Nut Tree Capital Management, LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Nut Tree Capital Management, LP reported 7 stock positions worth $442.5 million. Its top holding was Grupo Aeromexico Sab DE CV (AERO) at 29.5% of the portfolio, followed by Aveanna Healthcare (AVAH, 22.8%) and Echostar Class A (ECHO, 18.4%). Compared with Q3 2025, it opened 2 new positions, sold out of 2 and reduced 1. The biggest buy was a new position in Grupo Aeromexico Sab DE CV (AERO) and the biggest sale an exit from Caesars Entertainment (CZR).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001661655
Portfolio Value
$442.5M (Q4 2025)
SEC Filing
0001661655-26-000001 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $442.5M $442.5M Q4 2025 Q1 2026: $245.3M Q1 2026 Q2 2026: $419.0M Q2 2026

Holdings 7 stocks · $442.5M
AERO Grupo Aeromexico Sab DE CV 29.52% 5,949,542 $130.7M New
AVAH Aveanna Healthcare Holdings 22.84% 12,372,649 $101.1M No change
ECHO Echostar Corp. Class A 18.42% 750,000 $81.5M No change
BRSP Brightspire Capital Inc. 13.91% 10,993,946 $61.6M No change
CSTM Constellium SE 13.74% 3,225,000 $60.8M Reduce -38.1%
BLCO Bausch + Lomb Corp. 0.84% 216,883 $3.7M No change
IWM iShares Russell 2000 ETF 0.73% 13,100 $3.2M New
Other holdings (2): bonds, preferreds, convertibles and warrants · $88.0M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 25,798,707$86.2MNo change
TSEOQ Trinseo PLC Stock · principal 3,500,000$1.7MNew

Total filed on the 13F, all lines: $530.5M.

Portfolio Sells Q3 2025 → Q4 2025
CZR Caesars Entertainment Inc. Sold out 0.00% −14.61
CSTM Constellium SE Reduce -38.1% 13.74% −7.24
TSEOQ Trinseo PLC Sold out 0.00% −2.22

Portfolio Buys Q3 2025 → Q4 2025
AERO Grupo Aeromexico Sab DE CV New 29.52% +29.52
IWM iShares Russell 2000 ETF New 0.73% +0.73

Notes & Other Activity Q3 2025 → Q4 2025
TSEOQ Trinseo PLC Stock · principal New 3,500,000 $1.7M

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