CONTRARIAN CAPITAL MANAGEMENT, L.L.C.

Greenwich, CT · CIK 1050417 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 1995 · limited liability company

Assets managed$4.8bn
Staff47 · 22 in investment roles
Main clients (by assets)Private funds 86%, Companies 14%
Private funds14 (9 hedge) · $4.1bn gross assets
Websitecontrariancapital.com
Form ADV · 2026-03-27SEC adviser record

Legal entityCONTRARIAN CAPITAL MANAGEMENT, L.L.C. (US)

$306.1m reported value -14.2% vs Q1 2026

19positions

94.6%in top 10

1 new 3 added 2 reduced 3 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

Contrarian Emerging Markets, L.P. – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	REPUBLIC AWYS HLDGS INC COM SHS RJET	RJET	4,347,756	$91.3m29.85%	29.85%	Reduced -98.5k	-98,454 -2.2%
2	GERDAU SA SPON ADR REP PFD GGB	GGB	19,069,112	$77.0m25.17%	25.17%	Unchanged
3	TERNIUM SA SPONSORED ADS TX	TX	992,413	$42.4m13.85%	13.85%	Unchanged
4	FUTU HLDGS LTD SPON ADS CL A FUTU	FUTU	388,611	$36.4m11.90%	11.90%	Added +86.2k	+86,160 28.5%
5	GRUPO AEROMEXICO SAB DE CV SPONSORED ADS AERO	AERO	671,207	$12.1m3.95%	3.95%	Unchanged
6	BAIDU INC SPON ADR REP A BIDU	BIDU	102,139	$11.7m3.81%	3.81%	Unchanged
7	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	189,287	$5.7m1.87%	1.87%	Added +27.1k	+27,124 16.7%
8	MACYS INC COM M	M	200,000	$4.7m1.54%	1.54%	Unchanged
9	VIPER ENERGY INC CL A VNOM	VNOM	110,000	$4.7m1.52%	1.52%	Added +25.0k	+25,000 29.4%
10	PG&E CORP COM PCG	PCG	200,000	$3.4m1.10%	1.10%	Unchanged
11	WEYERHAEUSER CO MTN BE COM NEW WY	WY	120,000	$2.9m0.94%	0.94%	Unchanged
12	CLEAR CHANNEL OUTDOOR HLDGS COM CCO	CCO	1,044,257	$2.5m0.83%	0.83%	Reduced -1.3m	-1,307,614 -55.6%
13	NATIONAL CINEMEDIA INC COM NEW NCMI	NCMI	596,231	$2.3m0.74%	0.74%	Unchanged
14	NOBLE CORP PLC ORD SHS A NE	NE	60,000	$2.2m0.73%	0.73%	Unchanged
15	SIX FLAGS ENTERTAINMENT CORP COM FUN	FUN	100,000	$2.1m0.70%	0.70%	New
16	ARDAGH METAL PACKAGING S A SHS AMBP	AMBP	413,706	$2.0m0.64%	0.64%	Unchanged
17	CENTURY CASINOS INC COM CNTY	CNTY	889,144	$1.1m0.37%	0.37%	Unchanged
18	CLEVELAND-CLIFFS INC NEW COM CLF	CLF	115,000	$1.1m0.35%	0.35%	Unchanged
19	WW INTL INC COM NEW WW	WW	28,091	$448.9k0.15%	0.15%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
HSBC HLDGS PLC HSBC	HSBC	481,063	$39.7m481.1k shares
ALIBABA GROUP HLDG LTD BABA	BABA	305,862	$38.4m305.9k shares
CORE NATURAL RESOURCES INC CNR	CNR	31,567	$3.3m31.6k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
REPUBLIC AWYS HLDGS INC RJET · 13G · filed 2026-02-12	RJET	9.5%≈ $93.4m	new	13G	2026-02-12