Irenic Capital Management LP
Q3 2025 13F-HR Holdings
Net value change ($000)
+277,022
(40.9%)
New positions
7
Sold out positions
7
Turnover %
74.4%
Sector allocation + QoQ delta (equities-only)
Snapshot: Change Analysis
Compared to Q2 2025
Methodology:
sector metrics are equities-only;
instrument mix chart is ex-options;
options exposure is shown separately.
Why this matters.
Top Adds (Value $000, Stocks/ETFs)
| PZZA | 51,699 | NEW |
| WK | 42,783 | NEW |
| HI | 36,547 | NEW |
| ELME | 28,660 | NEW |
| SGRY | 18,777 | 328.0% |
| SHC | 14,533 | 35.2% |
| NSA | 12,173 | NEW |
| TBPH | 9,857 | 32.4% |
| RSVR | 4,025 | 9.6% |
| HVMC | 3,036 | NEW |
Top Reduces (Value $000, Stocks/ETFs)
| TRIUMPH GROUP INC | -60,517 | -100.0% |
| AIV | -42,268 | -100.0% |
| TRS | -25,804 | -100.0% |
| BASE | -19,556 | -100.0% |
| BATRA | -17,403 | -100.0% |
| LION | -7,135 | -100.0% |
| SITC | -5,993 | -20.3% |
| Vigil Neuroscience, Inc. | -2,952 | -100.0% |
| GO | -1,582 | -8.2% |
| NWSA | -1,573 | -7.1% |
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000):
445,400
(46.7% of total reported value)
How this table is calculated:
SEC
VALUE ($000) is used as reported.
For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received.
Column % is bucket-based:
non-options share is calculated inside non-option total, options share is calculated inside options total.
Details.
Filter:
Instrument:
| Issuer Name | Ticker | Sector | Industry | Class | History | Value ($000) | % | Shares | Shares Δ | Shares Δ% | Value Δ ($000) | Value Δ% | Principal | Option Type |
|---|