BRIGADE CAPITAL MANAGEMENT, LP Hedge Fund

CIK: 0001421306 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $331,064 (77.1% shares, 22.9% debt)

Holdings (20)

New Positions (3)

SPY SPDR S&P 500 ETF TR 9.3%

Value ($000) $30,823 Shares 45,200 Est. Cost — Unrealized —

ORCL ORACLE CORP 8.2%

Value ($000) $27,287 Shares 140,000 Est. Cost — Unrealized —

NOMD NOMAD FOODS LTD 3.3%

Value ($000) $10,946 Shares 875,000 Est. Cost $12.21 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	45,200	$30,823	9.3%	—	—	PUT	78462F103
ORCL	ORACLE CORP	140,000	$27,287	8.2%	—	—	PUT	68389X105
NOMD	NOMAD FOODS LTD	875,000	$10,946	3.3%	$12.21	0.0%	USD ORD SHS	G6564A105

Increased Positions (2)

— LANTHEUS HLDGS INC 12.9%

Value ($000) $42,550 (+113.6%) Shares 37,211,000 (+95.7%) Est. Cost $1.09 Unrealized —

FOA FINANCE OF AMERICA COMPAN 0.6%

Value ($000) $1,985 (+55.3%) Shares 82,000 (+43.9%) Est. Cost $19.32 Unrealized +17.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LANTHEUS HLDGS INC	37,211,000 (+95.7%)	$42,550 (+113.6%)	12.9%	$1.09	—	NOTE 2.625%12/1	516544AB9
FOA	FINANCE OF AMERICA COMPAN	82,000 (+43.9%)	$1,985 (+55.3%)	0.6%	$19.32	+17.9%	CL A NEW	31738L206

Exited Positions (5)

LQD ISHARES TR 67.3%

Value ($000) $222,940 Shares 2,000,000 Est. Cost — Unrealized —

TLT ISHARES TR 46.6%

Value ($000) $154,163 Shares 1,725,000 Est. Cost — Unrealized —

NCLH NORWEGIAN CRUISE LINE HLDG L 2.6%

Value ($000) $8,561 Shares 347,600 Est. Cost $24.29 Unrealized -13.1%

GNW GENWORTH FINL INC 0.4%

Value ($000) $1,424 Shares 160,000 Est. Cost $8.25 Unrealized +5.6%

BBGI BEASLEY BROADCAST GROUP INC 0.2%

Value ($000) $611 Shares 136,455 Est. Cost $10.34 Unrealized -48.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LQD	ISHARES TR	2,000,000	$222,940	67.3%	—	—	PUT	464287242
TLT	ISHARES TR	1,725,000	$154,163	46.6%	—	—	PUT	464287432
NCLH	NORWEGIAN CRUISE LINE HLDG L	347,600	$8,561	2.6%	$24.29	-13.1%	—	G66721104
GNW	GENWORTH FINL INC	160,000	$1,424	0.4%	$8.25	+5.6%	—	37247D106
BBGI	BEASLEY BROADCAST GROUP INC	136,455	$611	0.2%	$10.34	-48.8%	—	074014200

Decreased Positions (12)

GLD SPDR GOLD TR 23.9%

Value ($000) $79,262 (-50.4%) Shares 200,000 (-55.6%) Est. Cost — Unrealized —

IWM ISHARES TR 5.1%

Value ($000) $16,985 (-82.5%) Shares 69,000 (-82.8%) Est. Cost — Unrealized —

— JAZZ INVESTMENTS I LTD 7.6%

Value ($000) $25,257 (-39.3%) Shares 18,965,000 (-45.8%) Est. Cost $1.19 Unrealized —

LNTH LANTHEUS HLDGS INC 2.6%

Value ($000) $8,492 (-47.7%) Shares 127,607 (-59.7%) Est. Cost $73.95 Unrealized -21.3%

NBR NABORS INDUSTRIES LTD 11.1%

Value ($000) $36,700 (+21.4%) Shares 675,879 (-8.8%) Est. Cost $50.92 Unrealized -4.3%

FWRD FORWARD AIR CORP 0.6%

Value ($000) $1,934 (-65.8%) Shares 77,357 (-65.0%) Est. Cost $17.76 Unrealized +26.7%

