Data as of Q4 2025 (Dec 31, 2025)

STONEHILL CAPITAL MANAGEMENT LLC

•CIK: 1266227•Filing: Q4 2025

**STONEHILL CAPITAL MANAGEMENT LLC** manages $334M across a concentrated portfolio of 22 positions. The fund exhibits significant conviction in its top holdings, notably maintaining a substantial allocation to SATS at $90.4M and JOYY at $71.5M. Further key exposures include ELME ($30.3M) and WFC-PA ($21.7M), indicating targeted sector bets. This structure suggests a high-conviction, bottom-up approach to generating alpha.

Total AUM
$312.1M
QoQ Performance
+22.4%
Positions
21
Top 10 Concentration
91.4%
Latest Filing
Q4 2025

Top Holdings Allocation

SATS
JOYY
ELME
LBRDK
MBC
SATS29.0%
JOYY22.9%
ELME9.7%
LBRDK6.8%
MBC6.3%
HERE4.3%
AMWD4.0%
MAN3.0%

📈 Biggest Buys

ELME
ELME COMMUNITIES REIT
+399.2%
9.7% of portfolio
MAN
MANPOWERGROUP INC COMMON
NEW
3.0% of portfolio
RHI
ROBERT HALF INC COMMON
NEW
3.0% of portfolio
TDAY
USA TODAY CO INC COMMON
NEW
2.5% of portfolio
SABR
SABRE CORP COMMON
NEW
2.1% of portfolio

📉 Biggest Sells

JOYY
JOYY INC ADR
-20.0%
22.9% of portfolio
SATS
ECHOSTAR CORP CL A COMMON
-3.0%
29.0% of portfolio
MBC
MASTERBRAND INC COMMON
-9.0%
6.3% of portfolio
AMWD
AMERICAN WOODMARK CORP COMMON
-0.4%
4.0% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

TDS
TELEPHONE AND DATA SYSTEMS COMMON
SOLD
$12.6M

Changes from Q3 2025

NEW8 new positions
↑4 increased
↓4 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

SATS29.0%
ECHOSTAR CORP CL A COMMON
$90.4M
JOYY22.9%
JOYY INC ADR
$71.5M
ELME9.7%
ELME COMMUNITIES REIT
$30.3M
LBRDK6.8%
LIBERTY BROADBAND CORP CL C COMMON
$21.1M
MBC6.3%
MASTERBRAND INC COMMON
$19.6M

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