Brigade Capital Management, LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Brigade Capital Management, LP reported 12 stock positions worth $107.2 million . Its top holding was Nabors Industries (NBR) at 28.2% of the portfolio, followed by Lumen Technologies (LUMN, 16.6% ) and Lantheus (LNTH, 15.1% ). Compared with Q2 2025, it opened 2 new positions, added to 2 and reduced 1. The biggest buy was a new position in Norwegian Cruise Line Holdin (NCLH) and the biggest sale Nabors Industries (NBR, shares −16% ).
Location NEW YORK, NY
CIK 0001421306
Portfolio Value $107.2M (Q3 2025) Holdings 12 stocks · $107.2M 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 Q2 2025 NBR Nabors Industries Ltd. 740,975 $30.2M Reduce -15.7% LUMN Lumen Technologies Inc. 2,900,000 $17.7M No change LNTH Lantheus Holdings Inc. 316,345 $16.2M Add +121.0% NCLH Norwegian Cruise Line Holdin 347,600 $8.6M New EXE Expand Energy Corp. 78,386 $8.3M No change ECVT Ecovyst Inc. 817,255 $7.2M No change DHC Diversified Healthcare Trust 1,600,000 $7.1M Add +47.9% FWRD Forward Air Corp. 220,850 $5.7M No change SVC Service Pptys TR 1,075,000 $2.9M No change GNW Genworth Financial Inc. 160,000 $1.4M New FOA Finance of America Cos Inc. Class A 57,000 $1.3M No change BBGI Beasley Broadcast Grp Inc. Class A 136,455 $611K No change
Options reported separately and not counted above: LQD puts ($222.9M), GLD calls ($160.0M), TLT puts ($154.2M), IWM puts ($96.8M).
Other holdings (6): bonds, preferreds, convertibles and warrants · $74.1M (not counted above) Security Class Shares / Principal Value Change JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal 34,965,000 $41.6M New LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal 19,010,000 $19.9M New LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 79,114,000 $6.3M No change JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal 5,000,000 $5.3M New LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 8,624,000 $733K No change EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 2,398 $232K No change
Total filed on the 13F, all lines: $181.4M.
Portfolio Sells Q2 2025 → Q3 2025 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ NBR Nabors Industries Ltd. Reduce -15.7% 28.20% −3.13
Portfolio Buys Q2 2025 → Q3 2025 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ NCLH Norwegian Cruise Line Holdin New 7.99% +7.99 DHC Diversified Healthcare Trust Add +47.9% 6.58% +1.66 GNW Genworth Financial Inc. New 1.33% +1.33 LNTH Lantheus Holdings Inc. Add +121.0% 15.13% +0.23
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ GLD SPDR Gold Shares call New 450,000 $160.0M TLT iShares 20+ Year Treasury BD put New 1,725,000 $154.2M IWM iShares Russell 2000 ETF call Sold out 600,000 $129.5Mbefore exit IWM iShares Russell 2000 ETF put New 400,000 $96.8M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 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