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Bracebridge Capital, LLC

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13F filer, CIK 1426486, BOSTON, MA

Bracebridge Capital, LLC reported $1,905,346,206 across 36 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 93.12% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001426486-25-000007

Period
2025-09-30
Reported value
$1.91B
Holdings
36
Top 10 weight
93.12%
New
5
Sold out
14

Largest buys vs the previous quarter

SecurityShares changeApprox. value
RSPnew+529,100$100M
UNITnew+6,941,775$42.5M
GEN DIGITAL INCadded+625,558$4.62M
MAGNnew+316,854$3.71M
BGLWWnew+75,000$34.3K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
IWMreduced-194,250-$47M
GNWexited-1,969,200-$15.3M
UNITI GROUP INCexited-3,234,638-$14M
NVDAexited-88,400-$14M
OPTUreduced-3,624,175-$8.73M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001426486-25-000007, largest first. % of portfolio is the value over $239,829,636, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
RSPINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,426,700 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 529,100 shares 529,100$100M41.85%newTimeline
UNITUNITI GROUP LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 6,941,775 shares 6,941,775$42.5M17.71%newTimeline
ALVOALVOTECHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,705,304 shares; 2024Q4: 2,705,304 shares; 2025Q1: 2,705,304 shares; 2025Q2: 2,705,304 shares; 2025Q3: 2,705,304 shares 2,705,304$22.2M9.24%0Timeline
ADTADT INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,626,000 shares; 2024Q4: 2,126,000 shares; 2025Q1: 2,126,000 shares; 2025Q2: 2,126,000 shares; 2025Q3: 2,126,000 shares 2,126,000$18.5M7.72%0Timeline
OPTUOPTIMUM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,532,640 shares; 2024Q4: 8,854,977 shares; 2025Q1: 9,390,440 shares; 2025Q2: 9,351,240 shares; 2025Q3: 5,727,065 shares 5,727,065$13.8M5.76%-3,624,175Timeline
AAMAA MISSION ACQUISITION COR-AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 600,000 shares; 2024Q4: 600,000 shares; 2025Q1: 600,000 shares; 2025Q2: 600,000 shares; 2025Q3: 600,000 shares 600,000$6.31M2.63%0Timeline
GEN DIGITAL INCGEN DIGITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 210,700 shares; 2025Q3: 836,258 shares 836,258$6.18M2.58%+625,558
OSGOCTAVE SPECIALTY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 579,234 shares; 2024Q4: 579,234 shares; 2025Q1: 579,234 shares; 2025Q2: 579,234 shares; 2025Q3: 579,234 shares 579,234$4.83M2.01%0Timeline
BXMTBLACKSTONE MORTGAGE TRUST INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 229,400 shares; 2024Q4: 241,700 shares; 2025Q1: 216,700 shares; 2025Q2: 216,700 shares; 2025Q3: 216,700 shares 216,700$3.99M1.66%0Timeline
IWMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 210,330 shares; 2025Q3: 16,080 shares 16,080$3.89M1.62%-194,250Timeline
MAGNMAGNERA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 316,854 shares 316,854$3.71M1.55%newTimeline
ASTLALGOMA STL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 924,931 shares; 2024Q4: 924,931 shares; 2025Q1: 924,931 shares; 2025Q2: 924,931 shares; 2025Q3: 924,931 shares 924,931$3.29M1.37%0Timeline
AQSTAQUESTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 428,571 shares; 2024Q4: 459,216 shares; 2025Q1: 459,216 shares; 2025Q2: 459,216 shares; 2025Q3: 459,216 shares 459,216$2.57M1.07%0Timeline
TRTXTPG RE FIN TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 143,100 shares; 2025Q2: 231,000 shares; 2025Q3: 182,157 shares 182,157$1.56M0.65%-48,843Timeline
CCOCLEAR CHANNEL OUTDOOR HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 756,426 shares; 2024Q4: 756,426 shares; 2025Q1: 756,426 shares; 2025Q2: 756,426 shares; 2025Q3: 756,426 shares 756,426$1.2M0.5%0Timeline
AA MISSION ACQUISITI…AA MISSION ACQUISITION …Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 300,000 shares; 2025Q1: 300,000 shares; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares 300,000$48K0.02%0
TGEWSGENERATION ESSENTIALS GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 325,000 shares; 2025Q3: 325,000 shares 325,000$42.6K0.02%0Timeline
AIRJWAIRJOULE TECHNOLOGIES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares 50,000$37.6K0.02%0Timeline
BGLWWBLUE GOLD LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 75,000 shares 75,000$34.3K0.01%newTimeline
Spring Valley Acquisition C…Spring Valley Acquisition Corp IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,000 shares; 2024Q4: 25,000 shares; 2025Q1: 25,000 shares; 2025Q2: 25,000 shares; 2025Q3: 25,000 shares 25,000$32.5K0.01%0
CRMLWCRITICAL METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,500 shares; 2024Q4: 12,500 shares; 2025Q1: 12,500 shares; 2025Q2: 12,500 shares; 2025Q3: 12,500 shares 12,500$26.3K0.01%0Timeline
Spring Valley Acquisition C…Spring Valley Acquisition Corp IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares 50,000$26K0.01%0
GCT SEMICONDUCTOR HLDG INCGCT SEMICONDUCTOR HLDG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,000 shares; 2024Q4: 75,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 75,000 shares 75,000$14.1K0.01%0
COCHWENVOY MEDICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 262,156 shares; 2024Q4: 262,156 shares; 2025Q1: 262,156 shares; 2025Q2: 262,156 shares; 2025Q3: 262,156 shares 262,156$9.86K<0.01%0Timeline
DAICWCID HOLDCO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 62,500 shares; 2025Q3: 62,500 shares 62,500$9.53K<0.01%0Timeline
TWIN RIDGE CAPITAL ACQUISIT…TWIN RIDGE CAPITAL ACQUISITIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 141,666 shares; 2024Q4: 141,666 shares; 2025Q1: 141,666 shares; 2025Q2: 141,666 shares; 2025Q3: 141,666 shares 141,666$3.34K<0.01%0
BNAIWBRAND ENGAGEMENT NETWORK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,666 shares; 2024Q4: 166,666 shares; 2025Q1: 166,666 shares; 2025Q2: 166,666 shares; 2025Q3: 166,666 shares 166,666$2.55K<0.01%0Timeline
TVGNWTEVOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,500 shares; 2024Q4: 12,500 shares; 2025Q1: 12,500 shares; 2025Q2: 12,500 shares; 2025Q3: 12,500 shares 12,500$694<0.01%0Timeline
ALURWALLURION TECHNOLOGIES INC WT PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,311 shares; 2024Q4: 15,311 shares; 2025Q1: 15,311 shares; 2025Q2: 15,311 shares; 2025Q3: 15,311 shares 15,311$413<0.01%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
ISHARES TRISHARES TR PUTput70,000$568M+65,000
INVESCO QQQ TRINVESCO QQQ TR PUTput5,175$311M0
INVESCO QQQ TRINVESCO QQQ TR CALLcall5,175$311M-3,000
ISHARES TRISHARES TR CALLcall10,315$250M-1,550
ISHARES TRISHARES TR PUTput7,615$184M-4,250
STATE STR SPDR S&P 500 ETF TSTATE STR SPDR S&P 500 ETF T CALLcall630$42Mnew

