Nut Tree Capital Management, LP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Nut Tree Capital Management, LP reported 10 stock positions worth $365.5 million. Its top holding was Caesars Entertainment (CZR) at 26.3% of the portfolio, followed by Aveanna Healthcare (AVAH, 17.6%) and Brightspire Capital (BRSP, 16.8%). Compared with Q2 2024, it sold out of 2 and added to 2. The biggest buy was Trinseo (TSEOQ, shares +75%) and the biggest sale an exit from Cinemark (CNK).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001661655
Portfolio Value
$365.5M (Q3 2024)
SEC Filing
0001085146-24-005892 ↗ filed Nov 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 Q2 2024 Q3 2024: $365.5M $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 10 stocks · $365.5M
CZR Caesars Entertainment Inc. 26.26% 2,300,000 $96.0M No change
AVAH Aveanna Healthcare Holdings 17.60% 12,372,649 $64.3M No change
BRSP Brightspire Capital Inc. 16.84% 10,993,946 $61.6M No change
CSTM Constellium SE 16.01% 3,600,000 $58.5M No change
XPOF Xponential Fitness Inc. Class A 10.18% 3,001,722 $37.2M Add +20.0%
TSEOQ Trinseo PLC 4.89% 3,500,000 $17.9M Add +75.0%
ECHO Echostar Corp. Class A 3.40% 500,000 $12.4M No change
STHO Star Holdings filed as STAR HLDGS 1.70% 449,647 $6.2M No change
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 1.67% 1,000,000 $6.1M No change
OI O-I Glass Inc. 1.44% 400,000 $5.2M No change

Options reported separately and not counted above: HASI puts ($3.4M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $73.8M (not counted above)
SecurityClassShares / PrincipalValueChange
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal 81,016,000$65.6MAdd +24.4%
INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal 26,219,000$8.2MNew

Total filed on the 13F, all lines: $439.3M.

Portfolio Sells Q2 2024 → Q3 2024
CNK Cinemark Holdings Inc. Sold out 0.00% −4.67
INNOVATE CORP (VATE 7.5 08/01/26 *) Sold out 0.00% −1.68

Portfolio Buys Q2 2024 → Q3 2024
TSEOQ Trinseo PLC Add +75.0% 4.89% +3.54
XPOF Xponential Fitness Inc. Class A Add +20.0% 10.18% −1.25

Notes & Other Activity Q2 2024 → Q3 2024
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal Add +24.4% 81,016,000 $65.6M
INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal New 26,219,000 $8.2M
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal Sold out 7,305,000 $5.4Mbefore exit

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