Irenic Capital Management LP

Q4 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
46
Total value ($000)
$1,486,794
Net value change ($000)
+532,151 (55.7%)
New positions
28
Sold out positions
4
Turnover %
47.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
ITGR 99,109 NEW
ALKT 48,596 NEW
SPSC 40,293 NEW
AIV 23,109 NEW
RAL 16,904 NEW
AD 12,616 NEW
TBPH 11,347 28.1%
TASK 11,253 NEW
SHC 11,186 20.0%
DBD 9,880 29.2%
Top Reduces (Value $000, Stocks/ETFs)
PZZA -39,186 -75.8%
SGRY -23,194 -94.7%
GO -17,764 -100.0%
NSA -12,173 -100.0%
SITC -6,747 -28.7%
HVMC -3,036 -100.0%
NWSA -2,921 -14.2%
JAMF -963 -100.0%
RSVR -836 -1.8%
FWRD -788 -2.5%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 723,932 (48.7% 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.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type