LUMN LUMEN TECHNOLOGIES INC 4.3%

Value ($000) $14,375 (-19.0%) Shares 1,850,000 (-36.2%) Est. Cost $3.88 Unrealized +112.4%

— LIBERTY MEDIA CORP DEL 1.3%

Value ($000) $4,210 (-33.5%) Shares 76,540,000 (-3.3%) Est. Cost $0.57 Unrealized —

— JAZZ INVESTMENTS I LTD 1.0%

Value ($000) $3,471 (-34.5%) Shares 3,000,000 (-40.0%) Est. Cost $1.06 Unrealized —

— LIBERTY MEDIA CORP DEL 0.1%

Value ($000) $424 (-42.2%) Shares 7,700,000 (-10.7%) Est. Cost $0.73 Unrealized —

EXE EXPAND ENERGY CORPORATION 2.6%

Value ($000) $8,526 (+2.4%) Shares 77,260 (-1.4%) Est. Cost $73.53 Unrealized +50.5%

EXEEL EXPAND ENERGY CORPORATION 0.0%

Value ($000) $146 (-36.9%) Shares 1,468 (-38.8%) Est. Cost $85.36 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	200,000 (-55.6%)	$79,262 (-50.4%)	23.9%	—	—	CALL	78463V107
IWM	ISHARES TR	69,000 (-82.8%)	$16,985 (-82.5%)	5.1%	—	—	PUT	464287655
—	JAZZ INVESTMENTS I LTD	18,965,000 (-45.8%)	$25,257 (-39.3%)	7.6%	$1.19	—	NOTE 3.125% 9/1	472145AH4
LNTH	LANTHEUS HLDGS INC	127,607 (-59.7%)	$8,492 (-47.7%)	2.6%	$73.95	-21.3%	COM	516544103
NBR	NABORS INDUSTRIES LTD	675,879 (-8.8%)	$36,700 (+21.4%)	11.1%	$50.92	-4.3%	SHS	G6359F137
FWRD	FORWARD AIR CORP	77,357 (-65.0%)	$1,934 (-65.8%)	0.6%	$17.76	+26.7%	COM	34986A104
LUMN	LUMEN TECHNOLOGIES INC	1,850,000 (-36.2%)	$14,375 (-19.0%)	4.3%	$3.88	+112.4%	COM	550241103
—	LIBERTY MEDIA CORP DEL	76,540,000 (-3.3%)	$4,210 (-33.5%)	1.3%	$0.57	—	DEB 3.750% 2/1	530715AL5
—	JAZZ INVESTMENTS I LTD	3,000,000 (-40.0%)	$3,471 (-34.5%)	1.0%	$1.06	—	NOTE 2.000% 6/1	472145AF8
—	LIBERTY MEDIA CORP DEL	7,700,000 (-10.7%)	$424 (-42.2%)	0.1%	$0.73	—	DEB 4.000%11/1	530715AG6
EXE	EXPAND ENERGY CORPORATION	77,260 (-1.4%)	$8,526 (+2.4%)	2.6%	$73.53	+50.5%	COM	165167735
EXEEL	EXPAND ENERGY CORPORATION	1,468 (-38.8%)	$146 (-36.9%)	0.0%	$85.36	—	*W EXP 02/09/202	165167180

Unchanged Positions (3)

SVC SERVICE PPTYS TR 0.6%

Value ($000) $1,978 Shares 1,075,000 Est. Cost $2.58 Unrealized —

ECVT ECOVYST INC 2.4%

Value ($000) $7,952 Shares 817,255 Est. Cost $8.68 Unrealized +0.5%

DHC DIVERSIFIED HEALTHCARE TR 2.3%

Value ($000) $7,760 Shares 1,600,000 Est. Cost $3.72 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SVC	SERVICE PPTYS TR	1,075,000	$1,978	0.6%	$2.58	—	COM SH BEN INT	81761L102
ECVT	ECOVYST INC	817,255	$7,952	2.4%	$8.68	+0.5%	COM	27923Q109
DHC	DIVERSIFIED HEALTHCARE TR	1,600,000	$7,760	2.3%	$3.72	—	COM SH BEN INT	25525P107