King Street Capital Management, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), King Street Capital Management, L.P. reported 13 stock positions worth $499.9 million. Its top holding was Surgery Partners (SGRY) at 40.4% of the portfolio, followed by Boeing (BA, 25.2%) and Uniti (UNIT, 5.5%). Compared with Q2 2025, it opened 9 new positions, sold out of 3, added to 2 and reduced 2. The biggest buy was a new position in SL Green Realty (SLG) and the biggest sale Boeing (BA, shares −22%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001218199
Portfolio Value
$499.9M (Q3 2025)
SEC Filing
0001172661-25-004996 ↗ filed Nov 14, 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 Q1 2025 Q2 2025: $370.7M Q2 2025 Q3 2025: $499.9M $499.9M Q3 2025 Q4 2025: $492.4M Q4 2025 Q1 2026: $328.0M Q1 2026 Q2 2026: $189.7M Q2 2026

Holdings 13 stocks · $499.9M
SGRY Surgery Partners Inc. 40.43% 9,339,930 $202.1M Add +50.0%
BA The Boeing Co. 25.21% 584,000 $126.0M Reduce -22.1%
UNIT Uniti Group Inc. 5.50% 4,491,482 $27.5M Add +24.1%
SLG SL Green Realty Corp. 5.39% 450,330 $26.9M New
KRE SS SPDR S&P Regional Bank 3.48% 275,000 $17.4M New
ALLY Ally Financial Inc. 3.46% 441,000 $17.3M New
UWMC Uwm Holdings Corp. 3.41% 2,800,000 $17.1M New
AGNC AGNC Investment Corp. 2.59% 1,325,000 $13.0M New
NLY Annaly Capital Management Inc. 2.43% 600,000 $12.1M New
VNO Vornado Realty Trust 2.38% 293,879 $11.9M New
AVAH Aveanna Healthcare Holdings 2.28% 1,286,000 $11.4M Reduce -71.7%
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 1.95% 4,038,574 $9.7M New
VLY Valley National Bancorp 1.48% 700,000 $7.4M New

Options reported separately and not counted above: HYG puts ($771.3M), LQD puts ($724.6M), NVDA puts ($111.9M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $230.0M (not counted above)
SecurityClassShares / PrincipalValueChange
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 1,700,000$118.5MNo change
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 110,000,000$111.5MNo change

Total filed on the 13F, all lines: $729.9M.

Portfolio Sells Q2 2025 → Q3 2025
BA The Boeing Co. Reduce -22.1% 25.21% −17.17
HOUS Anywhere Real Estate Inc. Sold out 0.00% −4.69
AVAH Aveanna Healthcare Holdings Reduce -71.7% 2.28% −4.14
AMBP Ardagh Metal Packaging SA Sold out 0.00% −2.02
LESLIES INC Sold out 0.00% −0.17

Portfolio Buys Q2 2025 → Q3 2025
SLG SL Green Realty Corp. New 5.39% +5.39
KRE SS SPDR S&P Regional Bank New 3.48% +3.48
ALLY Ally Financial Inc. New 3.46% +3.46
UWMC Uwm Holdings Corp. New 3.41% +3.41
SGRY Surgery Partners Inc. Add +50.0% 40.43% +3.11
AGNC AGNC Investment Corp. New 2.59% +2.59
NLY Annaly Capital Management Inc. New 2.43% +2.43
VNO Vornado Realty Trust New 2.38% +2.38
OPTU Optimum Communications Inc. Class A New 1.95% +1.95
VLY Valley National Bancorp New 1.48% +1.48
UNIT Uniti Group Inc. Add +24.1% 5.50% −1.49

Options Activity Q2 2025 → Q3 2025
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +137.5% 9,500,000 $771.3M
LQD Ishr Ibx Usd Invgd CB ETF-Ui put New 6,500,000 $724.6M

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

Notes & Other Activity Q2 2025 → Q3 2025
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) NOTE 1.500% 9/0 · principal Sold out 37,513,000 $36.9Mbefore 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