Goldentree Asset Management LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Goldentree Asset Management LP reported 25 stock positions worth $1.0 billion . Its top holding was Bausch Health Cos (BHC) at 22.4% of the portfolio, followed by MGM Resorts International (MGM, 18.2% ) and Norwegian Cruise Line Holdin (NCLH, 7.9% ). Compared with Q1 2025, it opened 7 new positions, sold out of 13, added to 7 and reduced 6. The biggest buy was MGM Resorts International (MGM, shares +21% ) and the biggest sale an exit from BXP (BXP).
Location NEW YORK, NY
CIK 0001278951
Portfolio Value $1.0B (Q2 2025) Holdings 25 stocks · $1.0B 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 Q1 2025 BHC Bausch Health Cos Inc. 34,254,889 $227.8M Add +13.2% MGM MGM Resorts International 5,402,092 $185.8M Add +20.7% NCLH Norwegian Cruise Line Holdin 3,997,792 $80.9M Add +23.9% PRKS United Parks & Resorts Inc. 1,217,470 $57.3M Reduce -8.9% VSXY Victoria's Secret & Co. 2,989,087 $55.2M Add +71.8% XLV SS Health Care Select Sector 350,000 $47.1M New SMA Smartstop Self Storage REIT 949,301 $34.3M New TDW Tidewater Inc. 731,333 $33.7M Reduce -25.0% BLCO Bausch + Lomb Corp. 2,583,185 $33.5M Add +14.9% SNEX Stonex Group Inc. 357,152 $32.5M New BYD Boyd Gaming Corp. 403,815 $31.6M Reduce -15.0% THC Tenet Healthcare Corp. 179,183 $31.5M New PFSI Pennymac Financial Services 294,199 $29.2M New WBD Warner Bros Discovery Inc. 2,331,096 $26.7M Reduce -61.8% LLYVK Liberty Media Corp.-Liberty-C 249,530 $20.2M Reduce -47.3% ASTL Algoma Steel Group Inc. 2,493,548 $17.2M No change ARDT Ardent Health Inc. 1,153,113 $15.7M Reduce -14.5% LILAK Liberty Latin Americ Class C 2,205,722 $13.7M No change MPLX MPLX LP 252,500 $13.0M No change MCY Mercury General Corp. 162,718 $10.9M New ET Energy Transfer LP 548,720 $9.9M Add +94.6% NRP Natural Resource Partners LP 63,842 $6.1M No change TIMB Tim SA-ADR 100,000 $2.0M No change JBS JBS NV-A 135,659 $2.0M New VOD Vodafone Group PLC-SP ADR 60,328 $643K Add +35.1%
Other holdings (2): bonds, preferreds, convertibles and warrants · $16.8M (not counted above) Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ BXP BXP Inc. Sold out 0.00% −5.95 OC Owens Corning Sold out 0.00% −5.57 VIK Viking Holdings Ltd. Sold out 0.00% −4.29 ECHO Echostar Corp. Class A Sold out 0.00% −4.18 NMIH Nmi Holdings Inc. Sold out 0.00% −3.95 MTDR Matador Resources Co. Sold out 0.00% −3.21 SLM SLM Corp. Sold out 0.00% −2.77 WBD Warner Bros Discovery Inc. Reduce -61.8% 2.62% −2.72 UBER Uber Technologies Inc. Sold out 0.00% −1.81 OKTA Okta Inc. Sold out 0.00% −1.67 QDEL Quidelortho Corp. Sold out 0.00% −1.63 TEVA Teva Pharmaceutical-SP ADR Sold out 0.00% −1.48 AER Aercap Holdings NV Sold out 0.00% −1.14 LLYVK Liberty Media Corp.-Liberty-C Reduce -47.3% 1.98% −0.64 XLF SS Financial Select Sector Sold out 0.00% −0.56 TDW Tidewater Inc. Reduce -25.0% 3.30% −0.05 ARDT Ardent Health Inc. Reduce -14.5% 1.54% +0.03 BYD Boyd Gaming Corp. Reduce -15.0% 3.10% +0.55 PRKS United Parks & Resorts Inc. Reduce -8.9% 5.62% +0.68
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ MGM MGM Resorts International Add +20.7% 18.24% +7.42 BHC Bausch Health Cos Inc. Add +13.2% 22.37% +6.43 XLV SS Health Care Select Sector New 4.62% +4.62 SMA Smartstop Self Storage REIT New 3.37% +3.37 SNEX Stonex Group Inc. New 3.19% +3.19 THC Tenet Healthcare Corp. New 3.09% +3.09 NCLH Norwegian Cruise Line Holdin Add +23.9% 7.94% +2.96 PFSI Pennymac Financial Services New 2.87% +2.87 VSXY Victoria's Secret & Co. Add +71.8% 5.42% +2.79 MCY Mercury General Corp. New 1.07% +1.07 BLCO Bausch + Lomb Corp. Add +14.9% 3.29% +0.64 ET Energy Transfer LP Add +94.6% 0.98% +0.55 JBS JBS NV-A New 0.19% +0.19 VOD Vodafone Group PLC-SP ADR Add +35.1% 0.06% +0.03
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ VODAFONE GROUP PLC NEW call Sold out 13,000,000 $130.0Mbefore exit
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 29 $1.7B CMCSA, BHC, WAY, CHTR, CBRE Q1 2026 27 $1.7B BHC, CMCSA, MGM, WAY, CBRE Q4 2025 27 $1.8B IVV, BHC, CMCSA, MGM, NCLH Q3 2025 Amended 23 $1.2B BHC, JAZZ, MGM, NCLH, PRKS Q2 2025 25 $1.0B BHC, MGM, NCLH, PRKS, VSXY Q1 2025 31 $1.2B BHC, MGM, BXP, OC, WBD Q4 2024 25 $1.2B IVV, BHC, OC, BXP, TDW Q3 2024 28 $1.2B BHC, MGM, CCL, PRKS, BLCO Q2 2024 36 $1.1B BHC, PRKS, CCL, BLCO, MGM Q1 2024 31 $1.2B BHC, BLCO, PRKS, AER, CRESCENT PT ENERGY CORP