Stonehill Capital Management LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Stonehill Capital Management LLC reported 13 stock positions worth $254.4 million . Its top holding was Joyy Inc.-ADR (JOYY) at 31.8% of the portfolio, followed by Echostar Class A (ECHO, 25.7% ) and Liberty Broadband-C (LBRDK, 10.8% ). Compared with Q2 2025, it opened 3 new positions, sold out of 2, added to 6 and reduced 4. The biggest buy was Echostar Class A (ECHO, shares +14% ) and the biggest sale Joyy Inc.-ADR (JOYY, shares −34% ).
Location NEW YORK, NY
CIK 0001266227
Portfolio Value $254.4M (Q3 2025) Holdings 13 stocks · $254.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 JOYY Joyy Inc.-ADR 1,380,054 $80.9M Reduce -33.9% ECHO Echostar Corp. Class A 856,806 $65.4M Add +14.0% LBRDK Liberty Broadband-C 433,513 $27.5M Reduce -25.8% MBC Masterbrand Inc. 1,954,780 $25.7M Add +311.5% AMWD American Woodmark Corp. 233,139 $15.6M Add +1065.7% TDS Telephone and Data Systems 320,194 $12.6M Add +70.1% HOUS Anywhere Real Estate Inc. 953,635 $10.1M Reduce -54.8% ELME Elme Communities 348,288 $5.9M New LBRDA Liberty Broadband-A 78,011 $4.9M Reduce -25.3% XNET Xunlei Ltd.-ADR 239,802 $2.3M New DDI Doubledown Interactive -ADR 190,605 $1.8M Add +49.1% NFE New Fortress Energy Inc. 455,939 $1.0M New NOTE Fiscalnote Holdings Inc. 141,751 $656K Add +1.6%
Other holdings (2): bonds, preferreds, convertibles and warrants · $26.1M (not counted above) Security Class Shares / Principal Value Change ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 10,466,378 $25.3M Add +91.5% IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 602,130 $723K No change
Total filed on the 13F, all lines: $280.4M.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ JOYY Joyy Inc.-ADR Reduce -33.9% 31.80% −16.30 LBRDK Liberty Broadband-C Reduce -25.8% 10.83% −15.19 LBRDA Liberty Broadband-A Reduce -25.3% 1.94% −2.68 PCG P G & E Corp. Sold out 0.00% −1.27 BUR Burford Capital Ltd. Sold out 0.00% −0.30 HOUS Anywhere Real Estate Inc. Reduce -54.8% 3.97% +0.51
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ ECHO Echostar Corp. Class A Add +14.0% 25.72% +16.30 MBC Masterbrand Inc. Add +311.5% 10.12% +7.77 AMWD American Woodmark Corp. Add +1065.7% 6.12% +5.64 ELME Elme Communities New 2.31% +2.31 TDS Telephone and Data Systems Add +70.1% 4.94% +1.91 XNET Xunlei Ltd.-ADR New 0.90% +0.90 NFE New Fortress Energy Inc. New 0.40% +0.40 DDI Doubledown Interactive -ADR Add +49.1% 0.70% +0.15 NOTE Fiscalnote Holdings Inc. Add +1.6% 0.26% −0.15
Notes & Other Activity Q2 2025 → Q3 2025 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 15 $350.1M ECHO, MBC, TDAY, SVC, FBIN Q1 2026 14 $196.3M ECHO, TDAY, MAN, MBC, HOLX Q4 2025 20 $311.0M ECHO, JOYY, ELME, LBRDK, MBC Q3 2025 13 $254.4M JOYY, ECHO, LBRDK, MBC, AMWD Q2 2025 12 $221.0M JOYY, LBRDK, ECHO, LBRDA, HOUS Q1 2025 10 $316.6M LBRDK, JOYY, SGI, ECHO, LBRDA Q4 2024 8 $214.7M LBRDK, JOYY, ECHO, ATEX, LBRDA Q3 2024 10 $166.3M LBRDK, JOYY, ATEX, EQC, LBRDA Q2 2024 9 $133.3M LBRDK, JOYY, ATEX, V, LBRDA Q1 2024 5 $44.1M ATEX, JOYY, NXDT, VATE, TRINITY BIOTECH INVT LTD