Empyrean Capital Partners, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Empyrean Capital Partners, LP reported 80 stock positions worth $2.7 billion. Its top holding was Aercap (AER) at 5.9% of the portfolio, followed by Shell PLC-ADR (SHEL, 4.7%) and British American Tob-SP ADR (BTI, 4.6%). Compared with Q3 2025, it opened 27 new positions, sold out of 20, added to 10 and reduced 17. The biggest buy was a new position in Axalta Coating Systems (AXTA) and the biggest sale Shell PLC-ADR (SHEL, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001317195
- Portfolio Value
- $2.7B (Q4 2025)
- SEC Filing
- 0001317195-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 80 stocks · $2.7B
| AER Aercap Holdings NV | 5.90% | 1,100,000 | $158.1M | Reduce -26.7% |
| SHEL Shell PLC-ADR | 4.66% | 1,700,000 | $124.9M | Reduce -32.0% |
| BTI British American Tob-SP ADR | 4.65% | 2,200,000 | $124.6M | No change |
| COF Capital One Financial Corp. | 4.01% | 444,000 | $107.6M | Add +44.2% |
| PCG P G & E Corp. | 3.54% | 5,900,000 | $94.8M | No change |
| CVS CVS Health Corp. | 3.43% | 1,160,000 | $92.1M | Add +11.3% |
| UNP Union Pacific Corp. | 3.23% | 373,800 | $86.5M | Add +12.6% |
| TXNM TXNM Energy Inc. | 3.17% | 1,442,554 | $84.9M | No change |
| STZ Constellation Brands Inc. Class A | 3.02% | 586,700 | $80.9M | Add +30.1% |
| NMRK Newmark Group Inc. Class A | 2.82% | 4,360,150 | $75.6M | No change |
| MPC Marathon Petroleum Corp. | 2.65% | 436,500 | $71.0M | Reduce -22.4% |
| ENVA Enova International Inc. | 2.59% | 441,564 | $69.4M | No change |
| AXTA Axalta Coating Systems Ltd. | 2.47% | 2,050,000 | $66.2M | New |
| AAMI Acadian Asset Management Inc. | 2.46% | 1,404,562 | $66.0M | Reduce -8.9% |
| UNH Unitedhealth Group Inc. | 2.38% | 193,000 | $63.7M | New |
| NSC Norfolk Southern Corp. | 2.19% | 203,800 | $58.8M | Add +49.3% |
| WBD Warner Bros Discovery Inc. | 2.15% | 2,000,000 | $57.6M | New |
| CAH Cardinal Health Inc. | 1.90% | 247,800 | $50.9M | Reduce -30.7% |
| LBRDK Liberty Broadband-C | 1.67% | 920,781 | $44.7M | No change |
| VTOL Bristow Group Inc. | 1.66% | 1,214,599 | $44.5M | Reduce -4.8% |
| OPTU Optimum Communications Inc. Class A | 1.54% | 25,028,407 | $41.3M | Add +8.3% |
| BCSS.U Bain Capital GSS Investment | 1.52% | 3,990,000 | $40.8M | No change |
| VSAT Viasat Inc. | 1.46% | 1,138,000 | $39.2M | No change |
| VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC | 1.39% | 2,060,000 | $37.3M | New |
| B Barrick Mining Corp. | 1.33% | 821,000 | $35.8M | New |
| CCXIU Churchill Capital Corp. Xi | 1.33% | 3,500,000 | $35.7M | New |
| PSX Phillips 66 | 1.27% | 264,800 | $34.2M | Add +22.1% |
| ASH Ashland Inc. | 1.19% | 542,000 | $31.8M | New |
| NN Nextnav Inc. | 1.17% | 1,886,000 | $31.4M | No change |
| THS Treehouse Foods Inc. | 1.16% | 1,320,000 | $31.1M | New |
| NNI Nelnet Inc. Class A | 1.15% | 231,000 | $30.7M | No change |
| KVUE Kenvue Inc. | 1.11% | 1,732,000 | $29.9M | New |
| CCIX Churchill Capital Corp. Ix | 1.04% | 2,633,582 | $28.0M | No change |
| KBONU Karbon Capital Partners Corp. | 0.99% | 2,632,752 | $26.5M | New |
| PPLI People Inc. filed as IAC INC | 0.99% | 677,000 | $26.5M | New |
| QRVO Qorvo Inc. | 0.97% | 309,000 | $26.1M | New |
| CMCSA Comcast Corp. Class A | 0.97% | 868,700 | $26.0M | New |
| NG Novagold Resources Inc. | 0.94% | 2,705,100 | $25.2M | Reduce -44.7% |
| PPTA Perpetua Resources Corp. | 0.93% | 1,028,853 | $24.9M | Reduce -32.2% |
| CRL Charles River Laboratories | 0.90% | 121,500 | $24.2M | New |
| LBRDA Liberty Broadband-A | 0.90% | 500,000 | $24.1M | No change |
| IQV Iqvia Holdings Inc. | 0.88% | 104,650 | $23.6M | New |
| MDLZ Mondelez International Inc. Class A | 0.84% | 418,000 | $22.5M | New |
| LBRT Liberty Energy Inc. | 0.83% | 1,200,000 | $22.2M | New |
| ECHO Echostar Corp. Class A | 0.77% | 189,000 | $20.5M | Reduce -66.8% |
| BXSL Blackstone Secured Lending F | 0.75% | 765,000 | $20.1M | New |
