Irenic Capital Management LP 13F: Quarter-over-Quarter Portfolio Changes
Irenic Capital Management LP reported a disclosed portfolio value of approximately $1.1 billion in its latest SEC Form 13F-HR filing for Q1 2026, up 44.5% quarter on quarter. Over the quarter, the fund initiated 14 new positions, bought more shares in 13 holdings, trimmed 2 holdings, and exited 18 positions.
Irenic Capital Management LP's top buy was a new stake in Snap INC (SNAP) , equal to 12.5% of the disclosed portfolio. Its top sell was Hillenbrand INC (9HI) . The fund exited the position completely after it had accounted for 5.6% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| SNAP INC | SNAP | 12.5% | History → |
| TELEFLEX INCORPORATED | TFX | 9.4% | History → |
| COMPASS MINERALS INTL INC | CMP | 3.0% | Holders → |
| AH RLTY TR INC | AHRT | 1.7% | Holders → |
| HEWLETT PACKARD ENTERPRISE C | HPE | 1.7% | Holders → |
| PAR TECHNOLOGY CORP | PAR 1 01/15/30 | 1.6% | — |
| RAYONIER ADVANCED MATLS INC | RYAM | 1.4% | Holders → |
| JANUX THERAPEUTICS INC | JANX | 1.0% | Holders → |
| ADEIA INC | ADEA | 0.4% | Holders → |
| UNIQURE NV | QURE | 0.1% | Holders → |
| ATEA PHARMACEUTICALS IN | AVIR | 0.1% | Holders → |
| FATE THERAPEUTICS INC | FATE | 0.1% | Holders → |
| VOR BIOPHARMA INC | VOR | 0.1% | Holders → |
| DEFINITIVE HEALTHCARE CORP | DH | 0.0% | Holders → |
Top BuysQ1 2026
Showing the top 10 buys among 13 existing positions where the fund bought more shares in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| SONIDA SENIOR LIVING INC | SNDA | +3.1% | +1049.3% | History → |
| FIRST SOLAR INC | FSLR | +1.1% | +941.3% | Holders → |
| SURGERY PARTNERS INC | SGRY | +0.6% | +740.2% | Holders → |
| RALLIANT CORP | RAL | +4.3% | +424.1% | History → |
| WHITESTONE REIT | WSR | +1.3% | +292.8% | Holders → |
| PEAKSTONE REALTY TRUST | PKST | +0.6% | +100.3% | Holders → |
| CENTURI HOLDINGS INC | CTRI | +0.3% | +97.1% | Holders → |
| HIGHVIEW MERGER CORP | HVMC | +-0.1% | +50.0% | Holders → |
| SPS COMM INC | SPSC | +-2.3% | +32.2% | Holders → |
| APARTMENT INVT & MGMT CO | AIV | +-1.2% | +29.3% | Holders → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| BLEND LABS INC | BLND | -0.9% | 29.2% | Holders → |
| DIEBOLD NIXDORF INC | DBD | -2.4% | 25.4% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| HILLENBRAND INC | 9HI | 5.6% |
| ARRAY DIGITAL INFRASTRUCTURE | AD | 1.7% |
| PAPA JOHNS INTL INC | PZZA | 1.6% |
| TASKUS INC | TASK | 1.5% |
| CLEARWATER ANALYTICS HOLDINGS INC | CWAN | 0.8% |
| ARRAY TECHNOLOGIES INC | ARRY 1 12/01/28 | 0.4% |
| MESA LABS INC | MLAB | 0.3% |
| WEAVE COMMUNICATIONS INC | WEAV | 0.2% |
| ICON PLC (ICLR) | ICLR | 0.2% |
| COOPER COMPANIES | COO | 0.2% |
| ALBANY INTL CORP | AIN | 0.1% |
| LIONSGATE STUDIOS CORP | LION | 0.1% |
| STANDARDAERO INC | SARO | 0.1% |
| SCHEIN HENRY INC | HSIC | 0.0% |
| ARBUTUS BIOPHARMA CORP | ABUS | 0.0% |
| MARAVAI LIFESCIENCES HLDGS I | MRVI | 0.0% |
| FERROGLOBE PLC | GSM | 0.0% |
| HIGHVIEW MERGER CORP | HVMCW | 0.0% |
Net Portfolio Value ChangeQ1 2026
- $0.8BPrior quarter
- $1.1BCurrent quarter
- +$0.3BNet delta
- +44.5%% change
Methodology & FAQ
How Irenic Capital Management LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Irenic Capital Management LP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Irenic Capital Management LP buy in Q1 2026?
In Q1 2026, Irenic Capital Management LP initiated 14 new positions (SNAP INC (SNAP), TELEFLEX INCORPORATED (TFX), COMPASS MINERALS INTL INC (CMP), AH RLTY TR INC (AHRT), HEWLETT PACKARD ENTERPRISE C (HPE), PAR TECHNOLOGY CORP (PAR 1 01/15/30), RAYONIER ADVANCED MATLS INC (RYAM), JANUX THERAPEUTICS INC (JANX), ADEIA INC (ADEA), UNIQURE NV (QURE), ATEA PHARMACEUTICALS IN (AVIR), FATE THERAPEUTICS INC (FATE), VOR BIOPHARMA INC (VOR), DEFINITIVE HEALTHCARE CORP (DH)); bought more shares of SONIDA SENIOR LIVING INC (SNDA), FIRST SOLAR INC (FSLR), SURGERY PARTNERS INC (SGRY), RALLIANT CORP (RAL), WHITESTONE REIT (WSR) — the largest 5 of 13 adds.
