REDWOOD CAPITAL MANAGEMENT, LLC
$674M in tracked AUM across 22 positions as of Q1 2026.
Redwood Capital Management's Q1 2026 13F is a $674M (down from $934M, -$260M or -27.8%) 22-position satellite-communications-and-convertible-arbitrage portfolio, among the steepest AUM declines in this filing cohort. The portfolio is dominated by EchoStar Corp (SATS, $186M, 27.5%, 1.58M shares, -30.1% shares, -$61M from $247M) as the largest holding, plus an $84M EchoStar 3.875% 11/30/30 convertible bond (SATS-2030, $84M, 12.5%, 23.0M shares, -57.3% shares, -$96M from $181M) representing the portfolio's structured-convertible sleeve. Together EchoStar equity + bond total $270M or 40.0% of the portfolio. The remaining anchors: Global Business Travel Group (GBTG, $122M, 18.2%, 21.9M shares slight trim despite -$42M value drop); Telephone & Data Systems (TDS, $54M, 7.96%, 1.28M shares, +45.5% shares, +$18M); AerCap Holdings (AER, $55M, 8.23%, 404K shares, -69.0% shares, -$132M from $188M) -- the portfolio's largest absolute decrease. Five new opens: Vistance Networks (VISN, $25M, 3.7%); Masterbrand (MBC, $11M, 1.6%); Grupo Aeromexico (AERO, $7.7M, 1.1%); American Woodmark (AMWD, $2.9M, 0.43%); KinderCare Learning (KLC, $2.8M, 0.41%). The -27.8% AUM decline reflects mark-to-market on satellite-communications cyclicals plus the AerCap liquidation. The 75.75 whaleScore on $674M reflects AUM. The portfolio's identity is a distressed-and-convertible-arbitrage book concentrated in satellite-and-telecommunications (EchoStar twin-structure, TDS, Optimum), travel-and-business-services (GBTG, Caesars, Studio City, Grupo Aeromexico), aerospace-and-leasing (AerCap), and healthcare (Molina, Elevance, UnitedHealth, Centene). The Q1 2026 delta is best read as: Redwood Capital executed a significant de-risking rotation in Q1 2026 -- reducing AerCap to a skeleton (-69%, -$132M), trimming both legs of the EchoStar twin structure (equity -30%, bond -57%), and redeploying partially into five new cyclical-and-distressed opens (Vistance Networks, Masterbrand, Aeromexico, American Woodmark, KinderCare) while increasing Molina Healthcare (+182% shares, +$22M) and TDS (+45.5% shares, +$18M). The -27.8% AUM decline is the portfolio's defining headline for Q1 2026.
Quarter at a glance — Q1 2026
Position-change comparison pending.
Top 10 holdings
By portfolio weight as of Q1 2026.