Brigade Capital Management, LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Brigade Capital Management, LP reported 10 stock positions worth $100.6 million . Its top holding was Nabors Industries (NBR) at 36.5% of the portfolio, followed by Lumen Technologies (LUMN, 14.3% ) and Nomad Foods (NOMD, 10.9% ). Compared with Q3 2025, it opened 1 new position, sold out of 3, added to 1 and reduced 5. The biggest buy was a new position in Nomad Foods (NOMD) and the biggest sale an exit from Norwegian Cruise Line Holdin (NCLH).
Location NEW YORK, NY
CIK 0001421306
Portfolio Value $100.6M (Q4 2025) Holdings 10 stocks · $100.6M 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 Q3 2025 NBR Nabors Industries Ltd. 675,879 $36.7M Reduce -8.8% LUMN Lumen Technologies Inc. 1,850,000 $14.4M Reduce -36.2% NOMD Nomad Foods Ltd. 875,000 $10.9M New EXE Expand Energy Corp. 77,260 $8.5M Reduce -1.4% LNTH Lantheus Holdings Inc. 127,607 $8.5M Reduce -59.7% ECVT Ecovyst Inc. 817,255 $8.0M No change DHC Diversified Healthcare Trust 1,600,000 $7.8M No change FOA Finance of America Cos Inc. Class A 82,000 $2.0M Add +43.9% SVC Service Pptys TR 1,075,000 $2.0M No change FWRD Forward Air Corp. 77,357 $1.9M Reduce -65.0%
Options reported separately and not counted above: GLD calls ($79.3M), SPY puts ($30.8M), ORCL puts ($27.3M), IWM puts ($17.0M).
Other holdings (6): bonds, preferreds, convertibles and warrants · $76.1M (not counted above) Security Class Shares / Principal Value Change LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal 37,211,000 $42.5M Add +95.7% JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal 18,965,000 $25.3M Reduce -45.8% LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 76,540,000 $4.2M Reduce -3.3% JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal 3,000,000 $3.5M Reduce -40.0% LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 7,700,000 $424K Reduce -10.7% EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 1,468 $146K Reduce -38.8%
Total filed on the 13F, all lines: $176.7M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ NCLH Norwegian Cruise Line Holdin Sold out 0.00% −7.99 LNTH Lantheus Holdings Inc. Reduce -59.7% 8.44% −6.70 FWRD Forward Air Corp. Reduce -65.0% 1.92% −3.36 LUMN Lumen Technologies Inc. Reduce -36.2% 14.28% −2.27 GNW Genworth Financial Inc. Sold out 0.00% −1.33 BBGI Beasley Broadcast Grp Inc. Class A Sold out 0.00% −0.57 EXE Expand Energy Corp. Reduce -1.4% 8.47% +0.70 NBR Nabors Industries Ltd. Reduce -8.8% 36.46% +8.26
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ NOMD Nomad Foods Ltd. New 10.88% +10.88 FOA Finance of America Cos Inc. Class A Add +43.9% 1.97% +0.78
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ LQD Ishr Ibx Usd Invgd CB ETF-Ui put Sold out 2,000,000 $222.9Mbefore exit TLT iShares 20+ Year Treasury BD put Sold out 1,725,000 $154.2Mbefore exit GLD SPDR Gold Shares call Reduce -55.6% 200,000 $79.3M SPY SS SPDR S&P 500 ETF Trust-US put New 45,200 $30.8M ORCL Oracle Corp. put New 140,000 $27.3M IWM iShares Russell 2000 ETF put Reduce -82.8% 69,000 $17.0M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal Add +95.7% 37,211,000 $42.5M JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) NOTE 3.125% 9/1 · principal Reduce -45.8% 18,965,000 $25.3M LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal Reduce -3.3% 76,540,000 $4.2M JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal Reduce -40.0% 3,000,000 $3.5M LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal Reduce -10.7% 7,700,000 $424K EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Reduce -38.8% 1,468 $146K
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