Nut Tree Capital Management, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Nut Tree Capital Management, LP reported 7 stock positions worth $369.8 million. Its top holding was Aveanna Healthcare (AVAH) at 29.7% of the portfolio, followed by Constellium (CSTM, 21.0%) and Brightspire Capital (BRSP, 16.1%). Compared with Q2 2025, it sold out of 1 and reduced 1. The biggest sale was Constellium (CSTM, shares −8%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001661655
Portfolio Value
$369.8M (Q3 2025)
SEC Filing
0001661655-25-000004 ↗ filed Nov 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 Q2 2025 Q3 2025: $369.8M $369.8M Q3 2025 Q4 2025: $442.5M Q4 2025 Q1 2026: $245.3M Q1 2026 Q2 2026: $419.0M Q2 2026

Holdings 7 stocks · $369.8M
AVAH Aveanna Healthcare Holdings 29.67% 12,372,649 $109.7M No change
CSTM Constellium SE 20.98% 5,213,900 $77.6M Reduce -7.8%
BRSP Brightspire Capital Inc. 16.14% 10,993,946 $59.7M No change
ECHO Echostar Corp. Class A 15.49% 750,000 $57.3M No change
CZR Caesars Entertainment Inc. 14.61% 2,000,000 $54.0M No change
TSEOQ Trinseo PLC 2.22% 3,500,000 $8.2M No change
BLCO Bausch + Lomb Corp. 0.88% 216,883 $3.3M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $63.5M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 25,798,707$63.5MNo change

Total filed on the 13F, all lines: $433.4M.

Portfolio Sells Q2 2025 → Q3 2025
CSTM Constellium SE Reduce -7.8% 20.98% −4.51
XPOF Xponential Fitness Inc. Class A Sold out 0.00% −2.86

Portfolio Buys Q2 2025 → Q3 2025
None this quarter.

Notes & Other Activity Q2 2025 → Q3 2025
INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal Sold out 26,219,000 $14.1Mbefore 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