Goldentree Asset Management LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Goldentree Asset Management LP reported 31 stock positions worth $1.2 billion. Its top holding was Bausch Health Cos (BHC) at 15.9% of the portfolio, followed by MGM Resorts International (MGM, 10.8%) and BXP (BXP, 5.9%). Compared with Q4 2024, it opened 11 new positions, sold out of 5, added to 11 and reduced 5. The biggest buy was a new position in MGM Resorts International (MGM) and the biggest sale an exit from iShares Core S&P 500 ETF (IVV).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001278951
Portfolio Value
$1.2B (Q1 2025)
SEC Filing
0001085146-25-003138 ↗ filed May 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.2B Q3 2024 Q4 2024: $1.2B Q4 2024 Q1 2025: $1.2B $1.2B Q1 2025 Q2 2025: $1.0B Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $1.8B Q4 2025 Q1 2026: $1.7B Q1 2026 Q2 2026: $1.7B Q2 2026

Holdings 31 stocks · $1.2B
BHC Bausch Health Cos Inc. 15.94% 30,250,000 $195.5M Add +9.8%
MGM MGM Resorts International 10.82% 4,477,282 $132.7M New
BXP BXP Inc. 5.95% 1,087,212 $72.9M Add +40.3%
OC Owens Corning 5.57% 479,068 $68.3M Reduce -11.9%
WBD Warner Bros Discovery Inc. 5.34% 6,108,277 $65.4M New
NCLH Norwegian Cruise Line Holdin 4.98% 3,225,837 $61.0M Add +232.4%
PRKS United Parks & Resorts Inc. 4.94% 1,335,924 $60.6M Add +66.0%
VIK Viking Holdings Ltd. 4.29% 1,325,835 $52.6M New
ECHO Echostar Corp. Class A 4.18% 2,006,195 $51.2M Add +824.7%
NMIH Nmi Holdings Inc. filed as NMI HLDGS INC 3.95% 1,345,857 $48.4M Add +61.5%
TDW Tidewater Inc. 3.36% 975,133 $41.1M Add +14.8%
MTDR Matador Resources Co. 3.21% 770,000 $39.3M New
SLM SLM Corp. 2.77% 1,160,138 $34.0M Add +49.0%
BLCO Bausch + Lomb Corp. 2.65% 2,248,269 $32.5M Add +29.8%
VSXY Victoria's Secret & Co. 2.63% 1,740,022 $32.3M New
LLYVK Liberty Media Corp.-Liberty-C 2.63% 473,804 $32.2M New
BYD Boyd Gaming Corp. 2.55% 475,115 $31.3M Add +4.2%
UBER Uber Technologies Inc. 1.81% 304,598 $22.2M Reduce -47.7%
OKTA Okta Inc. 1.67% 195,294 $20.5M New
QDEL Quidelortho Corp. 1.63% 570,966 $19.9M Add +18.5%
ARDT Ardent Health Inc. 1.51% 1,348,611 $18.5M No change
TEVA Teva Pharmaceutical-SP ADR 1.48% 1,179,215 $18.1M Reduce -40.0%
AER Aercap Holdings NV 1.14% 136,596 $13.9M Reduce -61.7%
LILAK Liberty Latin Americ Class C 1.12% 2,205,722 $13.7M No change
ASTL Algoma Steel Group Inc. 1.10% 2,493,548 $13.5M No change
MPLX MPLX LP 1.10% 252,500 $13.5M New
XLF SS Financial Select Sector 0.56% 139,000 $6.9M New
NRP Natural Resource Partners LP 0.54% 63,842 $6.6M No change
ET Energy Transfer LP 0.43% 281,949 $5.2M New
TIMB Tim SA-ADR 0.13% 100,000 $1.6M New
VOD Vodafone Group PLC-SP ADR 0.03% 44,654 $418K Reduce -98.5%

Options reported separately and not counted above: VODAFONE GROUP PLC NEW calls ($130.0M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $43.3M (not counted above)
SecurityClassShares / PrincipalValueChange
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 92,401,000$23.2MNo change
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 75,030,000$20.1MReduce -5.7%

Total filed on the 13F, all lines: $1.3B.