What stocks did Irenic Capital Management LP sell in Q1 2026?
In Q1 2026, Irenic Capital Management LP fully sold 18 positions (HILLENBRAND INC (9HI), ARRAY DIGITAL INFRASTRUCTURE (AD), PAPA JOHNS INTL INC (PZZA), TASKUS INC (TASK), CLEARWATER ANALYTICS HOLDINGS INC (CWAN), ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28), MESA LABS INC (MLAB), WEAVE COMMUNICATIONS INC (WEAV), ICON PLC (ICLR) (ICLR), COOPER COMPANIES (COO), ALBANY INTL CORP (AIN), LIONSGATE STUDIOS CORP (LION), STANDARDAERO INC (SARO), SCHEIN HENRY INC (HSIC), ARBUTUS BIOPHARMA CORP (ABUS), MARAVAI LIFESCIENCES HLDGS I (MRVI), FERROGLOBE PLC (GSM), HIGHVIEW MERGER CORP (HVMCW)); reduced holdings in BLEND LABS INC (BLND), DIEBOLD NIXDORF INC (DBD).
Which positions did Irenic Capital Management LP initiate in Q1 2026?
Irenic Capital Management LP established 14 new positions in Q1 2026: SNAP INC (SNAP, 12.5%), TELEFLEX INCORPORATED (TFX, 9.4%), COMPASS MINERALS INTL INC (CMP, 3.0%), AH RLTY TR INC (AHRT, 1.7%), HEWLETT PACKARD ENTERPRISE C (HPE, 1.7%), PAR TECHNOLOGY CORP (PAR 1 01/15/30, 1.6%), RAYONIER ADVANCED MATLS INC (RYAM, 1.4%), JANUX THERAPEUTICS INC (JANX, 1.0%), ADEIA INC (ADEA, 0.4%), UNIQURE NV (QURE, 0.1%), ATEA PHARMACEUTICALS IN (AVIR, 0.1%), FATE THERAPEUTICS INC (FATE, 0.1%), VOR BIOPHARMA INC (VOR, 0.1%), DEFINITIVE HEALTHCARE CORP (DH, 0.0%).
Which existing positions saw the largest allocation increases for Irenic Capital Management LP in Q1 2026?
Of 13 existing positions with share-count increases in Q1 2026, the largest were: SONIDA SENIOR LIVING INC (SNDA, +3.1% weight, +1049.3% shares), FIRST SOLAR INC (FSLR, +1.1% weight, +941.3% shares), SURGERY PARTNERS INC (SGRY, +0.6% weight, +740.2% shares), RALLIANT CORP (RAL, +4.3% weight, +424.1% shares), WHITESTONE REIT (WSR, +1.3% weight, +292.8% shares), PEAKSTONE REALTY TRUST (PKST, +0.6% weight, +100.3% shares), CENTURI HOLDINGS INC (CTRI, +0.3% weight, +97.1% shares), HIGHVIEW MERGER CORP (HVMC, +-0.1% weight, +50.0% shares), SPS COMM INC (SPSC, +-2.3% weight, +32.2% shares), APARTMENT INVT & MGMT CO (AIV, +-1.2% weight, +29.3% shares).
Which positions did Irenic Capital Management LP fully exit in Q1 2026?
Irenic Capital Management LP fully exited 18 positions in Q1 2026: HILLENBRAND INC (9HI, last-reported weight 5.6%), ARRAY DIGITAL INFRASTRUCTURE (AD, last-reported weight 1.7%), PAPA JOHNS INTL INC (PZZA, last-reported weight 1.6%), TASKUS INC (TASK, last-reported weight 1.5%), CLEARWATER ANALYTICS HOLDINGS INC (CWAN, last-reported weight 0.8%), ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28, last-reported weight 0.4%), MESA LABS INC (MLAB, last-reported weight 0.3%), WEAVE COMMUNICATIONS INC (WEAV, last-reported weight 0.2%), ICON PLC (ICLR) (ICLR, last-reported weight 0.2%), COOPER COMPANIES (COO, last-reported weight 0.2%), ALBANY INTL CORP (AIN, last-reported weight 0.1%), LIONSGATE STUDIOS CORP (LION, last-reported weight 0.1%), STANDARDAERO INC (SARO, last-reported weight 0.1%), SCHEIN HENRY INC (HSIC, last-reported weight 0.0%), ARBUTUS BIOPHARMA CORP (ABUS, last-reported weight 0.0%), MARAVAI LIFESCIENCES HLDGS I (MRVI, last-reported weight 0.0%), FERROGLOBE PLC (GSM, last-reported weight 0.0%), HIGHVIEW MERGER CORP (HVMCW, last-reported weight 0.0%).
Which existing positions saw the largest allocation reductions for Irenic Capital Management LP in Q1 2026?
Of 2 existing positions with share-count reductions in Q1 2026, the largest were: BLEND LABS INC (BLND, -0.9% weight, -29.2% shares), DIEBOLD NIXDORF INC (DBD, -2.4% weight, -25.4% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.