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STONEHILL CAPITAL MANAGEMENT LLC

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13F filer, CIK 1266227, NEW YORK, NY

STONEHILL CAPITAL MANAGEMENT LLC reported $333,820,000 across 22 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 89.67% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001266227-26-000001

Period
2025-12-31
Reported value
$334M
Holdings
22
Top 10 weight
89.67%
New
8
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ELMEadded+1,390,313$24.2M
MANnew+316,522$9.41M
RHInew+345,000$9.37M
TDAYnew+1,490,059$7.67M
SABRnew+4,897,216$6.66M

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-276,483-$17.9M
TDSexited-320,194-$12.6M
ECHOreduced-25,326-$2.75M
MBCreduced-175,000-$1.93M
AMWDreduced-838-$45.2K

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 0001266227-26-000001, largest first. % of portfolio is the value over $333,820,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ECHOECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 831,480 shares 831,480$90.4M27.08%-25,326Timeline
JOYYJOYY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,103,571 shares 1,103,571$71.5M21.41%-276,483Timeline
ELMEELME COMMUNITIESQuarterly 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: 348,288 shares; 2025Q4: 1,738,601 shares 1,738,601$30.3M9.06%+1,390,313Timeline
LBRDKLIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 433,513 shares 433,513$21.1M6.31%0Timeline
MBCMASTERBRAND 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: 475,000 shares; 2025Q3: 1,954,780 shares; 2025Q4: 1,779,780 shares 1,779,780$19.6M5.89%-175,000Timeline
HOUSANYWHERE REAL ESTATE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,080,170 shares; 2025Q2: 2,110,000 shares; 2025Q3: 953,635 shares; 2025Q4: 953,635 shares 953,635$13.5M4.04%0Timeline
AMWDAMERICAN WOODMARK 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: 20,000 shares; 2025Q3: 233,139 shares; 2025Q4: 232,301 shares 232,301$12.5M3.75%-838Timeline
MANMANPOWERGROUP INC WISQuarterly 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: 316,522 shares 316,522$9.41M2.82%newTimeline
RHIROBERT HALF INC.Quarterly 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: 345,000 shares 345,000$9.37M2.81%newTimeline
TDAYUSA TODAY CO 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: not reported; 2025Q3: not reported; 2025Q4: 1,490,059 shares 1,490,059$7.67M2.3%newTimeline
XNETXUNLEI 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: 239,802 shares; 2025Q4: 976,385 shares 976,385$6.92M2.07%+736,583Timeline
SABRSABRE 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: not reported; 2025Q3: not reported; 2025Q4: 4,897,216 shares 4,897,216$6.66M2%newTimeline
LBRDALIBERTY BROADBAND CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 138,878 shares; 2024Q4: 248,878 shares; 2025Q1: 248,878 shares; 2025Q2: 104,493 shares; 2025Q3: 78,011 shares; 2025Q4: 78,011 shares 78,011$3.77M1.13%0Timeline
SGSWEETGREEN 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: not reported; 2025Q3: not reported; 2025Q4: 375,000 shares 375,000$2.54M0.76%newTimeline
CDZICADIZ 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: not reported; 2025Q3: not reported; 2025Q4: 331,305 shares 331,305$1.86M0.56%newTimeline
DDIDOUBLEDOWN INTERACTIVE CO LTQuarterly 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: 127,870 shares; 2025Q3: 190,605 shares; 2025Q4: 190,605 shares 190,605$1.65M0.49%0Timeline
IRSA INVERSIONES Y REP S AIRSA INVERSIONES Y REP S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 602,130 shares; 2024Q4: 602,130 shares; 2025Q1: 602,130 shares; 2025Q2: 602,130 shares; 2025Q3: 602,130 shares; 2025Q4: 602,130 shares 602,130$1.15M0.34%0
ACHACCENDRA HEALTH 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: not reported; 2025Q3: not reported; 2025Q4: 342,583 shares 342,583$959K0.29%newTimeline
NFENEW FORTRESS ENERGY 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: not reported; 2025Q3: 455,939 shares; 2025Q4: 465,191 shares 465,191$530K0.16%+9,252Timeline
SEATVIVID SEATS 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: not reported; 2025Q3: not reported; 2025Q4: 63,740 shares 63,740$460K0.14%newTimeline
NOTEFISCALNOTE HLDGS INC COM CL AQuarterly 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: 141,751 shares; 2025Q4: 221,050 shares 221,050$325K0.1%+79,299Timeline

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%11/3principal6,466,378$21.7M-4,000,000

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
TDSTELEPHONE & DATA SYS INC320,194$12.6Mshares

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 0001266227-26-000001 base2026-02-17acceptance time not in the bulk data set