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STONEHILL CAPITAL MANAGEMENT LLC

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13F filer, CIK 1266227, NEW YORK, NY

STONEHILL CAPITAL MANAGEMENT LLC reported $327,983,000 across 12 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 99.56% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001266227-25-000003

Period
2025-03-31
Reported value
$328M
Holdings
12
Top 10 weight
99.56%
New
3
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
JOYYadded+1,034,374$43.4M
SGInew+650,143$38.9M
LBRDKadded+170,430$14.5M
HOUSnew+2,080,170$6.93M
PCGnew+265,000$4.55M

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
ATEXexited-605,664-$18.6M
ECHOreduced-100,000-$2.56M
EQCreduced-472,742-$761K
NXDTreduced-191,015-$731K
FiscalNote Holdings Increduced-182,885-$148K

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, Q1 2025

Share positions as resolved from 13F-HR 0001266227-25-000003, largest first. % of portfolio is the value over $327,983,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
LBRDKLIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 863,042 shares; 2024Q4: 1,223,071 shares; 2025Q1: 1,393,501 shares 1,393,501$119M36.14%+170,430Timeline
JOYYJOYY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,104,325 shares; 2024Q4: 1,251,947 shares; 2025Q1: 2,286,321 shares 2,286,321$96M29.26%+1,034,374Timeline
SGISOMNIGROUP INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 650,143 shares 650,143$38.9M11.87%newTimeline
ECHOECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 372,089 shares; 2024Q4: 1,032,425 shares; 2025Q1: 932,425 shares 932,425$23.9M7.27%-100,000Timeline
LBRDALIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 138,878 shares; 2024Q4: 248,878 shares; 2025Q1: 248,878 shares 248,878$21.2M6.45%0Timeline
HOUSANYWHERE REAL ESTATE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,080,170 shares 2,080,170$6.93M2.11%newTimeline
EQCEQUITY COMMONWEALTHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 655,007 shares; 2024Q4: 3,630,975 shares; 2025Q1: 3,158,233 shares 3,158,233$5.08M1.55%-472,742Timeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 265,000 shares 265,000$4.55M1.39%newTimeline
NXDTNEXPOINT DIVERSIFIED REL ETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 439,796 shares; 2024Q4: 446,705 shares; 2025Q1: 255,690 shares 255,690$979K0.3%-191,015Timeline
IRSA INVERSIONES Y REP S AIRSA INVERSIONES Y REP S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 602,130 shares; 2024Q4: 602,130 shares; 2025Q1: 602,130 shares 602,130$849K0.26%0
FiscalNote Holdings IncFiscalNote Holdings IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 777,286 shares; 2024Q4: 920,853 shares; 2025Q1: 737,968 shares 737,968$596K0.18%-182,885

Principal amounts

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

SecurityTypeAmountValueChange
ECHOSTAR CORPECHOSTAR CORP NOTE 3.875%11/3principal9,433,950$10.6M-10,000,000

Sold out in Q1 2025

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

SecurityShares beforeValue beforeType
ATEXANTERIX INC605,664$18.6Mshares

How Q1 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 0001266227-25-000003 base2025-05-15acceptance time not in the bulk data set