Stonehill Capital Management LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Stonehill Capital Management LLC reported 20 stock positions worth $311.0 million . Its top holding was Echostar Class A (ECHO) at 29.1% of the portfolio, followed by Joyy Inc.-ADR (JOYY, 23.0% ) and Elme Communities (ELME, 9.7% ). Compared with Q3 2025, it opened 8 new positions, sold out of 1, added to 4 and reduced 4. The biggest buy was Elme Communities (ELME, shares +399% ) and the biggest sale Joyy Inc.-ADR (JOYY, shares −20% ).
Location NEW YORK, NY
CIK 0001266227
Portfolio Value $311.0M (Q4 2025) Holdings 20 stocks · $311.0M 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 Q3 2025 ECHO Echostar Corp. Class A 831,480 $90.4M Reduce -3.0% JOYY Joyy Inc.-ADR 1,103,571 $71.5M Reduce -20.0% ELME Elme Communities 1,738,601 $30.3M Add +399.2% LBRDK Liberty Broadband-C 433,513 $21.1M No change MBC Masterbrand Inc. 1,779,780 $19.6M Reduce -8.9% HOUS Anywhere Real Estate Inc. 953,635 $13.5M No change AMWD American Woodmark Corp. 232,301 $12.5M Reduce -0.4% MAN Manpowergroup Inc. 316,522 $9.4M New RHI Robert Half Inc. 345,000 $9.4M New TDAY USA Today Co. Inc. 1,490,059 $7.7M New XNET Xunlei Ltd.-ADR 976,385 $6.9M Add +307.2% SABR Sabre Corp. 4,897,216 $6.7M New LBRDA Liberty Broadband-A 78,011 $3.8M No change SG Sweetgreen Inc. Class A 375,000 $2.5M New CDZI Cadiz Inc. 331,305 $1.9M New DDI Doubledown Interactive -ADR 190,605 $1.6M No change ACH Accendra Health Inc. filed as OWENS & MINOR INC NEW 342,583 $959K New NFE New Fortress Energy Inc. 465,191 $530K Add +2.0% SEAT Vivid Seats Inc. Class A 63,740 $460K New NOTE Fiscalnote Holdings Inc. 221,050 $325K Add +55.9%
Other holdings (2): bonds, preferreds, convertibles and warrants · $22.9M (not counted above) Security Class Shares / Principal Value Change ECHOSTAR CORP (ECHO 3.875 11/30/30) NOTE 3.875%11/3 · principal 6,466,378 $21.7M Reduce -38.2% IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 602,130 $1.1M No change
Total filed on the 13F, all lines: $333.8M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ JOYY Joyy Inc.-ADR Reduce -20.0% 22.98% −8.81 TDS Telephone and Data Systems Sold out 0.00% −4.94 MBC Masterbrand Inc. Reduce -8.9% 6.32% −3.80 AMWD American Woodmark Corp. Reduce -0.4% 4.03% −2.09 ECHO Echostar Corp. Class A Reduce -3.0% 29.07% +3.35
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ ELME Elme Communities Add +399.2% 9.73% +7.42 MAN Manpowergroup Inc. New 3.03% +3.03 RHI Robert Half Inc. New 3.01% +3.01 TDAY USA Today Co. Inc. New 2.47% +2.47 SABR Sabre Corp. New 2.14% +2.14 XNET Xunlei Ltd.-ADR Add +307.2% 2.23% +1.32 SG Sweetgreen Inc. Class A New 0.82% +0.82 CDZI Cadiz Inc. New 0.60% +0.60 ACH Accendra Health Inc. New 0.31% +0.31 SEAT Vivid Seats Inc. Class A New 0.15% +0.15 NOTE Fiscalnote Holdings Inc. Add +55.9% 0.10% −0.15 NFE New Fortress Energy Inc. Add +2.0% 0.17% −0.23
Notes & Other Activity Q3 2025 → Q4 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