Monarch Alternative Capital LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Monarch Alternative Capital LP reported 4 stock positions worth $411.5 million. Its top holding was Vistance Networks (VISN) at 43.2% of the portfolio, followed by Echostar Class A (ECHO, 38.2%) and Global Business Travel (GBTG, 13.3%). Compared with Q3 2025, it added to 1 and reduced 2. The biggest buy was Ardagh Metal Packaging (AMBP, shares +449%) and the biggest sale Echostar Class A (ECHO, shares −44%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001281084
Portfolio Value
$411.5M (Q4 2025)
SEC Filing
0000899140-26-000259 ↗ filed Feb 17, 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 Q3 2025 Q4 2025: $411.5M $411.5M Q4 2025 Q1 2026: $369.1M Q1 2026 Q2 2026: $516.2M Q2 2026

Holdings 4 stocks · $411.5M
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 43.22% 9,809,859 $177.9M Reduce -5.5%
ECHO Echostar Corp. Class A 38.17% 1,445,000 $157.1M Reduce -44.4%
GBTG Global Business Travel Group 13.27% 7,138,582 $54.6M No change
AMBP Ardagh Metal Packaging SA 5.33% 5,350,000 $21.9M Add +448.7%
Other holdings (1): bonds, preferreds, convertibles and warrants · $356.5M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 105,230,000$356.5MReduce -20.4%

Total filed on the 13F, all lines: $768.0M.

Portfolio Sells Q3 2025 → Q4 2025
ECHO Echostar Corp. Class A Reduce -44.4% 38.17% −8.99
VISN Vistance Networks Inc. Reduce -5.5% 43.22% +5.03

Portfolio Buys Q3 2025 → Q4 2025
AMBP Ardagh Metal Packaging SA Add +448.7% 5.33% +4.41

Notes & Other Activity Q3 2025 → Q4 2025
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Reduce -20.4% 105,230,000 $356.5M

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