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STONEHILL CAPITAL MANAGEMENT LLC

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13F filer, CIK 1266227, NEW YORK, NY

STONEHILL CAPITAL MANAGEMENT LLC reported $280,430,000 across 15 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 97.7% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001266227-25-000006

Period
2025-09-30
Reported value
$280M
Holdings
15
Top 10 weight
97.7%
New
4
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MBCadded+1,479,780$19.5M
AMWDadded+213,139$14.2M
ECHOadded+105,388$8.05M
ELMEnew+348,288$5.87M
TDSadded+131,996$5.18M

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
JOYYreduced-707,533-$41.5M
HOUSreduced-1,156,365-$12.2M
LBRDKreduced-150,857-$9.59M
PCGexited-200,673-$2.8M
LBRDAreduced-26,482-$1.68M

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 0001266227-25-000006, largest first. % of portfolio is the value over $280,430,000, 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; 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; 2025Q3: 1,380,054 shares 1,380,054$80.9M28.84%-707,533Timeline
ECHOECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 372,089 shares; 2024Q4: 1,032,425 shares; 2025Q1: 932,425 shares; 2025Q2: 751,418 shares; 2025Q3: 856,806 shares 856,806$65.4M23.33%+105,388Timeline
LBRDKLIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 863,042 shares; 2024Q4: 1,223,071 shares; 2025Q1: 1,393,501 shares; 2025Q2: 584,370 shares; 2025Q3: 433,513 shares 433,513$27.5M9.82%-150,857Timeline
MBCMASTERBRAND 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: 475,000 shares; 2025Q3: 1,954,780 shares 1,954,780$25.7M9.18%+1,479,780Timeline
AMWDAMERICAN WOODMARK 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: 20,000 shares; 2025Q3: 233,139 shares 233,139$15.6M5.55%+213,139Timeline
TDSTELEPHONE & DATA SYS 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: 188,198 shares; 2025Q3: 320,194 shares 320,194$12.6M4.48%+131,996Timeline
HOUSANYWHERE REAL ESTATE 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: 2,080,170 shares; 2025Q2: 2,110,000 shares; 2025Q3: 953,635 shares 953,635$10.1M3.6%-1,156,365Timeline
ELMEELME COMMUNITIESQuarterly 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: 348,288 shares 348,288$5.87M2.09%newTimeline
LBRDALIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 138,878 shares; 2024Q4: 248,878 shares; 2025Q1: 248,878 shares; 2025Q2: 104,493 shares; 2025Q3: 78,011 shares 78,011$4.94M1.76%-26,482Timeline
XNETXUNLEI 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: 239,802 shares 239,802$2.29M0.82%newTimeline
DDIDOUBLEDOWN INTERACTIVE CO LTQuarterly 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: 127,870 shares; 2025Q3: 190,605 shares 190,605$1.78M0.63%+62,735Timeline
NFENEW FORTRESS ENERGY 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: 455,939 shares 455,939$1.01M0.36%newTimeline
IRSA INVERSIONES Y REP S AIRSA INVERSIONES Y REP S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 602,130 shares; 2024Q4: 602,130 shares; 2025Q1: 602,130 shares; 2025Q2: 602,130 shares; 2025Q3: 602,130 shares 602,130$723K0.26%0
NOTEFISCALNOTE HLDGS INC COM CL AQuarterly 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: 141,751 shares 141,751$656K0.23%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%11/3principal10,466,378$25.3M+5,000,000

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
PCGPG&E CORP200,673$2.8Mshares
FiscalNote Holdings IncFiscalNote Holdings Inc1,674,785$898Kshares
BURBURFORD CAPITAL LIMITED47,229$673Kshares

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 0001266227-25-000006 base2025-11-14acceptance time not in the bulk data set