Highland Peak Capital, LLC In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 7, 2025), Highland Peak Capital, LLC reported 16 stock positions worth $144.2 million . Its top holding was O-I Glass (OI) at 29.1% of the portfolio, followed by United Airlines (UAL, 11.8% ) and Western Digital (WDC, 8.8% ). Compared with Q3 2024, it opened 5 new positions, sold out of 5, added to 3 and reduced 5. The biggest buy was O-I Glass (OI, shares +87% ) and the biggest sale Caesars Entertainment (CZR, shares −60% ).
Location OLD GREENWICH, CT
CIK 0001961320
Portfolio Value $144.2M (Q4 2024) Holdings 16 stocks · $144.2M 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 2024 OI O-I Glass Inc. 3,877,259 $42.0M Add +87.5% UAL United Airlines Holdings Inc. 174,896 $17.0M Reduce -38.9% WDC Western Digital Corp. 211,851 $12.6M Add +122.4% FIP Ftai Infrastructure Inc. 1,524,739 $11.1M Reduce -13.1% MEOH Methanex Corp. 208,252 $10.4M New CZR Caesars Entertainment Inc. 270,316 $9.0M Reduce -60.1% ULCC Frontier Group Holdings Inc. 913,110 $6.5M New HNRG Hallador Energy Co. 514,863 $5.9M New GRFS Grifols SA-ADR 786,210 $5.8M Add +29.5% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 114,013 $5.5M Reduce -26.9% CORZ Core Scientific Inc. 382,608 $5.4M Reduce -7.5% ACHC Acadia Healthcare Co. Inc. 99,894 $4.0M New DK Delek US Holdings Inc. 211,665 $3.9M No change EWCZ European Wax Center Inc. Class A 411,512 $2.7M New PBF PBF Energy Inc. Class A 50,545 $1.3M No change XLP SS Consumer Staples Sel Sect 12,783 $1.0M No change
Options reported separately and not counted above: GEV puts ($9.9M), ACHC calls ($8.7M), X calls ($8.5M), JETS puts ($7.6M), FTRE calls ($3.7M).
Portfolio Sells Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▲ CZR Caesars Entertainment Inc. Reduce -60.1% 6.26% −12.07 CSTM Constellium SE Sold out 0.00% −10.54 ATS Ats Corp. Sold out 0.00% −3.76 W Wayfair Inc. Class A Sold out 0.00% −3.48 ALIT Alight Inc. Class A Sold out 0.00% −3.44 FIP Ftai Infrastructure Inc. Reduce -13.1% 7.68% −2.97 LUV Southwest Airlines Co. Sold out 0.00% −1.92 AL Sumisho Air Lease Corp. Reduce -26.9% 3.81% −0.77 CORZ Core Scientific Inc. Reduce -7.5% 3.73% +0.55 UAL United Airlines Holdings Inc. Reduce -38.9% 11.77% +1.20
Portfolio Buys Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▼ OI O-I Glass Inc. Add +87.5% 29.14% +11.57 MEOH Methanex Corp. New 7.21% +7.21 WDC Western Digital Corp. Add +122.4% 8.76% +4.55 ULCC Frontier Group Holdings Inc. New 4.50% +4.50 HNRG Hallador Energy Co. New 4.09% +4.09 ACHC Acadia Healthcare Co. Inc. New 2.75% +2.75 EWCZ European Wax Center Inc. Class A New 1.90% +1.90 GRFS Grifols SA-ADR Add +29.5% 4.06% +0.56
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 300,000 $66.3Mbefore exit GEV GE Vernova Inc. put New 30,000 $9.9M ACHC Acadia Healthcare Co. Inc. call New 220,000 $8.7M X United States Steel Corp. call New 250,000 $8.5M JETS US Global Jets ETF put New 300,000 $7.6M WYNN WYNN Resorts Ltd. call Sold out 50,000 $4.8Mbefore exit FTRE Fortrea Holdings Inc. call New 200,000 $3.7M CTAS Cintas Corp. put Sold out 15,000 $3.1Mbefore 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 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ ONYXW Onyx Acq Co. I Class A -CW23 *W EXP 11/30/202 Sold out 55,699 $629before exit
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 13 $343.6M SIMO, HPE, CC, BKD, LBTYA Q1 2026 13 $229.6M SIMO, CC, DCH, HPE, LBTYA Q4 2025 12 $259.4M SIMO, MHK, DCH, SN, OI Q3 2025 11 $267.0M SN, OI, SIMO, OC, DCH Q2 2025 10 $244.6M OI, SN, WDC, FUN, GEO Q1 2025 8 $134.1M OI, WDC, HNRG, FIP, GEO Q4 2024 16 $144.2M OI, UAL, WDC, FIP, MEOH Q3 2024 16 $154.4M CZR, OI, FIP, UAL, CSTM Q2 2024 17 $144.8M CSTM, SN, CZR, ATMU, GRFS Q1 2024 15 $164.7M CSTM, SN, ATMU, ALIT, PRGO