Gates Capital Management, Inc. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Gates Capital Management, Inc. reported 28 stock positions worth $2.9 billion . Its top holding was Atkore (ATKR) at 6.0% of the portfolio, followed by Darling Ingredients (DAR, 5.9% ) and Carrier Global (CARR, 5.9% ). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 5 and reduced 20. The biggest buy was Tic Solutions (TIC, shares +80% ) and the biggest sale an exit from Lamb Weston (LW).
Location New York, NY
CIK 0001312908
Portfolio Value $2.9B (Q4 2025) Holdings 28 stocks · $2.9B 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 Q3 2025 ATKR Atkore Inc. 2,733,147 $172.9M Reduce -7.2% DAR Darling Ingredients Inc. 4,744,048 $170.8M Reduce -14.9% CARR Carrier Global Corp. 3,220,480 $170.2M Add +10.0% SPGI S&P Global Inc. 287,554 $150.3M No change TIC Tic Solutions Inc. 14,836,121 $150.0M Add +80.0% FTV Fortive Corp. 2,441,779 $134.8M Reduce -38.5% DVA Davita Inc. 1,175,485 $133.5M Reduce -1.3% RTO Rentokil Initial PLC-SP ADR 4,516,572 $133.1M Reduce -24.6% AMRZ Amrize Ltd. 2,444,508 $132.2M Reduce -22.9% NVST Envista Holdings Corp. 5,808,119 $126.1M Reduce -6.7% RAL Ralliant Corp. 2,255,516 $114.8M Reduce -24.5% ESI Element Solutions Inc. 4,562,986 $114.0M Add +8.1% MBC Masterbrand Inc. 9,225,631 $101.9M Reduce -11.1% CRH CRH PLC 778,679 $97.2M Reduce -27.0% VICI Vici Properties Inc. filed as VICI PPTYS INC 3,409,160 $95.9M Add +27.7% GTX Garrett Motion Inc. 5,477,859 $95.5M Reduce -13.4% TKO Tko Group Holdings Inc. 449,869 $94.0M Reduce -15.9% PNR Pentair PLC 902,606 $94.0M Reduce -16.5% GLPI Gaming and Leisure Propertie 2,088,962 $93.4M Reduce -11.0% AWI Armstrong World Industries 427,768 $81.7M Reduce -10.8% VLTO Veralto Corp. 792,785 $79.1M Reduce -23.5% APG Api Group Corp. 1,833,567 $70.2M Reduce -13.7% OTIS Otis Worldwide Corp. 757,971 $66.2M Reduce -31.9% NEOG Neogen Corp. 8,385,534 $58.6M Reduce -23.1% WH Wyndham Hotels & Resorts Inc. 746,848 $56.4M Reduce -7.4% CCSI Consensus Cloud Solution 1,794,967 $39.2M Add +30.9% Q Qnity Electronics Inc. 305,463 $24.9M New XBP XBP Global Holdings Inc. 3,193,149 $21.7M No change
Options reported separately and not counted above: XLI puts ($514.2M), XLB puts ($290.2M), TKO calls ($79.4M), PNR calls ($41.7M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ LW Lamb Weston Holdings Inc. Sold out 0.00% −1.97 FTV Fortive Corp. Reduce -38.5% 4.69% −1.33 OTIS Otis Worldwide Corp. Reduce -31.9% 2.30% −0.85 MBC Masterbrand Inc. Reduce -11.1% 3.55% −0.68 VLTO Veralto Corp. Reduce -23.5% 2.75% −0.66 CRH CRH PLC Reduce -27.0% 3.38% −0.57 GTLS Chart Industries Inc. Sold out 0.00% −0.57 PNR Pentair PLC Reduce -16.5% 3.27% −0.43 DVA Davita Inc. Reduce -1.3% 4.65% −0.25 AMRZ Amrize Ltd. Reduce -22.9% 4.60% −0.16 GLPI Gaming and Leisure Propertie Reduce -11.0% 3.25% −0.14 TKO Tko Group Holdings Inc. Reduce -15.9% 3.27% −0.07 AWI Armstrong World Industries Reduce -10.8% 2.85% −0.06 RTO Rentokil Initial PLC-SP ADR Reduce -24.6% 4.63% −0.05 RAL Ralliant Corp. Reduce -24.5% 4.00% −0.04 WH Wyndham Hotels & Resorts Inc. Reduce -7.4% 1.96% −0.03 NEOG Neogen Corp. Reduce -23.1% 2.04% +0.11 APG Api Group Corp. Reduce -13.7% 2.44% +0.18 ATKR Atkore Inc. Reduce -7.2% 6.02% +0.30 NVST Envista Holdings Corp. Reduce -6.7% 4.39% +0.47 DAR Darling Ingredients Inc. Reduce -14.9% 5.95% +0.62 GTX Garrett Motion Inc. Reduce -13.4% 3.32% +0.66
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ TIC Tic Solutions Inc. Add +80.0% 5.22% +1.83 Q Qnity Electronics Inc. New 0.87% +0.87 ESI Element Solutions Inc. Add +8.1% 3.97% +0.68 VICI Vici Properties Inc. Add +27.7% 3.34% +0.64 CARR Carrier Global Corp. Add +10.0% 5.92% +0.52 CCSI Consensus Cloud Solution Add +30.9% 1.36% +0.12
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ XLI SS Industrial Select Sector call Sold out 5,000,000 $771.1Mbefore exit XLI SS Industrial Select Sector put Reduce -49.0% 3,315,000 $514.2M XLB SS Materials Select Sector put Reduce -8.6% 6,400,000 $290.2M XLB SS Materials Select Sector call Sold out 5,500,000 $246.5Mbefore exit TKO Tko Group Holdings Inc. call New 380,000 $79.4M PNR Pentair PLC call New 400,000 $41.7M DAR Darling Ingredients Inc. call Sold out 790,000 $24.4Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 31 $3.0B DAR, TIC, DVA, RTO, SPGI Q1 2026 31 $2.9B ATKR, DAR, TIC, CARR, SPGI Q4 2025 28 $2.9B ATKR, DAR, CARR, SPGI, TIC Q3 2025 29 $3.2B FTV, ATKR, CARR, DAR, DVA Q2 2025 29 $3.3B DAR, CARR, ATKR, FTV, GTLS Q1 2025 29 $3.2B DAR, ATKR, FTV, CARR, RTO Q4 2024 30 $3.4B DAR, ATKR, CARR, FTV, APG Q3 2024 27 $3.5B CARR, DAR, FTV, VSTO, APG Q2 2024 30 $3.3B VSTO, CARR, CRH, RTO, KVUE Q1 2024 31 $3.4B CARR, VSTO, CRH, RTO, MBC