REDWOOD CAPITAL MANAGEMENT, LLC Diversified Active

CIK: 0001316622 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $934,196 (80.7% shares, 19.3% debt)

Holdings (17)

Increased Positions (3)

ELV ELEVANCE HEALTH INC FORMERLY 3.2%

Value ($000) $29,727 (+75.2%) Shares 84,800 (+61.5%) Est. Cost $319.02 Unrealized +5.5%

MOH MOLINA HEALTHCARE INC 2.0%

Value ($000) $19,089 (+70.8%) Shares 110,000 (+88.4%) Est. Cost $174.82 Unrealized -6.0%

CZR CAESARS ENTERTAINMENT INC NE 1.1%

Value ($000) $9,824 (+13.6%) Shares 420,000 (+31.3%) Est. Cost $36.95 Unrealized -39.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELV	ELEVANCE HEALTH INC FORMERLY	84,800 (+61.5%)	$29,727 (+75.2%)	3.2%	$319.02	+5.5%	COM	036752103
MOH	MOLINA HEALTHCARE INC	110,000 (+88.4%)	$19,089 (+70.8%)	2.0%	$174.82	-6.0%	COM	60855R100
CZR	CAESARS ENTERTAINMENT INC NE	420,000 (+31.3%)	$9,824 (+13.6%)	1.1%	$36.95	-39.2%	COM	12769G100

Decreased Positions (1)

SATS ECHOSTAR CORP 26.4%

Value ($000) $246,508 (-42.4%) Shares 2,267,787 (-59.5%) Est. Cost $17.31 Unrealized +370.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP	2,267,787 (-59.5%)	$246,508 (-42.4%)	26.4%	$17.31	+370.5%	CL A	278768106

Unchanged Positions (13)

— ECHOSTAR CORP 19.3%

Value ($000) $180,660 Shares 53,950,906 Est. Cost $1.05 Unrealized —

AER AERCAP HOLDINGS NV 20.1%

Value ($000) $187,587 Shares 1,304,863 Est. Cost $52.12 Unrealized +154.1%

GBTG GLOBAL BUSINESS TRAVEL GROUP 17.6%

Value ($000) $164,122 Shares 21,453,816 Est. Cost $7.41 Unrealized +4.7%

OPTU OPTIMUM COMMUNICATIONS INC 1.4%

Value ($000) $13,512 Shares 8,189,270 Est. Cost $7.28 Unrealized -72.0%

MERC MERCER INTL INC 1.0%

Value ($000) $9,203 Shares 4,648,133 Est. Cost $5.35 Unrealized -60.6%

MSC STUDIO CITY INTL HLDGS LTD 1.2%

Value ($000) $11,499 Shares 3,239,073 Est. Cost $11.27 Unrealized —

GOCO GOHEALTH INC 0.2%

Value ($000) $1,987 Shares 924,244 Est. Cost $5.46 Unrealized -37.4%

TDS TELEPHONE & DATA SYS INC 3.8%

Value ($000) $35,940 Shares 876,580 Est. Cost $35.70 Unrealized +9.1%

CNC CENTENE CORP DEL 0.9%

Value ($000) $8,580 Shares 208,500 Est. Cost $30.20 Unrealized +23.9%

CBL CBL & ASSOC PPTYS INC 0.5%

Value ($000) $4,352 Shares 117,613 Est. Cost $31.62 Unrealized —

UNH UNITEDHEALTH GROUP INC 1.0%

Value ($000) $9,078 Shares 27,500 Est. Cost $298.94 Unrealized +12.8%

EHTH EHEALTH INC 0.2%

Value ($000) $2,150 Shares 467,395 Est. Cost $5.09 Unrealized -13.4%

APEI AMERICAN PUB ED INC 0.0%

Value ($000) $378 Shares 10,000 Est. Cost $27.89 Unrealized +28.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ECHOSTAR CORP	53,950,906	$180,660	19.3%	$1.05	—	NOTE 3.875%11/3	278768AB2
AER	AERCAP HOLDINGS NV	1,304,863	$187,587	20.1%	$52.12	+154.1%	SHS	N00985106
GBTG	GLOBAL BUSINESS TRAVEL GROUP	21,453,816	$164,122	17.6%	$7.41	+4.7%	COM CL A	37890B100
OPTU	OPTIMUM COMMUNICATIONS INC	8,189,270	$13,512	1.4%	$7.28	-72.0%	CL A	02156K103
MERC	MERCER INTL INC	4,648,133	$9,203	1.0%	$5.35	-60.6%	COM	588056101
MSC	STUDIO CITY INTL HLDGS LTD	3,239,073	$11,499	1.2%	$11.27	—	SPON ADS	86389T106
GOCO	GOHEALTH INC	924,244	$1,987	0.2%	$5.46	-37.4%	CL A NEW	38046W204
TDS	TELEPHONE & DATA SYS INC	876,580	$35,940	3.8%	$35.70	+9.1%	COM NEW	879433829
CNC	CENTENE CORP DEL	208,500	$8,580	0.9%	$30.20	+23.9%	COM	15135B101
CBL	CBL & ASSOC PPTYS INC	117,613	$4,352	0.5%	$31.62	—	COMMON STOCK	124830878
UNH	UNITEDHEALTH GROUP INC	27,500	$9,078	1.0%	$298.94	+12.8%	COM	91324P102
EHTH	EHEALTH INC	467,395	$2,150	0.2%	$5.09	-13.4%	COM	28238P109
APEI	AMERICAN PUB ED INC	10,000	$378	0.0%	$27.89	+28.3%	COM	02913V103