| KMB Kimberly-Clark Corp. | 0.70% | 187,200 | $18.9M | New |
| AMBP Ardagh Metal Packaging SA | 0.61% | 4,000,000 | $16.4M | No change |
| SBGI Sinclair Inc. | 0.60% | 1,044,493 | $16.0M | Reduce -8.7% |
| GTEN Gores Holdings X Inc. Class A | 0.56% | 1,475,000 | $15.1M | No change |
| CTRI Centuri Holdings Inc. | 0.54% | 578,000 | $14.6M | New |
| RAC Rithm Acquisition Corp. Class A | 0.54% | 1,389,513 | $14.4M | Add +93.9% |
| TFX Teleflex Inc. | 0.54% | 118,000 | $14.4M | New |
| AEXA American Exceptionalism Class A | 0.52% | 1,230,000 | $14.0M | No change |
| SIRI Sirius XM Holdings Inc. | 0.52% | 692,775 | $13.9M | Reduce -23.5% |
| TDS Telephone and Data Systems | 0.46% | 300,000 | $12.3M | No change |
| ACIC American Coastal Insurance C | 0.44% | 940,500 | $11.9M | No change |
| DSACU Daedalus Special Acquisition | 0.42% | 1,132,000 | $11.4M | New |
| LLYVK Liberty Live Holdings Class C | 0.42% | 134,300 | $11.2M | Reduce -23.6% |
| GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC | 0.41% | 293,218 | $10.9M | Add +59.2% |
| RNAM Avidity Biosciences Inc. | 0.38% | 143,000 | $10.3M | New |
| OACC Oaktree Acquisition Corp. I-A | 0.36% | 900,000 | $9.5M | Add +20.0% |
| VHCPU Vine Hill Capital Investment | 0.36% | 950,000 | $9.5M | New |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.34% | 640,000 | $9.2M | Reduce -12.6% |
| AGI Alamos Gold Inc. Class A | 0.29% | 203,300 | $7.8M | Reduce -48.0% |
| LLYVA Liberty Live Holdings Class A | 0.22% | 72,250 | $5.9M | Reduce -23.6% |
| LAD Lithia Motors Inc. | 0.19% | 15,400 | $5.1M | New |
| AEM Agnico Eagle Mines Ltd. | 0.18% | 27,700 | $4.7M | Reduce -68.1% |
| OXY Occidental Petroleum Corp. | 0.16% | 104,900 | $4.3M | Reduce -45.1% |
| EQT Eqt Corp. | 0.14% | 71,600 | $3.8M | No change |
| EXE Expand Energy Corp. | 0.14% | 34,500 | $3.8M | No change |
| GLIBA Liberty Capital Corp. filed as GCI LIBERTY INC | 0.14% | 99,999 | $3.7M | No change |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.14% | 282,100 | $3.7M | New |
| RRC Range Resources Corp. | 0.13% | 101,300 | $3.6M | No change |
| AR Antero Resources Corp. | 0.13% | 101,400 | $3.5M | No change |
| CEPF Cantor Equity Partners Class A | 0.12% | 300,000 | $3.1M | No change |
| CTRA Coterra Energy Inc. | 0.11% | 115,400 | $3.0M | No change |
| VCIC Vine Hill Capital Class A | 0.11% | 266,123 | $2.9M | New |
| CRK Comstock Resources Inc. | 0.10% | 118,900 | $2.8M | No change |
| CAEP Cantor Equity Partners III-A | 0.10% | 250,000 | $2.5M | No change |
Other holdings (14): bonds, preferreds, convertibles and warrants · $189.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 44,000,000 | $39.6M | Add +4.8% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 23,800,000 | $30.4M | Reduce -4.8% |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 28,500,000 | $27.1M | Reduce -12.3% |
| ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) | NOTE 2.250% 9/0 · principal | 21,000,000 | $26.5M | Reduce -8.7% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 25,000,000 | $23.7M | Add +4.2% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 16,265,000 | $15.0M | Add +8.4% |
| PENGUIN SOLUTIONS CAYMEN (PENG 2 08/15/30) | NOTE 2.000% 8/1 · principal | 10,500,000 | $10.7M | No change |
| INFQ.WS Churchill Capital Corp. X | *W EXP 05/14/203 | 762,500 | $5.9M | New |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 5,000,000 | $5.0M | New |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 4,000,000 | $3.9M | New |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 1,500,000 | $1.6M | Reduce -96.6% |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 440,000 | $389K | No change |
| COCHW Envoy Medical Inc.-CW27 | *W EXP 09/29/202 | 75,000 | $3K | No change |
| BENFW Beneficient Co. Group -28 | *W EXP 06/07/202 | 100,000 | $1K | No change |
Total filed on the 13F, all lines: $2.9B.
