Irenic Capital

Adam KatzNEW YORK, NYfiles as Irenic Capital Management LP

$1.4bn in 43 US stocks at the end of 30 June 2026. The top 10 are 61.9% of the money. It changed about 28.1% of the portfolio this quarter.

Value

$1.4bn

Stocks

Top 10 share

61.9%

Turnover

28.1%

What changed this quarter

New

Bought for the first time this quarter.

CoupangCPNG
3.1% of the fund
DPC HoldingsDPC
3.0% of the fund
Merit Medical SystemsMMSI
2.7% of the fund
SmartStop Self Storage REITSMA
2.1% of the fund
Atlanta Braves HoldingsBATRK
1.9% of the fund
NokiaNOK
1.7% of the fund
CompassCOMP
1.6% of the fund
GDS HldgsGDS
0.6% of the fund
National Healthcare PropertiesNHP
0.6% of the fund
AnaptysbioANAB
0.3% of the fund
United STS Oil FD LPUSO
0.3% of the fund
Progress Software
0.2% of the fund
FrontView REITFVR
<0.1% of the fund
Irenic AcquisitionIACQU
<0.1% of the fund
Highview MergerHVMCW
<0.1% of the fund

Added

Bought more of a stock they already held.

Sotera HealthSHC
6.6% of the fund
+18%
Sonida Senior LivingSNDA
5.6% of the fund
+56%
AtkoreATKR
2.8% of the fund
+3532%
First SolarFSLR
1.7% of the fund
+36%
PAR Technology
1.6% of the fund
+23%
AdeiaADEA
1.5% of the fund
+218%
Centuri HoldingsCTRI
1.1% of the fund
+46%
Blend LabsBLND
0.3% of the fund
+4%

Cut

Sold some of their stake.

Compass Minerals InternationalCMP
2.4% of the fund
-26%
AH Realty TrustAHRT
1.5% of the fund
-16%
Whitestone Reit
0.6% of the fund
-68%
Apartment Investment & ManagementAIV
0.3% of the fund
-72%
Highview MergerHVMC
0.2% of the fund
-33%

Sold out

Sold their entire stake.

Holdings

SnapSNAP
Share
9.6%
Value
$133m
Shares
30,000,000
Held
RalliantRAL
Share
9.2%
Value
$128m
Shares
1,740,218
Held
Integer HoldingsITGR
Share
8.5%
Value
$118m
Shares
1,264,259
Held
TeleflexTFX
Share
7.9%
Value
$110m
Shares
870,000
Held
Sotera HealthSHC
Share
6.6%
Value
$91m
Shares
5,141,822
+18%
Sonida Senior LivingSNDA
Share
5.6%
Value
$78m
Shares
1,903,621
+56%
Reservoir MediaRSVR
Share
4.5%
Value
$62m
Shares
6,260,176
Held
Alkami TechnologyALKT
Share
3.5%
Value
$48m
Shares
2,675,151
Held
Theravance BiopharmaTBPH
Share
3.4%
Value
$47m
Shares
2,760,948
Held
CoupangCPNG
Share
3.1%
Value
$43m
Shares
2,484,979
New
DPC HoldingsDPC
Share
3.0%
Value
$41m
Shares
839,816
New
Diebold NixdorfDBD
Share
2.9%
Value
$41m
Shares
476,523
Held
AtkoreATKR
Share
2.8%
Value
$39m
Shares
507,613
+3532%
Merit Medical SystemsMMSI
Share
2.7%
Value
$38m
Shares
542,589
New
SPS CommerceSPSC
Share
2.5%
Value
$34m
Shares
597,704
Held
Compass Minerals InternationalCMP
Share
2.4%
Value
$33m
Shares
1,068,378
-26%
SmartStop Self Storage REITSMA
Share
2.1%
Value
$28m
Shares
876,608
New
WorkivaWK
Share
1.9%
Value
$27m
Shares
552,010
Held
Atlanta Braves HoldingsBATRK
Share
1.9%
Value
$26m
Shares
504,983
New
First SolarFSLR
Share
1.7%
Value
$23m
Shares
98,989
+36%
NokiaNOK
Share
1.7%
Value
$23m
Shares
1,730,000
New
CompassCOMP
Share
1.6%
Value
$22m
Shares
1,796,898
New
PAR Technology
Share
1.6%
Value
$22m
Shares
27,226,000
+23%
AdeiaADEA
Share
1.5%
Value
$21m
Shares
634,772
+218%
AH Realty TrustAHRT
Share
1.5%
Value
$21m
Shares
2,918,328
-16%
Centuri HoldingsCTRI
Share
1.1%
Value
$16m
Shares
518,705
+46%
SITE CentersSITC
Share
0.7%
Value
$10m
Shares
2,605,378
Held
GDS HldgsGDS
Share
0.6%
Value
$8m
Shares
283,000
New
National Healthcare PropertiesNHP
Share
0.6%
Value
$8m
Shares
549,593
New
Whitestone Reit
Share
0.6%
Value
$8m
Shares
408,245
-68%
Safeguard AcquisitionSAC-U
Share
0.4%
Value
$5m
Shares
500,000
Held
General Purp Acquisition CORGPACU
Share
0.4%
Value
$5m
Shares
500,000
Held
AnaptysbioANAB
Share
0.3%
Value
$5m
Shares
70,447
New
Apartment Investment & ManagementAIV
Share
0.3%
Value
$4m
Shares
1,398,460
-72%
United STS Oil FD LPUSO
Share
0.3%
Value
$4m
Shares
38,500
New
Blend LabsBLND
Share
0.3%
Value
$4m
Shares
2,284,101
+4%
Progress Software
Share
0.2%
Value
$3m
Shares
3,444,000
New
Highview MergerHVMC
Share
0.2%
Value
$3m
Shares
300,000
-33%
Elme CommunitiesELME
Share
0.2%
Value
$3m
Shares
1,909,557
Held
Ishares TRSHY
Share
0.2%
Value
$2m
Shares
30,000
Held
FrontView REITFVR
Share
<0.1%
Value
$1m
Shares
66,608
New
Irenic AcquisitionIACQU
Share
<0.1%
Value
$668,169
Shares
65,700
New
Highview MergerHVMCW
Share
<0.1%
Value
$52,500
Shares
150,000
New

