STONEHILL CAPITAL MANAGEMENT LLC Diversified Active

CIK: 0001266227 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $334 (93.5% shares, 6.5% debt)

Holdings (22)

New Positions (8)

MAN MANPOWERGROUP INC COMMON 2.8%

Value ($000) $9 Shares 316,522 Est. Cost $31.24 Unrealized 0.0%

RHI ROBERT HALF INC COMMON 2.8%

Value ($000) $9 Shares 345,000 Est. Cost $28.54 Unrealized 0.0%

TDAY USA TODAY CO INC COMMON 2.3%

Value ($000) $8 Shares 1,490,059 Est. Cost $4.70 Unrealized 0.0%

SABR SABRE CORP COMMON 2.0%

Value ($000) $7 Shares 4,897,216 Est. Cost $1.72 Unrealized 0.0%

SG SWEETGREEN INC CL A COMMON 0.8%

Value ($000) $3 Shares 375,000 Est. Cost $6.87 Unrealized 0.0%

CDZI CADIZ INC COMMON 0.6%

Value ($000) $2 Shares 331,305 Est. Cost $5.37 Unrealized 0.0%

ACH OWENS & MINOR INC COMMON 0.3%

Value ($000) $1 Shares 342,583 Est. Cost $3.57 Unrealized 0.0%

SEAT VIVID SEATS INC CL A COMMON 0.1%

Value ($000) $0 Shares 63,740 Est. Cost $9.83 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAN	MANPOWERGROUP INC COMMON	316,522	$9	2.8%	$31.24	0.0%	CMN	56418H100
RHI	ROBERT HALF INC COMMON	345,000	$9	2.8%	$28.54	0.0%	CMN	770323103
TDAY	USA TODAY CO INC COMMON	1,490,059	$8	2.3%	$4.70	0.0%	CMN	36472T109
SABR	SABRE CORP COMMON	4,897,216	$7	2.0%	$1.72	0.0%	CMN	78573M104
SG	SWEETGREEN INC CL A COMMON	375,000	$3	0.8%	$6.87	0.0%	CMN	87043Q108
CDZI	CADIZ INC COMMON	331,305	$2	0.6%	$5.37	0.0%	CMN	127537207
ACH	OWENS & MINOR INC COMMON	342,583	$1	0.3%	$3.57	0.0%	CMN	690732102
SEAT	VIVID SEATS INC CL A COMMON	63,740	$0	0.1%	$9.83	0.0%	CMN	92854T209

Increased Positions (4)

ELME ELME COMMUNITIES REIT 9.1%

Value ($000) $30 (+415.2%) Shares 1,738,601 (+399.2%) Est. Cost $0.02 Unrealized —

XNET XUNLEI LTD ADR 2.1%

Value ($000) $7 (+201.7%) Shares 976,385 (+307.2%) Est. Cost $0.01 Unrealized —

NFE NEW FORTRESS ENERGY INC COMMON 0.2%

Value ($000) $1 (-47.4%) Shares 465,191 (+2.0%) Est. Cost $2.82 Unrealized -47.7%

NOTE FISCALNOTE HOLDINGS INC COMMON 0.1%

Value ($000) $0 (-50.5%) Shares 221,050 (+55.9%) Est. Cost $0.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELME	ELME COMMUNITIES REIT	1,738,601 (+399.2%)	$30 (+415.2%)	9.1%	$0.02	—	CMN	939653101
XNET	XUNLEI LTD ADR	976,385 (+307.2%)	$7 (+201.7%)	2.1%	$0.01	—	CMN	98419E108
NFE	NEW FORTRESS ENERGY INC COMMON	465,191 (+2.0%)	$1 (-47.4%)	0.2%	$2.82	-47.7%	CMN	644393100
NOTE	FISCALNOTE HOLDINGS INC COMMON	221,050 (+55.9%)	$0 (-50.5%)	0.1%	$0.00	—	CMN	337655302

Exited Positions (1)

TDS TELEPHONE AND DATA SYSTEMS COMMON 3.8%

Value ($000) $13 Shares 320,194 Est. Cost $36.49 Unrealized +6.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TDS	TELEPHONE AND DATA SYSTEMS COMMON	320,194	$13	3.8%	$36.49	+6.7%	—	879433829

Decreased Positions (4)

SATS ECHOSTAR CORP CL A COMMON 27.1%

Value ($000) $90 (+38.1%) Shares 831,480 (-3.0%) Est. Cost $25.62 Unrealized +217.9%

JOYY JOYY INC ADR 21.4%

Value ($000) $71 (-11.6%) Shares 1,103,571 (-20.0%) Est. Cost $0.04 Unrealized —

MBC MASTERBRAND INC COMMON 5.9%

Value ($000) $20 (-23.7%) Shares 1,779,780 (-9.0%) Est. Cost $12.05 Unrealized -2.9%

— ECHOSTAR SR UNSEC CONV PIK 3.875 11/30/2030 6.5%

Value ($000) $22 (-14.3%) Shares 6,466,378 (-38.2%) Est. Cost $0.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP CL A COMMON	831,480 (-3.0%)	$90 (+38.1%)	27.1%	$25.62	+217.9%	CMN	278768106
JOYY	JOYY INC ADR	1,103,571 (-20.0%)	$71 (-11.6%)	21.4%	$0.04	—	CMN	46591M109
MBC	MASTERBRAND INC COMMON	1,779,780 (-9.0%)	$20 (-23.7%)	5.9%	$12.05	-2.9%	CMN	57638P104
—	ECHOSTAR SR UNSEC CONV PIK 3.875 11/30/2030	6,466,378 (-38.2%)	$22 (-14.3%)	6.5%	$0.00	—	NOTE	278768AB2

Unchanged Positions (6)

LBRDK LIBERTY BROADBAND CORP CL C COMMON 6.3%

Value ($000) $21 Shares 433,513 Est. Cost $59.31 Unrealized -12.3%

— ANYWHERE REAL ESTATE INC COMMON 4.0%

Value ($000) $14 Shares 953,635 Est. Cost $0.00 Unrealized —

AMWD AMERICAN WOODMARK CORP COMMON 3.8%

Value ($000) $13 Shares 232,301 Est. Cost $60.95 Unrealized -3.9%

LBRDA LIBERTY BROADBAND CORP CL A COMMON 1.1%

Value ($000) $4 Shares 78,011 Est. Cost $61.35 Unrealized -15.6%

IRS/WS IRSA INVERSIONES SA WTS EXP 03/25/2026 0.3%

Value ($000) $1 Shares 602,130 Est. Cost $0.19 Unrealized —

DDI DOUBLEDOWN INTERACTIVE CO LTD ADR 0.5%

Value ($000) $2 Shares 190,605 Est. Cost $0.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LBRDK	LIBERTY BROADBAND CORP CL C COMMON	433,513	$21	6.3%	$59.31	-12.3%	CMN	530307305
—	ANYWHERE REAL ESTATE INC COMMON	953,635	$14	4.0%	$0.00	—	CMN	75605Y106
AMWD	AMERICAN WOODMARK CORP COMMON	232,301	$13	3.8%	$60.95	-3.9%	CMN	030506109
LBRDA	LIBERTY BROADBAND CORP CL A COMMON	78,011	$4	1.1%	$61.35	-15.6%	CMN	530307107
IRS/WS	IRSA INVERSIONES SA WTS EXP 03/25/2026	602,130	$1	0.3%	$0.19	—	CMN	P5880C134
DDI	DOUBLEDOWN INTERACTIVE CO LTD ADR	190,605	$2	0.5%	$0.01	—	CMN	25862B109