Bardin Hill Management Partners LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Bardin Hill Management Partners LP reported 26 stock positions worth $177.3 million. Its top holding was Nextdecade (NEXT) at 38.8% of the portfolio, followed by Kellanova (K, 7.3%) and Hashicorp Class A (HCP, 7.1%). Compared with Q3 2024, it opened 12 new positions, sold out of 15, added to 6 and reduced 4. The biggest buy was Nextdecade (NEXT, shares +4%) and the biggest sale an exit from Axonics.

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001616416
Portfolio Value
$177.3M (Q4 2024)
SEC Filing
0001616416-25-000003 ↗ filed Feb 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $230.5M Q1 2024 Q2 2024: $179.5M Q2 2024 Q3 2024: $187.7M Q3 2024 Q4 2024: $177.3M $177.3M Q4 2024 Q1 2025: $230.1M Q1 2025 Q2 2025: $158.7M Q2 2025 Q3 2025: $79.3M Q3 2025 Q4 2025: $0 Q4 2025 Q1 2026: $0 Q1 2026 Q2 2026: $0 Q2 2026

Holdings 26 stocks · $177.3M
NEXT Nextdecade Corp. 38.78% 8,917,873 $68.8M Add +3.9%
K Kellanova 7.25% 158,874 $12.9M Add +23.1%
HCP Hashicorp Inc. Class A 7.14% 370,238 $12.7M Reduce -15.9%
GLNG Golar LNG Ltd. 4.51% 188,848 $8.0M Add +64.0%
SPR Spirit Aerosystems Hold Class A 4.42% 229,966 $7.8M New
FUN Six Flags Entertainment Corp. 4.26% 156,645 $7.5M No change
SRDX Surmodics Inc. 4.20% 187,869 $7.4M New
GSM Ferroglobe PLC 4.07% 1,897,920 $7.2M No change
LVS Las Vegas Sands Corp. 3.12% 107,675 $5.5M No change
CHX Championx Corp. 2.39% 155,916 $4.2M New
ANSS Ansys Inc. 2.32% 12,173 $4.1M Reduce -34.8%
MTTR Matterport Inc. 2.26% 844,086 $4.0M New
CCO Clear Channel Outdoor Holdin 2.08% 2,692,925 $3.7M Add +1.5%
SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC 1.93% 60,388 $3.4M New
ROIC Retail Opportunity Investmen 1.85% 189,396 $3.3M New
ML Moneylion Inc. 1.55% 31,884 $2.7M New
FWRD Forward Air Corp. 1.41% 77,595 $2.5M Add +88.3%
LTM Latam Airlines Group SA-ADR 0.94% 60,332 $1.7M New
INFN Infinera Corp. 0.89% 240,129 $1.6M Add +2.9%
EDR Endeavor Group Hold Class A 0.81% 45,617 $1.4M No change
AZPN Aspen Technology Inc. 0.79% 5,618 $1.4M New
ALTR Altair Engineering Inc. Class A 0.78% 12,635 $1.4M New
PDCO Patterson Cos Inc. 0.77% 44,226 $1.4M New
TALO Talos Energy Inc. 0.75% 137,519 $1.3M Reduce 0.0%
X United States Steel Corp. 0.37% 19,500 $663K New
EHAB Enhabit Inc. 0.37% 84,787 $662K Reduce -51.4%

Options reported separately and not counted above: BA puts ($10.2M), X calls ($8.0M), SPR puts ($7.8M), ACI calls ($4.6M), GXO calls ($1.7M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $812K (not counted above)
SecurityClassShares / PrincipalValueChange
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 1,100,000$812KNew

Total filed on the 13F, all lines: $178.1M.

