Brigade Capital Management, LP

Name: BRIGADE CAPITAL MANAGEMENT, LP 13F holdings, Q2 2025
Creator: BRIGADE CAPITAL MANAGEMENT, LP
Published: 2025-08-14

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Brigade Capital Management, LP reported 10 stock positions worth $78.6 million. Its top holding was Nabors Industries (NBR) at 31.3% of the portfolio, followed by Lumen Technologies (LUMN, 16.2%) and Lantheus (LNTH, 14.9%). Compared with Q1 2025, it opened 2 new positions, added to 4 and reduced 1. The biggest buy was a new position in Lumen Technologies (LUMN) and the biggest sale Nabors Industries (NBR, shares −3%).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001421306
Portfolio Value: $78.6M (Q2 2025)
SEC Filing: 0000919574-25-004815 ↗ filed Aug 14, 2025

Holdings Value

Holdings 10 stocks · $78.6M


NBR Nabors Industries Ltd.	31.33%	878,641	$24.6M	Reduce -2.8%
LUMN Lumen Technologies Inc.	16.16%	2,900,000	$12.7M	New
LNTH Lantheus Holdings Inc.	14.91%	143,145	$11.7M	New
EXE Expand Energy Corp.	11.66%	78,386	$9.2M	No change
ECVT Ecovyst Inc.	8.56%	817,255	$6.7M	Add +22.5%
FWRD Forward Air Corp.	6.90%	220,850	$5.4M	Add +33.0%
DHC Diversified Healthcare Trust	4.93%	1,081,643	$3.9M	Add +170.4%
SVC Service Pptys TR	3.27%	1,075,000	$2.6M	Add +18.1%
FOA Finance of America Cos Inc. Class A	1.68%	57,000	$1.3M	No change
BBGI Beasley Broadcast Grp Inc. Class A	0.61%	136,455	$477K	No change

Options reported separately and not counted above: LQD puts ($219.2M), IWM calls ($129.5M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $8.5M (not counted above)

Security	Class	Shares / Principal	Value	Change
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30)	DEB 3.750% 2/1 · principal	79,114,000	$7.4M	No change
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29)	DEB 4.000%11/1 · principal	8,624,000	$864K	No change
EXEEL Chesapeake Energy Corp. -CW26	*W EXP 02/09/202	2,398	$259K	No change

Total filed on the 13F, all lines: $87.1M.

Portfolio Sells Q1 2025 → Q2 2025


NBR Nabors Industries Ltd.	Reduce -2.8%	31.33%	−32.44

Portfolio Buys Q1 2025 → Q2 2025


LUMN Lumen Technologies Inc.	New	16.16%	+16.16
LNTH Lantheus Holdings Inc.	New	14.91%	+14.91
DHC Diversified Healthcare Trust	Add +170.4%	4.93%	+3.30
ECVT Ecovyst Inc.	Add +22.5%	8.56%	+1.55
FWRD Forward Air Corp.	Add +33.0%	6.90%	+1.25
SVC Service Pptys TR	Add +18.1%	3.27%	−0.75

Options Activity Q1 2025 → Q2 2025


IWM iShares Russell 2000 ETF	put	Sold out	1,175,000	$234.4Mbefore exit
LQD Ishr Ibx Usd Invgd CB ETF-Ui	put	Add +11.1%	2,000,000	$219.2M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	put	Sold out	2,500,000	$197.2Mbefore exit
IWM iShares Russell 2000 ETF	call	Add +33.3%	600,000	$129.5M

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