REDWOOD CAPITAL MANAGEMENT, LLC

New York, NY · CIK 1316622 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$11.0bn
Staff33 · 16 in investment roles
Main clients (by assets)Private funds 100%
Private funds5 (5 hedge) · $10.9bn gross assets
Websiteredwoodcap.com
Form ADV · 2026-05-12SEC adviser record

Legal entityREDWOOD CAPITAL MANAGEMENT, LLC (US)

$927.4m reported value +37.6% vs Q1 2026

25positions

87.3%in top 10

7 new 2 added 5 reduced 4 sold out vs Q1 2026

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

Redwood Capital Management Holdings, LP – 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	VIASAT INC COM VSAT	VSAT	2,203,640	$197.9m21.34%	21.34%	New
2	ECHOSTAR CORP CL A ECHO	ECHO	1,270,079	$128.9m13.90%	13.90%	Reduced -314.8k	-314,778 -19.9%
3	GLOBAL BUSINESS TRAVEL GROUP COM CL A COM CL A		10,998,642	$103.3m11.14%	11.14%	Reduced -11.0m	-10,955,174 -49.9%
4	MASTERBRAND INC COMMON STOCK MBC	MBC	9,821,896	$101.1m10.90%	10.90%	Added +8.5m	+8,535,799 663.7%
5	OFFICE PPTYS INCOME TR COM OF BENEFICIA OPI	OPI	4,327,521	$73.6m7.93%	7.93%	New
6	AERCAP HOLDINGS NV SHS AER	AER	404,266	$58.9m6.35%	6.35%	Unchanged
7	TELEPHONE & DATA SYS INC COM NEW TDS	TDS	1,275,282	$47.2m5.09%	5.09%	Unchanged
8	MOLINA HEALTHCARE INC COM MOH	MOH	200,000	$45.7m4.93%	4.93%	Reduced -110.0k	-110,000 -35.5%
9	ELEVANCE HEALTH INC COM ELV	ELV	84,800	$32.8m3.54%	3.54%	Unchanged
10	KBR INC COM KBR	KBR	575,000	$19.9m2.14%	2.14%	New
11	FORTUNE BRANDS INNOVATIONS I COM FBIN	FBIN	332,000	$18.2m1.97%	1.97%	New
12	CENTENE CORP DEL COM CNC	CNC	208,500	$13.4m1.44%	1.44%	Unchanged
13	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	420,000	$12.7m1.37%	1.37%	Unchanged
14	UNITEDHEALTH GROUP INC COM UNH	UNH	27,500	$11.4m1.23%	1.23%	Unchanged
15	GRUPO AEROMEXICO SAB DE CV SPONSORED ADS AERO	AERO	583,580	$10.5m1.13%	1.13%	Added +32.0k	+31,979 5.8%
16	SABLE OFFSHORE CORP COM SHS SOC	SOC	3,000,000	$9.2m1.00%	1.00%	New
17	ALTICE USA INC CL A OPTU	OPTU	5,189,270	$7.5m0.81%	0.81%	Reduced -3.0m	-3,000,000 -36.6%
18	AZUL S A SPONSORED ADS AZUL	AZUL	816,991	$7.3m0.79%	0.79%	New
19	CBL & ASSOC PPTYS INC COMMON STOCK CBL	CBL	117,613	$6.2m0.67%	0.67%	Unchanged
20	STUDIO CITY INTL HLDGS LTD SPON ADS MSC	MSC	3,239,073	$5.9m0.64%	0.64%	Unchanged
21	ECHOSTAR CORP NOTE 3.875%11/3 · principal ECHO 3.875 11.30.30 · principal	ECHO 3.875 11.30.30	1,915,906	$5.9m0.64%	0.64%	Reduced -21.1m	-21,130,000 -91.7%
22	NORWEGIAN CRUISE LINE HLDG L SHS NCLH	NCLH	260,000	$5.5m0.59%	0.59%	New
23	MERCER INTL INC COM MERC	MERC	4,648,133	$3.1m0.33%	0.33%	Unchanged
24	EHEALTH INC COM EHTH	EHTH	467,395	$696.4k0.08%	0.08%	Unchanged
25	AMERICAN PUB ED INC COM APEI	APEI	10,000	$537.0k0.06%	0.06%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
COMMSCOPE HLDG CO INC VISN	VISN	1,368,663	$24.9m1.4m shares
AMERICAN WOODMARK CORPORATIO AMWD	AMWD	72,402	$2.9m72.4k shares
KINDERCARE LEARNING COMPANIE KLC	KLC	1,250,000	$2.8m1.2m shares
GOHEALTH INC		924,244	$1.4m924.2k 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
OFFICE PPTYS INCOME TR OPI · 13D · filed 2026-08-19	OPI	18.0%≈ $67.4m	-1.7 pts	13D	2026-08-19
MERCER INTL INC MERC · 13G · filed 2025-11-14	MERC	6.9%≈ $3.1m	+1.9 pts	13G	2025-11-14
GOHEALTH INC 13D · filed 2025-08-13		5.8%	new	13D	2025-08-13

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-08-18	OFFICE PPTYS INCOME TR 10% owner · See footnote	OPI	Sold	175,734	$3.3m175.7k shares	-4%
2026-08-17	OFFICE PPTYS INCOME TR 10% owner · See footnote	OPI	Sold	20,686	$393.7k20.7k shares	-0%
2026-08-13	OFFICE PPTYS INCOME TR 10% owner · See footnotes	OPI	Sold	1,826	$34.7k1.8k shares	-<1%
2026-08-12	OFFICE PPTYS INCOME TR 10% owner · See footnotes	OPI	Sold	2,616	$49.8k2.6k shares	-<1%
2026-08-11	OFFICE PPTYS INCOME TR 10% owner · See footnotes	OPI	Sold	2,413	$45.8k2.4k shares	-<1%
2026-08-06	OFFICE PPTYS INCOME TR 10% owner · See footnotes	OPI	Sold	162,254	$3.2m162.3k shares	-4%