Portfolio Sells Q3 2025 → Q4 2025
| SHEL Shell PLC-ADR | Reduce -32.0% | 4.66% | −3.35 |
| AER Aercap Holdings NV | Reduce -26.7% | 5.90% | −2.23 |
| MPC Marathon Petroleum Corp. | Reduce -22.4% | 2.65% | −2.21 |
| INFQ Infleqtion Inc. | Sold out | 0.00% | −1.52 |
| ECHO Echostar Corp. Class A | Reduce -66.8% | 0.77% | −1.18 |
| NG Novagold Resources Inc. | Reduce -44.7% | 0.94% | −0.99 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.98 |
| AAMI Acadian Asset Management Inc. | Reduce -8.9% | 2.46% | −0.86 |
| ALIT Alight Inc. Class A | Sold out | 0.00% | −0.72 |
| CAH Cardinal Health Inc. | Reduce -30.7% | 1.90% | −0.61 |
| SDRL Seadrill Limited | Sold out | 0.00% | −0.51 |
| AEM Agnico Eagle Mines Ltd. | Reduce -68.1% | 0.18% | −0.48 |
| EVAC.U Eqv Ventures Acquisition Cor | Sold out | 0.00% | −0.45 |
| PPTA Perpetua Resources Corp. | Reduce -32.2% | 0.93% | −0.45 |
| SIRI Sirius XM Holdings Inc. | Reduce -23.5% | 0.52% | −0.43 |
| NGD New Gold Inc. | Sold out | 0.00% | −0.42 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.42 |
| VTOL Bristow Group Inc. | Reduce -4.8% | 1.66% | −0.40 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −0.38 |
| LLYVK Liberty Live Holdings Class C | Reduce -23.6% | 0.42% | −0.35 |
| SOCAU Solarius Capital Acquisition | Sold out | 0.00% | −0.33 |
| AGI Alamos Gold Inc. Class A | Reduce -48.0% | 0.29% | −0.32 |
| HNRG Hallador Energy Co. | Sold out | 0.00% | −0.31 |
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −0.30 |
| OXY Occidental Petroleum Corp. | Reduce -45.1% | 0.16% | −0.24 |
| MAGN Magnera Corp. | Sold out | 0.00% | −0.23 |
| AKAM Akamai Technologies Inc. | Sold out | 0.00% | −0.20 |
| LLYVA Liberty Live Holdings Class A | Reduce -23.6% | 0.22% | −0.18 |
| SBGI Sinclair Inc. | Reduce -8.7% | 0.60% | −0.18 |
| NE Noble Corp. PLC | Sold out | 0.00% | −0.17 |
| ULCC Frontier Group Holdings Inc. | Sold out | 0.00% | −0.14 |
| AMN Amn Healthcare Services Inc. | Sold out | 0.00% | −0.13 |
| FCRS.U Futurecrest Acquisition Corp. | Sold out | 0.00% | −0.08 |
| BDCIU BTC Development Corp. | Sold out | 0.00% | −0.07 |
| TONX Ton Strategy Co. | Sold out | 0.00% | −0.06 |
| SNCY Sun Country Airlines Holding | Reduce -12.6% | 0.34% | −0.04 |
| SABR Sabre Corp. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| AXTA Axalta Coating Systems Ltd. | New | 2.47% | +2.47 |
| UNH Unitedhealth Group Inc. | New | 2.38% | +2.38 |
| WBD Warner Bros Discovery Inc. | New | 2.15% | +2.15 |
| VISN Vistance Networks Inc. | New | 1.39% | +1.39 |
| B Barrick Mining Corp. | New | 1.33% | +1.33 |
| CCXIU Churchill Capital Corp. Xi | New | 1.33% | +1.33 |
| ASH Ashland Inc. | New | 1.19% | +1.19 |
| THS Treehouse Foods Inc. | New | 1.16% | +1.16 |
| KVUE Kenvue Inc. | New | 1.11% | +1.11 |
| COF Capital One Financial Corp. | Add +44.2% | 4.01% | +1.08 |
| KBONU Karbon Capital Partners Corp. | New | 0.99% | +0.99 |
| PPLI People Inc. | New | 0.99% | +0.99 |
| QRVO Qorvo Inc. | New | 0.97% | +0.97 |
| CMCSA Comcast Corp. Class A | New | 0.97% | +0.97 |
