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BRIGADE CAPITAL MANAGEMENT, LP

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13F filer, CIK 1421306, NEW YORK, NY

BRIGADE CAPITAL MANAGEMENT, LP reported $815,203,563 across 22 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 89.98% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000919574-25-006890

Period
2025-09-30
Reported value
$815M
Holdings
22
Top 10 weight
89.98%
New
8
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
LNTHadded+173,200$8.88M
NCLHnew+347,600$8.56M
DHCadded+518,357$2.29M
GNWnew+160,000$1.42M

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
NBRreduced-137,666-$5.62M

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 0000919574-25-006890, largest first. % of portfolio is the value over $181,354,813, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NBRNABORS INDUSTRIES 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: 904,035 shares; 2025Q2: 878,641 shares; 2025Q3: 740,975 shares 740,975$30.2M16.67%-137,666Timeline
LUMNLUMEN TECHNOLOGIES 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: 2,900,000 shares; 2025Q3: 2,900,000 shares 2,900,000$17.7M9.79%0Timeline
LNTHLANTHEUS HLDGS 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: 143,145 shares; 2025Q3: 316,345 shares 316,345$16.2M8.95%+173,200Timeline
NCLHNORWEGIAN CRUISE LINE HLDGSQuarterly 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: 347,600 shares 347,600$8.56M4.72%newTimeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,120 shares; 2024Q4: 78,386 shares; 2025Q1: 78,386 shares; 2025Q2: 78,386 shares; 2025Q3: 78,386 shares 78,386$8.33M4.59%0Timeline
ECVTECOVYST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,427,000 shares; 2024Q4: 518,500 shares; 2025Q1: 667,255 shares; 2025Q2: 817,255 shares; 2025Q3: 817,255 shares 817,255$7.16M3.95%0Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 400,000 shares; 2025Q1: 400,000 shares; 2025Q2: 1,081,643 shares; 2025Q3: 1,600,000 shares 1,600,000$7.06M3.89%+518,357Timeline
FWRDFORWARD AIR 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: 220,850 shares; 2025Q3: 220,850 shares 220,850$5.66M3.12%0Timeline
SVCSERVICE PPTYS 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: 910,000 shares; 2025Q2: 1,075,000 shares; 2025Q3: 1,075,000 shares 1,075,000$2.92M1.61%0Timeline
GNWGENWORTH FINL 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: not reported; 2025Q3: 160,000 shares 160,000$1.42M0.79%newTimeline
FOAFINANCE OF AMERICA COMPANQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 57,000 shares; 2025Q1: 57,000 shares; 2025Q2: 57,000 shares; 2025Q3: 57,000 shares 57,000$1.28M0.7%0Timeline
BBGIBEASLEY BROADCAST GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 136,455 shares; 2025Q1: 136,455 shares; 2025Q2: 136,455 shares; 2025Q3: 136,455 shares 136,455$611K0.34%0Timeline
EXEELCHESAPEAKE ENERGY CORP -CW26Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,398 shares; 2025Q1: 2,398 shares; 2025Q2: 2,398 shares; 2025Q3: 2,398 shares 2,398$232K0.13%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
LQDISHARES TR SHSput2,000,000$223M0
GLDSPDR GOLD TR GOLD SHScall450,000$160Mnew
TLTISHARES TR 20 YR TR BD ETFput1,725,000$154Mnew
IWMISHARES TR SHSput400,000$96.8Mnew

Principal amounts

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

SecurityTypeAmountValueChange
JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD Convertibleprincipal34,965,000$41.6Mnew
LANTHEUS HLDGS INCLANTHEUS HLDGS INC Convertibleprincipal19,010,000$19.9Mnew
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 3.750% 2/1principal79,114,000$6.33M0
JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD NOTE 2.000% 6/1principal5,000,000$5.3Mnew
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 4.000%11/1principal8,624,000$733K0

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
IWMISHARES TR600,000$129Mcall

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 0000919574-25-006890 base2025-11-14acceptance time not in the bulk data set