Diameter Capital Partners LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Diameter Capital Partners LP reported 19 stock positions worth $341.0 million. Its top holding was Echostar Class A (ECHO) at 26.6% of the portfolio, followed by Vistance Networks (VISN, 11.8%) and Warner Bros Discovery (WBD, 11.4%). Compared with Q1 2025, it opened 9 new positions, sold out of 6, added to 4 and reduced 6. The biggest buy was a new position in RH (RH) and the biggest sale Echostar Class A (ECHO, shares −46%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001727012
Portfolio Value
$341.0M (Q2 2025)
SEC Filing
0001172661-25-003335 ↗ filed Aug 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $454.6M Q1 2024 Q2 2024: $295.3M Q2 2024 Q3 2024: $308.5M Q3 2024 Q4 2024: $406.7M Q4 2024 Q1 2025: $373.9M Q1 2025 Q2 2025: $341.0M $341.0M Q2 2025 Q3 2025: $951.9M Q3 2025 Q4 2025: $894.5M Q4 2025 Q1 2026: $446.3M Q1 2026 Q2 2026: $759.9M Q2 2026

Holdings 19 stocks · $341.0M
ECHO Echostar Corp. Class A 26.64% 3,278,986 $90.8M Reduce -45.6%
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 11.76% 4,841,158 $40.1M Add +79.2%
WBD Warner Bros Discovery Inc. 11.43% 3,400,000 $39.0M Add +83.3%
RH RH 7.97% 143,745 $27.2M New
NVRI Enviri Corp. 5.36% 2,106,646 $18.3M Add +85.5%
CCO Clear Channel Outdoor Holdin 5.15% 15,000,000 $17.6M Add +68.1%
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 4.74% 7,547,425 $16.2M Reduce -7.3%
SILA Sila Realty Trust Inc. 4.66% 670,700 $15.9M Reduce -50.2%
TDS Telephone and Data Systems 4.59% 440,000 $15.7M Reduce -9.6%
UWMC Uwm Holdings Corp. 3.34% 2,750,000 $11.4M New
MBC Masterbrand Inc. 3.21% 1,000,000 $10.9M New
HUM Humana Inc. 2.51% 35,000 $8.6M New
AMBP Ardagh Metal Packaging SA 2.35% 1,874,121 $8.0M Reduce -59.5%
JCAP Jefferson Capital Inc. 1.89% 350,000 $6.5M New
MAGN Magnera Corp. 1.63% 460,313 $5.6M New
GLNG Golar LNG Ltd. 1.27% 105,000 $4.3M New
JBLU Jetblue Airways Corp. 0.93% 750,000 $3.2M New
BLCO Bausch + Lomb Corp. 0.38% 100,000 $1.3M Reduce -62.3%
HUDSON PAC PPTYS INC 0.20% 250,000 $685K New

Options reported separately and not counted above: IWM puts ($329.1M), ECHO calls ($102.5M), WBD calls ($80.2M), ECHO puts ($5.5M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $17.7M (not counted above)
SecurityClassShares / PrincipalValueChange
RINGCENTRAL INC (RNG 0 03/15/26) NOTE 3/1 · principal 17,218,000$16.6MNew
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 9,900,000$1.0MReduce -13.2%
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 1,800,000$182KReduce -55.0%

Total filed on the 13F, all lines: $358.7M.

Portfolio Sells Q1 2025 → Q2 2025
ECHO Echostar Corp. Class A Reduce -45.6% 26.64% −14.59
NBIS Nebius Group NV Sold out 0.00% −6.72
MCY Mercury General Corp. Sold out 0.00% −5.23
SILA Sila Realty Trust Inc. Reduce -50.2% 4.66% −4.97
ATI Ati Inc. Sold out 0.00% −3.76
VEON Veon Ltd. Sold out 0.00% −1.92
NESR National Energy Services Reu Sold out 0.00% −1.66
AMBP Ardagh Metal Packaging SA Reduce -59.5% 2.35% −1.38
OPTU Optimum Communications Inc. Class A Reduce -7.3% 4.74% −1.05
BLCO Bausch + Lomb Corp. Reduce -62.3% 0.38% −0.65
TDS Telephone and Data Systems Reduce -9.6% 4.59% −0.45
PRIV SS Ig Publ Priv Cred ETF-Usd Sold out 0.00% −0.43

Portfolio Buys Q1 2025 → Q2 2025
RH RH New 7.97% +7.97
VISN Vistance Networks Inc. Add +79.2% 11.76% +7.92
WBD Warner Bros Discovery Inc. Add +83.3% 11.43% +6.10
NVRI Enviri Corp. Add +85.5% 5.36% +3.34
UWMC Uwm Holdings Corp. New 3.34% +3.34
MBC Masterbrand Inc. New 3.21% +3.21
HUM Humana Inc. New 2.51% +2.51
CCO Clear Channel Outdoor Holdin Add +68.1% 5.15% +2.50
JCAP Jefferson Capital Inc. New 1.89% +1.89
MAGN Magnera Corp. New 1.63% +1.63
GLNG Golar LNG Ltd. New 1.27% +1.27
JBLU Jetblue Airways Corp. New 0.93% +0.93
HUDSON PAC PPTYS INC New 0.20% +0.20

Options Activity Q1 2025 → Q2 2025
IWM iShares Russell 2000 ETF put Add +52.5% 1,525,000 $329.1M
BKLN Invesco Senior Loan ETF put Sold out 7,000,000 $144.9Mbefore exit
ECHO Echostar Corp. Class A call New 3,700,000 $102.5M
WBD Warner Bros Discovery Inc. call Reduce -12.5% 7,000,000 $80.2M
BHC Bausch Health Cos Inc. call Sold out 1,096,900 $7.1Mbefore exit
ECHO Echostar Corp. Class A put New 200,000 $5.5M

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

Notes & Other Activity Q1 2025 → Q2 2025
ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) NOTE 0.250% 6/1 · principal Sold out 44,865,000 $42.1Mbefore exit
RINGCENTRAL INC (RNG 0 03/15/26) NOTE 3/1 · principal New 17,218,000 $16.6M
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal Reduce -13.2% 9,900,000 $1.0M
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal Reduce -55.0% 1,800,000 $182K

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 28$759.9MIAU, TDS, MBC, UNIT, SPCX
Q1 2026 17$446.3MECHO, UNIT, FBIN, SILA, PCG
Q4 2025 32$894.5MECHO, MBC, TDS, SILA, FSK
Q3 2025 30$951.9MECHO, MBC, WBD, TDS, SILA
Q2 2025 19$341.0MECHO, VISN, WBD, RH, NVRI
Q1 2025 16$373.9MECHO, SILA, NBIS, OPTU, WBD
Q4 2024 19$406.7MECHO, SILA, NBIS, CORZ, VEON
Q3 2024 16$308.5MAPLD, SILA, CORZ, OPTU, TAC
Q2 2024 13$295.3MCORZ, LQD, VIK, PRIM, AMBP
Q1 2024 11$454.6MLQD, CALY, PRIM, ECHO, AMBP