Cobalt Capital Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Cobalt Capital Management, Inc. reported 22 stock positions worth $203.1 million. Its top holding was SPDR Gold Shares (GLD) at 18.4% of the portfolio, followed by Sumisho Air Lease (AL, 16.5%) and Vistra (VST, 9.5%). Compared with Q4 2024, it opened 8 new positions, sold out of 13, added to 6 and reduced 8. The biggest buy was a new position in Capital One Financial (COF) and the biggest sale United Airlines (UAL, shares −57%).
- Most Recent 13F
- Q2 2026
- Location
- SHORT HILLS, NJ
- CIK
- 0001086762
- Portfolio Value
- $203.1M (Q1 2025)
- SEC Filing
- 0000919574-25-003051 ↗ filed May 15, 2025
Holdings Value
Holdings 22 stocks · $203.1M
| GLD SPDR Gold Shares | 18.45% | 130,000 | $37.5M | Reduce -13.3% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 16.47% | 692,383 | $33.4M | Add +21.8% |
| VST Vistra Corp. | 9.54% | 165,000 | $19.4M | Reduce -17.5% |
| TOL Toll Brothers Inc. | 8.32% | 160,000 | $16.9M | Add +77.8% |
| HES Hess Corp. | 7.87% | 100,000 | $16.0M | Add +25.0% |
| COF Capital One Financial Corp. | 7.51% | 85,000 | $15.2M | New |
| DVN Devon Energy Corp. | 6.45% | 350,000 | $13.1M | Add +29.0% |
| LAD Lithia Motors Inc. | 5.78% | 40,000 | $11.7M | New |
| UAL United Airlines Holdings Inc. | 5.10% | 150,000 | $10.4M | Reduce -57.1% |
| AER Aercap Holdings NV | 4.03% | 80,000 | $8.2M | Reduce -30.4% |
| STX Seagate Technology Holdings | 2.51% | 60,000 | $5.1M | Add +100.0% |
| C Citigroup Inc. | 1.40% | 40,000 | $2.8M | Reduce -78.1% |
| BLDR Builders Firstsource Inc. | 1.23% | 20,000 | $2.5M | New |
| MPC Marathon Petroleum Corp. | 1.21% | 16,885 | $2.5M | Reduce -43.7% |
| SOC Sable Offshore Corp. | 0.87% | 70,000 | $1.8M | New |
| CAR Avis Budget Group Inc. | 0.71% | 19,000 | $1.4M | New |
| PCG P G & E Corp. | 0.59% | 70,000 | $1.2M | New |
| PR Permian Resources Corp. Class A | 0.55% | 80,000 | $1.1M | New |
| HP Helmerich & Payne | 0.51% | 40,000 | $1.0M | Reduce -71.4% |
| ALK Alaska Air Group Inc. | 0.48% | 20,000 | $984K | Add +100.0% |
| ASH Ashland Inc. | 0.29% | 10,000 | $593K | New |
| AMC AMC Entertainment HLDS Class A | 0.13% | 90,000 | $258K | Reduce -80.0% |
Portfolio Sells Q4 2024 → Q1 2025
| UAL United Airlines Holdings Inc. | Reduce -57.1% | 5.10% | −9.02 |
| AR Antero Resources Corp. | Sold out | 0.00% | −4.00 |
| C Citigroup Inc. | Reduce -78.1% | 1.40% | −3.95 |
| APTV Aptiv PLC | Sold out | 0.00% | −2.89 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −2.30 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −2.17 |
| VST Vistra Corp. | Reduce -17.5% | 9.54% | −1.91 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −1.63 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −1.58 |
| GLNG Golar LNG Ltd. | Sold out | 0.00% | −1.49 |
| HP Helmerich & Payne | Reduce -71.4% | 0.51% | −1.35 |
| VET Vermilion Energy Inc. | Sold out | 0.00% | −1.27 |
| GXO Gxo Logistics Inc. | Sold out | 0.00% | −0.81 |
| FANG Diamondback Energy Inc. | Sold out | 0.00% | −0.68 |
| AMC AMC Entertainment HLDS Class A | Reduce -80.0% | 0.13% | −0.62 |
| AER Aercap Holdings NV | Reduce -30.4% | 4.03% | −0.55 |
| MPC Marathon Petroleum Corp. | Reduce -43.7% | 1.21% | −0.53 |
| CZR Caesars Entertainment Inc. | Sold out | 0.00% | −0.49 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.13 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −0.09 |
| GLD SPDR Gold Shares | Reduce -13.3% | 18.45% | +3.36 |
Portfolio Buys Q4 2024 → Q1 2025
| COF Capital One Financial Corp. | New | 7.51% | +7.51 |
| LAD Lithia Motors Inc. | New | 5.78% | +5.78 |
| AL Sumisho Air Lease Corp. | Add +21.8% | 16.47% | +5.09 |
| TOL Toll Brothers Inc. | Add +77.8% | 8.32% | +3.61 |
| HES Hess Corp. | Add +25.0% | 7.87% | +3.45 |
| DVN Devon Energy Corp. | Add +29.0% | 6.45% | +2.76 |
| STX Seagate Technology Holdings | Add +100.0% | 2.51% | +1.43 |
| BLDR Builders Firstsource Inc. | New | 1.23% | +1.23 |
| SOC Sable Offshore Corp. | New | 0.87% | +0.87 |
| CAR Avis Budget Group Inc. | New | 0.71% | +0.71 |
| PCG P G & E Corp. | New | 0.59% | +0.59 |
| PR Permian Resources Corp. Class A | New | 0.55% | +0.55 |
| ASH Ashland Inc. | New | 0.29% | +0.29 |
| ALK Alaska Air Group Inc. | Add +100.0% | 0.48% | +0.22 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 26 | $140.5M | NSC, GLD, EXE, MU, BX |
| Q1 2026 | 24 | $178.6M | NSC, GLD, AL, HON, LH |
| Q4 2025 | 28 | $225.9M | GLD, AL, NSC, APO, EXE |
| Q3 2025 | 22 | $217.6M | AL, GLD, NSC, MOH, COF |
| Q2 2025 | 26 | $213.1M | AL, COF, VST, GLD, UAL |
| Q1 2025 | 22 | $203.1M | GLD, AL, VST, TOL, HES |
| Q4 2024 | 27 | $240.7M | GLD, UAL, VST, AL, C |
| Q3 2024 | 26 | $225.0M | VST, GLD, AL, UAL, EQT |
| Q2 2024 | 22 | $230.7M | AL, GLD, VST, WDC, UAL |
| Q1 2024 | 24 | $310.2M | GLD, AL, UAL, VST, CRH |