REDWOOD CAPITAL MANAGEMENT, LLC

New York, NY · CIK 1316622 · 13F filing filed 2025-08-14

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)

$550.6m reported value -17.8% vs Q1 2025

11positions

99.6%in top 10

0 new 3 added 3 reduced 2 sold out vs Q1 2025

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 2025

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	ECHOSTAR CORP CL A ECHO	ECHO	7,944,841	$220.1m39.97%	39.97%	Added +1.6m	+1,584,857 24.9%
2	AERCAP HOLDINGS NV SHS AER	AER	1,409,863	$165.0m29.96%	29.96%	Reduced -215.0k	-215,000 -13.2%
3	ECHOSTAR CORP NOTE 3.875%11/3 · principal ECHO 3.875 11.30.30 · principal	ECHO 3.875 11.30.30	53,950,906	$62.5m11.35%	11.35%	Reduced -20.9m	-20,904,642 -27.9%
4	TELEPHONE & DATA SYS INC COM NEW TDS	TDS	870,213	$31.0m5.62%	5.62%	Added +300.0k	+300,000 52.6%
5	AMERICAN PUB ED INC COM APEI	APEI	705,379	$21.5m3.90%	3.90%	Reduced -421.9k	-421,876 -37.4%
6	ALTICE USA INC CL A OPTU	OPTU	8,189,270	$17.5m3.18%	3.18%	Unchanged
7	MERCER INTL INC COM MERC	MERC	3,368,840	$11.8m2.14%	2.14%	Added +1.7m	+1,656,115 96.7%
8	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	320,000	$9.1m1.65%	1.65%	Unchanged
9	STUDIO CITY INTL HLDGS LTD SPON ADS MSC	MSC	3,239,073	$7.2m1.31%	1.31%	Unchanged
10	CBL & ASSOC PPTYS INC COMMON STOCK CBL	CBL	117,613	$3.0m0.54%	0.54%	Unchanged
11	EHEALTH INC COM EHTH	EHTH	467,395	$2.0m0.37%	0.37%	Unchanged

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
UNITED STATES STL CORP NEW X	X	3,540,422	$149.6m3.5m shares
ASTRONICS CORP ATRO	ATRO	225,893	$5.5m225.9k 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