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BRIGADE CAPITAL MANAGEMENT, LP

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13F filer, CIK 1421306, NEW YORK, NY

BRIGADE CAPITAL MANAGEMENT, LP reported $331,063,527 across 20 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 94.38% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000919574-26-000948

Period
2025-12-31
Reported value
$331M
Holdings
20
Top 10 weight
94.38%
New
3
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NOMDnew+875,000$10.9M
FOAadded+25,000$605K

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
LNTHreduced-188,738-$12.6M
NCLHexited-347,600-$8.56M
LUMNreduced-1,050,000-$8.16M
FWRDreduced-143,493-$3.59M
NBRreduced-65,096-$3.53M

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, Q4 2025

Share positions as resolved from 13F-HR 0000919574-26-000948, largest first. % of portfolio is the value over $176,706,303, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 904,035 shares; 2025Q2: 878,641 shares; 2025Q3: 740,975 shares; 2025Q4: 675,879 shares 675,879$36.7M20.77%-65,096Timeline
LUMNLUMEN TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,900,000 shares; 2025Q3: 2,900,000 shares; 2025Q4: 1,850,000 shares 1,850,000$14.4M8.13%-1,050,000Timeline
NOMDNOMAD FOODS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 875,000 shares 875,000$10.9M6.19%newTimeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,120 shares; 2024Q4: 78,386 shares; 2025Q1: 78,386 shares; 2025Q2: 78,386 shares; 2025Q3: 78,386 shares; 2025Q4: 77,260 shares 77,260$8.53M4.83%-1,126Timeline
LNTHLANTHEUS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 143,145 shares; 2025Q3: 316,345 shares; 2025Q4: 127,607 shares 127,607$8.49M4.81%-188,738Timeline
ECVTECOVYST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 817,255 shares 817,255$7.95M4.5%0Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,600,000 shares 1,600,000$7.76M4.39%0Timeline
FOAFINANCE OF AMERICA COMPANQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 57,000 shares; 2025Q1: 57,000 shares; 2025Q2: 57,000 shares; 2025Q3: 57,000 shares; 2025Q4: 82,000 shares 82,000$1.99M1.12%+25,000Timeline
SVCSERVICE PPTYS TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 910,000 shares; 2025Q2: 1,075,000 shares; 2025Q3: 1,075,000 shares; 2025Q4: 1,075,000 shares 1,075,000$1.98M1.12%0Timeline
FWRDFORWARD AIR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 220,850 shares; 2025Q3: 220,850 shares; 2025Q4: 77,357 shares 77,357$1.93M1.09%-143,493Timeline
EXEELCHESAPEAKE ENERGY CORP -CW26Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,398 shares; 2025Q1: 2,398 shares; 2025Q2: 2,398 shares; 2025Q3: 2,398 shares; 2025Q4: 1,468 shares 1,468$146K0.08%-930Timeline

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
GLDSPDR GOLD TR GOLD SHScall200,000$79.3M-250,000
SPYSTATE STR SPDR S&P 500 ETF T SHSput45,200$30.8Mnew
ORCLORACLE CORP COMput140,000$27.3Mnew
IWMISHARES TR SHSput69,000$17M-331,000

Principal amounts

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

SecurityTypeAmountValueChange
LANTHEUS HLDGS INCLANTHEUS HLDGS INC Convertibleprincipal37,211,000$42.5M+18,201,000
JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD Convertibleprincipal18,965,000$25.3M-16,000,000
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 3.750% 2/1principal76,540,000$4.21M-2,574,000
JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD NOTE 2.000% 6/1principal3,000,000$3.47M-2,000,000
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 4.000%11/1principal7,700,000$424K-924,000

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
LQDISHARES TR2,000,000$223Mput
TLTISHARES TR1,725,000$154Mput
NCLHNORWEGIAN CRUISE LINE HLDGS347,600$8.56Mshares
GNWGENWORTH FINL INC160,000$1.42Mshares
BBGIBEASLEY BROADCAST GROUP INC136,455$611Kshares

How Q4 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 0000919574-26-000948 base2026-02-13acceptance time not in the bulk data set