Cobalt Capital Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Cobalt Capital Management, Inc. reported 22 stock positions worth $217.6 million. Its top holding was Sumisho Air Lease (AL) at 14.6% of the portfolio, followed by SPDR Gold Shares (GLD, 13.1%) and Norfolk Southern (NSC, 12.4%). Compared with Q2 2025, it opened 9 new positions, sold out of 13, added to 4 and reduced 8. The biggest buy was a new position in Norfolk Southern (NSC) and the biggest sale Vistra (VST, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- SHORT HILLS, NJ
- CIK
- 0001086762
- Portfolio Value
- $217.6M (Q3 2025)
- SEC Filing
- 0000919574-25-006739 ↗ filed Nov 13, 2025
Holdings Value
Holdings 22 stocks · $217.6M
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 14.63% | 500,000 | $31.8M | Reduce -21.3% |
| GLD SPDR Gold Shares | 13.07% | 80,000 | $28.4M | Add +14.3% |
| NSC Norfolk Southern Corp. | 12.43% | 90,000 | $27.0M | New |
| MOH Molina Healthcare Inc. | 10.11% | 115,000 | $22.0M | New |
| COF Capital One Financial Corp. | 7.82% | 80,000 | $17.0M | Reduce -42.9% |
| UAL United Airlines Holdings Inc. | 6.65% | 150,000 | $14.5M | Reduce -16.7% |
| APO Apollo Global Management Inc. | 5.51% | 90,000 | $12.0M | New |
| AR Antero Resources Corp. | 4.94% | 320,000 | $10.7M | New |
| VST Vistra Corp. | 4.50% | 50,000 | $9.8M | Reduce -64.3% |
| TOL Toll Brothers Inc. | 4.44% | 70,000 | $9.7M | Add +55.6% |
| WDC Western Digital Corp. | 3.03% | 55,000 | $6.6M | Reduce -65.6% |
| CRC California Resources Corp. | 2.93% | 120,000 | $6.4M | New |
| HTZ Hertz Global Hldgs Inc. | 2.06% | 659,900 | $4.5M | Add +83.3% |
| APTV Aptiv PLC | 1.98% | 50,000 | $4.3M | New |
| COOP Mr Cooper Group Inc. | 1.36% | 14,000 | $3.0M | Reduce -72.0% |
| CCK Crown Holdings Inc. | 1.33% | 30,000 | $2.9M | Reduce -62.5% |
| MGM MGM Resorts International | 0.96% | 60,000 | $2.1M | Add +20.0% |
| BX Blackstone Inc. | 0.79% | 10,000 | $1.7M | New |
| BHF Brighthouse Financial Inc. | 0.61% | 25,000 | $1.3M | New |
| Z Zillow Group Inc. Class C | 0.35% | 10,000 | $771K | New |
| AMC AMC Entertainment HLDS Class A | 0.33% | 250,000 | $725K | Reduce -37.5% |
| SOC Sable Offshore Corp. | 0.16% | 20,000 | $349K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| VST Vistra Corp. | Reduce -64.3% | 4.50% | −8.23 |
| COF Capital One Financial Corp. | Reduce -42.9% | 7.82% | −6.16 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −3.58 |
| CVS CVS Health Corp. | Sold out | 0.00% | −3.24 |
| LAD Lithia Motors Inc. | Sold out | 0.00% | −3.17 |
| AL Sumisho Air Lease Corp. | Reduce -21.3% | 14.63% | −2.80 |
| CCK Crown Holdings Inc. | Reduce -62.5% | 1.33% | −2.53 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −2.19 |
| COOP Mr Cooper Group Inc. | Reduce -72.0% | 1.36% | −2.14 |
| WDC Western Digital Corp. | Reduce -65.6% | 3.03% | −1.77 |
| MU Micron Technology Inc. | Sold out | 0.00% | −1.74 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −1.73 |
| WSC Willscot Holdings Corp. | Sold out | 0.00% | −1.54 |
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −1.21 |
| HUM Humana Inc. | Sold out | 0.00% | −1.15 |
| GLNG Golar LNG Ltd. | Sold out | 0.00% | −0.69 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.63 |
| PCG P G & E Corp. | Sold out | 0.00% | −0.52 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −0.40 |
| AMC AMC Entertainment HLDS Class A | Reduce -37.5% | 0.33% | −0.25 |
| UAL United Airlines Holdings Inc. | Reduce -16.7% | 6.65% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| NSC Norfolk Southern Corp. | New | 12.43% | +12.43 |
| MOH Molina Healthcare Inc. | New | 10.11% | +10.11 |
| APO Apollo Global Management Inc. | New | 5.51% | +5.51 |
| AR Antero Resources Corp. | New | 4.94% | +4.94 |
| GLD SPDR Gold Shares | Add +14.3% | 13.07% | +3.06 |
| CRC California Resources Corp. | New | 2.93% | +2.93 |
| TOL Toll Brothers Inc. | Add +55.6% | 4.44% | +2.03 |
| APTV Aptiv PLC | New | 1.98% | +1.98 |
| HTZ Hertz Global Hldgs Inc. | Add +83.3% | 2.06% | +0.91 |
| BX Blackstone Inc. | New | 0.79% | +0.79 |
| BHF Brighthouse Financial Inc. | New | 0.61% | +0.61 |
| Z Zillow Group Inc. Class C | New | 0.35% | +0.35 |
| MGM MGM Resorts International | Add +20.0% | 0.96% | +0.15 |
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 |