DSC Meridian Capital LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), DSC Meridian Capital LP reported 9 stock positions worth $203.9 million. Its top holding was Grupo Aeromexico Sab DE CV (AERO) at 27.4% of the portfolio, followed by Core Scientific (CORZ, 16.3%) and iShares Broad Usd High Yield (USHY, 15.6%). Compared with Q3 2025, it opened 3 new positions, sold out of 3, added to 1 and reduced 3. The biggest buy was a new position in Grupo Aeromexico Sab DE CV (AERO) and the biggest sale an exit from Mr Cooper (COOP).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001970572
- Portfolio Value
- $203.9M (Q4 2025)
- SEC Filing
- 0001970572-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 9 stocks · $203.9M
| AERO Grupo Aeromexico Sab DE CV | 27.42% | 2,546,724 | $55.9M | New |
| CORZ Core Scientific Inc. | 16.28% | 2,280,252 | $33.2M | No change |
| USHY iShares Broad Usd High Yield | 15.62% | 851,675 | $31.8M | Add +82.9% |
| BKLN Invesco Senior Loan ETF | 13.25% | 1,286,779 | $27.0M | Reduce -38.6% |
| VST Vistra Corp. | 7.86% | 99,349 | $16.0M | Reduce -26.1% |
| TECK Teck Resources Ltd.-CLS B | 6.98% | 297,440 | $14.2M | Reduce -42.9% |
| RKT Rocket Cos Inc. Class A | 6.26% | 659,400 | $12.8M | New |
| EXAS Exact Sciences Corp. | 4.10% | 82,287 | $8.4M | New |
| GTN Gray Media Inc. | 2.23% | 939,714 | $4.5M | No change |
Options reported separately and not counted above: SPY puts ($136.4M), BTU calls ($1.2M), DAR calls ($756K).
Other holdings (3): bonds, preferreds, convertibles and warrants · $37.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SUNRUN INC (RUN 4 03/01/30) | NOTE 4.000% 3/0 · principal | 16,000,000 | $22.7M | No change |
| MARA HOLDINGS INC (MARA 0 06/01/31) | NOTE 6/0 · principal | 9,550,000 | $8.0M | New |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | 8,727,000 | $7.1M | Add +84.6% |
Total filed on the 13F, all lines: $241.8M.
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -49.6% | 200,000 | $136.4M |
| BTU Peabody Energy Corp. | call | New | 40,000 | $1.2M |
| DAR Darling Ingredients Inc. | call | Reduce -79.0% | 21,000 | $756K |
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
| MARA HOLDINGS INC (MARA 0 06/01/31) | NOTE 6/0 · principal | New | 9,550,000 | $8.0M |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | Add +84.6% | 8,727,000 | $7.1M |
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 | 11 | $303.9M | AERO, AZUL, CORZ, USHY, BKLN |
| Q1 2026 | 9 | $188.9M | USHY, AERO, CORZ, HYG, VST |
| Q4 2025 | 9 | $203.9M | AERO, CORZ, USHY, BKLN, VST |
| Q3 2025 | 9 | $200.0M | BKLN, CORZ, VST, COOP, TECK |
| Q2 2025 | 10 | $148.1M | USHY, VST, BKLN, K, CORZ |
| Q1 2025 | 6 | $101.1M | USHY, BKLN, VST, HYG, TLN |
| Q4 2024 | 11 | $124.8M | BKLN, VCLT, USHY, VST, HCP |
| Q3 2024 | 13 | $111.1M | USHY, VCLT, TLT, BKLN, VST |
| Q2 2024 | 11 | $121.7M | USHY, TLT, VCLT, BKLN, TECK |
| Q1 2024Amended | 5 | $80.6M | TLT, VCLT, BKLN, TECK, SLCA |