Brigade Capital Management, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Brigade Capital Management, LP reported 8 stock positions worth $59.0 million. Its top holding was Nabors Industries (NBR) at 63.8% of the portfolio, followed by Expand Energy (EXE, 14.8%) and Ecovyst (ECVT, 7.0%). Compared with Q4 2024, it opened 2 new positions, sold out of 1 and added to 1. The biggest buy was a new position in Nabors Industries (NBR) and the biggest sale an exit from Melco Resorts & Entert-ADR (MLCO).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001421306
Portfolio Value
$59.0M (Q1 2025)
SEC Filing
0000919574-25-003214 ↗ filed May 15, 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 Q4 2024 Q1 2025: $59.0M $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 8 stocks · $59.0M
NBR Nabors Industries Ltd. 63.77% 904,035 $37.7M New
EXE Expand Energy Corp. 14.78% 78,386 $8.7M No change
ECVT Ecovyst Inc. 7.01% 667,255 $4.1M Add +28.7%
FWRD Forward Air Corp. 5.65% 166,000 $3.3M No change
SVC Service Pptys TR 4.02% 910,000 $2.4M New
FOA Finance of America Cos Inc. Class A 2.05% 57,000 $1.2M No change
DHC Diversified Healthcare Trust 1.63% 400,000 $960K No change
BBGI Beasley Broadcast Grp Inc. Class A 1.09% 136,455 $644K No change

Options reported separately and not counted above: IWM puts ($234.4M), HYG puts ($197.2M), LQD puts ($195.6M), IWM calls ($89.8M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $21.8M (not counted above)
SecurityClassShares / PrincipalValueChange
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 79,114,000$19.4MNo change
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 8,624,000$2.2MNo change
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 2,398$241KNo change

Total filed on the 13F, all lines: $80.9M.

Portfolio Sells Q4 2024 → Q1 2025
MLCO Melco Resorts & Entert-ADR Sold out 0.00% −21.86

Portfolio Buys Q4 2024 → Q1 2025
NBR Nabors Industries Ltd. New 63.77% +63.77
SVC Service Pptys TR New 4.02% +4.02
ECVT Ecovyst Inc. Add +28.7% 7.01% −7.95

Options Activity Q4 2024 → Q1 2025
IWM iShares Russell 2000 ETF put New 1,175,000 $234.4M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 2,500,000 $197.2M
LQD Ishr Ibx Usd Invgd CB ETF-Ui put Add +20.0% 1,800,000 $195.6M
IWM iShares Russell 2000 ETF call New 450,000 $89.8M
TLT iShares 20+ Year Treasury BD put Sold out 750,000 $65.5Mbefore exit
GLD SPDR Gold Shares call Sold out 220,000 $53.3Mbefore exit

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