Diameter Capital Partners LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Diameter Capital Partners LP reported 32 stock positions worth $894.5 million. Its top holding was Echostar Class A (ECHO) at 45.8% of the portfolio, followed by Masterbrand (MBC, 7.4%) and Telephone and Data Systems (TDS, 4.9%). Compared with Q3 2025, it opened 19 new positions, sold out of 17, added to 10 and reduced 2. The biggest buy was a new position in FS KKR Capital (FSK) and the biggest sale an exit from Warner Bros Discovery (WBD).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001727012
Portfolio Value
$894.5M (Q4 2025)
SEC Filing
0001172661-26-000929 ↗ filed Feb 17, 2026

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 Q2 2025 Q3 2025: $951.9M Q3 2025 Q4 2025: $894.5M $894.5M Q4 2025 Q1 2026: $446.3M Q1 2026 Q2 2026: $759.9M Q2 2026

Holdings 32 stocks · $894.5M
ECHO Echostar Corp. Class A 45.79% 3,767,928 $409.6M Reduce -36.8%
MBC Masterbrand Inc. 7.42% 6,010,410 $66.4M Add +18.8%
TDS Telephone and Data Systems 4.89% 1,067,297 $43.8M Add +4.1%
SILA Sila Realty Trust Inc. 4.56% 1,750,000 $40.8M Add +24.8%
FSK FS KKR Capital Corp. 3.76% 2,272,393 $33.7M New
AES AES Corp. 3.13% 1,950,000 $28.0M Add +6.8%
AMBP Ardagh Metal Packaging SA 2.46% 5,376,366 $22.0M Add +5.6%
JHX James Hardie Ind PLC 2.32% 1,000,000 $20.8M Add +150.0%
BCSS.U Bain Capital GSS Investment 2.29% 2,000,000 $20.4M No change
CZR Caesars Entertainment Inc. 2.22% 850,000 $19.9M New
ETR Entergy Corp. 2.15% 208,000 $19.2M Add +15.6%
DBRG Digitalbridge Group Inc. 2.14% 1,250,000 $19.2M New
EVRG Evergy Inc. 2.11% 260,000 $18.8M Add +18.2%
MAGN Magnera Corp. 2.04% 1,205,793 $18.3M Add +161.9%
NCDL Nuveen Churchill Direct Lend 1.82% 1,220,800 $16.3M New
RH RH 1.46% 73,000 $13.1M Add +265.0%
MFIC Midcap Financial Investment 1.30% 1,013,005 $11.6M New
PFLT Pennantpark Floating Rate Ca 1.23% 1,184,476 $11.0M New
UNIT Uniti Group Inc. 1.18% 1,500,000 $10.5M New
MDLN Medline Inc. Class A 1.17% 250,000 $10.5M New
BBDC Barings BDC Inc. 0.99% 966,370 $8.9M New
SLRC SLR Investment Corp. 0.68% 395,389 $6.1M New
WOLF Wolfspeed Inc. 0.68% 347,427 $6.0M New
OPTU Optimum Communications Inc. Class A 0.59% 3,188,947 $5.3M Reduce -67.4%
ULS Ul Solutions Inc. Class A 0.44% 50,000 $3.9M New
MERC Mercer International Inc. 0.24% 1,100,397 $2.2M New
LLY Eli Lilly & Co. 0.16% 1,350 $1.5M New
MRK Merck & Co. Inc. 0.16% 13,750 $1.4M New
NVS Novartis AG-Sponsored ADR 0.16% 10,400 $1.4M New
AZN Astrazeneca PLC-Spons ADR 0.15% 15,000 $1.4M New
SNY Sanofi-ADR 0.15% 28,000 $1.4M New
PFE Pfizer Inc. 0.15% 53,000 $1.3M New

Options reported separately and not counted above: HCA puts ($56.0M), CZR calls ($35.1M), GOOGL calls ($23.5M), AAL puts ($23.0M).

Other holdings (4): bonds, preferreds, convertibles and warrants · $62.2M (not counted above)
SecurityClassShares / PrincipalValueChange
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 40,000,000$41.3MNew
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal 17,550,000$15.8MNew
RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal 5,000,000$4.6MNew
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 7,794,874$480KNo change

Total filed on the 13F, all lines: $956.6M.

