Nut Tree Capital Management, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Nut Tree Capital Management, LP reported 10 stock positions worth $280.2 million. Its top holding was Aveanna Healthcare (AVAH) at 23.9% of the portfolio, followed by Brightspire Capital (BRSP, 21.8%) and Constellium (CSTM, 20.4%). Compared with Q4 2024, it opened 2 new positions, added to 1 and reduced 1. The biggest buy was a new position in Caesars Entertainment (CZR) and the biggest sale Xponential Fitness Class A (XPOF, shares −8%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001661655
Portfolio Value
$280.2M (Q1 2025)
SEC Filing
0001085146-25-003315 ↗ filed May 15, 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 Q4 2024 Q1 2025: $280.2M $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 · $280.2M
AVAH Aveanna Healthcare Holdings 23.93% 12,372,649 $67.1M No change
BRSP Brightspire Capital Inc. 21.82% 10,993,946 $61.1M No change
CSTM Constellium SE 20.37% 5,655,900 $57.1M Add +2.8%
CZR Caesars Entertainment Inc. 11.71% 1,313,000 $32.8M New
XPOF Xponential Fitness Inc. Class A 8.63% 2,901,722 $24.2M Reduce -7.9%
TSEOQ Trinseo PLC 4.60% 3,500,000 $12.9M No change
ECHO Echostar Corp. Class A 4.56% 500,000 $12.8M No change
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 1.90% 1,000,000 $5.3M No change
STHO Star Holdings filed as STAR HLDGS 1.37% 449,647 $3.8M No change
BLCO Bausch + Lomb Corp. 1.12% 216,883 $3.1M New
Other holdings (2): bonds, preferreds, convertibles and warrants · $26.7M (not counted above)
SecurityClassShares / PrincipalValueChange
INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal 26,219,000$15.1MNo change
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 10,364,685$11.6MReduce -58.4%

Total filed on the 13F, all lines: $306.9M.

Portfolio Sells Q4 2024 → Q1 2025
XPOF Xponential Fitness Inc. Class A Reduce -7.9% 8.63% −7.91

Portfolio Buys Q4 2024 → Q1 2025
CZR Caesars Entertainment Inc. New 11.71% +11.71
BLCO Bausch + Lomb Corp. New 1.12% +1.12
CSTM Constellium SE Add +2.8% 20.37% −1.67

Notes & Other Activity Q4 2024 → Q1 2025
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Reduce -58.4% 10,364,685 $11.6M

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