Redwood Capital Management, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Redwood Capital Management, LLC reported 12 stock positions worth $585.8 million. Its top holding was Aercap (AER) at 28.3% of the portfolio, followed by Echostar Class A (ECHO, 27.8%) and United States Steel (X, 25.5%). Compared with Q4 2024, it opened 1 new position, added to 1 and reduced 4. The biggest buy was United States Steel (X, shares +75%) and the biggest sale Aercap (AER, shares −20%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001316622
Portfolio Value
$585.8M (Q1 2025)
SEC Filing
0000919574-25-003159 ↗ filed May 15, 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 Q4 2024 Q1 2025: $585.8M $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 12 stocks · $585.8M
AER Aercap Holdings NV 28.34% 1,624,863 $166.0M Reduce -19.8%
ECHO Echostar Corp. Class A 27.77% 6,359,984 $162.7M Reduce -9.9%
X United States Steel Corp. 25.54% 3,540,422 $149.6M Add +74.8%
APEI American Public Education 4.30% 1,127,255 $25.2M Reduce -10.6%
TDS Telephone and Data Systems 3.77% 570,213 $22.1M New
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 3.72% 8,189,270 $21.8M No change
MERC Mercer International Inc. 1.80% 1,712,725 $10.5M No change
MSC Studio City Internationa-ADR 1.40% 3,239,073 $8.2M No change
CZR Caesars Entertainment Inc. 1.37% 320,000 $8.0M No change
ATRO Astronics Corp. 0.93% 225,893 $5.5M Reduce -65.8%
CBL CBL & Associates Properties 0.53% 117,613 $3.1M No change
EHTH Ehealth Inc. 0.53% 467,395 $3.1M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $84.1M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 74,855,548$84.1MNo change

Total filed on the 13F, all lines: $669.9M.

Portfolio Sells Q4 2024 → Q1 2025
AER Aercap Holdings NV Reduce -19.8% 28.34% −8.62
ECHO Echostar Corp. Class A Reduce -9.9% 27.77% −3.07
ATRO Astronics Corp. Reduce -65.8% 0.93% −1.08
APEI American Public Education Reduce -10.6% 4.30% −0.89

Portfolio Buys Q4 2024 → Q1 2025
X United States Steel Corp. Add +74.8% 25.54% +12.41
TDS Telephone and Data Systems New 3.77% +3.77

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