Bardin Hill Management Partners LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Bardin Hill Management Partners LP reported 24 stock positions worth $230.1 million. Its top holding was Nextdecade (NEXT) at 30.1% of the portfolio, followed by Somnigroup International (SGI, 7.7%) and Intra-Cellular Therapies (ITCI, 6.1%). Compared with Q4 2024, it opened 12 new positions, sold out of 14, added to 7 and reduced 1. The biggest buy was a new position in Intra-Cellular Therapies (ITCI) and the biggest sale an exit from Hashicorp Class A (HCP).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001616416
Portfolio Value
$230.1M (Q1 2025)
SEC Filing
0001616416-25-000007 ↗ filed May 15, 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 Q4 2024 Q1 2025: $230.1M $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 24 stocks · $230.1M
NEXT Nextdecade Corp. 30.15% 8,917,873 $69.4M No change
SGI Somnigroup International Inc. 7.70% 296,130 $17.7M Add +390.4%
ITCI Intra-Cellular Therapies Inc. 6.13% 107,001 $14.1M New
K Kellanova 6.10% 170,080 $14.0M Add +7.0%
FYBR Frontier Communications Pare 5.37% 344,901 $12.4M New
SPR Spirit Aerosystems Hold Class A 4.93% 329,248 $11.3M Add +43.2%
BECN Beacon Roofing Supply Inc. 4.54% 84,558 $10.5M New
GLNG Golar LNG Ltd. 4.32% 261,614 $9.9M Add +38.5%
VRN Veren Inc. 4.20% 1,462,151 $9.7M New
PLYA Playa Hotels & Resorts NV 3.50% 603,948 $8.1M New
GSM Ferroglobe PLC 3.06% 1,897,920 $7.0M No change
X United States Steel Corp. 2.62% 142,615 $6.0M Add +631.4%
OMC Omnicom Group 2.52% 69,966 $5.8M New
HEES H&E Equipment Services Inc. 2.50% 60,600 $5.7M New
FUN Six Flags Entertainment Corp. 2.43% 156,645 $5.6M No change
LVS Las Vegas Sands Corp. 1.81% 107,675 $4.2M No change
ANSS Ansys Inc. 1.81% 13,133 $4.2M Add +7.9%
CCO Clear Channel Outdoor Holdin 1.39% 2,877,563 $3.2M Add +6.9%
DNB Dun & Bradstreet Holdings Inc. 1.36% 350,064 $3.1M New
HES Hess Corp. 1.33% 19,164 $3.1M New
DESP Despegar.com Corp. 1.19% 145,214 $2.7M New
SWTX Springworks Therapeutics Inc. 0.64% 33,300 $1.5M New
LTM Latam Airlines Group SA-ADR 0.33% 24,532 $767K Reduce -59.3%
DM Desktop Metal Inc. Class A 0.08% 36,795 $181K New

Options reported separately and not counted above: BECN calls ($26.2M), SPR puts ($12.9M), GLNG puts ($6.9M), DM calls ($6.4M), BA puts ($6.2M), HEES puts ($5.7M), X calls ($4.4M), SWTX calls ($3.7M), BA calls ($3.4M), DESP puts ($752K).

Other holdings (1): bonds, preferreds, convertibles and warrants · $807K (not counted above)
SecurityClassShares / PrincipalValueChange
ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) NOTE 1.000%12/0 · principal 1,100,000$807KNo change

Total filed on the 13F, all lines: $230.9M.

Portfolio Sells Q4 2024 → Q1 2025
HCP Hashicorp Inc. Class A Sold out 0.00% −7.14
SRDX Surmodics Inc. Sold out 0.00% −4.20
CHX Championx Corp. Sold out 0.00% −2.39
MTTR Matterport Inc. Sold out 0.00% −2.26
ROIC Retail Opportunity Investmen Sold out 0.00% −1.85
ML Moneylion Inc. Sold out 0.00% −1.55
FWRD Forward Air Corp. Sold out 0.00% −1.41
INFN Infinera Corp. Sold out 0.00% −0.89
EDR Endeavor Group Hold Class A Sold out 0.00% −0.81
AZPN Aspen Technology Inc. Sold out 0.00% −0.79
ALTR Altair Engineering Inc. Class A Sold out 0.00% −0.78
PDCO Patterson Cos Inc. Sold out 0.00% −0.77
TALO Talos Energy Inc. Sold out 0.00% −0.75
LTM Latam Airlines Group SA-ADR Reduce -59.3% 0.33% −0.60
EHAB Enhabit Inc. Sold out 0.00% −0.37

Portfolio Buys Q4 2024 → Q1 2025
ITCI Intra-Cellular Therapies Inc. New 6.13% +6.13
SGI Somnigroup International Inc. Add +390.4% 7.70% +5.77
FYBR Frontier Communications Pare New 5.37% +5.37
BECN Beacon Roofing Supply Inc. New 4.54% +4.54
VRN Veren Inc. New 4.20% +4.20
PLYA Playa Hotels & Resorts NV New 3.50% +3.50
OMC Omnicom Group New 2.52% +2.52
HEES H&E Equipment Services Inc. New 2.50% +2.50
X United States Steel Corp. Add +631.4% 2.62% +2.25
DNB Dun & Bradstreet Holdings Inc. New 1.36% +1.36
HES Hess Corp. New 1.33% +1.33
DESP Despegar.com Corp. New 1.19% +1.19
SWTX Springworks Therapeutics Inc. New 0.64% +0.64
SPR Spirit Aerosystems Hold Class A Add +43.2% 4.93% +0.51
DM Desktop Metal Inc. Class A New 0.08% +0.08
GLNG Golar LNG Ltd. Add +38.5% 4.32% −0.19
ANSS Ansys Inc. Add +7.9% 1.81% −0.51
CCO Clear Channel Outdoor Holdin Add +6.9% 1.39% −0.69
K Kellanova Add +7.0% 6.10% −1.16

Options Activity Q4 2024 → Q1 2025
BECN Beacon Roofing Supply Inc. call New 212,100 $26.2M
SPR Spirit Aerosystems Hold Class A put Add +62.7% 373,700 $12.9M
GLNG Golar LNG Ltd. put New 182,800 $6.9M
DM Desktop Metal Inc. Class A call New 1,302,000 $6.4M
BA The Boeing Co. put Reduce -37.0% 36,300 $6.2M
HEES H&E Equipment Services Inc. put New 60,600 $5.7M
ACI Albertsons Cos Inc. Class A call Sold out 232,800 $4.6Mbefore exit
X United States Steel Corp. call Reduce -55.8% 104,000 $4.4M
SWTX Springworks Therapeutics Inc. call New 84,000 $3.7M
BA The Boeing Co. call New 19,800 $3.4M
GXO Gxo Logistics Inc. call Sold out 40,000 $1.7Mbefore exit
DESP Despegar.com Corp. put New 40,000 $752K

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