Redwood Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Redwood Capital Management, LLC reported 16 stock positions worth $753.5 million. Its top holding was Echostar Class A (ECHO) at 32.7% of the portfolio, followed by Aercap (AER, 24.9%) and Global Business Travel (GBTG, 21.8%). Compared with Q3 2025, it added to 4 and reduced 1. The biggest buy was Global Business Travel (GBTG, shares −0%) and the biggest sale Echostar Class A (ECHO, shares −60%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001316622
Portfolio Value
$753.5M (Q4 2025)
SEC Filing
0000919574-26-001171 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $753.5M $753.5M Q4 2025 Q1 2026: $589.9M Q1 2026 Q2 2026: $921.5M Q2 2026

Holdings 16 stocks · $753.5M
ECHO Echostar Corp. Class A 32.71% 2,267,787 $246.5M Reduce -59.5%
AER Aercap Holdings NV 24.89% 1,304,863 $187.6M No change
GBTG Global Business Travel Group 21.78% 21,453,816 $164.1M Add +0.0%
TDS Telephone and Data Systems 4.77% 876,580 $35.9M No change
ELV Elevance Health Inc. 3.94% 84,800 $29.7M Add +61.5%
MOH Molina Healthcare Inc. 2.53% 110,000 $19.1M Add +88.4%
OPTU Optimum Communications Inc. Class A 1.79% 8,189,270 $13.5M No change
MSC Studio City Internationa-ADR 1.53% 3,239,073 $11.5M No change
CZR Caesars Entertainment Inc. 1.30% 420,000 $9.8M Add +31.3%
MERC Mercer International Inc. 1.22% 4,648,133 $9.2M No change
UNH Unitedhealth Group Inc. 1.20% 27,500 $9.1M No change
CNC Centene Corp. 1.14% 208,500 $8.6M No change
CBL CBL & Associates Properties 0.58% 117,613 $4.4M No change
EHTH Ehealth Inc. 0.29% 467,395 $2.2M No change
GOCOQ Gohealth Inc. Class A 0.26% 924,244 $2.0M No change
APEI American Public Education 0.05% 10,000 $378K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $180.7M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 53,950,906$180.7MNo change

Total filed on the 13F, all lines: $934.2M.

Portfolio Sells Q3 2025 → Q4 2025
ECHO Echostar Corp. Class A Reduce -59.5% 32.71% −14.83

Portfolio Buys Q3 2025 → Q4 2025
GBTG Global Business Travel Group Add +0.0% 21.78% +2.51
ELV Elevance Health Inc. Add +61.5% 3.94% +2.06
MOH Molina Healthcare Inc. Add +88.4% 2.53% +1.29
CZR Caesars Entertainment Inc. Add +31.3% 1.30% +0.34

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