Alta Fundamental Advisers LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Alta Fundamental Advisers LLC reported 18 stock positions worth $153.5 million . Its top holding was USA Today (TDAY) at 21.0% of the portfolio, followed by Lucky Strike Entertainment C (LUCK, 14.3% ) and Public Service Enterprise GP (PEG, 7.7% ). Compared with Q4 2024, it opened 2 new positions, sold out of 1, added to 1 and reduced 13. The biggest buy was a new position in Hudson Pac Pptys and the biggest sale USA Today (TDAY, shares −15% ).
Location NEW YORK, NY
CIK 0001641604
Portfolio Value $153.5M (Q1 2025) Holdings 18 stocks · $153.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 TDAY USA Today Co. Inc. filed as GANNETT CO INC 11,165,692 $32.3M Reduce -15.1% LUCK Lucky Strike Entertainment C 2,252,380 $22.0M Reduce -33.8% PEG Public Service Enterprise GP 143,745 $11.8M Reduce -55.6% ACHR Archer Aviation Inc. Class A 1,374,171 $9.8M Reduce -37.2% AMR Alpha Metallurgical Resource 74,058 $9.3M Reduce -16.4% EXE Expand Energy Corp. 82,960 $9.2M Reduce -17.6% ARQ Arq Inc. 2,044,122 $8.5M No change BTU Peabody Energy Corp. 626,241 $8.5M Reduce -18.3% ANIK Anika Therapeutics Inc. 470,974 $7.1M Reduce -32.8% CLMT Calumet Inc. 459,937 $5.8M Reduce -20.3% HUDSON PAC PPTYS INC 1,905,729 $5.6M New X United States Steel Corp. 131,767 $5.6M New ABX Abacus Global Management Inc. 664,298 $5.0M Reduce -11.7% LAZYDAYS HLDGS INC 14,563,106 $4.7M No change GNW Genworth Financial Inc. 531,080 $3.8M Add +38.3% INDV Indivior Ltd. 334,469 $3.2M Reduce -16.4% MIST Milestone Pharmaceuticals Inc. 1,427,479 $1.1M Reduce -46.3% TSEOQ Trinseo PLC 53,618 $197K Reduce -86.3%
Options reported separately and not counted above: FRONTIER GROUP HLDGS INC puts ($402K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.7M (not counted above) Security Class Shares / Principal Value Change HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 745,105 $1.7M Reduce -14.4%
Total filed on the 13F, all lines: $155.2M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ TDAY USA Today Co. Inc. Reduce -15.1% 21.03% −3.76 PEG Public Service Enterprise GP Reduce -55.6% 7.71% −2.49 MIST Milestone Pharmaceuticals Inc. Reduce -46.3% 0.74% −1.59 ACHR Archer Aviation Inc. Class A Reduce -37.2% 6.37% −1.58 CLMT Calumet Inc. Reduce -20.3% 3.80% −0.94 TSEOQ Trinseo PLC Reduce -86.3% 0.13% −0.61 AMR Alpha Metallurgical Resource Reduce -16.4% 6.04% −0.56 BTU Peabody Energy Corp. Reduce -18.3% 5.53% −0.45 OPTU Optimum Communications Inc. Class A Sold out 0.00% −0.22 INDV Indivior Ltd. Reduce -16.4% 2.08% +0.22 ANIK Anika Therapeutics Inc. Reduce -32.8% 4.61% +0.32 ABX Abacus Global Management Inc. Reduce -11.7% 3.24% +1.05 LUCK Lucky Strike Entertainment C Reduce -33.8% 14.32% +1.64 EXE Expand Energy Corp. Reduce -17.6% 6.02% +2.28
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ HUDSON PAC PPTYS INC New 3.66% +3.66 X United States Steel Corp. New 3.63% +3.63 GNW Genworth Financial Inc. Add +38.3% 2.45% +1.45
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ UNITED STATES STL CORP NEW call Sold out 500,000 $24.0Mbefore exit PUBLIC SVC ENTERPRISE GRP IN call Sold out 250,000 $21.3Mbefore exit PEABODY ENERGY CORP call Sold out 250,000 $7.0Mbefore exit VALLEY NATL BANCORP put Sold out 1,500,500 $4.5Mbefore exit JETBLUE AWYS CORP put Sold out 500,000 $2.5Mbefore exit CITIGROUP INC put Sold out 100,000 $2.0Mbefore exit PROSPECT CAP CORP call Sold out 250,400 $1.5Mbefore exit MEDICAL PPTYS TRUST INC call Sold out 141,100 $988Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 Reduce -14.4% 745,105 $1.7M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 22 $275.6M TDAY, LILAK, PUMP, INDV, CC Q1 2026 20 $252.4M TDAY, LILAK, PUMP, BTU, CC Q4 2025 20 $211.5M TDAY, PUMP, BTU, LILAK, INDV Q3 2025 19 $203.0M TDAY, LILAK, BTU, ACHR, CC Q2 2025 18 $180.2M TDAY, LUCK, ACHR, ARQ, PEG Q1 2025 18 $153.5M TDAY, LUCK, PEG, ACHR, AMR Q4 2024 17 $268.4M TDAY, LUCK, PEG, ACHR, AMR Q3 2024 21 $240.1M TDAY, LUCK, AMR, BTU, PEG Q2 2024 21 $227.1M TDAY, LUCK, AMR, PEG, ARQ Q1 2024 15 $197.7M LUCK, AMR, TDAY, EXE, PEG