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 4.000%11/1principal47,700,000$4.69M0

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
COINBASE GLOBAL INCCOINBASE GLOBAL INC4,150$145Mcall
AMAZON COM INCAMAZON COM INC3,000$65.8Mcall
NVIDIA CORPORATIONNVIDIA CORPORATION2,600$41.1Mput
NVIDIA CORPORATIONNVIDIA CORPORATION2,600$41.1Mcall
TESLA INCTESLA INC800$25.4Mput
TESLA INCTESLA INC800$25.4Mcall
COINBASE GLOBAL INCCOINBASE GLOBAL INC650$22.8Mput
GNWGENWORTH FINL INC1,969,200$15.3Mshares
UNITI GROUP INCUNITI GROUP INC3,234,638$14Mshares
NVDANVIDIA CORPORATION88,400$14Mshares
SUPER MICRO COMPUTER INCSUPER MICRO COMPUTER INC2,409$11.8Mput
SUPER MICRO COMPUTER INCSUPER MICRO COMPUTER INC2,409$11.8Mcall
TSLATESLA INC15,200$4.83Mshares
SUMMIT HEALTHCARE ACQUISITI…SUMMIT HEALTHCARE ACQUISITION232,323$9.27Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001426486-25-000007 base2025-11-14acceptance time not in the bulk data set