Nierenberg Investment Management Company, Inc.

Hedge Fund • Value

Nierenberg Investment Management Company, Inc. is a Value-focused Hedge Fund led by Damon Laughlin Benedict, reporting $204.3M in AUM as of Q3 2025 with 88% concentrated in top 10 holdings and 28% allocation to PBPB.

PresidentDamon Laughlin Benedict

Portfolio Value: $180.9M
Positions: 40
Top Holding: PBPB at 28.07%
Last Reported: Q3 2025

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Top Holdings

Largest long holdings in Nierenberg Investment Management Company, Inc.'s portfolio (87.8% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Potbelly Corporation PBPB	Restaurants Consumer Cyclical	$50.8M	28.07%	—	9.85% 3.0M shares	Q4 2020 Held for 4y 11m
2 EQT Corporation EQT	Oil & Gas Exploration & Production Energy	$29.2M	16.15%	—	0.09% 536.7K shares	Q4 2020 Held for 4y 11m
3 Mr. Cooper Group Inc. COOP	Financial - Mortgages Financial Services	$26.6M	14.69%	-$35.8M Sold	0.20% 126.1K shares	Q4 2020 Held for 4y 11m
4 Lyft, Inc. LYFT	Software - Application Technology	$17.9M	9.90%	+$17.0M Bought	0.20% 813.6K shares	Q2 2025 Held for 5 months
5 Riverview Bancorp RVSB	Banks - Regional Financial Services	$10.9M	6.03%	+$510.2K Bought	9.70% 2.0M shares	Q2 2024 Held for 1y 5m
6 CRTO Criteo CRTO	Unknown Unknown	$9.6M	5.31%	-$2.5M Sold	— 425.0K shares	Q4 2024 Held for 11 months
7 Green Dot GDOT	Financial - Credit Services Financial Services	$4.6M	2.52%	—	0.61% 339.1K shares	Q1 2025 Held for 8 months
8 Brookdale Senior Living BKD	Medical - Care Facilities Healthcare	$3.5M	1.92%	—	0.17% 410.1K shares	Q4 2023 Held for 1y 11m
9 ADTRAN Holdings, Inc. ADTN	Communication Equipment Technology	$3.2M	1.78%	—	0.43% 343.1K shares	Q3 2024 Held for 1y 2m
10 KBR KBR	Engineering & Construction Industrials	$2.5M	1.40%	—	0.04% 53.7K shares	Q4 2020 Held for 4y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Nierenberg Investment Management Company, Inc.'s latest filing

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Market Value

$180.9M

Prior: $171.4M

Q/Q Change

+5.58%

+$9.6M

Net Flows % of MV

-12.73%

Turnover Ratio

17.27%

New Purchases

5 stocks

$963.9K

Added To

4 stocks

+$18.8M

Sold Out Of

4 stocks

$1.9M

Reduced Holdings

5 stocks

-$40.9M

Increased Positions

Position	Shares Δ	Change
1 TechTarget TTGT	New	0 → 111.6K +$648.1K
2 Owens & Minor OMI	New	0 → 27.6K +$132.3K
3 Forrester Research FORR	New	0 → 11.6K +$122.5K
4 Talkspace, Inc. TALK	New	0 → 11.6K +$31.9K
5 Eventbrite, Inc. EB	New	0 → 11.6K +$29.1K

Decreased Positions

Position	Shares Δ	Change
1 Hope Bancorp HOPE	Sold	99.6K → 0 −$1.1M
2 Photronics PLAB	Sold	34.3K → 0 −$646.4K
3 DHI Group DHX	Sold	44.6K → 0 −$132.3K
4 Berry Corporation BRY	Sold	5.6K → 0 −$15.4K
5 Wabash National WNC	-83.81%	77.6K → 12.6K −$641.6K