Portfolio Sells Q3 2024 → Q4 2024
AXONICS INC Sold out 0.00% −9.17
AMED Amedisys Inc. Sold out 0.00% −6.39
CTLT Catalent Inc. Sold out 0.00% −5.50
VZIO Vizio Holding Corp. Class A Sold out 0.00% −4.30
RCM R1 RCM Inc. Sold out 0.00% −4.04
SMAR Smartsheet Inc. Class A Sold out 0.00% −3.68
ACI Albertsons Cos Inc. Class A Sold out 0.00% −1.57
PRFT Perficient Inc. Sold out 0.00% −1.47
STER Sterling Check Corp. Sold out 0.00% −1.46
VSTS Vestis Corp. Sold out 0.00% −1.40
CPRI Capri Holdings Ltd. Sold out 0.00% −1.36
PETQ Petiq Inc. Sold out 0.00% −0.95
ANSS Ansys Inc. Reduce -34.8% 2.32% −0.85
HCP Hashicorp Inc. Class A Reduce -15.9% 7.14% −0.80
PWSC Powerschool Holdings Inc. Class A Sold out 0.00% −0.61
NVEI Nuvei Corp.-Subordinate VTG Sold out 0.00% −0.45
EHAB Enhabit Inc. Reduce -51.4% 0.37% −0.36
TWKS Thoughtworks Holding Inc. Sold out 0.00% −0.21
TALO Talos Energy Inc. Reduce 0.0% 0.75% −0.01

Portfolio Buys Q3 2024 → Q4 2024
NEXT Nextdecade Corp. Add +3.9% 38.78% +17.24
SPR Spirit Aerosystems Hold Class A New 4.42% +4.42
SRDX Surmodics Inc. New 4.20% +4.20
CHX Championx Corp. New 2.39% +2.39
MTTR Matterport Inc. New 2.26% +2.26
GLNG Golar LNG Ltd. Add +64.0% 4.51% +2.25
SGI Somnigroup International Inc. New 1.93% +1.93
ROIC Retail Opportunity Investmen New 1.85% +1.85
K Kellanova Add +23.1% 7.25% +1.71
ML Moneylion Inc. New 1.55% +1.55
LTM Latam Airlines Group SA-ADR New 0.94% +0.94
AZPN Aspen Technology Inc. New 0.79% +0.79
ALTR Altair Engineering Inc. Class A New 0.78% +0.78
PDCO Patterson Cos Inc. New 0.77% +0.77
FWRD Forward Air Corp. Add +88.3% 1.41% +0.63
X United States Steel Corp. New 0.37% +0.37
INFN Infinera Corp. Add +2.9% 0.89% +0.05
CCO Clear Channel Outdoor Holdin Add +1.5% 2.08% −0.18

Options Activity Q3 2024 → Q4 2024
BA The Boeing Co. put New 57,600 $10.2M
ACI Albertsons Cos Inc. Class A put Sold out 470,200 $8.7Mbefore exit
SPR Spirit Aerosystems Hold Class A put New 229,700 $7.8M
ACI Albertsons Cos Inc. Class A call Add +5.2% 232,800 $4.6M
CPRI Capri Holdings Ltd. call Sold out 78,400 $3.3Mbefore exit
GLNG Golar LNG Ltd. call Sold out 53,600 $2.0Mbefore exit
GXO Gxo Logistics Inc. call New 40,000 $1.7M
TELL Tellurian Inc. put Sold out 540,200 $523Kbefore exit
RVNC Revance Therapeutics Inc. put Sold out 100 $519before exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal New 1,100,000 $812K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 0$0
Q1 2026 0$0
Q4 2025 0$0
Q3 2025 5$79.3MNEXT, GSM, CCO, LTM, INDV
Q2 2025 35$158.7MNEXT, FYBR, K, GSM, EVRI
Q1 2025 24$230.1MNEXT, SGI, ITCI, K, FYBR
Q4 2024 26$177.3MNEXT, K, HCP, GLNG, SPR
Q3 2024 29$187.7MNEXT, AXONICS INC, HCP, AMED, K
Q2 2024Amended 23$179.5MNEXT, EDR, AMED, ACI, GSM
Q1 2024 26$230.5MNEXT, PXD, HOLI, EDR, LSXMK