# REDWOOD CAPITAL MANAGEMENT, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1316622. Source: https://holderbook.com/funds/1316622-redwood-capital-management-llc/

- Reported value: $927.4M
- Positions: 25
- Weight of the ten largest: 87.3%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VIASAT INC | [VSAT](https://holderbook.com/stocks/VSAT/) | $197.9M | 2,203,640 | 21.3% | 1 |
| ECHOSTAR CORP | [ECHO](https://holderbook.com/stocks/ECHO/) | $128.9M | 1,270,079 | 13.9% | 10 |
| GLOBAL BUSINESS TRAVEL GROUP | [GBTG](https://holderbook.com/stocks/GBTG/) | $103.3M | 10,998,642 | 11.1% | 4 |
| MASTERBRAND INC | [MBC](https://holderbook.com/stocks/MBC/) | $101.1M | 9,821,896 | 10.9% | 2 |
| OFFICE PPTYS INCOME TR | - | $73.6M | 4,327,521 | 7.9% | 1 |
| AERCAP HOLDINGS NV | [AER](https://holderbook.com/stocks/AER/) | $58.9M | 404,266 | 6.4% | 20 |
| TELEPHONE & DATA SYS INC | [TDS](https://holderbook.com/stocks/TDS/) | $47.2M | 1,275,282 | 5.1% | 6 |
| MOLINA HEALTHCARE INC | [MOH](https://holderbook.com/stocks/MOH/) | $45.7M | 200,000 | 4.9% | 4 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $32.8M | 84,800 | 3.5% | 4 |
| KBR INC | [KBR](https://holderbook.com/stocks/KBR/) | $19.9M | 575,000 | 2.1% | 1 |
| FORTUNE BRANDS INNOVATIONS I | [FBIN](https://holderbook.com/stocks/FBIN/) | $18.2M | 332,000 | 2.0% | 1 |
| CENTENE CORP DEL | [CNC](https://holderbook.com/stocks/CNC/) | $13.4M | 208,500 | 1.4% | 4 |
| CAESARS ENTERTAINMENT INC NE | [CZR](https://holderbook.com/stocks/CZR/) | $12.7M | 420,000 | 1.4% | 10 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $11.4M | 27,500 | 1.2% | 4 |
| GRUPO AEROMEXICO SAB DE CV | [AERO](https://holderbook.com/stocks/AERO/) | $10.5M | 583,580 | 1.1% | 2 |
| SABLE OFFSHORE CORP | [SOC](https://holderbook.com/stocks/SOC/) | $9.2M | 3,000,000 | 1.0% | 1 |
| OPTIMUM COMMUNICATIONS INC | [OPTU](https://holderbook.com/stocks/OPTU/) | $7.5M | 5,189,270 | 0.8% | 20 |
| AZUL S A | - | $7.3M | 816,991 | 0.8% | 1 |
| CBL & ASSOC PPTYS INC | [CBL](https://holderbook.com/stocks/CBL/) | $6.2M | 117,613 | 0.7% | 19 |
| STUDIO CITY INTL HLDGS LTD | [MSC](https://holderbook.com/stocks/MSC/) | $5.9M | 3,239,073 | 0.6% | 31 |
| ECHOSTAR CORP | - | $5.9M | 1,915,906 | 0.6% | 7 |
| NORWEGIAN CRUISE LINE HLDGS | [NCLH](https://holderbook.com/stocks/NCLH/) | $5.5M | 260,000 | 0.6% | 1 |
| MERCER INTL INC | [MERC](https://holderbook.com/stocks/MERC/) | $3.1M | 4,648,133 | 0.3% | 31 |
| EHEALTH INC | [EHTH](https://holderbook.com/stocks/EHTH/) | $696.4K | 467,395 | 0.1% | 8 |
| AMERICAN PUB ED INC | [APEI](https://holderbook.com/stocks/APEI/) | $537.0K | 10,000 | 0.1% | 21 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +17.4% | +14.8% | +2.6% | 87% |
| Q1 2026 | -7.3% | -4.6% | -2.7% | 81% |
| Q4 2025 | +21.0% | +2.4% | +18.7% | 87% |
| Q3 2025 | +82.3% | +7.8% | +74.5% | 89% |
| Q2 2025 | +11.9% | +10.5% | +1.5% | 88% |
| Q1 2025 | +8.6% | -4.6% | +13.2% | 88% |
| Q4 2024 | +2.7% | +2.1% | +0.5% | 78% |
| Q3 2024 | +11.2% | +5.4% | +5.8% | 72% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $927.4M | 25 |
| Q1 2026 | $674.2M | 22 |
| Q4 2025 | $934.2M | 17 |
| Q3 2025 | $1.0B | 17 |
| Q2 2025 | $550.6M | 11 |
| Q1 2025 | $669.9M | 13 |
| Q4 2024 | $603.2M | 12 |
| Q3 2024 | $656.6M | 15 |
| Q2 2024 | $650.4M | 17 |
| Q1 2024 | $709.6M | 20 |
| Q4 2023 | $552.3M | 19 |
| Q3 2023 | $532.4M | 23 |