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Irenic Capital Management LP

Q4 2025 · Filed 2026-02-17
Market Value
$634M
+52.7%
Holdings
42
+22
New Purchases
26
Added To
5
Closed
4
Reduced
2
Top 10 Concentration
79.9%
Turnover
71.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ITGR 15.64% 0.00% +15.64% $99M
ALKT 7.67% 0.00% +7.67% $49M
SPSC 6.36% 0.00% +6.36% $40M
RAL 2.67% 0.00% +2.67% $17M
USM 1.99% 0.00% +1.99% $13M
TASK 1.78% 0.00% +1.78% $11M
BLND 1.49% 0.00% +1.49% $9M
CWAN 0.95% 0.00% +0.95% $6M
SAC-UN 0.80% 0.00% +0.80% $5M
PKST 0.76% 0.00% +0.76% $5M
CTRI 0.72% 0.00% +0.72% $5M
WSR 0.71% 0.00% +0.71% $4M
SNDA 0.55% 0.00% +0.55% $3M
HVMC 0.47% 0.00% +0.47% $3M
MLAB 0.31% 0.00% +0.31% $2M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PZZA 1.97% 12.46% -10.48% $13M
SGRY 0.21% 5.90% -5.70% $1M
GO 0.00% 4.28% -4.28% $0
RSVR 7.15% 11.12% -3.97% $45M
NSA 0.00% 2.93% -2.93% $0
SHC 10.57% 13.45% -2.88% $67M
WK 7.51% 10.31% -2.80% $48M
FWRD 4.85% 7.60% -2.75% $31M
NWS 2.78% 4.94% -2.17% $18M
HI 6.77% 8.81% -2.04% $43M
WRE 5.24% 6.91% -1.66% $33M
TBPH 8.15% 9.71% -1.56% $52M
HVMCU 0.00% 0.73% -0.73% $0
JAMF 0.00% 0.23% -0.23% $0
SHY 0.39% 0.60% -0.21% $2M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 4 $23M 3.7%
Mid Cap 13 $300M 47.3%
Small Cap 20 $272M 42.9%
Micro Cap 5 $39M 6.1%

Portfolio Analytics

Avg Market Cap
$4.1B
Median Market Cap
$1.8B
Avg P/E
47.2
Median P/E
29.7
Avg Dividend Yield
0.24%
Avg Beta
0.97
# Stocks
41
# ETFs / Funds
1

Top Holdings (42 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 ITGR 15.64% 1,263,663 $99M $78.43 +1,263,663 NEW
2 SHC 10.57% 3,798,026 $67M $17.64 $11M +249,955 +7.0%
3 TBPH 8.15% 2,760,948 $52M $18.71 $11M
4 ALKT 7.67% 2,106,448 $49M $23.07 +2,106,448 NEW
5 WK 7.51% 552,010 $48M $86.25 $5M +55,000 +11.1%
6 RSVR 7.15% 5,986,176 $45M $7.57 -$836K +316,505 +5.6%
7 HI 6.77% 1,351,604 $43M $31.72 $6M
8 SPSC 6.36% 452,066 $40M $89.13 +452,066 NEW
9 WRE 5.24% 1,909,557 $33M $17.40 $5M +209,684 +12.3%
10 FWRD 4.85% 1,229,819 $31M $25.00 -$787K
11 NWS 2.78% 593,809 $18M $29.63 -$3M
12 RAL 2.67% 332,042 $17M $50.91 +332,042 NEW
13 USM 1.99% 235,294 $13M $53.62 +235,294 NEW
14 PZZA 1.97% 325,108 $13M $38.49 -$39M -748,592 -69.7%
15 TASK 1.78% 954,425 $11M $11.79 +954,425 NEW
16 BLND 1.49% 3,114,949 $9M $3.04 +3,114,949 NEW
17 CWAN 0.95% 250,000 $6M $24.12 +250,000 NEW
18 SAC-UN 0.80% 500,000 $5M $10.09 +500,000 NEW
19 PKST 0.76% 336,817 $5M $14.35 +336,817 NEW
20 CTRI 0.72% 180,000 $5M $25.25 +180,000 NEW
21 WSR 0.71% 322,176 $4M $13.89 +322,176 NEW
22 SNDA 0.55% 106,125 $3M $32.61 +106,125 NEW
23 HVMC 0.47% 300,000 $3M $10.00 +300,000 NEW
24 SHY 0.39% 30,000 $2M $82.82 -$4K
25 MLAB 0.31% 25,000 $2M $78.50 +25,000 NEW
26 FSLR 0.29% 7,000 $2M $261.23 +7,000 NEW
27 WEAV 0.27% 226,731 $2M $7.59 +226,731 NEW
28 ICLR 0.23% 8,000 $1M $182.22 +8,000 NEW
29 SGRY 0.21% 84,620 $1M $15.45 -$23M -1,047,583 -92.5%
30 0I3I.L 0.19% 15,000 $1M $81.96 +15,000 NEW
31 AIN 0.16% 20,000 $1M $50.70 +20,000 NEW
32 ATKR 0.14% 13,977 $884K $63.25 +13,977 NEW
33 SARO 0.11% 25,000 $717K $28.68 +25,000 NEW
34 HSIC 0.05% 4,000 $302K $75.58 +4,000 NEW
35 ABUS 0.05% 59,853 $288K $4.81 +59,853 NEW
36 MRVI 0.04% 80,668 $262K $3.25 $203K +60,000 +290.3%
37 GSM 0.01% 10,000 $46K $4.64 +10,000 NEW
38 HVMCW 0.01% 150,000 $41K $0.27 +150,000 NEW
39 NSA —% -$12M -402,822 -100.0% SOLD
40 GO —% -$18M -1,106,789 -100.0% SOLD
41 HVMCU —% -$3M -300,000 -100.0% SOLD
42 JAMF —% -$963K -90,000 -100.0% SOLD

New Positions

SymbolValue% Port
ITGR $99M 15.64%
ALKT $49M 7.67%
SPSC $40M 6.36%
RAL $17M 2.67%
USM $13M 1.99%
TASK $11M 1.78%
BLND $9M 1.49%
CWAN $6M 0.95%
SAC-UN $5M 0.80%
PKST $5M 0.76%
CTRI $5M 0.72%
WSR $4M 0.71%
SNDA $3M 0.55%
HVMC $3M 0.47%
MLAB $2M 0.31%

Sold Out Positions

SymbolValue% Port
NSA —%
GO —%
HVMCU —%
JAMF —%
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