Alta Fundamental Advisers LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Alta Fundamental Advisers LLC reported 19 stock positions worth $203.0 million . Its top holding was USA Today (TDAY) at 22.7% of the portfolio, followed by Liberty Latin Americ Class C (LILAK, 7.7% ) and Peabody Energy (BTU, 7.3% ). Compared with Q2 2025, it opened 6 new positions, sold out of 5, added to 3 and reduced 6. The biggest buy was a new position in Liberty Latin Americ Class C (LILAK) and the biggest sale Lucky Strike Entertainment C (LUCK, shares −50% ).
Location NEW YORK, NY
CIK 0001641604
Portfolio Value $203.0M (Q3 2025) Holdings 19 stocks · $203.0M 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 Q2 2025 TDAY USA Today Co. Inc. filed as GANNETT CO INC 11,165,692 $46.1M No change LILAK Liberty Latin Americ Class C 1,853,559 $15.6M New BTU Peabody Energy Corp. 561,241 $14.9M Reduce -6.7% ACHR Archer Aviation Inc. Class A 1,338,833 $12.8M Reduce -22.7% CC The Chemours Co. 800,000 $12.7M New PUMP Propetro Holding Corp. 2,298,185 $12.0M Add +99.8% AMR Alpha Metallurgical Resource 70,058 $11.5M Reduce -5.4% INDV Indivior Ltd. 475,049 $11.5M Reduce -17.4% LUCK Lucky Strike Entertainment C 1,093,370 $11.2M Reduce -49.9% PEG Public Service Enterprise GP 128,745 $10.7M No change HUDSON PAC PPTYS INC 3,205,729 $8.8M No change EXE Expand Energy Corp. 82,960 $8.8M No change GNW Genworth Financial Inc. 895,609 $8.0M Add +62.7% ABX Abacus Global Management Inc. 1,097,639 $6.3M Add +6.8% ARQ Arq Inc. 846,294 $6.1M Reduce -58.6% CYH Community Health Systems Inc. 841,829 $2.7M New ALIT Alight Inc. Class A 530,366 $1.7M New MBI Mbia Inc. 148,662 $1.1M New TSEOQ Trinseo PLC 152,974 $359K New
Options reported separately and not counted above: PFIZER INC calls ($5.4M), BRISTOL-MYERS SQUIBB CO calls ($5.3M), MBIA INC calls ($4.8M), TRONOX HOLDINGS PLC calls ($4.5M), CHEMOURS CO calls ($3.6M), SABLE OFFSHORE CORP puts ($3.2M), GENWORTH FINL INC calls ($1.8M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.8M (not counted above) Security Class Shares / Principal Value Change HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 745,105 $2.8M No change
Total filed on the 13F, all lines: $205.7M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ LUCK Lucky Strike Entertainment C Reduce -49.9% 5.52% −5.54 ACHR Archer Aviation Inc. Class A Reduce -22.7% 6.32% −4.11 CLMT Calumet Inc. Sold out 0.00% −4.02 ARQ Arq Inc. Reduce -58.6% 2.99% −3.11 ANIK Anika Therapeutics Inc. Sold out 0.00% −2.67 LAZYDAYS HLDGS INC Sold out 0.00% −1.97 MIST Milestone Pharmaceuticals Inc. Sold out 0.00% −1.51 VST Vistra Corp. Sold out 0.00% −0.86 INDV Indivior Ltd. Reduce -17.4% 5.64% +0.94 AMR Alpha Metallurgical Resource Reduce -5.4% 5.66% +1.04 BTU Peabody Energy Corp. Reduce -6.7% 7.33% +2.86
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ LILAK Liberty Latin Americ Class C New 7.71% +7.71 CC The Chemours Co. New 6.24% +6.24 PUMP Propetro Holding Corp. Add +99.8% 5.93% +2.12 GNW Genworth Financial Inc. Add +62.7% 3.93% +1.55 CYH Community Health Systems Inc. New 1.33% +1.33 ALIT Alight Inc. Class A New 0.85% +0.85 MBI Mbia Inc. New 0.55% +0.55 TSEOQ Trinseo PLC New 0.18% +0.18 ABX Abacus Global Management Inc. Add +6.8% 3.10% +0.17
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ MBIA INC call New 600,000 $4.8M TRONOX HOLDINGS PLC call New 750,000 $4.5M CHEMOURS CO call New 200,000 $3.6M SABLE OFFSHORE CORP put New 270,000 $3.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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