Monarch Alternative Capital LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed February 5, 2026), Monarch Alternative Capital LP reported 4 stock positions worth $420.7 million. Its top holding was Echostar Class A (ECHO) at 47.2% of the portfolio, followed by Vistance Networks (VISN, 38.2%) and Global Business Travel (GBTG, 13.7%). Compared with Q2 2025, it opened 3 new positions and added to 1. The biggest buy was a new position in Echostar Class A (ECHO).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001281084
Portfolio Value
$420.7M (Q3 2025)
SEC Filing
0000899140-26-000101 ↗ filed Feb 5, 2026

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $81.9M Q1 2024 Q2 2024: $63.7M Q2 2024 Q3 2024: $423.8M Q3 2024 Q4 2024: $478.9M Q4 2024 Q1 2025: $189.4M Q1 2025 Q2 2025: $82.8M Q2 2025 Q3 2025: $420.7M $420.7M Q3 2025 Q4 2025: $411.5M Q4 2025 Q1 2026: $369.1M Q1 2026 Q2 2026: $516.2M Q2 2026

Holdings 4 stocks · $420.7M
ECHO Echostar Corp. Class A 47.16% 2,598,216 $198.4M New
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 38.20% 10,380,000 $160.7M Add +3.8%
GBTG Global Business Travel Group 13.71% 7,138,582 $57.7M New
AMBP Ardagh Metal Packaging SA 0.92% 975,000 $3.9M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $324.3M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 132,200,000$324.3MAdd +19.8%

Total filed on the 13F, all lines: $744.9M.

Portfolio Sells Q2 2025 → Q3 2025
None this quarter.

Portfolio Buys Q2 2025 → Q3 2025
ECHO Echostar Corp. Class A New 47.16% +47.16
GBTG Global Business Travel Group New 13.71% +13.71
AMBP Ardagh Metal Packaging SA New 0.92% +0.92
VISN Vistance Networks Inc. Add +3.8% 38.20% −61.80

Notes & Other Activity Q2 2025 → Q3 2025
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Add +19.8% 132,200,000 $324.3M
TPI COMPOSITES INC (TPIC 5.25 03/15/28) NOTE 5.250% 3/1 · principal Sold out 36,475,000 $2.5Mbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 6$516.2MECHO, KEEL, CORZ, VISN, MBC
Q1 2026 6$369.1MVISN, ECHO, GBTG, MBC, BITF
Q4 2025 4$411.5MVISN, ECHO, GBTG, AMBP
Q3 2025Amended 4$420.7MECHO, VISN, GBTG, AMBP
Q2 2025 1$82.8MVISN
Q1 2025 3$189.4MLTM, ECHO, VISN
Q4 2024 4$478.9MTLN, LTM, ECHO, VISN
Q3 2024 4$423.8MTLN, LTM, ECHO, VISN
Q2 2024 2$63.7MECHO, BERY
Q1 2024 3$81.9MBERY, AVPT, ECHO