Portfolio Sells Q4 2024 → Q1 2025
IVV iShares Core S&P 500 ETF Sold out 0.00% −25.67
CZR Caesars Entertainment Inc. Sold out 0.00% −2.40
BECN Beacon Roofing Supply Inc. Sold out 0.00% −2.39
VOD Vodafone Group PLC-SP ADR Reduce -98.5% 0.03% −2.06
TEVA Teva Pharmaceutical-SP ADR Reduce -40.0% 1.48% −1.98
FWRD Forward Air Corp. Sold out 0.00% −1.84
OC Owens Corning Reduce -11.9% 5.57% −1.83
AER Aercap Holdings NV Reduce -61.7% 1.14% −1.59
UBER Uber Technologies Inc. Reduce -47.7% 1.81% −1.00
AMCX AMC Global Media Inc. Sold out 0.00% −0.64

Portfolio Buys Q4 2024 → Q1 2025
MGM MGM Resorts International New 10.82% +10.82
WBD Warner Bros Discovery Inc. New 5.34% +5.34
VIK Viking Holdings Ltd. New 4.29% +4.29
ECHO Echostar Corp. Class A Add +824.7% 4.18% +3.78
MTDR Matador Resources Co. New 3.21% +3.21
NCLH Norwegian Cruise Line Holdin Add +232.4% 4.98% +2.98
VSXY Victoria's Secret & Co. New 2.63% +2.63
LLYVK Liberty Media Corp.-Liberty-C New 2.63% +2.63
OKTA Okta Inc. New 1.67% +1.67
NMIH Nmi Holdings Inc. Add +61.5% 3.95% +1.50
BXP BXP Inc. Add +40.3% 5.95% +1.35
PRKS United Parks & Resorts Inc. Add +66.0% 4.94% +1.33
MPLX MPLX LP New 1.10% +1.10
SLM SLM Corp. Add +49.0% 2.77% +1.06
XLF SS Financial Select Sector New 0.56% +0.56
ET Energy Transfer LP New 0.43% +0.43
BLCO Bausch + Lomb Corp. Add +29.8% 2.65% +0.16
TIMB Tim SA-ADR New 0.13% +0.13
QDEL Quidelortho Corp. Add +18.5% 1.63% −0.09
BYD Boyd Gaming Corp. Add +4.2% 2.55% −0.10
TDW Tidewater Inc. Add +14.8% 3.36% −0.36
BHC Bausch Health Cos Inc. Add +9.8% 15.94% −1.80

Options Activity Q4 2024 → Q1 2025
VODAFONE GROUP PLC NEW call New 13,000,000 $130.0M
VOD Vodafone Group PLC-SP ADR call Sold out 11,600,000 $101Kbefore exit

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

Notes & Other Activity Q4 2024 → Q1 2025
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal Reduce -5.7% 75,030,000 $20.1M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 29$1.7BCMCSA, BHC, WAY, CHTR, CBRE
Q1 2026 27$1.7BBHC, CMCSA, MGM, WAY, CBRE
Q4 2025 27$1.8BIVV, BHC, CMCSA, MGM, NCLH
Q3 2025Amended 23$1.2BBHC, JAZZ, MGM, NCLH, PRKS
Q2 2025 25$1.0BBHC, MGM, NCLH, PRKS, VSXY
Q1 2025 31$1.2BBHC, MGM, BXP, OC, WBD
Q4 2024 25$1.2BIVV, BHC, OC, BXP, TDW
Q3 2024 28$1.2BBHC, MGM, CCL, PRKS, BLCO
Q2 2024 36$1.1BBHC, PRKS, CCL, BLCO, MGM
Q1 2024 31$1.2BBHC, BLCO, PRKS, AER, CRESCENT PT ENERGY CORP