Brigade Capital Management, LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Brigade Capital Management, LP reported 8 stock positions worth $80.3 million. Its top holding was Lantheus (LNTH) at 34.4% of the portfolio, followed by Lumen Technologies (LUMN, 16.0%) and Ecovyst (ECVT, 13.1%). Compared with Q4 2025, it opened 2 new positions, sold out of 4, added to 2 and reduced 1. The biggest buy was Lantheus (LNTH, shares +185%) and the biggest sale an exit from Nabors Industries (NBR).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001421306
- Portfolio Value
- $80.3M (Q1 2026)
- SEC Filing
- 0000919574-26-003134 ↗ filed May 15, 2026
Holdings Value
Holdings 8 stocks · $80.3M
| LNTH Lantheus Holdings Inc. | 34.35% | 363,745 | $27.6M | Add +185.1% |
| LUMN Lumen Technologies Inc. | 15.96% | 1,850,000 | $12.8M | No change |
| ECVT Ecovyst Inc. | 13.09% | 817,255 | $10.5M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 12.14% | 15,000 | $9.8M | New |
| EXE Expand Energy Corp. | 10.54% | 77,120 | $8.5M | Reduce -0.2% |
| NOMD Nomad Foods Ltd. | 10.47% | 875,000 | $8.4M | No change |
| FOA Finance of America Cos Inc. Class A | 3.24% | 157,000 | $2.6M | Add +91.5% |
| CNTY Century Casinos Inc. | 0.20% | 117,549 | $163K | New |
Options reported separately and not counted above: HYG puts ($190.9M), TLT puts ($177.7M), LQD calls ($109.0M), HYG calls ($95.5M), IWM calls ($75.6M), CRWV puts ($7.7M), LNTH calls ($7.6M).
Other holdings (3): bonds, preferreds, convertibles and warrants · $61.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 48,760,000 | $58.3M | Add +31.0% |
| LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) | DEB 3.750% 2/1 · principal | 76,540,000 | $2.9M | No change |
| LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) | DEB 4.000%11/1 · principal | 7,700,000 | $289K | No change |
Total filed on the 13F, all lines: $141.7M.
Portfolio Sells Q4 2025 → Q1 2026
Portfolio Buys Q4 2025 → Q1 2026
Options Activity Q4 2025 → Q1 2026
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 2,400,000 | $190.9M |
| TLT iShares 20+ Year Treasury BD | put | New | 2,050,000 | $177.7M |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | call | New | 1,000,000 | $109.0M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | call | New | 1,200,000 | $95.5M |
| GLD SPDR Gold Shares | call | Sold out | 200,000 | $79.3Mbefore exit |
| IWM iShares Russell 2000 ETF | call | New | 305,000 | $75.6M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 45,200 | $30.8Mbefore exit |
| ORCL Oracle Corp. | put | Sold out | 140,000 | $27.3Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Sold out | 69,000 | $17.0Mbefore exit |
| CRWV Coreweave Inc. Class A | put | New | 100,000 | $7.7M |
| LNTH Lantheus Holdings Inc. | call | New | 100,000 | $7.6M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Add +31.0% | 48,760,000 | $58.3M |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | Sold out | 18,965,000 | $25.3Mbefore exit |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Sold out | 3,000,000 | $3.5Mbefore exit |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | Sold out | 1,468 | $146Kbefore exit |
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 |