Redwood Capital Management, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Redwood Capital Management, LLC reported 21 stock positions worth $589.9 million. Its top holding was Echostar Class A (ECHO) at 31.5% of the portfolio, followed by Global Business Travel (GBTG, 20.8%) and Aercap (AER, 9.4%). Compared with Q4 2025, it opened 5 new positions, added to 3 and reduced 2. The biggest buy was Molina Healthcare (MOH, shares +182%) and the biggest sale Aercap (AER, shares −69%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001316622
Portfolio Value
$589.9M (Q1 2026)
SEC Filing
0000919574-26-003316 ↗ filed May 15, 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 Q4 2025 Q1 2026: $589.9M $589.9M Q1 2026 Q2 2026: $921.5M Q2 2026

Holdings 21 stocks · $589.9M
ECHO Echostar Corp. Class A 31.45% 1,584,857 $185.5M Reduce -30.1%
GBTG Global Business Travel Group 20.77% 21,953,816 $122.5M Add +2.3%
AER Aercap Holdings NV 9.40% 404,266 $55.5M Reduce -69.0%
TDS Telephone and Data Systems 9.10% 1,275,282 $53.7M Add +45.5%
MOH Molina Healthcare Inc. 7.01% 310,000 $41.3M Add +181.8%
VISN Vistance Networks Inc. 4.22% 1,368,663 $24.9M New
ELV Elevance Health Inc. 4.21% 84,800 $24.8M No change
CZR Caesars Entertainment Inc. 1.88% 420,000 $11.1M No change
MBC Masterbrand Inc. 1.81% 1,286,097 $10.7M New
OPTU Optimum Communications Inc. Class A 1.80% 8,189,270 $10.6M No change
MSC Studio City Internationa-ADR 1.33% 3,239,073 $7.9M No change
AERO Grupo Aeromexico Sab DE CV 1.31% 551,601 $7.7M New
UNH Unitedhealth Group Inc. 1.26% 27,500 $7.4M No change
CNC Centene Corp. 1.16% 208,500 $6.8M No change
MERC Mercer International Inc. 1.12% 4,648,133 $6.6M No change
CBL CBL & Associates Properties 0.77% 117,613 $4.5M No change
AMWD American Woodmark Corp. 0.49% 72,402 $2.9M New
KLC Kindercare Learning Cos Inc. 0.47% 1,250,000 $2.8M New
GOCOQ Gohealth Inc. Class A 0.24% 924,244 $1.4M No change
EHTH Ehealth Inc. 0.10% 467,395 $603K No change
APEI American Public Education 0.10% 10,000 $569K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $84.3M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 23,045,906$84.3MReduce -57.3%

Total filed on the 13F, all lines: $674.2M.

Portfolio Sells Q4 2025 → Q1 2026
AER Aercap Holdings NV Reduce -69.0% 9.40% −15.49
ECHO Echostar Corp. Class A Reduce -30.1% 31.45% −1.26

Portfolio Buys Q4 2025 → Q1 2026
MOH Molina Healthcare Inc. Add +181.8% 7.01% +4.47
TDS Telephone and Data Systems Add +45.5% 9.10% +4.33
VISN Vistance Networks Inc. New 4.22% +4.22
MBC Masterbrand Inc. New 1.81% +1.81
AERO Grupo Aeromexico Sab DE CV New 1.31% +1.31
AMWD American Woodmark Corp. New 0.49% +0.49
KLC Kindercare Learning Cos Inc. New 0.47% +0.47
GBTG Global Business Travel Group Add +2.3% 20.77% −1.01

Notes & Other Activity Q4 2025 → Q1 2026
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Reduce -57.3% 23,045,906 $84.3M

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