Corre Partners Management, LLC

Corre Partners Management, LLC is a New York, NY–based alternative investment manager focused on distressed, stressed, and special-situations credit. Structured as a hedge-fund-style firm and registered with the U.S. Securities and Exchange Commission as an investment adviser, Corre Partners manages capital for institutional investors and other qualified clients, primarily through private funds and separately managed institutional accounts. The firm specializes in corporate credit and capital-structure opportunities, investing across bank loans, bonds, trade claims, and related instruments, and selectively using equities and equity-linked securities where they offer compelling risk/reward or are integral to a restructuring or event outcome. Corre Partners appears in U.S. regulatory filings as an institutional investment manager under CIK #0001537323 and files Form 13F to report its qualifying U.S.-listed equity and equity-like positions. Because Form 13F covers only long positions in U.S.-listed equities and certain equity-linked securities, the filings capture a subset of the firm’s overall activity—typically post-reorganization equities, equity stakes in credit-driven situations, and listed vehicles used to express credit and event themes. These reports aggregate positions across underlying funds into a single quarterly snapshot. Within an analytics platform, Corre Partners’ 13F submissions can be organized into a continuous 13F Portfolio Composition history, while the original SEC filings remain the definitive source for security-level disclosure.

Corre Partners Management pursues an event-driven, fundamentally driven strategy with a core focus on credit-intensive and capital-structure situations. The firm targets mispriced securities of issuers facing balance-sheet stress, complex restructurings, litigation, corporate actions, or other catalysts that can drive a significant change in enterprise value. At the total-portfolio level, Corre Partners typically invests across the capital structure of a given issuer—senior secured loans, unsecured bonds, preferreds, and common equity—seeking to optimize risk/reward and influence outcomes through creditor negotiations when appropriate. The research process emphasizes: - Detailed analysis of cash flows, asset coverage, and liability structures - Scenario analysis for reorganization or liability-management transactions - Assessment of legal positioning, covenant packages, and recovery prospects - Identification of catalysts (restructurings, asset sales, M&A, refinancings, operational turnarounds) The 13F-reported long equity sleeve generally reflects three types of holdings: 1. Post-reorganization or post-recap equities where Corre has converted credit claims into stock. 2. Common or preferred shares acquired to complement credit positions or to influence outcomes in complex capital structures. 3. Opportunistic equity investments in issuers whose value is strongly linked to credit and restructuring dynamics. Sector exposures in the 13F data tend to cluster in more cyclical, capital-intensive, or leveraged industries—such as industrials, energy, materials, consumer discretionary, and selected financials—because these areas produce the most fertile ground for distressed and special-situations investing. Sector weights, however, are a byproduct of bottom-up situation selection, not top-down sector allocation. Holding periods for individual situations can be multi-year, as restructurings and liability-management transactions take time to play out. Nevertheless, from a 13F perspective, turnover often appears moderate to high because individual positions can change significantly around event dates—debt-for-equity exchanges, plan confirmations, or sales of reorganized equity stakes. Within a Portfolio Simulator or Backtesting Service, Corre Partners’ disclosed positions can be translated into an approximate Historical Track Record by mapping quarter-end holdings to market data and normalizing to a user-defined starting notional. This allows allocators to study how a notional long-only portfolio mirroring the firm’s U.S.-listed equity and equity-linked sleeve would have behaved through different credit and equity cycles, recognizing that the core credit book and any short or derivative positions are not visible in Form 13F.

Viewed through its public filings under CIK #0001537323, Corre Partners Management, LLC presents as a specialist distressed and special-situations manager whose 13F footprint reflects the equity and equity-linked dimension of a broader credit-focused strategy. The reported holdings show a pattern of concentrated positions in issuers tied to restructurings and capital-structure complexity, with sector exposures that rotate across cyclical, levered industries as opportunities arise. For allocators using a 13F analytics platform, the core analytical value lies in examining how Corre Partners’ 13F Portfolio Composition has evolved over time—when and how large post-reorg equity stakes appear and are reduced, shifts in sector and factor tilts across credit cycles, and the cadence of idea turnover associated with event resolutions. By feeding this holdings history into a Portfolio Simulator and running Performance Backtests Online, users can construct a proxy Historical Track Record and evaluate volatility, Max Drawdown Depth, and Sharpe Ratio for a notional long-only portfolio aligned with the firm’s disclosed U.S.-listed sleeve. Because the 13F lens omits the bulk of the credit instruments, short positions, and non-U.S. securities that likely drive Corre Partners’ overall risk/return profile, these analytics should be interpreted as a secondary, equity-focused view of an inherently credit-centric strategy. A central open question for further due diligence is how the firm’s event-driven, distressed process and portfolio construction respond to sustained shifts in regime—such as prolonged periods of tight or loose credit, changes in bankruptcy and restructuring frameworks, or structural shifts in key cyclical sectors—and how that regime sensitivity is likely to shape the strategy’s capital trajectory through future credit and equity cycles.

Corre Partners’ risk profile, as inferred from its 13F filings, reflects that of a concentrated, event-driven credit manager with a visible long equity sleeve tied to stressed and distressed situations. Key risk dimensions include: - Credit and macro cycle risk: The opportunity set is closely linked to credit conditions. Periods of widening spreads, rising defaults, or impaired refinancing markets can pressure both credit and associated equity positions, even as they create new investment opportunities. - Sector and cyclical exposure: Concentration in cyclical and capital-intensive sectors (e.g., energy, industrials, shipping, consumer cyclicals) introduces sensitivity to commodity prices, demand cycles, and operating leverage. - Event and legal risk: Outcomes in distressed and restructuring situations are heavily influenced by legal processes, creditor negotiations, and court decisions. Adverse rulings or unexpected transaction structures can materially affect recoveries. - Concentration and liquidity: A finite set of high-conviction positions—often in less-liquid credit and post-reorg equities—can amplify idiosyncratic risk and create mark-to-market volatility during risk-off episodes. Because Form 13F captures only the long side of U.S.-listed equity and certain equity-linked positions, it does not show any short exposures, hedges, or non-U.S. holdings Corre may use to manage net risk. A long-only reconstruction therefore tends to overstate net equity beta and may show deeper drawdowns than the fully hedged fund-level strategy. Using 13F History as input, allocators can reconstruct quarter-by-quarter long equity portfolios and estimate volatility, equity beta relative to broad and sector-specific benchmarks, and downside behavior during stress windows such as credit crunches or commodity price collapses. Diagnostics like Max Drawdown Depth for a notional long-only replication, together with risk-adjusted outcome measures such as Sharpe Ratio, provide a quantitative frame for understanding how the visible sleeve would have navigated past cycles driven by credit conditions and restructuring outcomes.