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Mudrick Capital Management LP, the hedge fund that provided a much-required lifeline to AMC Entertainment Holdings Inc. in December, is sitting on hundreds of dollars in gains following last week’s rally in the price of AMC’s shares.

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The New York-based firm made $200 million in profit, mostly from its holdings in AMC debt, according to a person familiar with the situation.

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Mudrick’s gains take form from a combination of paper gains and realized trades.

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Last week, AMC shares almost tripled in value as the cinema chain’s stock caught the attention of individual investors swarming popular Reddit forums who were seeking to repeat the dizzying rally seen in shares of GameStop Corp.

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Most of Mudrick Capital’s gains, however, are from its holdings in the company’s bonds, which rallied as the company’s share price increased.

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