Gates Capital Management, Inc. In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Gates Capital Management, Inc. reported 31 stock positions worth $2.9 billion . Its top holding was Atkore (ATKR) at 5.5% of the portfolio, followed by Darling Ingredients (DAR, 5.0% ) and Tic Solutions (TIC, 5.0% ). Compared with Q4 2025, it opened 4 new positions, sold out of 1, added to 9 and reduced 16. The biggest buy was a new position in KBR (KBR) and the biggest sale Ralliant (RAL, shares −38% ).
Location New York, NY
CIK 0001312908
Portfolio Value $2.9B (Q1 2026) Holdings 31 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 Q4 2025 ATKR Atkore Inc. 2,685,718 $158.2M Reduce -1.7% DAR Darling Ingredients Inc. 2,361,119 $146.0M Reduce -50.2% TIC Tic Solutions Inc. 21,850,000 $143.8M Add +47.3% CARR Carrier Global Corp. 2,494,791 $140.5M Reduce -22.5% SPGI S&P Global Inc. 327,955 $139.5M Add +14.1% RTO Rentokil Initial PLC-SP ADR 4,351,956 $137.0M Reduce -3.6% NVST Envista Holdings Corp. 5,362,711 $136.1M Reduce -7.7% AMRZ Amrize Ltd. 2,412,533 $135.2M Reduce -1.3% FTV Fortive Corp. 2,089,472 $115.5M Reduce -14.4% CRH CRH PLC 1,089,281 $114.5M Add +39.9% DVA Davita Inc. 723,008 $111.1M Reduce -38.5% GTX Garrett Motion Inc. 5,935,638 $107.9M Add +8.4% ESI Element Solutions Inc. 3,059,066 $104.4M Reduce -33.0% VLTO Veralto Corp. 1,079,924 $95.5M Add +36.2% GLPI Gaming and Leisure Propertie 2,058,130 $91.3M Reduce -1.5% VICI Vici Properties Inc. filed as VICI PPTYS INC 3,234,160 $88.4M Reduce -5.1% TKO Tko Group Holdings Inc. 427,869 $86.3M Reduce -4.9% MBC Masterbrand Inc. 10,346,864 $86.0M Add +12.2% AWI Armstrong World Industries 498,268 $82.1M Add +16.5% PNR Pentair PLC 902,606 $78.6M No change KBR KBR Inc. 2,091,565 $77.1M New AOS Smith (a.o.) Corp. 1,087,580 $71.7M New APG Api Group Corp. 1,599,946 $64.8M Reduce -12.7% SIRI Sirius XM Holdings Inc. 2,742,359 $63.3M New NEOG Neogen Corp. 6,258,649 $58.1M Reduce -25.4% RAL Ralliant Corp. 1,390,156 $57.8M Reduce -38.4% OTIS Otis Worldwide Corp. 737,558 $56.9M Reduce -2.7% VSNT Versant Media Group Inc. 1,507,561 $55.8M New CCSI Consensus Cloud Solution 1,838,379 $43.6M Add +2.4% Q Qnity Electronics Inc. 325,463 $37.6M Add +6.5% XBP XBP Global Holdings Inc. 3,193,149 $14.0M No change
Options reported separately and not counted above: XLI puts ($390.0M), XLB puts ($202.4M), HYG puts ($169.1M).
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ RAL Ralliant Corp. Reduce -38.4% 1.99% −2.00 WH Wyndham Hotels & Resorts Inc. Sold out 0.00% −1.96 CARR Carrier Global Corp. Reduce -22.5% 4.85% −1.08 DAR Darling Ingredients Inc. Reduce -50.2% 5.04% −0.91 DVA Davita Inc. Reduce -38.5% 3.83% −0.82 FTV Fortive Corp. Reduce -14.4% 3.98% −0.71 ATKR Atkore Inc. Reduce -1.7% 5.46% −0.56 ESI Element Solutions Inc. Reduce -33.0% 3.60% −0.37 OTIS Otis Worldwide Corp. Reduce -2.7% 1.96% −0.34 TKO Tko Group Holdings Inc. Reduce -4.9% 2.98% −0.30 VICI Vici Properties Inc. Reduce -5.1% 3.05% −0.29 APG Api Group Corp. Reduce -12.7% 2.24% −0.21 GLPI Gaming and Leisure Propertie Reduce -1.5% 3.15% −0.10 NEOG Neogen Corp. Reduce -25.4% 2.01% −0.03 AMRZ Amrize Ltd. Reduce -1.3% 4.66% +0.06 RTO Rentokil Initial PLC-SP ADR Reduce -3.6% 4.73% +0.09 NVST Envista Holdings Corp. Reduce -7.7% 4.69% +0.30
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ KBR KBR Inc. New 2.66% +2.66 AOS Smith (a.o.) Corp. New 2.47% +2.47 SIRI Sirius XM Holdings Inc. New 2.18% +2.18 VSNT Versant Media Group Inc. New 1.93% +1.93 CRH CRH PLC Add +39.9% 3.95% +0.57 VLTO Veralto Corp. Add +36.2% 3.29% +0.54 Q Qnity Electronics Inc. Add +6.5% 1.30% +0.43 GTX Garrett Motion Inc. Add +8.4% 3.72% +0.40 CCSI Consensus Cloud Solution Add +2.4% 1.51% +0.14 AWI Armstrong World Industries Add +16.5% 2.83% −0.01 TIC Tic Solutions Inc. Add +47.3% 4.96% −0.26 SPGI S&P Global Inc. Add +14.1% 4.81% −0.42 MBC Masterbrand Inc. Add +12.2% 2.97% −0.58
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ XLI SS Industrial Select Sector put Reduce -27.3% 2,411,500 $390.0M XLB SS Materials Select Sector put Reduce -36.7% 4,050,000 $202.4M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 2,125,000 $169.1M TKO Tko Group Holdings Inc. call Sold out 380,000 $79.4Mbefore exit PNR Pentair PLC call Sold out 400,000 $41.7Mbefore 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