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Irenic Capital Management LP

Q3 2025 · Filed 2025-11-14
Market Value
$415M
+37.2%
Holdings
20
+3
New Purchases
7
Added To
3
Closed
4
Reduced
3
Top 10 Concentration
91.2%
Turnover
55.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PZZA 12.46% 0.00% +12.46% $52M
WK 10.31% 0.00% +10.31% $43M
HI 8.81% 0.00% +8.81% $37M
WRE 6.91% 0.00% +6.91% $29M
SGRY 5.90% 1.89% +4.01% $25M
NSA 2.93% 0.00% +2.93% $12M
HVMCU 0.73% 0.00% +0.73% $3M
JAMF 0.23% 0.00% +0.23% $963K

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TGI 0.00% 20.00% -20.00% $0
TRS 0.00% 8.53% -8.53% $0
BASE 0.00% 6.46% -6.46% $0
RSVR 11.12% 13.92% -2.80% $46M
FWRD 7.60% 9.97% -2.38% $32M
NWS 4.94% 7.30% -2.36% $21M
GO 4.28% 6.39% -2.11% $18M
VIGL 0.00% 0.98% -0.98% $0
TBPH 9.71% 10.07% -0.35% $40M
SHY 0.60% 0.82% -0.22% $2M
SHC 13.45% 13.64% -0.19% $56M
MRVI 0.01% 0.02% -0.00% $59K

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 2 $23M 5.5%
Mid Cap 5 $147M 35.5%
Small Cap 11 $210M 50.6%
Micro Cap 2 $35M 8.3%

Portfolio Analytics

Avg Market Cap
$3.5B
Median Market Cap
$1.5B
Avg P/E
58.2
Median P/E
40.5
Avg Dividend Yield
0.42%
Avg Beta
1.08
# Stocks
19
# ETFs / Funds
1

Top Holdings (20 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SHC 13.45% 3,548,071 $56M $15.73 $15M -163,940 -4.4%
2 PZZA 12.46% 1,073,700 $52M $48.15 +1,073,700 NEW
3 RSVR 11.12% 5,669,671 $46M $8.14 $4M +177,361 +3.2%
4 WK 10.31% 497,010 $43M $86.08 +497,010 NEW
5 TBPH 9.71% 2,760,948 $40M $14.60 $10M
6 HI 8.81% 1,351,604 $37M $27.04 +1,351,604 NEW
7 FWRD 7.60% 1,229,819 $32M $25.64 $1M +100 +0.0%
8 WRE 6.91% 1,699,873 $29M $16.86 +1,699,873 NEW
9 SGRY 5.90% 1,132,203 $25M $21.64 $19M +874,704 +339.7%
10 NWS 4.94% 593,809 $21M $34.55 -$2M -50,000 -7.8%
11 GO 4.28% 1,106,789 $18M $16.05 -$2M -450,866 -28.9%
12 NSA 2.93% 402,822 $12M $30.22 +402,822 NEW
13 HVMCU 0.73% 300,000 $3M $10.12 +300,000 NEW
14 SHY 0.60% 30,000 $2M $82.96 $3K
15 JAMF 0.23% 90,000 $963K $10.70 +90,000 NEW
16 MRVI 0.01% 20,668 $59K $2.87 $10K
17 TRS —% -$26M -901,926 -100.0% SOLD
18 BASE —% -$20M -802,134 -100.0% SOLD
19 TGI —% -$61M -2,350,173 -100.0% SOLD
20 VIGL —% -$3M -371,321 -100.0% SOLD

New Positions

SymbolValue% Port
PZZA $52M 12.46%
WK $43M 10.31%
HI $37M 8.81%
WRE $29M 6.91%
NSA $12M 2.93%
HVMCU $3M 0.73%
JAMF $963K 0.23%

Sold Out Positions

SymbolValue% Port
TRS —%
BASE —%
TGI —%
VIGL —%
View SEC EDGAR Filings for Irenic Capital Management LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms