Inc. 0.01% 13,555 $17K No change
OLPX Olaplex Holdings Inc. 0.01% 12,555 $17K No change

Options reported separately and not counted above: GEV puts ($5.0M), EXE calls ($1.5M), CNXC calls ($832K), ACH puts ($420K).

Portfolio Sells Q3 2025 → Q4 2025
PBPB Potbelly Corp. Sold out 0.00% −28.07
COOP Mr Cooper Group Inc. Sold out 0.00% −14.69
EQT Eqt Corp. Reduce -0.6% 14.42% −1.72
ADTN Adtran Holdings Inc. Reduce -72.9% 0.41% −1.37
MTCH Match Group Inc. Sold out 0.00% −1.11
TPC Tutor Perini Corp. Sold out 0.00% −0.89
RRC Range Resources Corp. Sold out 0.00% −0.61
PLPC Preformed Line Products Co. Sold out 0.00% −0.49
ARHS Arhaus Inc. Reduce -74.2% 0.09% −0.26

Portfolio Buys Q3 2025 → Q4 2025
SGOV iShares 0-3 Month Treasury B New 32.44% +32.44
RKT Rocket Cos Inc. Class A New 13.06% +13.06
CRTO Criteo SA-Spon Add +109.2% 9.24% +3.93
FCN Fti Consulting Inc. New 0.82% +0.82
VRT Vertiv Holdings Co. Class A New 0.57% +0.57
TNDM Tandem Diabetes Care Inc. New 0.49% +0.49
GLRE Greenlight Capital Re Ltd. Class A New 0.41% +0.41
PLAB Photronics Inc. New 0.10% +0.10
TTEC Ttec Holdings Inc. New 0.10% +0.10
KBR KBR Inc. Add +37.2% 1.50% +0.09
HOPE Hope Bancorp Inc. New 0.07% +0.07
CNXC Concentrix Corp. Add +27.7% 1.35% +0.07
TTGT Techtarget Inc. Add +22.7% 0.37% +0.01
DXC DXC Technology Co. Add +3.0% 0.76% +0.01

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 25,000 $16.7Mbefore exit
QQQ Invesco QQQ Trust Series 1 put Sold out 17,100 $10.3Mbefore exit
GEV GE Vernova Inc. put Reduce -32.1% 7,600 $5.0M
NVDA Nvidia Corp. put Sold out 22,800 $4.3Mbefore exit
AVGO Broadcom Inc. put Sold out 10,200 $3.4Mbefore exit
VRT Vertiv Holdings Co. Class A put Sold out 21,200 $3.2Mbefore exit
ANET Arista Networks Inc. put Sold out 18,600 $2.7Mbefore exit
CEG Constellation Energy put Sold out 7,100 $2.3Mbefore exit
CNXC Concentrix Corp. call New 20,000 $832K
BRY Berry Corp. call Sold out 160,000 $605Kbefore exit
ETN Eaton Corp. PLC put Sold out 1,600 $599Kbefore 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