Diameter Capital Partners LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Diameter Capital Partners LP reported 30 stock positions worth $951.9 million . Its top holding was Echostar Class A (ECHO) at 47.8% of the portfolio, followed by Masterbrand (MBC, 7.0% ) and Warner Bros Discovery (WBD, 4.6% ). Compared with Q2 2025, it opened 18 new positions, sold out of 7, added to 9 and reduced 2. The biggest buy was Echostar Class A (ECHO, shares +82% ) and the biggest sale an exit from Vistance Networks (VISN).
Location New York, NY
CIK 0001727012
Portfolio Value $951.9M (Q3 2025) Holdings 30 stocks · $951.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 ECHO Echostar Corp. Class A 5,963,259 $455.4M Add +81.9% MBC Masterbrand Inc. 5,060,410 $66.6M Add +406.0% WBD Warner Bros Discovery Inc. 2,250,000 $43.9M Reduce -33.8% TDS Telephone and Data Systems 1,025,000 $40.2M Add +132.9% SILA Sila Realty Trust Inc. 1,401,827 $35.2M Add +109.0% NVRI Enviri Corp. 2,455,854 $31.2M Add +16.6% AES AES Corp. 1,825,000 $24.0M New OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 9,770,160 $23.5M Add +29.4% OXY Occidental Petroleum Corp. 450,000 $21.3M New AMBP Ardagh Metal Packaging SA 5,089,813 $20.3M Add +171.6% LUMN Lumen Technologies Inc. 3,300,000 $20.2M New BCSS.U Bain Capital GSS Investment 2,000,000 $20.2M New AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 300,000 $19.1M New BLCO Bausch + Lomb Corp. 1,215,893 $18.3M Add +1115.9% ETR Entergy Corp. 180,000 $16.8M New EVRG Evergy Inc. 220,000 $16.7M New HUDSON PAC PPTYS INC 5,140,426 $14.2M Add +1956.2% ETHZILLA CORPORATION 3,903,288 $9.4M New CIEN Ciena Corp. 62,000 $9.0M New FWONK Liberty Media Corp. Class C 80,000 $8.4M New LITE Lumentum Holdings Inc. 48,000 $7.8M New JHX James Hardie Ind PLC 400,000 $7.7M New MAGN Magnera Corp. 460,313 $5.4M No change METC Ramaco Resources Inc. Class A 125,000 $4.1M New NBR Nabors Industries Ltd. 100,000 $4.1M New RH RH 20,000 $4.1M Reduce -86.1% HI Hillenbrand Inc. 75,000 $2.0M New CEPF Cantor Equity Partners Class A 150,000 $1.5M New DMIIU Drugs Made in America Acquis 100,000 $995K New FCRS.U Futurecrest Acquisition Corp. 25,000 $265K New
Options reported separately and not counted above: SPY puts ($427.7M), IWM puts ($69.0M), CLF calls ($30.5M), SLM puts ($27.7M), RDDT puts ($23.0M), DG puts ($21.9M), SAP puts ($20.0M), BKNG puts ($17.8M), MOS calls ($17.3M), DLTR puts ($14.7M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $712K (not counted above) Total filed on the 13F, all lines: $952.6M.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ VISN Vistance Networks Inc. Sold out 0.00% −11.76 RH RH Reduce -86.1% 0.43% −7.54 WBD Warner Bros Discovery Inc. Reduce -33.8% 4.62% −6.81 CCO Clear Channel Outdoor Holdin Sold out 0.00% −5.15 UWMC Uwm Holdings Corp. Sold out 0.00% −3.34 HUM Humana Inc. Sold out 0.00% −2.51 JCAP Jefferson Capital Inc. Sold out 0.00% −1.89 GLNG Golar LNG Ltd. Sold out 0.00% −1.27 JBLU Jetblue Airways Corp. Sold out 0.00% −0.93
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ ECHO Echostar Corp. Class A Add +81.9% 47.84% +21.20 MBC Masterbrand Inc. Add +406.0% 7.00% +3.80 AES AES Corp. New 2.52% +2.52 OXY Occidental Petroleum Corp. New 2.23% +2.23 LUMN Lumen Technologies Inc. New 2.12% +2.12 BCSS.U Bain Capital GSS Investment New 2.12% +2.12 AL Sumisho Air Lease Corp. New 2.01% +2.01 ETR Entergy Corp. New 1.76% +1.76 EVRG Evergy Inc. New 1.76% +1.76 BLCO Bausch + Lomb Corp. Add +1115.9% 1.92% +1.54 HUDSON PAC PPTYS INC Add +1956.2% 1.49% +1.29 ETHZILLA CORPORATION New 0.99% +0.99 CIEN Ciena Corp. New 0.95% +0.95 FWONK Liberty Media Corp. Class C New 0.88% +0.88 LITE Lumentum Holdings Inc. New 0.82% +0.82 JHX James Hardie Ind PLC New 0.81% +0.81 METC Ramaco Resources Inc. Class A New 0.44% +0.44 NBR Nabors Industries Ltd. New 0.43% +0.43 HI Hillenbrand Inc. New 0.21% +0.21 CEPF Cantor Equity Partners Class A New 0.16% +0.16 DMIIU Drugs Made in America Acquis New 0.10% +0.10 FCRS.U Futurecrest Acquisition Corp. New 0.03% +0.03 AMBP Ardagh Metal Packaging SA Add +171.6% 2.13% −0.22 TDS Telephone and Data Systems Add +132.9% 4.23% −0.37 SILA Sila Realty Trust Inc. Add +109.0% 3.70% −0.96 NVRI Enviri Corp. Add +16.6% 3.27% −2.09 OPTU Optimum Communications Inc. Class A Add +29.4% 2.47% −2.26
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 642,000 $427.7M ECHO Echostar Corp. Class A call Sold out 3,700,000 $102.5Mbefore exit WBD Warner Bros Discovery Inc. call Sold out 7,000,000 $80.2Mbefore exit IWM iShares Russell 2000 ETF put Reduce -81.3% 285,000 $69.0M CLF Cleveland-Cliffs Inc. call New 2,500,000 $30.5M SLM SLM Corp. put New 1,000,000 $27.7M RDDT Reddit Inc. Class A put New 100,000 $23.0M DG Dollar General Corp. put New 211,800 $21.9M SAP Sap SE-Sponsored ADR put New 75,000 $20.0M BKNG Booking Holdings Inc. put New 3,300 $17.8M MOS The Mosaic Co. call New 500,000 $17.3M DLTR Dollar Tree Inc. put New 155,300 $14.7M ECHO Echostar Corp. Class A put Sold out 200,000 $5.5Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 Amended 28 $759.9M IAU, TDS, MBC, UNIT, SPCX Q1 2026 17 $446.3M ECHO, UNIT, FBIN, SILA, PCG Q4 2025 32 $894.5M ECHO, MBC, TDS, SILA, FSK Q3 2025 30 $951.9M ECHO, MBC, WBD, TDS, SILA Q2 2025 19 $341.0M ECHO, VISN, WBD, RH, NVRI Q1 2025 16 $373.9M ECHO, SILA, NBIS, OPTU, WBD Q4 2024 19 $406.7M ECHO, SILA, NBIS, CORZ, VEON Q3 2024 16 $308.5M APLD, SILA, CORZ, OPTU, TAC Q2 2024 13 $295.3M CORZ, LQD, VIK, PRIM, AMBP Q1 2024 11 $454.6M LQD, CALY, PRIM, ECHO, AMBP