Brigade Capital Management, LP
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Brigade Capital Management, LP reported 12 stock positions worth $89.6 million. Its top holding was Greenfire Resources (GFR) at 39.2% of the portfolio, followed by Playags (AGS, 15.2%) and Ecovyst (ECVT, 11.4%). Compared with Q4 2023, it opened 2 new positions, sold out of 2, added to 2 and reduced 3. The biggest buy was a new position in Bondbloxx-CCC-Usd HY Corp. BD (XCCC) and the biggest sale Clear Channel Outdoor Holdin (CCO, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001421306
- Portfolio Value
- $89.6M (Q1 2024)
- SEC Filing
- 0000919574-24-002906 ↗ filed May 14, 2024
Holdings Value
Holdings 12 stocks · $89.6M
| GFR Greenfire Resources Ltd. | 39.18% | 5,875,560 | $35.1M | No change |
| AGS Playags Inc. | 15.19% | 1,515,361 | $13.6M | Reduce -17.5% |
| ECVT Ecovyst Inc. | 11.41% | 917,000 | $10.2M | No change |
| MLCO Melco Resorts & Entert-ADR | 9.09% | 1,130,000 | $8.1M | Add +8.4% |
| XCCC Bondbloxx-CCC-Usd HY Corp. BD | 5.57% | 128,000 | $5.0M | New |
| CCO Clear Channel Outdoor Holdin | 5.25% | 2,850,000 | $4.7M | Reduce -61.3% |
| QVCG QVC Group Inc. filed as QURATE RETAIL INC | 4.00% | 2,917,578 | $3.6M | No change |
| LUMN Lumen Technologies Inc. | 3.48% | 2,000,000 | $3.1M | New |
| VST Vistra Corp. | 3.32% | 42,701 | $3.0M | Reduce -27.9% |
| DBD Diebold Nixdorf Inc. | 1.83% | 47,580 | $1.6M | No change |
| VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC | 1.14% | 777,000 | $1.0M | No change |
| DHC Diversified Healthcare Trust | 0.55% | 200,000 | $492K | Add +100.0% |
Options reported separately and not counted above: IWM calls ($320.7M), EL calls ($1.6M), EL puts ($1.6M).
Other holdings (5): bonds, preferreds, convertibles and warrants · $52.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) | DEB 3.750% 2/1 · principal | 102,339,000 | $39.1M | Add +2.0% |
| LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) | DEB 4.000%11/1 · principal | 15,364,000 | $5.9M | Add +4.8% |
| AGMIT MERGER SUB LLC (MITT 6.75 09/15/24) | NOTE 6.750% 9/1 · principal | 4,000,000 | $3.9M | Reduce -84.3% |
| LIBERTY LATIN AMERICA (LILAK 2 07/15/24) | NOTE 2.000% 7/1 · principal | 2,360,000 | $2.3M | No change |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 1,325,000 | $1.3M | No change |
Total filed on the 13F, all lines: $142.2M.
Portfolio Sells Q4 2023 → Q1 2024
Portfolio Buys Q4 2023 → Q1 2024
Options Activity Q4 2023 → Q1 2024
| IWM iShares Russell 2000 ETF | put | Sold out | 5,080,000 | $1.0Bbefore exit |
| TLT iShares 20+ Year Treasury BD | call | Sold out | 7,000,000 | $692.2Mbefore exit |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | put | Sold out | 3,700,000 | $409.4Mbefore exit |
| IWM iShares Russell 2000 ETF | call | Reduce -6.9% | 1,525,000 | $320.7M |
| XHB SS SPDR S&P Homebldrs ETF | put | Sold out | 870,800 | $83.3Mbefore exit |
| XRT SS SPDR S&P Retail ETF | put | Sold out | 678,000 | $49.0Mbefore exit |
| PII Polaris Inc. | put | Sold out | 145,000 | $13.7Mbefore exit |
| CCL Carnival Corp. | put | Sold out | 621,500 | $11.5Mbefore exit |
| AZO AutoZone Inc. | put | Sold out | 3,100 | $8.0Mbefore exit |
| THO Thor Industries Inc. | call | Sold out | 58,000 | $6.9Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 6,500 | $2.7Mbefore exit |
| AAPL Apple Inc. | put | Sold out | 8,200 | $1.6Mbefore exit |
| AAPL Apple Inc. | call | Sold out | 8,200 | $1.6Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024
| LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) | DEB 3.750% 2/1 · principal | Add +2.0% | 102,339,000 | $39.1M |
| LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) | DEB 4.000%11/1 · principal | Add +4.8% | 15,364,000 | $5.9M |
| AGMIT MERGER SUB LLC (MITT 6.75 09/15/24) | NOTE 6.750% 9/1 · principal | Reduce -84.3% | 4,000,000 | $3.9M |
| VISTRA CORP - CW24 | *W EXP 02/02/202 | Sold out | 28,415 | $207before 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 | 9 | $86.1M | LNTH, EXE, VST, FOA, LMRI |
| Q1 2026 | 8 | $80.3M | LNTH, LUMN, ECVT, SPY, EXE |
| Q4 2025 | 10 | $100.6M | NBR, LUMN, NOMD, EXE, LNTH |
| Q3 2025 | 12 | $107.2M | NBR, LUMN, LNTH, NCLH, EXE |
| Q2 2025 | 10 | $78.6M | NBR, LUMN, LNTH, EXE, ECVT |
| Q1 2025 | 8 | $59.0M | NBR, EXE, ECVT, FWRD, SVC |
| Q4 2024 | 7 | $26.5M | EXE, MLCO, FWRD, ECVT, FOA |
| Q3 2024 | 11 | $141.1M | LQD, GFR, ECVT, MLCO, EXE |
| Q2 2024 | 10 | $74.9M | GFR, ECVT, PENN, MLCO, XCCC |
| Q1 2024 | 12 | $89.6M | GFR, AGS, ECVT, MLCO, XCCC |