Cobalt Capital Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Cobalt Capital Management, Inc. reported 28 stock positions worth $225.9 million. Its top holding was SPDR Gold Shares (GLD) at 13.2% of the portfolio, followed by Sumisho Air Lease (AL, 12.8%) and Norfolk Southern (NSC, 12.8%). Compared with Q3 2025, it opened 15 new positions, sold out of 9, added to 3 and reduced 9. The biggest buy was a new position in Expand Energy (EXE) and the biggest sale Molina Healthcare (MOH, shares −91%).
- Most Recent 13F
- Q2 2026
- Location
- SHORT HILLS, NJ
- CIK
- 0001086762
- Portfolio Value
- $225.9M (Q4 2025)
- SEC Filing
- 0000919574-26-001158 ↗ filed Feb 17, 2026
Holdings Value
Holdings 28 stocks · $225.9M
| GLD SPDR Gold Shares | 13.16% | 75,000 | $29.7M | Reduce -6.3% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 12.79% | 450,000 | $28.9M | Reduce -10.0% |
| NSC Norfolk Southern Corp. | 12.78% | 100,000 | $28.9M | Add +11.1% |
| APO Apollo Global Management Inc. | 10.25% | 160,000 | $23.2M | Add +77.8% |
| EXE Expand Energy Corp. | 5.86% | 120,000 | $13.2M | New |
| ALK Alaska Air Group Inc. | 5.79% | 260,000 | $13.1M | New |
| AMAT Applied Materials Inc. | 4.66% | 41,000 | $10.5M | New |
| OWL Blue Owl Capital Inc. | 4.63% | 700,085 | $10.5M | New |
| HUM Humana Inc. | 4.53% | 40,000 | $10.2M | New |
| CI The Cigna Group | 3.65% | 30,000 | $8.3M | New |
| MPC Marathon Petroleum Corp. | 2.88% | 40,000 | $6.5M | New |
| FXI iShares China Large-Cap ETF | 2.54% | 150,000 | $5.7M | New |
| UAL United Airlines Holdings Inc. | 2.47% | 50,000 | $5.6M | Reduce -66.7% |
| TOL Toll Brothers Inc. | 2.39% | 40,000 | $5.4M | Reduce -42.9% |
| VST Vistra Corp. | 2.14% | 30,000 | $4.8M | Reduce -40.0% |
| TEVA Teva Pharmaceutical-SP ADR | 1.63% | 118,201 | $3.7M | New |
| VSAT Viasat Inc. | 1.53% | 100,000 | $3.4M | New |
| HTZ Hertz Global Hldgs Inc. | 1.42% | 624,900 | $3.2M | Reduce -5.3% |
| SOC Sable Offshore Corp. | 1.04% | 260,000 | $2.3M | Add +1200.0% |
| C Citigroup Inc. | 1.03% | 20,000 | $2.3M | New |
| MOH Molina Healthcare Inc. | 0.77% | 10,000 | $1.7M | Reduce -91.3% |
| APTV Aptiv PLC | 0.67% | 20,000 | $1.5M | Reduce -60.0% |
| CCK Crown Holdings Inc. | 0.46% | 10,000 | $1.0M | Reduce -66.7% |
| OBDC Blue Owl Capital Corp. | 0.33% | 60,192 | $748K | New |
| BKD Brookdale Senior Living Inc. | 0.19% | 40,000 | $432K | New |
| AMC AMC Entertainment HLDS Class A | 0.17% | 250,000 | $390K | No change |
| PRMB Primo Brands Corp. | 0.14% | 20,000 | $327K | New |
| KPLT Katapult Holdings Inc. | 0.07% | 23,860 | $154K | New |
Portfolio Sells Q3 2025 → Q4 2025
| MOH Molina Healthcare Inc. | Reduce -91.3% | 0.77% | −9.35 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −7.82 |
| AR Antero Resources Corp. | Sold out | 0.00% | −4.94 |
| UAL United Airlines Holdings Inc. | Reduce -66.7% | 2.47% | −4.18 |
| WDC Western Digital Corp. | Sold out | 0.00% | −3.03 |
| CRC California Resources Corp. | Sold out | 0.00% | −2.93 |
| VST Vistra Corp. | Reduce -40.0% | 2.14% | −2.36 |
| TOL Toll Brothers Inc. | Reduce -42.9% | 2.39% | −2.05 |
| AL Sumisho Air Lease Corp. | Reduce -10.0% | 12.79% | −1.83 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −1.36 |
| APTV Aptiv PLC | Reduce -60.0% | 0.67% | −1.31 |
| MGM MGM Resorts International | Sold out | 0.00% | −0.96 |
| CCK Crown Holdings Inc. | Reduce -66.7% | 0.46% | −0.88 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.79 |
| HTZ Hertz Global Hldgs Inc. | Reduce -5.3% | 1.42% | −0.64 |
| BHF Brighthouse Financial Inc. | Sold out | 0.00% | −0.61 |
| Z Zillow Group Inc. Class C | Sold out | 0.00% | −0.35 |
| GLD SPDR Gold Shares | Reduce -6.3% | 13.16% | +0.09 |
Portfolio Buys Q3 2025 → Q4 2025
| EXE Expand Energy Corp. | New | 5.86% | +5.86 |
| ALK Alaska Air Group Inc. | New | 5.79% | +5.79 |
| APO Apollo Global Management Inc. | Add +77.8% | 10.25% | +4.74 |
| AMAT Applied Materials Inc. | New | 4.66% | +4.66 |
| OWL Blue Owl Capital Inc. | New | 4.63% | +4.63 |
| HUM Humana Inc. | New | 4.53% | +4.53 |
| CI The Cigna Group | New | 3.65% | +3.65 |
| MPC Marathon Petroleum Corp. | New | 2.88% | +2.88 |
| FXI iShares China Large-Cap ETF | New | 2.54% | +2.54 |
| TEVA Teva Pharmaceutical-SP ADR | New | 1.63% | +1.63 |
| VSAT Viasat Inc. | New | 1.53% | +1.53 |
| C Citigroup Inc. | New | 1.03% | +1.03 |
| SOC Sable Offshore Corp. | Add +1200.0% | 1.04% | +0.88 |
| NSC Norfolk Southern Corp. | Add +11.1% | 12.78% | +0.35 |
| OBDC Blue Owl Capital Corp. | New | 0.33% | +0.33 |
| BKD Brookdale Senior Living Inc. | New | 0.19% | +0.19 |
| PRMB Primo Brands Corp. | New | 0.14% | +0.14 |
| KPLT Katapult Holdings Inc. | New | 0.07% | +0.07 |
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 |