REDWOOD CAPITAL MANAGEMENT, LLC

New York, NY · CIK 1316622 · 13F filing filed 2023-08-14

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)

$682.1m reported value +0.9% vs Q1 2023

28positions

72.1%in top 10

2 new 2 added 5 reduced 8 sold out vs Q1 2023

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 2023

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	AERCAP HOLDINGS NV SHS AER	AER	2,142,023	$136.1m19.95%	19.95%	Unchanged
2	COINBASE GLOBAL INC NOTE 0.500% 6/0 · principal COIN 0.5 06.01.26 · principal	COIN 0.5 06.01.26	77,112,000	$59.1m8.66%	8.66%	Reduced -3.2m	-3,250,000 -4.0%
3	ALTICE USA INC CL A OPTU	OPTU	16,024,591	$48.4m7.09%	7.09%	Added +9.9m	+9,934,099 163.1%
4	UPSTART HLDGS INC NOTE 0.250% 8/1 · principal UPST 0.25 08.15.26 · principal	UPST 0.25 08.15.26	68,706,000	$46.6m6.84%	6.84%	Unchanged
5	LOMA NEGRA C I A S A MTN 14 SPONSORED ADS LOMA	LOMA	5,873,428	$39.9m5.86%	5.86%	Unchanged
6	CARNIVAL CORP UNIT 99/99/9999 UNIT 99/99/9999		1,974,260	$37.2m5.45%	5.45%	Unchanged
7	VMWARE INC CL A COM VMW	VMW	246,631	$35.4m5.20%	5.20%	Unchanged
8	DOLE PLC ORD SHS DOLE	DOLE	2,237,802	$30.3m4.44%	4.44%	Reduced -304.1k	-304,123 -12.0%
9	EQUITRANS MIDSTREAM CORP COM ETRN	ETRN	3,130,760	$29.9m4.39%	4.39%	Unchanged
10	ALLY FINL INC COM ALLY	ALLY	1,077,568	$29.1m4.27%	4.27%	Added +977.6k	+977,568 977.6%
11	VROOM INC NOTE 0.750% 7/0 · principal VRM 0.75 07.01.26 · principal	VRM 0.75 07.01.26	58,930,000	$27.7m4.06%	4.06%	Unchanged
12	SPIRIT AEROSYSTEMS HLDGS INC COM CL A SPR	SPR	864,079	$25.2m3.70%	3.70%	Unchanged
13	STUDIO CITY INTL HLDGS LTD SPON ADS MSC	MSC	3,268,870	$22.7m3.33%	3.33%	Reduced -4.0k	-4,028 -0.1%
14	TELECOM ARGENTINA SA SPON ADR REP B TEO	TEO	3,585,329	$21.8m3.20%	3.20%	Unchanged
15	CITIGROUP INC COM NEW C	C	430,500	$19.8m2.91%	2.91%	Unchanged
16	ADIENT PLC ORD SHS ADNT	ADNT	424,280	$16.3m2.38%	2.38%	Unchanged
17	MERCER INTL INC COM MERC	MERC	1,901,159	$15.3m2.25%	2.25%	Unchanged
18	MGIC INVT CORP WIS COM MTG	MTG	820,705	$13.0m1.90%	1.90%	Unchanged
19	AMERICAN PUB ED INC COM APEI	APEI	1,411,882	$6.7m0.98%	0.98%	Reduced -440.3k	-440,310 -23.8%
20	DISH NETWORK CORPORATION NOTE 3.375% 8/1 · principal DISH 3.375 08.15.26 · principal	DISH 3.375 08.15.26	12,100,000	$6.1m0.89%	0.89%	New
21	SABRE GLBL INC NOTE 4.000% 4/1 · principal SABHLD 4 04.15.25 · principal	SABHLD 4 04.15.25	5,000,000	$3.9m0.57%	0.57%	Unchanged
22	DISH NETWORK CORPORATION NOTE 12/1 · principal DISH 0 12.15.25 · principal	DISH 0 12.15.25	7,000,000	$3.7m0.54%	0.54%	New
23	NCL CORP LTD NOTE 1.125% 2/1 · principal NCLH 1.125 02.15.27 · principal	NCLH 1.125 02.15.27	3,025,000	$2.7m0.40%	0.40%	Reduced -17.5m	-17,500,000 -85.3%
24	CBL & ASSOC PPTYS INC COMMON STOCK CBL	CBL	115,946	$2.6m0.37%	0.37%	Unchanged
25	EXPAND ENERGY CORPORATION COM EXE	EXE	18,824	$1.6m0.23%	0.23%	Unchanged
26	CLEAR CHANNEL OUTDOOR HLDGS COM CCO	CCO	321,006	$439.8k0.06%	0.06%	Unchanged
27	VROOM INC COM VRM	VRM	300,000	$432.0k0.06%	0.06%	Unchanged
28	CURO GROUP HOLDINGS CORP COM CURO	CURO	123,172	$166.3k0.02%	0.02%	Unchanged

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
IQIYI INC IQ 4 12.15.26	IQ 4 12.15.26	71,233,000	$64.9m71.2m shares
VORNADO RLTY TR VNO	VNO	931,901	$14.3m931.9k shares
ENACT HLDGS INC ACT	ACT	500,896	$11.5m500.9k shares
REDFIN CORP RDFN 0 10.15.25	RDFN 0 10.15.25	9,000,000	$6.4m9.0m shares
NCL CORP LTD NCLH 6 05.15.24	NCLH 6 05.15.24	4,000,000	$4.8m4.0m shares
STEALTHGAS INC GASS	GASS	1,740,278	$4.5m1.7m shares
AMERICAN WOODMARK CORPORATIO AMWD	AMWD	30,000	$1.6m30.0k shares
ROYAL CARIBBEAN GROUP RCL 4.25 06.15.23	RCL 4.25 06.15.23	640,000	$658.3k640.0k 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