STONEHILL CAPITAL MANAGEMENT LLC

Hedge Fund • Distressed

STONEHILL CAPITAL MANAGEMENT LLC is a Distressed Hedge Fund based in New York, NY led by Michael Jay Zuckerman, reporting $3.7B in AUM as of Q3 2025 with 39% Technology concentration, with only 10 positions, and 39% allocation to SATS.

CFOMichael Jay Zuckerman

Portfolio Value: $169.4M
Positions: 10
Top Holding: SATS at 38.62%
Last Reported: Q3 2025

Address320 Park Ave, 26th Floor, New York, NY, 10022-4834, United States

Top Holdings

Largest long holdings in STONEHILL CAPITAL MANAGEMENT LLC's portfolio (100% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 EchoStar SATS	Communication Equipment Technology	$65.4M	38.62%	+$8.0M Bought	0.30% 856.8K shares	Q3 2024 Held for 1y 2m
2 Liberty Broadband Corporation LBRDK	Telecommunications Services Communication Services	$27.5M	16.26%	-$9.6M Sold	0.30% 433.5K shares	Q2 2024 Held for 1y 5m
3 MasterBrand MBC	Furnishings, Fixtures & Appliances Consumer Cyclical	$25.7M	15.20%	+$19.5M Bought	1.54% 2.0M shares	Q2 2025 Held for 5 months
4 American Woodmark AMWD	Furnishings, Fixtures & Appliances Consumer Cyclical	$15.6M	9.19%	+$14.2M Bought	1.60% 233.1K shares	Q2 2025 Held for 5 months
5 Telephone and Data Systems TDS	Telecommunications Services Communication Services	$12.6M	7.42%	+$5.2M Bought	0.28% 320.2K shares	Q2 2025 Held for 5 months
6 Anywhere Real Estate HOUS	Real Estate - Services Real Estate	$10.1M	5.96%	-$12.2M Sold	0.85% 953.6K shares	Q1 2025 Held for 8 months
7 Elme Communities ELME	REIT - Office Real Estate	$5.9M	3.47%	+$5.9M New	0.40% 348.3K shares	Q3 2025 Held for 2 months
8 Liberty Broadband Corporation LBRDA	Telecommunications Services Communication Services	$4.9M	2.92%	-$1.7M Sold	0.05% 78.0K shares	Q2 2024 Held for 1y 5m
9 New Fortress Energy NFE	Regulated Gas Utilities	$1.0M	0.59%	+$1.0M New	0.16% 455.9K shares	Q3 2025 Held for 2 months
10 FiscalNote Holdings NOTE	Information Technology Services Technology	$656.3K	0.39%	+$10.1K Bought	0.99% 141.8K shares	Q3 2024 Held for 1y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in STONEHILL CAPITAL MANAGEMENT LLC's latest filing

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Market Value

$169.4M

Prior: $113.5M

Q/Q Change

+49.31%

+$55.9M

Net Flows % of MV

+15.85%

Turnover Ratio

23.85%

New Purchases

2 stocks

$6.9M

Added To

5 stocks

+$47.0M

Sold Out Of

2 stocks

$3.5M

Reduced Holdings

3 stocks

-$23.5M

Increased Positions

Position	Shares Δ	Change
1 Elme Communities ELME	New	0 → 348.3K +$5.9M
2 New Fortress Energy NFE	New	0 → 455.9K +$1.0M
3 American Woodmark AMWD	+1,065.7%	20.0K → 233.1K +$14.2M
4 MasterBrand MBC	+311.53%	475.0K → 2.0M +$19.5M
5 Telephone and Data Systems TDS	+70.14%	188.2K → 320.2K +$5.2M

Decreased Positions

Position	Shares Δ	Change
1 PG&E PCG	Sold	200.7K → 0 −$2.8M
2 Burford Capital BUR	Sold	47.2K → 0 −$673.5K
3 Anywhere Real Estate HOUS	-54.8%	2.1M → 953.6K −$12.2M
4 Liberty Broadband Corporation LBRDK	-25.82%	584.4K → 433.5K −$9.6M
5 Liberty Broadband Corporation LBRDA	-25.34%	104.5K → 78.0K −$1.7M