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LONESTAR CAPITAL MANAGEMENT LLC

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13F filer, CIK 1317410, San Francisco, CA

LONESTAR CAPITAL MANAGEMENT LLC reported $624,222,417 across 31 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 58.49% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000935836-26-000100

Period
2025-12-31
Reported value
$624M
Holdings
31
Top 10 weight
58.49%
New
15
Sold out
11

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DCHadded+1,856,574$11.9M
CEnew+235,000$9.94M
DRVNnew+560,000$8.3M
RIGnew+1,800,000$7.43M
BKDnew+660,000$7.12M

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
GLNGexited-200,000-$8.08M
SVCexited-2,735,000-$7.41M
GNRCexited-30,000-$5.02M
GSLreduced-128,000-$4.49M
GENIexited-300,000-$3.71M

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 0000935836-26-000100, largest first. % of portfolio is the value over $186,856,917, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GTXGARRETT MOTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 900,000 shares 900,000$15.7M8.4%-110,000Timeline
ETENERGY TRANSFER L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 929,000 shares 929,000$15.3M8.2%-171,000Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,000,000 shares 3,000,000$14.6M7.79%-600,000Timeline
DCHDAUCH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 667,700 shares; 2025Q1: 500,000 shares; 2025Q2: 600,000 shares; 2025Q3: 300,000 shares; 2025Q4: 2,156,574 shares 2,156,574$13.8M7.4%+1,856,574Timeline
CECELANESE CORP DELQuarterly 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: 235,000 shares 235,000$9.94M5.32%newTimeline
PCGPG&E 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: 135,000 shares; 2025Q4: 550,000 shares 550,000$8.84M4.73%+415,000Timeline
DRVNDRIVEN BRANDS 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: not reported; 2025Q3: not reported; 2025Q4: 560,000 shares 560,000$8.3M4.44%newTimeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 80,581 shares; 2025Q1: 60,581 shares; 2025Q2: 60,581 shares; 2025Q3: 40,000 shares; 2025Q4: 75,000 shares 75,000$8.28M4.43%+35,000Timeline
RIGTRANSOCEAN LTDQuarterly 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: 1,800,000 shares 1,800,000$7.43M3.98%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: 660,000 shares 660,000$7.12M3.81%newTimeline
SDRLSEADRILL LTDQuarterly 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: 200,000 shares 200,000$6.92M3.7%newTimeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 265,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 155,000 shares; 2025Q3: 110,000 shares; 2025Q4: 80,000 shares 80,000$6.86M3.67%-30,000Timeline
GDXJVANECK ETF TRUSTQuarterly 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: 95,000 shares; 2025Q3: 84,000 shares; 2025Q4: 60,000 shares 60,000$6.83M3.65%-24,000Timeline
TLNTALEN ENERGY 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: not reported; 2025Q4: 16,000 shares 16,000$6M3.21%newTimeline
NRGNRG ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 33,000 shares; 2025Q1: 60,000 shares; 2025Q2: 60,000 shares; 2025Q3: 60,000 shares; 2025Q4: 37,000 shares 37,000$5.89M3.15%-23,000Timeline
GSLGLOBAL SHIP LEASE 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: 200,000 shares; 2025Q3: 288,000 shares; 2025Q4: 160,000 shares 160,000$5.61M3%-128,000Timeline
LINCLINCOLN EDL SVCS 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: not reported; 2025Q4: 200,000 shares 200,000$4.83M2.58%newTimeline
ADTADT INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 801,000 shares; 2024Q4: 667,000 shares; 2025Q1: 667,000 shares; 2025Q2: 600,000 shares; 2025Q3: 520,000 shares; 2025Q4: 520,000 shares 520,000$4.2M2.25%0Timeline
LUMNLUMEN TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 400,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,000,000 shares; 2025Q4: 525,000 shares 525,000$4.08M2.18%-475,000Timeline
THTARGET HOSPITALITY 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: not reported; 2025Q4: 500,000 shares 500,000$4M2.14%newTimeline
VSTVISTRA 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: not reported; 2025Q4: 24,000 shares 24,000$3.87M2.07%newTimeline
DOWDOW 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: not reported; 2025Q3: not reported; 2025Q4: 150,000 shares 150,000$3.51M1.88%newTimeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 105,000 shares; 2025Q1: 85,000 shares; 2025Q2: 80,000 shares; 2025Q3: 60,000 shares; 2025Q4: 60,000 shares 60,000$3.22M1.72%0Timeline
COMPCOMPASS 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: 270,000 shares 270,000$2.85M1.53%newTimeline
HPPHUDSON PACIFIC PROPERTIES INQuarterly 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: 250,000 shares 250,000$2.71M1.45%newTimeline
WLACWILLOW LANE ACQUISITION 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: not reported; 2025Q4: 194,185 shares 194,185$2.45M1.31%newTimeline
COTYCOTY 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: 750,000 shares 750,000$2.31M1.24%newTimeline
STRASTRATEGIC ED 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: 17,900 shares 17,900$1.44M0.77%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
SPYSTATE STR SPDR S&P 500 ETF T SHSput2,500$170M-500
QQQINVESCO QQQ TR COMput2,500$154M-1,000
TLTISHARES TR 20 YR TR BD ETFput13,000$113M+7,000

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
IWNISHARES TR3,200$77.4Mput
GLNGGOLAR LNG LTD200,000$8.08Mshares
SVCSERVICE PPTYS TR2,735,000$7.41Mshares
GNRCGENERAC HLDGS INC30,000$5.02Mshares
GENIGENIUS SPORTS LIMITED300,000$3.71Mshares
ARANTERO RESOURCES CORP90,000$3.02Mshares
JDJD.COM INC80,000$2.8Mshares
UPSUNITED PARCEL SVCS INC33,000$2.76Mshares
HTZHERTZ GLOBAL HLDGS INC400,000$2.72Mshares
FLUTFLUTTER ENTMT PLC10,000$2.54Mshares
HPPHUDSON PAC PPTYS INC18,395$50.8Kshares

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 0000935836-26-000100 base2026-02-17acceptance time not in the bulk data set