Redwood Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Redwood Capital Management, LLC reported 16 stock positions worth $899.4 million. Its top holding was Echostar Class A (ECHO) at 47.5% of the portfolio, followed by Global Business Travel (GBTG, 19.3%) and Aercap (AER, 17.6%). Compared with Q2 2025, it opened 6 new positions, added to 2 and reduced 3. The biggest buy was a new position in Global Business Travel (GBTG) and the biggest sale Aercap (AER, shares −7%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001316622
Portfolio Value
$899.4M (Q3 2025)
SEC Filing
0000919574-25-006883 ↗ filed Nov 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 Q4 2024 Q1 2025: $585.8M Q1 2025 Q2 2025: $488.1M Q2 2025 Q3 2025: $899.4M $899.4M Q3 2025 Q4 2025: $753.5M Q4 2025 Q1 2026: $589.9M Q1 2026 Q2 2026: $921.5M Q2 2026

Holdings 16 stocks · $899.4M
ECHO Echostar Corp. Class A 47.54% 5,599,799 $427.6M Reduce -29.5%
GBTG Global Business Travel Group 19.27% 21,453,815 $173.3M New
AER Aercap Holdings NV 17.56% 1,304,863 $157.9M Reduce -7.5%
TDS Telephone and Data Systems 3.82% 876,580 $34.4M Add +0.7%
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 2.19% 8,189,270 $19.7M No change
ELV Elevance Health Inc. 1.89% 52,500 $17.0M New
MERC Mercer International Inc. 1.49% 4,648,133 $13.4M Add +38.0%
MOH Molina Healthcare Inc. 1.24% 58,400 $11.2M New
UNH Unitedhealth Group Inc. 1.06% 27,500 $9.5M New
MSC Studio City Internationa-ADR 0.98% 3,239,073 $8.8M No change
CZR Caesars Entertainment Inc. 0.96% 320,000 $8.6M No change
CNC Centene Corp. 0.83% 208,500 $7.4M New
GOCOQ Gohealth Inc. Class A 0.50% 924,244 $4.5M New
CBL CBL & Associates Properties 0.40% 117,613 $3.6M No change
EHTH Ehealth Inc. 0.22% 467,395 $2.0M No change
APEI American Public Education 0.04% 10,000 $395K Reduce -98.6%
Other holdings (1): bonds, preferreds, convertibles and warrants · $132.8M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 53,950,906$132.8MNo change

Total filed on the 13F, all lines: $1.0B.

Portfolio Sells Q2 2025 → Q3 2025
AER Aercap Holdings NV Reduce -7.5% 17.56% −16.24
APEI American Public Education Reduce -98.6% 0.04% −4.36
ECHO Echostar Corp. Class A Reduce -29.5% 47.54% +2.46

Portfolio Buys Q2 2025 → Q3 2025
GBTG Global Business Travel Group New 19.27% +19.27
ELV Elevance Health Inc. New 1.89% +1.89
MOH Molina Healthcare Inc. New 1.24% +1.24
UNH Unitedhealth Group Inc. New 1.06% +1.06
CNC Centene Corp. New 0.83% +0.83
GOCOQ Gohealth Inc. Class A New 0.50% +0.50
MERC Mercer International Inc. Add +38.0% 1.49% −0.93
TDS Telephone and Data Systems Add +0.7% 3.82% −2.52

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