Nut Tree Capital Management, LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Nut Tree Capital Management, LP reported 8 stock positions worth $256.3 million. Its top holding was Brightspire Capital (BRSP) at 24.2% of the portfolio, followed by Aveanna Healthcare (AVAH, 22.1%) and Constellium (CSTM, 22.0%). Compared with Q3 2024, it sold out of 2 and added to 2. The biggest buy was Xponential Fitness Class A (XPOF, shares +5%) and the biggest sale an exit from Caesars Entertainment (CZR).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001661655
Portfolio Value
$256.3M (Q4 2024)
SEC Filing
0001085146-25-001718 ↗ filed Feb 14, 2025

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 Q3 2024 Q4 2024: $256.3M $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 8 stocks · $256.3M
BRSP Brightspire Capital Inc. 24.19% 10,993,946 $62.0M No change
AVAH Aveanna Healthcare Holdings 22.06% 12,372,649 $56.5M No change
CSTM Constellium SE 22.04% 5,500,000 $56.5M Add +52.8%
XPOF Xponential Fitness Inc. Class A 16.54% 3,151,722 $42.4M Add +5.0%
TSEOQ Trinseo PLC 6.96% 3,500,000 $17.9M No change
ECHO Echostar Corp. Class A 4.47% 500,000 $11.4M No change
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 2.03% 1,000,000 $5.2M No change
STHO Star Holdings filed as STAR HLDGS 1.71% 449,647 $4.4M No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $35.6M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 24,892,686$26.2MNew
INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal 26,219,000$9.4MNo change

Total filed on the 13F, all lines: $291.9M.

Portfolio Sells Q3 2024 → Q4 2024
CZR Caesars Entertainment Inc. Sold out 0.00% −26.26
OI O-I Glass Inc. Sold out 0.00% −1.44

Portfolio Buys Q3 2024 → Q4 2024
XPOF Xponential Fitness Inc. Class A Add +5.0% 16.54% +6.36
CSTM Constellium SE Add +52.8% 22.04% +6.02

Options Activity Q3 2024 → Q4 2024
HASI Ha Sustainable Infrastructur put Sold out 100,000 $3.4Mbefore exit

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

Notes & Other Activity Q3 2024 → Q4 2024
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal Sold out 81,016,000 $65.6Mbefore exit
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal New 24,892,686 $26.2M

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