Portfolio Sells Q3 2025 → Q4 2025
WBD Warner Bros Discovery Inc. Sold out 0.00% −4.62
NVRI Enviri Corp. Sold out 0.00% −3.27
OXY Occidental Petroleum Corp. Sold out 0.00% −2.23
LUMN Lumen Technologies Inc. Sold out 0.00% −2.12
ECHO Echostar Corp. Class A Reduce -36.8% 45.79% −2.05
AL Sumisho Air Lease Corp. Sold out 0.00% −2.01
BLCO Bausch + Lomb Corp. Sold out 0.00% −1.92
OPTU Optimum Communications Inc. Class A Reduce -67.4% 0.59% −1.89
HUDSON PAC PPTYS INC Sold out 0.00% −1.49
ETHZILLA CORPORATION Sold out 0.00% −0.99
CIEN Ciena Corp. Sold out 0.00% −0.95
FWONK Liberty Media Corp. Class C Sold out 0.00% −0.88
LITE Lumentum Holdings Inc. Sold out 0.00% −0.82
METC Ramaco Resources Inc. Class A Sold out 0.00% −0.44
NBR Nabors Industries Ltd. Sold out 0.00% −0.43
HI Hillenbrand Inc. Sold out 0.00% −0.21
CEPF Cantor Equity Partners Class A Sold out 0.00% −0.16
DMIIU Drugs Made in America Acquis Sold out 0.00% −0.10
FCRS.U Futurecrest Acquisition Corp. Sold out 0.00% −0.03

Portfolio Buys Q3 2025 → Q4 2025
FSK FS KKR Capital Corp. New 3.76% +3.76
CZR Caesars Entertainment Inc. New 2.22% +2.22
DBRG Digitalbridge Group Inc. New 2.14% +2.14
NCDL Nuveen Churchill Direct Lend New 1.82% +1.82
JHX James Hardie Ind PLC Add +150.0% 2.32% +1.51
MAGN Magnera Corp. Add +161.9% 2.04% +1.47
MFIC Midcap Financial Investment New 1.30% +1.30
PFLT Pennantpark Floating Rate Ca New 1.23% +1.23
UNIT Uniti Group Inc. New 1.18% +1.18
MDLN Medline Inc. Class A New 1.17% +1.17
RH RH Add +265.0% 1.46% +1.04
BBDC Barings BDC Inc. New 0.99% +0.99
SILA Sila Realty Trust Inc. Add +24.8% 4.56% +0.86
SLRC SLR Investment Corp. New 0.68% +0.68
WOLF Wolfspeed Inc. New 0.68% +0.68
TDS Telephone and Data Systems Add +4.1% 4.89% +0.67
AES AES Corp. Add +6.8% 3.13% +0.60
ULS Ul Solutions Inc. Class A New 0.44% +0.44
MBC Masterbrand Inc. Add +18.8% 7.42% +0.42
ETR Entergy Corp. Add +15.6% 2.15% +0.39
EVRG Evergy Inc. Add +18.2% 2.11% +0.35
AMBP Ardagh Metal Packaging SA Add +5.6% 2.46% +0.33
MERC Mercer International Inc. New 0.24% +0.24
LLY Eli Lilly & Co. New 0.16% +0.16
MRK Merck & Co. Inc. New 0.16% +0.16
NVS Novartis AG-Sponsored ADR New 0.16% +0.16
AZN Astrazeneca PLC-Spons ADR New 0.15% +0.15
SNY Sanofi-ADR New 0.15% +0.15
PFE Pfizer Inc. New 0.15% +0.15

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 642,000 $427.7Mbefore exit
IWM iShares Russell 2000 ETF put Sold out 285,000 $69.0Mbefore exit
HCA HCA Healthcare Inc. put New 120,000 $56.0M
CZR Caesars Entertainment Inc. call New 1,500,000 $35.1M
CLF Cleveland-Cliffs Inc. call Sold out 2,500,000 $30.5Mbefore exit
SLM SLM Corp. put Sold out 1,000,000 $27.7Mbefore exit
GOOGL Alphabet Inc. Class A call New 75,000 $23.5M
RDDT Reddit Inc. Class A put Sold out 100,000 $23.0Mbefore exit
AAL American Airlines Group Inc. put New 1,500,000 $23.0M
DG Dollar General Corp. put Sold out 211,800 $21.9Mbefore exit
SAP Sap SE-Sponsored ADR put Sold out 75,000 $20.0Mbefore exit
BKNG Booking Holdings Inc. put Sold out 3,300 $17.8Mbefore exit
MOS The Mosaic Co. call Sold out 500,000 $17.3Mbefore exit
DLTR Dollar Tree Inc. put Sold out 155,300 $14.7Mbefore exit

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

Notes & Other Activity Q3 2025 → Q4 2025
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 40,000,000 $41.3M
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal New 17,550,000 $15.8M
RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal New 5,000,000 $4.6M

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