King Street Capital Management, L.P.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), King Street Capital Management, L.P. reported 8 stock positions worth $369.9 million. Its top holding was Boeing (BA) at 41.5% of the portfolio, followed by Surgery Partners (SGRY, 32.1%) and Aveanna Healthcare (AVAH, 9.2%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 6 and reduced 1. The biggest buy was Surgery Partners (SGRY, shares +79%) and the biggest sale an exit from Bausch + Lomb (BLCO).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001218199
Portfolio Value
$369.9M (Q1 2025)
SEC Filing
0001172661-25-001952 ↗ filed May 15, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $46.7M Q1 2024 Q2 2024: $37.6M Q2 2024 Q3 2024: $113.0M Q3 2024 Q4 2024: $242.9M Q4 2024 Q1 2025: $369.9M $369.9M Q1 2025 Q2 2025: $370.7M Q2 2025 Q3 2025: $499.9M Q3 2025 Q4 2025: $492.4M Q4 2025 Q1 2026: $328.0M Q1 2026 Q2 2026: $189.7M Q2 2026

Holdings 8 stocks · $369.9M
BA The Boeing Co. 41.49% 900,000 $153.5M Add +80.0%
SGRY Surgery Partners Inc. 32.10% 5,000,000 $118.8M Add +78.6%
AVAH Aveanna Healthcare Holdings 9.17% 6,260,000 $33.9M Reduce -2.2%
UNIT Uniti Group LLC Com SHS 5.99% 4,400,000 $22.2M Add +69.2%
PCG P G & E Corp. 4.64% 1,000,000 $17.2M Add +16.3%
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 2.73% 3,800,000 $10.1M Add +52.0%
AMBP Ardagh Metal Packaging SA 2.29% 2,800,000 $8.5M Add +9.8%
HOUS Anywhere Real Estate Inc. 1.58% 1,750,000 $5.8M New

Options reported separately and not counted above: NVDA puts ($65.0M), PCG calls ($43.0M).

Other holdings (4): bonds, preferreds, convertibles and warrants · $383.8M (not counted above)
SecurityClassShares / PrincipalValueChange
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 218,000,000$231.2MAdd +84.8%
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 1,700,000$101.0MNo change
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) NOTE 1.500% 9/0 · principal 36,013,000$36.2MNew
ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) NOTE 0.250% 6/1 · principal 16,500,000$15.4MNo change

Total filed on the 13F, all lines: $753.7M.

Portfolio Sells Q4 2024 → Q1 2025
BLCO Bausch + Lomb Corp. Sold out 0.00% −8.45
AVAH Aveanna Healthcare Holdings Reduce -2.2% 9.17% −2.87

Portfolio Buys Q4 2024 → Q1 2025
SGRY Surgery Partners Inc. Add +78.6% 32.10% +7.70
BA The Boeing Co. Add +80.0% 41.49% +5.06
HOUS Anywhere Real Estate Inc. New 1.58% +1.58
OPTU Optimum Communications Inc. Class A Add +52.0% 2.73% +0.25
UNIT Uniti Group LLC Com SHS Add +69.2% 5.99% +0.11
AMBP Ardagh Metal Packaging SA Add +9.8% 2.29% −0.87
PCG P G & E Corp. Add +16.3% 4.64% −2.50

Options Activity Q4 2024 → Q1 2025
PCG P G & E Corp. call New 2,500,000 $43.0M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Add +84.8% 218,000,000 $231.2M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Sold out 1,600,000 $79.9Mbefore exit
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) NOTE 1.500% 9/0 · principal New 36,013,000 $36.2M
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal Sold out 10,000,000 $9.0Mbefore exit
PLMWF Plum Acquisition Corp. III-CW *W EXP 03/31/202 Sold out 333,333 $60Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 6$189.7MSGRY, USHY, HYG, TLN, VST
Q1 2026 11$328.0MSGRY, BA, BXSL, UWMC, UNIT
Q4 2025 10$492.4MSGRY, BA, LPLA, AGNC, NLY
Q3 2025 13$499.9MSGRY, BA, UNIT, SLG, KRE
Q2 2025 7$370.7MBA, SGRY, UNIT, AVAH, HOUS
Q1 2025 8$369.9MBA, SGRY, AVAH, UNIT, PCG
Q4 2024 8$242.9MBA, SGRY, AVAH, BLCO, PCG
Q3 2024Amended 7$113.0MSGRY, AVAH, BLCO, UNIT, OPTU
Q2 2024Amended 3$37.6MAVAH, AMBP, OPTU
Q1 2024 3$46.7MAVB, AVAH, VMRK