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LONESTAR CAPITAL MANAGEMENT LLC

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13F filer, CIK 1317410, San Francisco, CA

LONESTAR CAPITAL MANAGEMENT LLC reported $670,781,750 across 32 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 58.48% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000935836-26-000253

Period
2026-03-31
Reported value
$671M
Holdings
32
Top 10 weight
58.48%
New
8
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
LYBnew+60,000$4.83M
TLNadded+14,000$4.47M
VSTadded+26,000$3.91M
NRGadded+23,000$3.36M
UTInew+85,000$3.07M

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
DHCreduced-1,400,000-$9.3M
DRVNexited-560,000-$8.3M
RIGreduced-900,000-$5.97M
SDRLreduced-100,000-$4.55M
ADTexited-520,000-$4.2M

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.

Holdings, Q1 2026

Share positions as resolved from 13F-HR 0000935836-26-000253, largest first. % of portfolio is the value over $186,047,350, 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; 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; 2026Q1: 900,000 shares 900,000$17.4M9.34%-29,000Timeline
GTXGARRETT MOTION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 800,000 shares 800,000$14.5M7.81%-100,000Timeline
CECELANESE CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 235,000 shares; 2026Q1: 200,000 shares 200,000$13.2M7.07%-35,000Timeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,600,000 shares 1,600,000$10.6M5.71%-1,400,000Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 16,000 shares; 2026Q1: 30,000 shares 30,000$9.58M5.15%+14,000Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 85,000 shares 85,000$9.33M5.02%+10,000Timeline
BKDBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 660,000 shares; 2026Q1: 660,000 shares 660,000$9.03M4.85%0Timeline
DCHDAUCH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,500,000 shares 1,500,000$8.89M4.78%-656,574Timeline
NRGNRG ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 60,000 shares 60,000$8.77M4.71%+23,000Timeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 24,000 shares; 2026Q1: 50,000 shares 50,000$7.52M4.04%+26,000Timeline
DOWDOW HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 150,000 shares; 2026Q1: 180,000 shares 180,000$7.5M4.03%+30,000Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 265,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 155,000 shares; 2025Q3: 110,000 shares; 2025Q4: 80,000 shares; 2026Q1: 80,000 shares 80,000$7.34M3.95%0Timeline
GDXJVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 95,000 shares; 2025Q3: 84,000 shares; 2025Q4: 60,000 shares; 2026Q1: 60,000 shares 60,000$7.2M3.87%0Timeline
PCGPG&E CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 135,000 shares; 2025Q4: 550,000 shares; 2026Q1: 380,000 shares 380,000$6.68M3.59%-170,000Timeline
LINCLINCOLN EDL SVCS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 200,000 shares; 2026Q1: 150,000 shares 150,000$6.1M3.28%-50,000Timeline
RIGTRANSOCEAN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,800,000 shares; 2026Q1: 900,000 shares 900,000$5.97M3.21%-900,000Timeline
GSLGLOBAL SHIP LEASE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200,000 shares; 2025Q3: 288,000 shares; 2025Q4: 160,000 shares; 2026Q1: 160,000 shares 160,000$5.96M3.2%0Timeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 90,000 shares 90,000$5.73M3.08%+30,000Timeline
LYBLYONDELLBASELL INDUSTRIES NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 60,000 shares 60,000$4.83M2.6%newTimeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 200,000 shares; 2026Q1: 100,000 shares 100,000$4.55M2.45%-100,000Timeline
THTARGET HOSPITALITY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 500,000 shares; 2026Q1: 375,000 shares 375,000$3.48M1.87%-125,000Timeline
UTIUNIVERSAL TECHNICAL INST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 85,000 shares 85,000$3.07M1.65%newTimeline
POOLPOOL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 15,000 shares 15,000$3.03M1.63%newTimeline
LUMNLUMEN TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 400,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,000,000 shares; 2025Q4: 525,000 shares; 2026Q1: 425,000 shares 425,000$2.95M1.59%-100,000Timeline
BAKBRASKEM SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 500,000 shares 500,000$1.83M0.98%newTimeline
SMCISUPER MICRO COMPUTER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 45,000 shares 45,000$1.02M0.55%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 COMput2,000$115M-500
HYGISHARES TR IBOXX HI YD ETFput14,000$111Mnew
SPYSTATE STR SPDR S&P 500 ETF T SHSput1,600$104M-900
TLTISHARES TR 20 YR TR BD ETFput10,000$86.7M-3,000
IWMISHARES TR SHSput2,000$49.6Mnew
PCGPG&E CORP Stockcall10,000$17.6Mnew

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
DRVNDRIVEN BRANDS HLDGS INC560,000$8.3Mshares
ADTADT INC DEL520,000$4.2Mshares
COMPCOMPASS INC270,000$2.85Mshares
HPPHUDSON PACIFIC PROPERTIES IN250,000$2.71Mshares
WLACWILLOW LANE ACQUISITION CORP194,185$2.45Mshares
COTYCOTY INC750,000$2.31Mshares
STRASTRATEGIC ED INC17,900$1.44Mshares

How Q1 2026 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 0000935836-26-000253 base2026-05-15acceptance time not in the bulk data set