In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Bracebridge Capital, LLC reported 14 stock positions worth $228.7 million . Its top holding was Invesco S&P 500 Equal Weight (RSP) at 43.9% of the portfolio, followed by Uniti (UNIT, 18.6% ) and Alvotech (ALVO, 9.7% ). Compared with Q2 2025, it opened 2 new positions, sold out of 3, added to 1 and reduced 3. The biggest buy was a new position in Invesco S&P 500 Equal Weight (RSP) and the biggest sale iShares Russell 2000 ETF (IWM, shares −92% ).
Location BOSTON, MA
CIK 0001426486
Portfolio Value $228.7M (Q3 2025) Holdings 14 stocks · $228.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 RSP Invesco S&P 500 Equal Weight 529,100 $100.4M New UNIT Uniti Group Inc. 6,941,775 $42.5M Add +255.9% ALVO Alvotech SA 2,705,304 $22.2M No change ADT Adt Inc. 2,126,000 $18.5M No change OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 5,727,065 $13.8M Reduce -38.8% AAM Aa Mission Acquisition Cor-A 600,000 $6.3M No change OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC 579,234 $4.8M No change BXMT Blackstone Mortgage Tru Class A 216,700 $4.0M No change IWM iShares Russell 2000 ETF 16,080 $3.9M Reduce -92.3% MAGN Magnera Corp. 316,854 $3.7M New ASTL Algoma Steel Group Inc. 924,931 $3.3M No change AQST Aquestive Therapeutics Inc. 459,216 $2.6M No change TRTX TPG Re Finance Trust Inc. 182,157 $1.6M Reduce -21.1% CCO Clear Channel Outdoor Holdin 756,426 $1.2M No change
Options reported separately and not counted above: ISHARES TR puts ($568.3M), INVESCO QQQ TR calls ($310.7M), INVESCO QQQ TR puts ($310.7M), ISHARES TR calls ($249.6M), ISHARES TR puts ($184.3M), STATE STR SPDR S&P 500 ETF T calls ($42.0M).
Other holdings (16): bonds, preferreds, convertibles and warrants · $11.2M (not counted above) Security Class Shares / Principal Value Change GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 836,258 $6.2M Add +296.9% LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 47,700,000 $4.7M No change AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 300,000 $48K No change TGE.WS Generation Essentials - 30 *W EXP 02/15/202 325,000 $43K No change AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 50,000 $38K No change BGLWW Blue Gold Ltd. *W EXP 04/01/203 75,000 $34K New SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 25,000 $33K No change CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 12,500 $26K No change SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 50,000 $26K No change GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 75,000 $14K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 262,156 $10K No change DAICW Cid Holdco Inc. -26 *W EXP 12/31/202 62,500 $10K No change CRPWF Carbon Revolution PLC *W EXP 99/99/999 141,666 $3K No change BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 166,666 $3K No change TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 12,500 $694 No change ALURW Allurion Technologies-28 *W EXP 08/01/203 15,311 $413 No change
Total filed on the 13F, all lines: $239.8M.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ IWM iShares Russell 2000 ETF Reduce -92.3% 1.70% −23.34 GNW Genworth Financial Inc. Sold out 0.00% −8.45 NVDA Nvidia Corp. Sold out 0.00% −7.70 OPTU Optimum Communications Inc. Class A Reduce -38.8% 6.04% −5.00 TSLA Tesla Inc. Sold out 0.00% −2.66 TRTX TPG Re Finance Trust Inc. Reduce -21.1% 0.68% −0.30
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ RSP Invesco S&P 500 Equal Weight New 43.89% +43.89 UNIT Uniti Group Inc. Add +255.9% 18.58% +10.87 MAGN Magnera Corp. New 1.62% +1.62
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ ISHARES TR put Add +1300.0% 70,000 $568.3M INVESCO QQQ TR call Reduce -36.7% 5,175 $310.7M ISHARES TR call Reduce -13.1% 10,315 $249.6M ISHARES TR put Reduce -35.8% 7,615 $184.3M COINBASE GLOBAL INC call Sold out 4,150 $145.5Mbefore exit AMAZON COM INC call Sold out 3,000 $65.8Mbefore exit STATE STR SPDR S&P 500 ETF T call New 630 $42.0M NVIDIA CORPORATION call Sold out 2,600 $41.1Mbefore exit NVIDIA CORPORATION put Sold out 2,600 $41.1Mbefore exit TESLA INC call Sold out 800 $25.4Mbefore exit TESLA INC put Sold out 800 $25.4Mbefore exit COINBASE GLOBAL INC put Sold out 650 $22.8Mbefore exit SUPER MICRO COMPUTER INC call Sold out 2,409 $11.8Mbefore exit SUPER MICRO COMPUTER INC put Sold out 2,409 $11.8Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 Add +296.9% 836,258 $6.2M BGLWW Blue Gold Ltd. *W EXP 04/01/203 New 75,000 $34K LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 Sold out 232,323 $9Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 16 $459.8M GLD, UNIT, CZR, ADT, SVC Q1 2026 17 $553.9M GLD, UNIT, TSLA, ADT, ALVO Q4 2025 13 $269.4M GLD, UNIT, ADT, ALVO, AAM Q3 2025 14 $228.7M RSP, UNIT, ALVO, ADT, OPTU Q2 2025 15 $181.3M IWM, ALVO, OPTU, ADT, GNW Q1 2025 15 $144.4M ALVO, OPTU, ADT, GNW, NVDA Q4 2024 18 $995.7M FBTC, IVV, RSP, ALVO, OPTU Q3 2024 14 $245.7M ARKB, ALVO, OPTU, UNIT, GNW Q2 2024 10 $182.1M ARKB, ALVO, ADT, OSG, UNIT Q1 2024 11 $501.4M ARKB, IBIT, ALVO, GBTC, OSG