Redwood Capital Management, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Redwood Capital Management, LLC reported 11 stock positions worth $524.3 million. Its top holding was Aercap (AER) at 37.0% of the portfolio, followed by Echostar Class A (ECHO, 30.8%) and United States Steel (X, 13.1%). Compared with Q3 2024, it opened 1 new position, sold out of 3, added to 3 and reduced 2. The biggest buy was United States Steel (X, shares +231%) and the biggest sale an exit from Loma Negra Cia Ind-Spon ADR (LOMA).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001316622
Portfolio Value
$524.3M (Q4 2024)
SEC Filing
0000919574-25-001382 ↗ filed Feb 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $531.9M Q1 2024 Q2 2024: $465.2M Q2 2024 Q3 2024: $503.6M Q3 2024 Q4 2024: $524.3M $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 11 stocks · $524.3M
AER Aercap Holdings NV 36.96% 2,024,863 $193.8M Reduce -5.5%
ECHO Echostar Corp. Class A 30.84% 7,059,984 $161.7M Add +19.3%
X United States Steel Corp. 13.13% 2,025,101 $68.8M Add +230.6%
APEI American Public Education 5.19% 1,260,979 $27.2M No change
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 3.76% 8,189,270 $19.7M No change
MSC Studio City Internationa-ADR 2.45% 3,239,073 $12.8M Reduce -0.9%
MERC Mercer International Inc. 2.12% 1,712,725 $11.1M No change
CZR Caesars Entertainment Inc. 2.04% 320,000 $10.7M No change
ATRO Astronics Corp. 2.01% 659,604 $10.5M New
EHTH Ehealth Inc. 0.84% 467,395 $4.4M Add +166.5%
CBL CBL & Associates Properties 0.66% 117,613 $3.5M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $79.0M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 74,855,548$79.0MNew

Total filed on the 13F, all lines: $603.2M.

Portfolio Sells Q3 2024 → Q4 2024
LOMA Loma Negra Cia Ind-Spon ADR Sold out 0.00% −4.63
CCL Carnival Corp. Sold out 0.00% −4.13
AER Aercap Holdings NV Reduce -5.5% 36.96% −3.33
MSC Studio City Internationa-ADR Reduce -0.9% 2.45% −0.96
NBIS Nebius Group NV Sold out 0.00% −0.71

Portfolio Buys Q3 2024 → Q4 2024
X United States Steel Corp. Add +230.6% 13.13% +8.83
ATRO Astronics Corp. New 2.01% +2.01
ECHO Echostar Corp. Class A Add +19.3% 30.84% +1.68
EHTH Ehealth Inc. Add +166.5% 0.84% +0.70

Notes & Other Activity Q3 2024 → Q4 2024
DISH NETWORK CORP (DISH 0 12/15/25) NOTE 12/1 · principal Sold out 108,722,000 $94.3Mbefore exit
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal New 74,855,548 $79.0M
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal Sold out 72,298,000 $58.7Mbefore exit

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