Redwood Capital Management, LLC

Name: REDWOOD CAPITAL MANAGEMENT, LLC 13F holdings, Q2 2025
Creator: REDWOOD CAPITAL MANAGEMENT, LLC
Published: 2025-08-14

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Redwood Capital Management, LLC reported 10 stock positions worth $488.1 million. Its top holding was Echostar Class A (ECHO) at 45.1% of the portfolio, followed by Aercap (AER, 33.8%) and Telephone and Data Systems (TDS, 6.3%). Compared with Q1 2025, it sold out of 2, added to 3 and reduced 2. The biggest buy was Echostar Class A (ECHO, shares +25%) and the biggest sale an exit from United States Steel (X).

Most Recent 13F: Q2 2026
Location: New York, NY
CIK: 0001316622
Portfolio Value: $488.1M (Q2 2025)
SEC Filing: 0000919574-25-004749 ↗ filed Aug 14, 2025

Holdings Value

Holdings 10 stocks · $488.1M


ECHO Echostar Corp. Class A	45.09%	7,944,841	$220.1M	Add +24.9%
AER Aercap Holdings NV	33.80%	1,409,863	$165.0M	Reduce -13.2%
TDS Telephone and Data Systems	6.34%	870,213	$31.0M	Add +52.6%
APEI American Public Education	4.40%	705,379	$21.5M	Reduce -37.4%
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC	3.59%	8,189,270	$17.5M	No change
MERC Mercer International Inc.	2.42%	3,368,840	$11.8M	Add +96.7%
CZR Caesars Entertainment Inc.	1.86%	320,000	$9.1M	No change
MSC Studio City Internationa-ADR	1.47%	3,239,073	$7.2M	No change
CBL CBL & Associates Properties	0.61%	117,613	$3.0M	No change
EHTH Ehealth Inc.	0.42%	467,395	$2.0M	No change

Other holdings (1): bonds, preferreds, convertibles and warrants · $62.5M (not counted above)

Security	Class	Shares / Principal	Value	Change
ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	53,950,906	$62.5M	Reduce -27.9%

Total filed on the 13F, all lines: $550.6M.

Portfolio Sells Q1 2025 → Q2 2025


X United States Steel Corp.	Sold out	0.00%	−25.54
ATRO Astronics Corp.	Sold out	0.00%	−0.93
APEI American Public Education	Reduce -37.4%	4.40%	+0.11
AER Aercap Holdings NV	Reduce -13.2%	33.80%	+5.46

Portfolio Buys Q1 2025 → Q2 2025


ECHO Echostar Corp. Class A	Add +24.9%	45.09%	+17.32
TDS Telephone and Data Systems	Add +52.6%	6.34%	+2.57
MERC Mercer International Inc.	Add +96.7%	2.42%	+0.62

Notes & Other Activity Q1 2025 → Q2 2025


ECHOSTAR CORP (ECHO 3.875 11/30/30)	NOTE 3.875%11/3 · principal	Reduce -27.9%	53,950,906	$62.5M

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

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	24	$921.5M	VSAT, ECHO, GBTG, MBC, OPI
Q1 2026	21	$589.9M	ECHO, GBTG, AER, TDS, MOH
Q4 2025	16	$753.5M	ECHO, AER, GBTG, TDS, ELV
Q3 2025	16	$899.4M	ECHO, GBTG, AER, TDS, OPTU
Q2 2025	10	$488.1M	ECHO, AER, TDS, APEI, OPTU
Q1 2025	12	$585.8M	AER, ECHO, X, APEI, TDS
Q4 2024	11	$524.3M	AER, ECHO, X, APEI, OPTU
Q3 2024	13	$503.6M	AER, ECHO, LOMA, X, CCL
Q2 2024	14	$465.2M	AER, ECHO, LOMA, APEI, CCL
Q1 2024	17	$531.9M	AER, ECHO, ALLY, LOMA, DOLE