Brigade Capital Management, LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Brigade Capital Management, LP reported 7 stock positions worth $26.5 million. Its top holding was Expand Energy (EXE) at 29.4% of the portfolio, followed by Melco Resorts & Entert-ADR (MLCO, 21.9%) and Forward Air (FWRD, 20.2%). Compared with Q3 2024, it opened 3 new positions, sold out of 7, added to 1 and reduced 2. The biggest buy was Expand Energy (EXE, shares +2%) and the biggest sale an exit from Ishr Ibx Usd Invgd CB ETF-Ui (LQD).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001421306
Portfolio Value
$26.5M (Q4 2024)
SEC Filing
0000919574-25-001467 ↗ filed Feb 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $89.6M Q1 2024 Q2 2024: $74.9M Q2 2024 Q3 2024: $141.1M Q3 2024 Q4 2024: $26.5M $26.5M Q4 2024 Q1 2025: $59.0M Q1 2025 Q2 2025: $78.6M Q2 2025 Q3 2025: $107.2M Q3 2025 Q4 2025: $100.6M Q4 2025 Q1 2026: $80.3M Q1 2026 Q2 2026: $86.1M Q2 2026

Holdings 7 stocks · $26.5M
EXE Expand Energy Corp. 29.42% 78,386 $7.8M Add +1.6%
MLCO Melco Resorts & Entert-ADR 21.86% 1,001,215 $5.8M Reduce -11.4%
FWRD Forward Air Corp. 20.18% 166,000 $5.4M New
ECVT Ecovyst Inc. 14.95% 518,500 $4.0M Reduce -63.7%
FOA Finance of America Cos Inc. Class A 6.00% 57,000 $1.6M New
BBGI Beasley Broadcast Grp Inc. Class A 4.12% 136,455 $1.1M New
DHC Diversified Healthcare Trust 3.47% 400,000 $920K No change

Options reported separately and not counted above: LQD puts ($160.3M), TLT puts ($65.5M), GLD calls ($53.3M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $25.4M (not counted above)
SecurityClassShares / PrincipalValueChange
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 79,114,000$22.5MReduce -12.7%
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 8,624,000$2.6MReduce -23.9%
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 2,398$205KNew

Total filed on the 13F, all lines: $51.9M.

Portfolio Sells Q3 2024 → Q4 2024
LQD Ishr Ibx Usd Invgd CB ETF-Ui Sold out 0.00% −41.05
GFR Greenfire Resources Ltd. Sold out 0.00% −26.89
PENN Penn Entertainment Inc. Sold out 0.00% −3.85
XCCC Bondbloxx-CCC-Usd HY Corp. BD Sold out 0.00% −3.61
M Macy's Inc. Sold out 0.00% −2.85
VST Vistra Corp. Sold out 0.00% −1.63
QVCG QVC Group Inc. Sold out 0.00% −1.26
ECVT Ecovyst Inc. Reduce -63.7% 14.95% +8.01
MLCO Melco Resorts & Entert-ADR Reduce -11.4% 21.86% +15.62

Portfolio Buys Q3 2024 → Q4 2024
EXE Expand Energy Corp. Add +1.6% 29.42% +24.93
FWRD Forward Air Corp. New 20.18% +20.18
FOA Finance of America Cos Inc. Class A New 6.00% +6.00
BBGI Beasley Broadcast Grp Inc. Class A New 4.12% +4.12

Options Activity Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 300,000 $172.1Mbefore exit
LQD Ishr Ibx Usd Invgd CB ETF-Ui put New 1,500,000 $160.3M
IWM iShares Russell 2000 ETF call Sold out 500,000 $110.4Mbefore exit
TLT iShares 20+ Year Treasury BD put New 750,000 $65.5M
GLD SPDR Gold Shares call New 220,000 $53.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal Reduce -12.7% 79,114,000 $22.5M
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal Reduce -23.9% 8,624,000 $2.6M
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 New 2,398 $205K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 9$86.1MLNTH, EXE, VST, FOA, LMRI
Q1 2026 8$80.3MLNTH, LUMN, ECVT, SPY, EXE
Q4 2025 10$100.6MNBR, LUMN, NOMD, EXE, LNTH
Q3 2025 12$107.2MNBR, LUMN, LNTH, NCLH, EXE
Q2 2025 10$78.6MNBR, LUMN, LNTH, EXE, ECVT
Q1 2025 8$59.0MNBR, EXE, ECVT, FWRD, SVC
Q4 2024 7$26.5MEXE, MLCO, FWRD, ECVT, FOA
Q3 2024 11$141.1MLQD, GFR, ECVT, MLCO, EXE
Q2 2024 10$74.9MGFR, ECVT, PENN, MLCO, XCCC
Q1 2024 12$89.6MGFR, AGS, ECVT, MLCO, XCCC