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COBALT CAPITAL MANAGEMENT, INC.

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13F filer, CIK 1086762, SHORT HILLS, NJ

COBALT CAPITAL MANAGEMENT, INC. reported $225,931,772 across 28 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 78.11% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000919574-26-001158

Period
2025-12-31
Reported value
$226M
Holdings
28
Top 10 weight
78.11%
New
15
Sold out
9

Part of the filer group COBALT CAPITAL MANAGEMENT, INC.

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
EXEnew+120,000$13.2M
ALKnew+260,000$13.1M
AMATnew+41,000$10.5M
OWLnew+700,085$10.5M
HUMnew+40,000$10.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MOHreduced-105,000-$18.2M
COFexited-80,000-$17M
UALreduced-100,000-$11.2M
ARexited-320,000-$10.7M
WDCexited-55,000-$6.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0000919574-26-001158, largest first. % of portfolio is the value over $225,931,772, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 175,000 shares; 2024Q4: 150,000 shares; 2025Q1: 130,000 shares; 2025Q2: 70,000 shares; 2025Q3: 80,000 shares; 2025Q4: 75,000 shares 75,000$29.7M13.16%-5,000Timeline
ALAIR LEASE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 600,000 shares; 2024Q4: 568,308 shares; 2025Q1: 692,383 shares; 2025Q2: 635,000 shares; 2025Q3: 500,000 shares; 2025Q4: 450,000 shares 450,000$28.9M12.79%-50,000Timeline
NSCNORFOLK SOUTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 90,000 shares; 2025Q4: 100,000 shares 100,000$28.9M12.78%+10,000Timeline
APOAPOLLO GLOBAL MGMT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 90,000 shares; 2025Q4: 160,000 shares 160,000$23.2M10.25%+70,000Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 120,000 shares 120,000$13.2M5.86%newTimeline
ALKALASKA AIR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,000 shares; 2025Q1: 20,000 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 260,000 shares 260,000$13.1M5.79%newTimeline
AMATAPPLIED MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 41,000 shares 41,000$10.5M4.66%newTimeline
OWLBLUE OWL CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 700,085 shares 700,085$10.5M4.63%newTimeline
HUMHUMANA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: not reported; 2025Q4: 40,000 shares 40,000$10.2M4.53%newTimeline
CITHE CIGNA GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 30,000 shares 30,000$8.26M3.65%newTimeline
MPCMARATHON PETE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 30,000 shares; 2025Q1: 16,885 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 40,000 shares 40,000$6.51M2.88%newTimeline
FXIISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 125,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 150,000 shares 150,000$5.74M2.54%newTimeline
UALUNITED AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 385,000 shares; 2024Q4: 350,000 shares; 2025Q1: 150,000 shares; 2025Q2: 180,000 shares; 2025Q3: 150,000 shares; 2025Q4: 50,000 shares 50,000$5.59M2.47%-100,000Timeline
TOLTOLL BROTHERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,000 shares; 2024Q4: 90,000 shares; 2025Q1: 160,000 shares; 2025Q2: 45,000 shares; 2025Q3: 70,000 shares; 2025Q4: 40,000 shares 40,000$5.41M2.39%-30,000Timeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 365,000 shares; 2024Q4: 200,000 shares; 2025Q1: 165,000 shares; 2025Q2: 140,000 shares; 2025Q3: 50,000 shares; 2025Q4: 30,000 shares 30,000$4.84M2.14%-20,000Timeline
TEVATEVA PHARMACEUTICAL INDS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,000 shares; 2025Q1: not reported; 2025Q2: 220,000 shares; 2025Q3: not reported; 2025Q4: 118,201 shares 118,201$3.69M1.63%newTimeline
VSATVIASAT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 100,000 shares 100,000$3.45M1.53%newTimeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 360,000 shares; 2025Q3: 659,900 shares; 2025Q4: 624,900 shares 624,900$3.21M1.42%-35,000Timeline
SOCSABLE OFFSHORE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 70,000 shares; 2025Q2: 20,000 shares; 2025Q3: 20,000 shares; 2025Q4: 260,000 shares 260,000$2.35M1.04%+240,000Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 183,000 shares; 2025Q1: 40,000 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 20,000 shares 20,000$2.33M1.03%newTimeline
MOHMOLINA HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 115,000 shares; 2025Q4: 10,000 shares 10,000$1.74M0.77%-105,000Timeline
APTVAPTIV PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 115,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 50,000 shares; 2025Q4: 20,000 shares 20,000$1.52M0.67%-30,000Timeline
CCKCROWN HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 80,000 shares; 2025Q3: 30,000 shares; 2025Q4: 10,000 shares 10,000$1.03M0.46%-20,000Timeline
OBDCBLUE OWL CAPITAL CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 60,192 shares 60,192$748K0.33%newTimeline
BKDBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 40,000 shares 40,000$432K0.19%newTimeline
AMCAMC ENTMT HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 450,000 shares; 2025Q1: 90,000 shares; 2025Q2: 400,000 shares; 2025Q3: 250,000 shares; 2025Q4: 250,000 shares 250,000$390K0.17%0Timeline
PRMBPRIMO BRANDS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 20,000 shares 20,000$327K0.14%newTimeline
KPLTKATAPULT HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 23,860 shares 23,860$154K0.07%newTimeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
COFCAPITAL ONE FINL CORP80,000$17Mshares
ARANTERO RESOURCES CORP320,000$10.7Mshares
WDCWESTERN DIGITAL CORP55,000$6.6Mshares
CRCCALIFORNIA RES CORP120,000$6.38Mshares
MR COOPER GROUP INCMR COOPER GROUP INC14,000$2.95Mshares
MGMMGM RESORTS INTERNATIONAL60,000$2.08Mshares
BXBLACKSTONE INC10,000$1.71Mshares
BHFBRIGHTHOUSE FINL INC25,000$1.33Mshares
ZZILLOW GROUP INC10,000$770Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000919574-26-001158 base2026-02-17acceptance time not in the bulk data set