Monarch Alternative Capital LP

Name: Monarch Alternative Capital LP 13F holdings, Q1 2025
Creator: Monarch Alternative Capital LP
Published: 2025-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Monarch Alternative Capital LP reported 3 stock positions worth $189.4 million. Its top holding was Latam Airlines Group SA-ADR (LTM) at 49.5% of the portfolio, followed by Echostar Class A (ECHO, 38.5%) and Vistance Networks (VISN, 11.9%). Compared with Q4 2024, it sold out of 1, added to 1 and reduced 1. The biggest buy was Vistance Networks (VISN, shares +56%) and the biggest sale an exit from Talen Energy (TLN).

Most Recent 13F: Q2 2026
Location: New York, NY
CIK: 0001281084
Portfolio Value: $189.4M (Q1 2025)
SEC Filing: 0000899140-25-000704 ↗ filed May 15, 2025

Holdings Value

Holdings 3 stocks · $189.4M


LTM Latam Airlines Group SA-ADR	49.55%	3,000,000	$93.8M	Reduce -22.8%
ECHO Echostar Corp. Class A	38.53%	2,852,573	$73.0M	No change
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC	11.93%	4,254,900	$22.6M	Add +56.4%

Options reported separately and not counted above: SPY puts ($881.0M), QQQ puts ($124.3M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $105.6M (not counted above)

Security	Class	Shares / Principal	Value	Change
ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	90,347,937	$101.1M	No change
TPI COMPOSITES INC (TPIC 5.25 03/15/28)	NOTE 5.250% 3/1 · principal	28,475,000	$4.6M	Reduce -6.6%

Total filed on the 13F, all lines: $295.0M.

Portfolio Sells Q4 2024 → Q1 2025


TLN Talen Energy Corp.	Sold out	0.00%	−61.00
LTM Latam Airlines Group SA-ADR	Reduce -22.8%	49.55%	+27.15

Portfolio Buys Q4 2024 → Q1 2025


VISN Vistance Networks Inc.	Add +56.4%	11.93%	+8.97

Options Activity Q4 2024 → Q1 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	New	1,575,000	$881.0M
QQQ Invesco QQQ Trust Series 1	put	New	265,000	$124.3M

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


TPI COMPOSITES INC (TPIC 5.25 03/15/28)	NOTE 5.250% 3/1 · principal	Reduce -6.6%	28,475,000	$4.6M

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	6	$516.2M	ECHO, KEEL, CORZ, VISN, MBC
Q1 2026	6	$369.1M	VISN, ECHO, GBTG, MBC, BITF
Q4 2025	4	$411.5M	VISN, ECHO, GBTG, AMBP
Q3 2025Amended	4	$420.7M	ECHO, VISN, GBTG, AMBP
Q2 2025	1	$82.8M	VISN
Q1 2025	3	$189.4M	LTM, ECHO, VISN
Q4 2024	4	$478.9M	TLN, LTM, ECHO, VISN
Q3 2024	4	$423.8M	TLN, LTM, ECHO, VISN
Q2 2024	2	$63.7M	ECHO, BERY
Q1 2024	3	$81.9M	BERY, AVPT, ECHO