Nut Tree Capital Management, LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Nut Tree Capital Management, LP reported 8 stock positions worth $295.2 million. Its top holding was Constellium (CSTM) at 25.5% of the portfolio, followed by Aveanna Healthcare (AVAH, 21.9%) and Caesars Entertainment (CZR, 19.2%). Compared with Q1 2025, it sold out of 2, added to 2 and reduced 1. The biggest buy was Caesars Entertainment (CZR, shares +52%) and the biggest sale Xponential Fitness Class A (XPOF, shares −61%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001661655
Portfolio Value
$295.2M (Q2 2025)
SEC Filing
0001085146-25-005252 ↗ filed Aug 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 Q4 2024 Q1 2025: $280.2M Q1 2025 Q2 2025: $295.2M $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 · $295.2M
CSTM Constellium SE 25.48% 5,655,900 $75.2M No change
AVAH Aveanna Healthcare Holdings 21.92% 12,372,649 $64.7M No change
CZR Caesars Entertainment Inc. 19.24% 2,000,000 $56.8M Add +52.3%
BRSP Brightspire Capital Inc. 18.81% 10,993,946 $55.5M No change
ECHO Echostar Corp. Class A 7.04% 750,000 $20.8M Add +50.0%
TSEOQ Trinseo PLC 3.70% 3,500,000 $10.9M No change
XPOF Xponential Fitness Inc. Class A 2.86% 1,125,404 $8.4M Reduce -61.2%
BLCO Bausch + Lomb Corp. 0.96% 216,883 $2.8M No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $44.5M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 25,798,707$30.4MAdd +148.9%
INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal 26,219,000$14.1MNo change

Total filed on the 13F, all lines: $339.7M.

Portfolio Sells Q1 2025 → Q2 2025
XPOF Xponential Fitness Inc. Class A Reduce -61.2% 2.86% −5.77
VISN Vistance Networks Inc. Sold out 0.00% −1.90
STHO Star Holdings Sold out 0.00% −1.37

Portfolio Buys Q1 2025 → Q2 2025
CZR Caesars Entertainment Inc. Add +52.3% 19.24% +7.52
ECHO Echostar Corp. Class A Add +50.0% 7.04% +2.47

Notes & Other Activity Q1 2025 → Q2 2025
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Add +148.9% 25,798,707 $30.4M

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