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STONEHILL CAPITAL MANAGEMENT LLC

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13F filer, CIK 1266227, NEW YORK, NY

STONEHILL CAPITAL MANAGEMENT LLC reported $228,234,000 across 14 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 98.49% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001266227-25-000004

Period
2025-06-30
Reported value
$228M
Holdings
14
Top 10 weight
98.49%
New
5
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TDSnew+188,198$6.7M
MBCnew+475,000$5.19M
DDInew+127,870$1.22M
AMWDnew+20,000$1.07M
BURnew+47,229$673K

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
LBRDKreduced-809,131-$79.6M
SGIexited-650,143-$38.9M
LBRDAreduced-144,385-$14.1M
JOYYreduced-198,734-$10.1M
EQCexited-3,158,233-$5.08M

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, Q2 2025

Share positions as resolved from 13F-HR 0001266227-25-000004, largest first. % of portfolio is the value over $228,234,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
JOYYJOYY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,104,325 shares; 2024Q4: 1,251,947 shares; 2025Q1: 2,286,321 shares; 2025Q2: 2,087,587 shares 2,087,587$106M46.57%-198,734Timeline
LBRDKLIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 863,042 shares; 2024Q4: 1,223,071 shares; 2025Q1: 1,393,501 shares; 2025Q2: 584,370 shares 584,370$57.5M25.19%-809,131Timeline
ECHOECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 372,089 shares; 2024Q4: 1,032,425 shares; 2025Q1: 932,425 shares; 2025Q2: 751,418 shares 751,418$20.8M9.12%-181,007Timeline
LBRDALIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 138,878 shares; 2024Q4: 248,878 shares; 2025Q1: 248,878 shares; 2025Q2: 104,493 shares 104,493$10.2M4.48%-144,385Timeline
HOUSANYWHERE REAL ESTATE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,080,170 shares; 2025Q2: 2,110,000 shares 2,110,000$7.64M3.35%+29,830Timeline
TDSTELEPHONE & DATA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 188,198 shares 188,198$6.7M2.93%newTimeline
MBCMASTERBRAND INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 475,000 shares 475,000$5.19M2.27%newTimeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 265,000 shares; 2025Q2: 200,673 shares 200,673$2.8M1.23%-64,327Timeline
DDIDOUBLEDOWN INTERACTIVE CO LTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 127,870 shares 127,870$1.22M0.54%newTimeline
AMWDAMERICAN WOODMARK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 20,000 shares 20,000$1.07M0.47%newTimeline
FiscalNote Holdings IncFiscalNote Holdings IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 777,286 shares; 2024Q4: 920,853 shares; 2025Q1: 737,968 shares; 2025Q2: 1,674,785 shares 1,674,785$898K0.39%+936,817
IRSA INVERSIONES Y REP S AIRSA INVERSIONES Y REP S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 602,130 shares; 2024Q4: 602,130 shares; 2025Q1: 602,130 shares; 2025Q2: 602,130 shares 602,130$807K0.35%0
BURBURFORD CAPITAL LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 47,229 shares 47,229$673K0.29%newTimeline

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%11/3principal5,466,378$6.44M-3,967,572

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
SGISOMNIGROUP INTERNATIONAL INC650,143$38.9Mshares
EQCEQUITY COMMONWEALTH3,158,233$5.08Mshares
NXDTNEXPOINT DIVERSIFIED REL ET255,690$979Kshares

How Q2 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 0001266227-25-000004 base2025-08-14acceptance time not in the bulk data set