In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Bracebridge Capital, LLC reported 17 stock positions worth $553.9 million . Its top holding was SPDR Gold Shares (GLD) at 74.1% of the portfolio, followed by Uniti (UNIT, 13.1% ) and Tesla (TSLA, 2.6% ). Compared with Q4 2025, it opened 5 new positions, sold out of 1, added to 3 and reduced 1. The biggest buy was SPDR Gold Shares (GLD, shares +139% ) and the biggest sale an exit from Aa Mission Acquisition Cor-A (AAM).
Location BOSTON, MA
CIK 0001426486
Portfolio Value $553.9M (Q1 2026) Holdings 17 stocks · $553.9M 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 Q4 2025 GLD SPDR Gold Shares 953,450 $410.3M Add +139.1% UNIT Uniti Group Inc. 7,743,465 $72.6M Add +11.6% TSLA Tesla Inc. 39,400 $14.6M New ADT Adt Inc. 2,126,000 $14.0M No change ALVO Alvotech SA 2,705,304 $9.3M No change GNW Genworth Financial Inc. 714,388 $5.8M New BXMT Blackstone Mortgage Tru Class A 241,700 $4.6M No change ASTL Algoma Steel Group Inc. 924,931 $3.8M No change HYG Ishr Ibx Usd Hiyld CB ETF-Ui 37,500 $3.0M New AMC AMC Entertainment HLDS Class A 2,751,699 $2.7M New OSG Octave Specialty Group Inc. 579,234 $2.7M No change OPTU Optimum Communications Inc. Class A 1,765,918 $2.3M Reduce -43.6% AQST Aquestive Therapeutics Inc. 459,216 $1.9M No change RNA Atrium Therapeutics Inc. 139,239 $1.9M New CCO Clear Channel Outdoor Holdin 756,426 $1.8M No change TRTX TPG Re Finance Trust Inc. 182,157 $1.4M No change PDD PDD Holdings Inc. 11,600 $1.2M Add +28.9%
Options reported separately and not counted above: IWM puts ($1.5B), SPDR GOLD TR puts ($424.4M), SELECT SECTOR SPDR TR puts ($245.9M), STATE STR SPDR S&P 500 ETF T calls ($227.6M), ISHARES TR puts ($214.8M), ISHARES TR calls ($207.5M), SPDR GOLD TR calls ($86.1M), TESLA INC calls ($53.0M), TESLA INC puts ($53.0M), SALESFORCE INC calls ($37.3M), WARNER BROS DISCOVERY INC calls ($27.5M), ARES CAPITAL CORP puts ($24.1M), and 4 more.
Other holdings (11): bonds, preferreds, convertibles and warrants · $2.4M (not counted above) Security Class Shares / Principal Value Change LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 47,700,000 $2.1M No change TGE.WS Generation Essentials - 30 *W EXP 02/15/202 325,000 $62K No change CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 12,500 $44K No change BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 166,666 $43K No change NUCLW Eagle Nuclear Energy Corp. *W EXP 02/25/203 25,000 $35K New AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 50,000 $28K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 262,156 $17K No change BGLWW Blue Gold Ltd. *W EXP 04/01/203 75,000 $15K No change GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 75,000 $14K No change DAICW Cid Holdco Inc. -26 *W EXP 12/31/202 62,500 $2K No change TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 12,500 $424 No change
Total filed on the 13F, all lines: $556.2M.
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ AAM Aa Mission Acquisition Cor-A Sold out 0.00% −2.38 OPTU Optimum Communications Inc. Class A Reduce -43.6% 0.41% −1.50
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ GLD SPDR Gold Shares Add +139.1% 74.07% +15.42 TSLA Tesla Inc. New 2.64% +2.64 GNW Genworth Financial Inc. New 1.05% +1.05 HYG Ishr Ibx Usd Hiyld CB ETF-Ui New 0.54% +0.54 AMC AMC Entertainment HLDS Class A New 0.49% +0.49 RNA Atrium Therapeutics Inc. New 0.34% +0.34 PDD PDD Holdings Inc. Add +28.9% 0.21% −0.16 UNIT Uniti Group Inc. Add +11.6% 13.11% −4.95
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put New 62,365 $1.5B ISHARES TR put Sold out 20,615 $507.5Mbefore exit SPDR GOLD TR put Add +3.8% 9,862 $424.4M SELECT SECTOR SPDR TR put New 30,000 $245.9M STATE STR SPDR S&P 500 ETF T call Add +10.6% 3,500 $227.6M ISHARES TR put Reduce -79.2% 27,000 $214.8M ISHARES TR call Reduce -44.5% 8,365 $207.5M CORE SCIENTIFIC INC NEW call Sold out 59,822 $87.1Mbefore exit SPDR GOLD TR call Reduce -50.0% 2,000 $86.1M TESLA INC put New 1,425 $53.0M TESLA INC call Add +29.6% 1,425 $53.0M SALESFORCE INC call New 2,000 $37.3M WARNER BROS DISCOVERY INC call New 10,000 $27.5M KRANESHARES TRUST call Sold out 8,000 $27.2Mbefore exit ARES CAPITAL CORP put New 13,350 $24.1M IGV iShares Expanded Tech-Softwa put New 2,000 $16.0M INVESCO EXCH TRADED FD TR II put New 2,500 $5.1M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 Sold out 579,230 $2.6Mbefore exit AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 Sold out 300,000 $51Kbefore exit NUCLW Eagle Nuclear Energy Corp. *W EXP 02/25/203 New 25,000 $35K CRPWF Carbon Revolution PLC *W EXP 99/99/999 Sold out 141,666 $1Kbefore exit ALURW Allurion Technologies-28 *W EXP 08/01/203 Sold out 15,311 $234before 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