| CRL Charles River Laboratories | New | 0.90% | +0.90 |
| IQV Iqvia Holdings Inc. | New | 0.88% | +0.88 |
| MDLZ Mondelez International Inc. Class A | New | 0.84% | +0.84 |
| LBRT Liberty Energy Inc. | New | 0.83% | +0.83 |
| BXSL Blackstone Secured Lending F | New | 0.75% | +0.75 |
| KMB Kimberly-Clark Corp. | New | 0.70% | +0.70 |
| CTRI Centuri Holdings Inc. | New | 0.54% | +0.54 |
| TFX Teleflex Inc. | New | 0.54% | +0.54 |
| DSACU Daedalus Special Acquisition | New | 0.42% | +0.42 |
| RNAM Avidity Biosciences Inc. | New | 0.38% | +0.38 |
| NSC Norfolk Southern Corp. | Add +49.3% | 2.19% | +0.36 |
| VHCPU Vine Hill Capital Investment | New | 0.36% | +0.36 |
| STZ Constellation Brands Inc. Class A | Add +30.1% | 3.02% | +0.30 |
| RAC Rithm Acquisition Corp. Class A | Add +93.9% | 0.54% | +0.21 |
| LAD Lithia Motors Inc. | New | 0.19% | +0.19 |
| FRNM Freenome Inc. | New | 0.14% | +0.14 |
| VCIC Vine Hill Capital Class A | New | 0.11% | +0.11 |
| GLIBK Liberty Capital Corp. Class C | Add +59.2% | 0.41% | +0.10 |
| OACC Oaktree Acquisition Corp. I-A | Add +20.0% | 0.36% | +0.00 |
| PSX Phillips 66 | Add +22.1% | 1.27% | −0.05 |
| CVS CVS Health Corp. | Add +11.3% | 3.43% | −0.08 |
| UNP Union Pacific Corp. | Add +12.6% | 3.23% | −0.29 |
| OPTU Optimum Communications Inc. Class A | Add +8.3% | 1.54% | −0.95 |
Notes & Other Activity Q3 2025 → Q4 2025
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Add +4.8% | 44,000,000 | $39.6M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Sold out | 22,500,000 | $31.2Mbefore exit |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | Reduce -4.8% | 23,800,000 | $30.4M |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | Reduce -12.3% | 28,500,000 | $27.1M |
| ANI PHARMACEUTICALS INC (ANIP 2.25 09/01/29) | NOTE 2.250% 9/0 · principal | Reduce -8.7% | 21,000,000 | $26.5M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Add +4.2% | 25,000,000 | $23.7M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Add +8.4% | 16,265,000 | $15.0M |
| INFQ.WS Churchill Capital Corp. X | *W EXP 05/14/203 | New | 762,500 | $5.9M |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | New | 5,000,000 | $5.0M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | New | 4,000,000 | $3.9M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Sold out | 2,500,000 | $2.4Mbefore exit |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | Reduce -96.6% | 1,500,000 | $1.6M |
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 | 94 | $2.6B | VSAT, AER, BTI, MPC, ENVA |
| Q1 2026 | 107 | $2.8B | AER, BTI, SHEL, MPC, NSC |
| Q4 2025 | 80 | $2.7B | AER, SHEL, BTI, COF, PCG |
| Q3 2025 | 73 | $2.2B | AER, SHEL, BTI, MPC, PCG |
| Q2 2025 | 57 | $1.9B | AER, SHEL, HES, LBRDK, MPC |
| Q1 2025 | 43 | $1.7B | HES, SHEL, AER, CVS, MPC |
| Q4 2024 | 52 | $1.8B | HES, AER, SHEL, PCG, DFS |
| Q3 2024 | 51 | $1.6B | HES, AER, SHEL, D, ALIT |
| Q2 2024 | 52 | $1.5B | SHEL, AER, HES, ALIT, D |
| Q1 2024 | 43 | $1.5B | PXD, AER, ALIT, HES, MPC |