Redwood Capital Management, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Redwood Capital Management, LLC reported 17 stock positions worth $531.9 million. Its top holding was Aercap (AER) at 35.0% of the portfolio, followed by Echostar Class A (ECHO, 12.0%) and Ally Financial (ALLY, 7.5%). Compared with Q4 2023, it opened 5 new positions, sold out of 4 and reduced 3. The biggest buy was a new position in Echostar Class A (ECHO) and the biggest sale Optimum Communications Class A (OPTU, shares −21%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001316622
Portfolio Value
$531.9M (Q1 2024)
SEC Filing
0000919574-24-003117 ↗ filed May 15, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $531.9M $531.9M Q1 2024 Q2 2024: $465.2M Q2 2024 Q3 2024: $503.6M Q3 2024 Q4 2024: $524.3M Q4 2024 Q1 2025: $585.8M Q1 2025 Q2 2025: $488.1M Q2 2025 Q3 2025: $899.4M Q3 2025 Q4 2025: $753.5M Q4 2025 Q1 2026: $589.9M Q1 2026 Q2 2026: $921.5M Q2 2026

Holdings 17 stocks · $531.9M
AER Aercap Holdings NV 35.00% 2,142,023 $186.2M No change
ECHO Echostar Corp. Class A 11.98% 4,469,885 $63.7M New
ALLY Ally Financial Inc. 7.46% 977,568 $39.7M Reduce -9.3%
LOMA Loma Negra Cia Ind-Spon ADR 7.38% 5,873,428 $39.2M No change
DOLE Dole PLC 4.39% 1,955,748 $23.3M No change
MSC Studio City Internationa-ADR 4.26% 3,268,870 $22.7M No change
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 4.02% 8,189,270 $21.4M Reduce -21.2%
APEI American Public Education 3.77% 1,411,882 $20.0M No change
TEO Telecom Argentina SA-SP ADR 3.63% 2,431,870 $19.3M Reduce -31.7%
MERC Mercer International Inc. 3.56% 1,901,159 $18.9M No change
C Citigroup Inc. 3.52% 295,680 $18.7M No change
CCL Carnival Corp. 3.45% 1,124,260 $18.4M No change
SPY SS SPDR S&P 500 ETF Trust-US 3.24% 32,923 $17.2M New
CZR Caesars Entertainment Inc. 1.81% 220,000 $9.6M New
X United States Steel Corp. 1.53% 200,000 $8.2M New
NBIS Nebius Group NV filed as YANDEX N V 0.51% 387,585 $2.7M New
CBL CBL & Associates Properties 0.51% 117,613 $2.7M No change
Other holdings (3): bonds, preferreds, convertibles and warrants · $177.6M (not counted above)
SecurityClassShares / PrincipalValueChange
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal 108,722,000$77.8MNo change
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal 76,456,000$59.7MAdd +4.8%
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal 65,020,000$40.2MAdd +7829.3%

Total filed on the 13F, all lines: $709.6M.

Portfolio Sells Q4 2023 → Q1 2024
OPTU Optimum Communications Inc. Class A Reduce -21.2% 4.02% −3.82
ADNT Adient PLC Sold out 0.00% −3.58
TEO Telecom Argentina SA-SP ADR Reduce -31.7% 3.63% −2.27
ALLY Ally Financial Inc. Reduce -9.3% 7.46% −1.27
EXE Expand Energy Corp. Sold out 0.00% −0.34
CCO Clear Channel Outdoor Holdin Sold out 0.00% −0.14
CUROQ Curo Oldco LLC Sold out 0.00% −0.02

Portfolio Buys Q4 2023 → Q1 2024
ECHO Echostar Corp. Class A New 11.98% +11.98
SPY SS SPDR S&P 500 ETF Trust-US New 3.24% +3.24
CZR Caesars Entertainment Inc. New 1.81% +1.81
X United States Steel Corp. New 1.53% +1.53
NBIS Nebius Group NV New 0.51% +0.51

Notes & Other Activity Q4 2023 → Q1 2024
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal Add +4.8% 76,456,000 $59.7M
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal Add +7829.3% 65,020,000 $40.2M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 24$921.5MVSAT, ECHO, GBTG, MBC, OPI
Q1 2026 21$589.9MECHO, GBTG, AER, TDS, MOH
Q4 2025 16$753.5MECHO, AER, GBTG, TDS, ELV
Q3 2025 16$899.4MECHO, GBTG, AER, TDS, OPTU
Q2 2025 10$488.1MECHO, AER, TDS, APEI, OPTU
Q1 2025 12$585.8MAER, ECHO, X, APEI, TDS
Q4 2024 11$524.3MAER, ECHO, X, APEI, OPTU
Q3 2024 13$503.6MAER, ECHO, LOMA, X, CCL
Q2 2024 14$465.2MAER, ECHO, LOMA, APEI, CCL
Q1 2024 17$531.9MAER, ECHO, ALLY, LOMA, DOLE