Stonehill Capital Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Stonehill Capital Management LLC reported 12 stock positions worth $221.0 million. Its top holding was Joyy Inc.-ADR (JOYY) at 48.1% of the portfolio, followed by Liberty Broadband-C (LBRDK, 26.0%) and Echostar Class A (ECHO, 9.4%). Compared with Q1 2025, it opened 5 new positions, sold out of 3, added to 2 and reduced 5. The biggest buy was a new position in Telephone and Data Systems (TDS) and the biggest sale an exit from Somnigroup International (SGI).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001266227
Portfolio Value
$221.0M (Q2 2025)
SEC Filing
0001266227-25-000004 ↗ filed Aug 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $44.1M Q1 2024 Q2 2024: $133.3M Q2 2024 Q3 2024: $166.3M Q3 2024 Q4 2024: $214.7M Q4 2024 Q1 2025: $316.6M Q1 2025 Q2 2025: $221.0M $221.0M Q2 2025 Q3 2025: $254.4M Q3 2025 Q4 2025: $311.0M Q4 2025 Q1 2026: $196.3M Q1 2026 Q2 2026: $350.1M Q2 2026

Holdings 12 stocks · $221.0M
JOYY Joyy Inc.-ADR 48.09% 2,087,587 $106.3M Reduce -8.7%
LBRDK Liberty Broadband-C 26.01% 584,370 $57.5M Reduce -58.1%
ECHO Echostar Corp. Class A 9.42% 751,418 $20.8M Reduce -19.4%
LBRDA Liberty Broadband-A 4.63% 104,493 $10.2M Reduce -58.0%
HOUS Anywhere Real Estate Inc. 3.46% 2,110,000 $7.6M Add +1.4%
TDS Telephone and Data Systems 3.03% 188,198 $6.7M New
MBC Masterbrand Inc. 2.35% 475,000 $5.2M New
PCG P G & E Corp. 1.27% 200,673 $2.8M Reduce -24.3%
DDI Doubledown Interactive -ADR 0.55% 127,870 $1.2M New
AMWD American Woodmark Corp. 0.48% 20,000 $1.1M New
NOTE Fiscalnote Holdings Inc. 0.41% 1,674,785 $898K Add +127.0%
BUR Burford Capital Ltd. 0.30% 47,229 $673K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $7.2M (not counted above)
SecurityClassShares / PrincipalValueChange
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 5,466,378$6.4MReduce -42.1%
IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 602,130$807KNo change

Total filed on the 13F, all lines: $228.2M.

Portfolio Sells Q1 2025 → Q2 2025
SGI Somnigroup International Inc. Sold out 0.00% −12.30
LBRDK Liberty Broadband-C Reduce -58.1% 26.01% −11.42
LBRDA Liberty Broadband-A Reduce -58.0% 4.63% −2.06
EQC Equity Commonwealth Sold out 0.00% −1.61
NXDT Nexpoint Diversified Real Es Sold out 0.00% −0.31
PCG P G & E Corp. Reduce -24.3% 1.27% −0.17
ECHO Echostar Corp. Class A Reduce -19.4% 9.42% +1.88
JOYY Joyy Inc.-ADR Reduce -8.7% 48.09% +17.77

Portfolio Buys Q1 2025 → Q2 2025
TDS Telephone and Data Systems New 3.03% +3.03
MBC Masterbrand Inc. New 2.35% +2.35
HOUS Anywhere Real Estate Inc. Add +1.4% 3.46% +1.27
DDI Doubledown Interactive -ADR New 0.55% +0.55
AMWD American Woodmark Corp. New 0.48% +0.48
BUR Burford Capital Ltd. New 0.30% +0.30
NOTE Fiscalnote Holdings Inc. Add +127.0% 0.41% +0.22

Notes & Other Activity Q1 2025 → Q2 2025
ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal Reduce -42.1% 5,466,378 $6.4M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 15$350.1MECHO, MBC, TDAY, SVC, FBIN
Q1 2026 14$196.3MECHO, TDAY, MAN, MBC, HOLX
Q4 2025 20$311.0MECHO, JOYY, ELME, LBRDK, MBC
Q3 2025 13$254.4MJOYY, ECHO, LBRDK, MBC, AMWD
Q2 2025 12$221.0MJOYY, LBRDK, ECHO, LBRDA, HOUS
Q1 2025 10$316.6MLBRDK, JOYY, SGI, ECHO, LBRDA
Q4 2024 8$214.7MLBRDK, JOYY, ECHO, ATEX, LBRDA
Q3 2024 10$166.3MLBRDK, JOYY, ATEX, EQC, LBRDA
Q2 2024 9$133.3MLBRDK, JOYY, ATEX, V, LBRDA
Q1 2024 5$44.1MATEX, JOYY, NXDT, VATE, TRINITY BIOTECH INVT LTD