Nut Tree Capital Management, LP

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Nut Tree Capital Management, LP reported 12 stock positions worth $341.4 million. Its top holding was Caesars Entertainment (CZR) at 26.8% of the portfolio, followed by Constellium (CSTM, 19.9%) and Brightspire Capital (BRSP, 18.4%). Compared with Q1 2024, it opened 4 new positions and added to 2. The biggest buy was Xponential Fitness Class A (XPOF, shares +901%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001661655
Portfolio Value
$341.4M (Q2 2024)
SEC Filing
0001085146-24-003981 ↗ filed Aug 14, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $312.2M Q1 2024 Q2 2024: $341.4M $341.4M Q2 2024 Q3 2024: $365.5M Q3 2024 Q4 2024: $256.3M Q4 2024 Q1 2025: $280.2M Q1 2025 Q2 2025: $295.2M Q2 2025 Q3 2025: $369.8M Q3 2025 Q4 2025: $442.5M Q4 2025 Q1 2026: $245.3M Q1 2026 Q2 2026: $419.0M Q2 2026

Holdings 12 stocks · $341.4M
CZR Caesars Entertainment Inc. 26.77% 2,300,000 $91.4M Add +4.5%
CSTM Constellium SE 19.88% 3,600,000 $67.9M No change
BRSP Brightspire Capital Inc. 18.36% 10,993,946 $62.7M No change
XPOF Xponential Fitness Inc. Class A 11.43% 2,501,722 $39.0M Add +900.7%
AVAH Aveanna Healthcare Holdings 10.00% 12,372,649 $34.1M No change
CNK Cinemark Holdings Inc. 4.67% 737,361 $15.9M No change
ECHO Echostar Corp. Class A 2.61% 500,000 $8.9M New
INNOVATE CORP (VATE 7.5 08/01/26 *) 1.68% 16,549,000 $5.7M New
STHO Star Holdings filed as STAR HLDGS 1.59% 449,647 $5.4M No change
TSEOQ Trinseo PLC 1.35% 2,000,000 $4.6M New
OI O-I Glass Inc. 1.30% 400,000 $4.5M No change
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 0.36% 1,000,000 $1.2M New

Options reported separately and not counted above: HASI puts ($3.0M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $46.1M (not counted above)
SecurityClassShares / PrincipalValueChange
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal 65,150,000$40.7MAdd +18.1%
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal 7,305,000$5.4MReduce -41.2%

Total filed on the 13F, all lines: $387.5M.

Portfolio Sells Q1 2024 → Q2 2024
None this quarter.

Portfolio Buys Q1 2024 → Q2 2024
XPOF Xponential Fitness Inc. Class A Add +900.7% 11.43% +10.11
ECHO Echostar Corp. Class A New 2.61% +2.61
INNOVATE CORP (VATE 7.5 08/01/26 *) New 1.68% +1.68
TSEOQ Trinseo PLC New 1.35% +1.35
VISN Vistance Networks Inc. New 0.36% +0.36
CZR Caesars Entertainment Inc. Add +4.5% 26.77% −4.05

Options Activity Q1 2024 → Q2 2024
HASI Ha Sustainable Infrastructur put New 100,000 $3.0M

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

Notes & Other Activity Q1 2024 → Q2 2024
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal Add +18.1% 65,150,000 $40.7M
INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal Sold out 16,549,000 $5.5Mbefore exit
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal Reduce -41.2% 7,305,000 $5.4M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 8$419.0MAERO, AVAH, VSAT, ACN, ECHO
Q1 2026 4$245.3MAERO, AVAH, BRSP, VISN
Q4 2025 7$442.5MAERO, AVAH, ECHO, BRSP, CSTM
Q3 2025 7$369.8MAVAH, CSTM, BRSP, ECHO, CZR
Q2 2025 8$295.2MCSTM, AVAH, CZR, BRSP, ECHO
Q1 2025 10$280.2MAVAH, BRSP, CSTM, CZR, XPOF
Q4 2024 8$256.3MBRSP, AVAH, CSTM, XPOF, TSEOQ
Q3 2024 10$365.5MCZR, AVAH, BRSP, CSTM, XPOF
Q2 2024 12$341.4MCZR, CSTM, BRSP, XPOF, AVAH
Q1 2024Amended 8$312.2MCZR, CSTM, BRSP, AVAH, CNK