Bracebridge Capital, LLC

BOSTON, MA · CIK 1426486 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$100.3bn
Staff168 · 59 in investment roles
Main clients (by assets)Private funds 100%
Private funds12 (12 hedge) · $114.9bn gross assets
Websitebracebridgecapital.com
Form ADV · 2026-03-31SEC adviser record

Legal entityBRACEBRIDGE CAPITAL, LLC (US)

$462.2m reported value -16.9% vs Q1 2026

27positions

96.5%in top 10

4 new 4 added 1 reduced 5 sold out vs Q1 2026

Options: 7 call positions ($2.5bn notional), 6 put positions ($2.6bn notional) – listed below, not included above.

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	SPDR GOLD TR GOLD SHS GLD	GLD	633,450	$233.4m50.49%	50.49%	Reduced -320.0k	-320,000 -33.6%
2	UNITI GROUP LLC COM SHS UNIT	UNIT	8,023,590	$92.0m19.91%	19.91%	Added +280.1k	+280,125 3.6%
3	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	946,556	$28.6m6.18%	6.18%	New
4	ADT INC DEL COM ADT	ADT	3,126,000	$20.3m4.40%	4.40%	Added +1.0m	+1,000,000 47.0%
5	SERVICE PPTYS TR COM SH BEN INT COM SH BEN INT		11,330,218	$19.1m4.14%	4.14%	New
6	FORWARD AIR CORP COM FWRD	FWRD	1,404,913	$19.0m4.11%	4.11%	New
7	ALVOTECH ORDINARY SHARES ALVO	ALVO	4,038,637	$14.9m3.22%	3.22%	Added +1.3m	+1,333,333 49.3%
8	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	46,345	$7.9m1.71%	1.71%	New
9	GENWORTH FINL INC COM SHS GNW	GNW	714,388	$6.8m1.46%	1.46%	Unchanged
10	BLACKSTONE MTG TR INC COM CL A BXMT	BXMT	241,700	$4.1m0.89%	0.89%	Unchanged
11	ALGOMA STL GROUP INC COM ASTL	ASTL	924,931	$3.7m0.81%	0.81%	Unchanged
12	AMBAC FINL GROUP INC COM NEW OSG	OSG	579,234	$3.6m0.78%	0.78%	Unchanged
13	LIBERTY MEDIA CORP DEL DEB 4.000%11/1 · principal LINTA 4 11.15.29 · principal	LINTA 4 11.15.29	47,700,000	$2.1m0.46%	0.46%	Unchanged
14	AQUESTIVE THERAPEUTICS INC COM AQST	AQST	459,216	$1.9m0.41%	0.41%	Unchanged
15	ATRIUM THERAPEUTICS INC COM RNA	RNA	139,239	$1.9m0.41%	0.41%	Unchanged
16	TPG RE FIN TR INC COM TRTX	TRTX	182,157	$1.5m0.33%	0.33%	Unchanged
17	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	13,600	$1.0m0.22%	0.22%	Added +2.0k	+2,000 17.2%
18	MONTANA TECHNOLOGIES CORP *W EXP 03/15/202 AIRJW	AIRJW	50,000	$65.0k0.01%	0.01%	Unchanged
19	GENERATION ESSENTIALS GROUP *W EXP 02/15/202 TGE.WS	TGE.WS	325,000	$58.5k0.01%	0.01%	Unchanged
20	CRITICAL METALS CORP *W EXP 02/27/202 CRMLW	CRMLW	12,500	$44.6k0.01%	0.01%	Unchanged
21	GCT SEMICONDUCTOR HLDG INC *W EXP 03/01/202 GCTS.WS	GCTS.WS	75,000	$36.8k0.01%	0.01%	Unchanged
22	EAGLE NUCLEAR ENERGY CORP *W EXP 02/25/203 NUCLW	NUCLW	25,000	$36.2k0.01%	0.01%	Unchanged
23	BRAND ENGAGEMENT NETWORK INC *W EXP 03/14/202 BNAIW	BNAIW	166,666	$23.3k0.01%	0.01%	Unchanged
24	ENVOY MEDICAL INC *W EXP 09/29/202 COCHW	COCHW	262,156	$13.1k0.00%	0.00%	Unchanged
25	BLUE GOLD LTD *W EXP 04/01/203 BGLWW	BGLWW	75,000	$7.2k0.00%	0.00%	Unchanged
26	CID HOLDCO INC *W EXP 12/31/202 DAICW	DAICW	62,500	$7690.00%	0.00%	Unchanged
27	TEVOGEN BIO HLDGS INC *W EXP 02/14/202 TVGNW	TVGNW	12,500	$7100.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
TESLA INC TSLA	TSLA	39,400	$14.6m39.4k shares
ISHARES TR HYG	HYG	37,500	$3.0m37.5k shares
AMC ENTMT HLDGS INC AMC	AMC	2,751,699	$2.7m2.8m shares
ALTICE USA INC OPTU	OPTU	1,765,918	$2.3m1.8m shares
CLEAR CHANNEL OUTDOOR HLDGS CCO	CCO	756,426	$1.8m756.4k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR ISCV · Call	ISCV	Call	220,101	$1.8bn220.1k shares	New
ISHARES TR Put		Put	196,507	$1.6bn196.5k shares	Added
SPDR GOLD TR GLD · Put	GLD	Put	12,950	$477.1m12.9k shares	Added
ISHARES TR IJJ · Call	IJJ	Call	13,804	$414.7m13.8k shares	Added
ISHARES TR Put		Put	13,804	$414.7m13.8k shares	New
TESLA INC TSLA · Call	TSLA	Call	4,725	$198.7m4.7k shares	Added
TESLA INC TSLA · Put	TSLA	Put	2,025	$85.2m2.0k shares	Added
SPDR GOLD TR GLD · Call	GLD	Call	2,200	$81.0m2.2k shares	Added
CAESARS ENTERTAINMENT INC NE CZR · Call	CZR	Call	10,000	$30.2m10.0k shares	New
SPACE EXPLORATION TECHN CORP SPCX · Put	SPCX	Put	1,265	$21.6m1.3k shares	New
SPACE EXPLORATION TECHN CORP SPCX · Call	SPCX	Call	735	$12.6m735 shares	New
PDD HOLDINGS INC PDD · Put	PDD	Put	193	$1.5m193 shares	Unchanged
PDD HOLDINGS INC PDD · Call	PDD	Call	193	$1.5m193 shares	Unchanged

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
FORWARD AIR CORP FWRD · 13G · filed 2026-07-28	FWRD	5.1%≈ $21.7m	new	13G	2026-07-28