Managers / Q1 2025 · view latest →
Irenic Capital Management LP
CIK 0001929389 · 767 FIFTH AVENUE, 15TH FLOOR, NEW YORK, NY, 10153 · 646-993-6330
Summary
Irenic Capital Management LP reported $660M in U.S.-listed holdings across 22 positions for Q1 2025.
The portfolio is heavily concentrated: Ishares Tr Russell 2000 Etf alone accounts for 30.8% of reported value.
Compared with Q4 2024, the fund opened 7 new positions and exited 10.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 51.8% · $342M
- Other · 34.6% · $228M
- REIT · 9.0% · $60M
- US DOMESTIC · 4.2% · $28M
- ETP · 0.4% · $2M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| BASECOUCHBASE INC | NEW | +1.67M | 1.67M | +$26M | $26M |
| TRSTRIMAS CORP | NEW | +853.5K | 853.5K | +$20M | $20M |
| SITCSITE CTRS CORP | NEW | +1.47M | 1.47M | +$19M | $19M |
| BATRKATLANTA BRAVES HLDGS INC | NEW | +394.8K | 394.8K | +$16M | $16M |
| BLNDBLEND LABS INC | NEW | +284.9K | 284.9K | +$954,261 | $954,261 |
| FUNSIX FLAGS ENTERTAINMENT CORP | NEW | +13.8K | 13.8K | +$493,958 | $493,958 |
| FERROGLOBE PLC | NEW | +16.3K | 16.3K | +$60,336 | $60,336 |
| ISHARES TR | ADDED | +24.0K | 30.0K | +$2M | $2M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2025
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $1.5B | 47 | May 18, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $1.5B | 46 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $955M | 21 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $678M | 22 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $660M | 22 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $931M | 25 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $1.1B | 20 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $817M | 21 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $491M | 21 | May 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $505M | 22 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $352M | 23 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $335M | 15 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $290M | 19 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $209M | 13 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.