Company	Share of fund	Value	Shares	Change
SnapSNAP	9.6%	$133m	30,000,000	Held
RalliantRAL	9.2%	$128m	1,740,218	Held
Integer HoldingsITGR	8.5%	$118m	1,264,259	Held
TeleflexTFX	7.9%	$110m	870,000	Held
Sotera HealthSHC	6.6%	$91m	5,141,822	+18%
Sonida Senior LivingSNDA	5.6%	$78m	1,903,621	+56%
Reservoir MediaRSVR	4.5%	$62m	6,260,176	Held
Alkami TechnologyALKT	3.5%	$48m	2,675,151	Held
Theravance BiopharmaTBPH	3.4%	$47m	2,760,948	Held
CoupangCPNG	3.1%	$43m	2,484,979	New
DPC HoldingsDPC	3.0%	$41m	839,816	New
Diebold NixdorfDBD	2.9%	$41m	476,523	Held
AtkoreATKR	2.8%	$39m	507,613	+3532%
Merit Medical SystemsMMSI	2.7%	$38m	542,589	New
SPS CommerceSPSC	2.5%	$34m	597,704	Held
Compass Minerals InternationalCMP	2.4%	$33m	1,068,378	-26%
SmartStop Self Storage REITSMA	2.1%	$28m	876,608	New
WorkivaWK	1.9%	$27m	552,010	Held
Atlanta Braves HoldingsBATRK	1.9%	$26m	504,983	New
First SolarFSLR	1.7%	$23m	98,989	+36%
NokiaNOK	1.7%	$23m	1,730,000	New
CompassCOMP	1.6%	$22m	1,796,898	New
PAR Technology	1.6%	$22m	27,226,000	+23%
AdeiaADEA	1.5%	$21m	634,772	+218%
AH Realty TrustAHRT	1.5%	$21m	2,918,328	-16%
Centuri HoldingsCTRI	1.1%	$16m	518,705	+46%
SITE CentersSITC	0.7%	$10m	2,605,378	Held
GDS HldgsGDS	0.6%	$8m	283,000	New
National Healthcare PropertiesNHP	0.6%	$8m	549,593	New
Whitestone Reit	0.6%	$8m	408,245	-68%
Safeguard AcquisitionSAC-U	0.4%	$5m	500,000	Held
General Purp Acquisition CORGPACU	0.4%	$5m	500,000	Held
AnaptysbioANAB	0.3%	$5m	70,447	New
Apartment Investment & ManagementAIV	0.3%	$4m	1,398,460	-72%
United STS Oil FD LPUSO	0.3%	$4m	38,500	New
Blend LabsBLND	0.3%	$4m	2,284,101	+4%
Progress Software	0.2%	$3m	3,444,000	New
Highview MergerHVMC	0.2%	$3m	300,000	-33%
Elme CommunitiesELME	0.2%	$3m	1,909,557	Held
Ishares TRSHY	0.2%	$2m	30,000	Held
FrontView REITFVR	<0.1%	$1m	66,608	New
Irenic AcquisitionIACQU	<0.1%	$668,169	65,700	New
Highview MergerHVMCW	<0.1%	$52,500	150,000	New

Options (6)

Ishares TRIWM
Type
Put
Value
$428m
Contracts
1,425,400
Invesco QQQ TR
Type
Put
Value
$173m
Contracts
235,400
First SolarFSLR
Type
Call
Value
$59m
Contracts
250,100
State STR Spdr S&P 500 ETF T
Type
Put
Value
$14m
Contracts
18,200
SnapSNAP
Type
Call
Value
$9m
Contracts
2,116,000
Select Sector Spdr TRXLE
Type
Call
Value
$9m
Contracts
175,000

Company	Type	Value	Contracts
Ishares TRIWM	Put	$428m	1,425,400
Invesco QQQ TR	Put	$173m	235,400
First SolarFSLR	Call	$59m	250,100
State STR Spdr S&P 500 ETF T	Put	$14m	18,200
SnapSNAP	Call	$9m	2,116,000
Select Sector Spdr TRXLE	Call	$9m	175,000

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 221.7% since 30 June 2025.

Where the money is

Health care35.0%

Technology25.1%

Retail & consumer9.5%

Industrials9.2%

Real estate7.1%

Materials5.4%

Media & telecom1.5%

Utilities1.1%

Financial services0.2%

Other5.9%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.