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LONESTAR CAPITAL MANAGEMENT LLC

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13F filer, CIK 1317410, San Francisco, CA

LONESTAR CAPITAL MANAGEMENT LLC reported $684,941,330 across 27 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 73.24% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000935836-25-000675

Period
2025-09-30
Reported value
$685M
Holdings
27
Top 10 weight
73.24%
New
11
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SVCnew+2,735,000$7.41M
LUMNnew+1,000,000$6.12M
JDnew+80,000$2.8M
UPSnew+33,000$2.76M
HTZnew+400,000$2.72M

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
GDXreduced-45,000-$3.44M
PUMPexited-400,000-$2.39M
EXEreduced-20,581-$2.19M
DCHreduced-300,000-$1.8M
ETreduced-100,000-$1.72M

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, Q3 2025

Share positions as resolved from 13F-HR 0000935836-25-000675, largest first. % of portfolio is the value over $143,908,630, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ETENERGY TRANSFER L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,400,000 shares; 2024Q4: 1,300,000 shares; 2025Q1: 1,200,000 shares; 2025Q2: 1,200,000 shares; 2025Q3: 1,100,000 shares 1,100,000$18.9M13.12%-100,000Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,800,000 shares; 2024Q4: 4,800,000 shares; 2025Q1: 4,100,900 shares; 2025Q2: 3,900,000 shares; 2025Q3: 3,600,000 shares 3,600,000$15.9M11.03%-300,000Timeline
GTXGARRETT MOTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,300,000 shares; 2024Q4: 1,090,000 shares; 2025Q1: 950,000 shares; 2025Q2: 900,000 shares; 2025Q3: 1,010,000 shares 1,010,000$13.8M9.56%+110,000Timeline
NRGNRG ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 33,000 shares; 2025Q1: 60,000 shares; 2025Q2: 60,000 shares; 2025Q3: 60,000 shares 60,000$9.72M6.75%0Timeline
GSLGLOBAL SHIP LEASE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200,000 shares; 2025Q3: 288,000 shares 288,000$8.84M6.14%+88,000Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 265,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 155,000 shares; 2025Q3: 110,000 shares 110,000$8.4M5.84%-45,000Timeline
GDXJVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 95,000 shares; 2025Q3: 84,000 shares 84,000$8.32M5.78%-11,000Timeline
GLNGGOLAR LNG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 220,000 shares; 2025Q3: 200,000 shares 200,000$8.08M5.62%-20,000Timeline
SVCSERVICE PPTYS TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,735,000 shares 2,735,000$7.41M5.15%newTimeline
LUMNLUMEN TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 400,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,000,000 shares 1,000,000$6.12M4.25%newTimeline
GNRCGENERAC HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 30,000 shares; 2025Q3: 30,000 shares 30,000$5.02M3.49%0Timeline
ADTADT INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 801,000 shares; 2024Q4: 667,000 shares; 2025Q1: 667,000 shares; 2025Q2: 600,000 shares; 2025Q3: 520,000 shares 520,000$4.53M3.15%-80,000Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 80,581 shares; 2025Q1: 60,581 shares; 2025Q2: 60,581 shares; 2025Q3: 40,000 shares 40,000$4.25M2.95%-20,581Timeline
GENIGENIUS SPORTS LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 140,000 shares; 2025Q3: 300,000 shares 300,000$3.71M2.58%+160,000Timeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 105,000 shares; 2025Q1: 85,000 shares; 2025Q2: 80,000 shares; 2025Q3: 60,000 shares 60,000$3.27M2.27%-20,000Timeline
ARANTERO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 110,000 shares; 2025Q1: 90,000 shares; 2025Q2: 90,000 shares; 2025Q3: 90,000 shares 90,000$3.02M2.1%0Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 80,000 shares 80,000$2.8M1.94%newTimeline
UPSUNITED PARCEL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 33,000 shares 33,000$2.76M1.92%newTimeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 400,000 shares 400,000$2.72M1.89%newTimeline
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 10,000 shares 10,000$2.54M1.77%newTimeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 135,000 shares 135,000$2.04M1.41%newTimeline
DCHDAUCH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 667,700 shares; 2025Q1: 500,000 shares; 2025Q2: 600,000 shares; 2025Q3: 300,000 shares 300,000$1.8M1.25%-300,000Timeline
HPPHUDSON PAC PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 18,395 shares 18,395$50.8K0.04%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
QQQINVESCO QQQ TR COMput3,500$210Mnew
SPYSTATE STR SPDR S&P 500 ETF T SHSput3,000$200M+500
IWNISHARES TR RUS 2000 VAL ETFput3,200$77.4Mnew
TLTISHARES TR 20 YR TR BD ETFput6,000$53.6Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
PUMPPROPETRO HLDG CORP400,000$2.39Mshares
TDAYUSA TODAY CO INC126,866$454Kshares

How Q3 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 0000935836-25-000675 base2025-11-14acceptance time not in the bulk data set