How We Invest

13F FILER • DONALD MORGAN

Brigade Capital Management

Donald Morgan — BRIGADE CAPITAL MANAGEMENT, LP

No writing by this manager has been read and indexed yet, so this page carries the filings only. Holdings come straight from the Form 13F-HR on EDGAR.

15

Positions

$534.3M

Reported Value

97.4%

In Top 10

—

Claims Indexed

Largest reported positions

BRIGADE CAPITAL MANAGEMENT, LP • CIK 0001421306 • 2026-06-30 • FILED 2026-08-14

WHAT CHANGED THIS QUARTER

In its Q2 2026 13F, filed Aug 14, 2026, Brigade Capital Management reported 15 positions worth $86.1M in US-listed stock. The largest stock position is Lantheus Hldgs Inc at 6.8% of the reported book, and the ten largest lines of any type make up 97.4% of it.

It opened 5 new positions, the largest stock positions being Vistra Corp ($8.1M), Lumexa Imaging Holdings Inc ($7.5M) and United Airls Hldgs Inc ($7.3M), and exited 8, the largest stock exits being Ecovyst Inc ($10.5M last quarter), State Str Spdr S&P 500 Etf T ($9.8M last quarter) and Nomad Foods Ltd ($8.4M last quarter).

Among positions it already held, the biggest increases by share count were Finance Of America Compan (+79%) and Expand Energy Corporation (+37%), and the biggest cuts were Lumen Technologies Inc (−70%) and Lantheus Hldgs Inc (−10%).

Largest reported positions, quarter ended 2026-06-30
IssuerValueWeightShares QoQ
ISHARES TR (Put)$259.3M48.5%+46%
ISHARES TR (Put)$90.1M16.9%New
LANTHEUS HLDGS INC (PRN)$62.5M11.7%-11%
LANTHEUS HLDGS INC$36.5M6.8%-10%
ISHARES TR (Put)$32.0M6.0%-83%
EXPAND ENERGY CORPORATION$9.6M1.8%+37%
VISTRA CORP$8.1M1.5%New
FINANCE OF AMERICA COMPAN$7.7M1.4%+79%
LUMEXA IMAGING HOLDINGS INC$7.5M1.4%New
UNITED AIRLS HLDGS INC$7.3M1.4%New
EMBECTA CORP$4.9M0.9%New
LUMEN TECHNOLOGIES INC$4.2M0.8%-70%
LIBERTY MEDIA CORP DEL (PRN)$3.9M0.7%-5%
LIBERTY MEDIA CORP DEL (PRN)$385,0000.1%—
CENTURY CASINOS INC$150,4630.0%—

15 of 15 positions. 71.4% of reported value is options, where the figure is the notional value of the underlying rather than money spent. $66.8M of the reported value is Section 13(f) debt — convertible notes and the like — which the form covers alongside equities. A 13F covers long US-listed positions at a quarter end only — no shorts, leverage, cash, ordinary bonds or private holdings — and is 45 days old on publication.

NEW POSITIONS

  • Vistra Corp$8.1M · 1.5%
  • Lumexa Imaging Holdings Inc$7.5M · 1.4%
  • United Airls Hldgs Inc$7.3M · 1.4%
  • Embecta Corp$4.9M · 0.9%

EXITS

  • Ecovyst Inc$10.5M last quarter
  • State Str Spdr S&P 500 Etf T$9.8M last quarter
  • Nomad Foods Ltd$8.4M last quarter

QUESTIONS PEOPLE ASK

What are Brigade Capital Management's largest holdings?

OPEN
As of Jun 30, 2026, the three largest stock positions are Lantheus Hldgs Inc (6.8%), Expand Energy Corporation (1.8%) and Vistra Corp (1.5%), together 10.2% of the reported book.

How big is Brigade Capital Management's 13F portfolio?

OPEN
The Q2 2026 13F, filed Aug 14, 2026, reports 15 positions worth $534.3M. The ten largest make up 97.4% of it. 71.4% of that value is options, reported at the notional value of the underlying rather than money spent.

What did Brigade Capital Management buy and sell in Q2 2026?

OPEN
It opened 5 new positions, the largest stock positions being Vistra Corp ($8.1M), Lumexa Imaging Holdings Inc ($7.5M) and United Airls Hldgs Inc ($7.3M), and exited 8, the largest stock exits being Ecovyst Inc ($10.5M last quarter), State Str Spdr S&P 500 Etf T ($9.8M last quarter) and Nomad Foods Ltd ($8.4M last quarter). Among positions it already held, the biggest increases by share count were Finance Of America Compan (+79%) and Expand Energy Corporation (+37%), and the biggest cuts were Lumen Technologies Inc (−70%) and Lantheus Hldgs Inc (−10%).

When is Brigade Capital Management's next 13F due?

OPEN
The Q3 2026 13F is due Nov 16, 2026. Forty-five days after the quarter ends is November 14, 2026 (Saturday), so the deadline moves to the next business day. Donald Morgan's filing usually lands close to the deadline.

Filers with overlapping books