King Street Capital Management, L.P.

Name: KING STREET CAPITAL MANAGEMENT, L.P. 13F holdings, Q4 2025
Creator: KING STREET CAPITAL MANAGEMENT, L.P.
Published: 2026-02-17

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), King Street Capital Management, L.P. reported 10 stock positions worth $492.4 million. Its top holding was Surgery Partners (SGRY) at 32.1% of the portfolio, followed by Boeing (BA, 29.3%) and LPL Financial (LPLA, 7.5%). Compared with Q3 2025, it opened 2 new positions, sold out of 5, added to 6 and reduced 2. The biggest buy was a new position in LPL Financial (LPLA) and the biggest sale an exit from SL Green Realty (SLG).

Most Recent 13F: Q2 2026
Location: New York, NY
CIK: 0001218199
Portfolio Value: $492.4M (Q4 2025)
SEC Filing: 0001172661-26-000871 ↗ filed Feb 17, 2026

Holdings Value

Holdings 10 stocks · $492.4M


SGRY Surgery Partners Inc.	32.10%	10,229,730	$158.0M	Add +9.5%
BA The Boeing Co.	29.28%	664,000	$144.2M	Add +13.7%
LPLA LPL Financial Holdings Inc.	7.54%	104,000	$37.1M	New
AGNC AGNC Investment Corp.	7.08%	3,251,000	$34.9M	Add +145.4%
NLY Annaly Capital Management Inc.	6.48%	1,426,225	$31.9M	Add +137.7%
UWMC Uwm Holdings Corp.	4.09%	4,594,000	$20.1M	Add +64.1%
ALLY Ally Financial Inc.	4.03%	438,500	$19.9M	Reduce -0.6%
UNIT Uniti Group Inc.	3.56%	2,498,226	$17.5M	Reduce -44.4%
RH RH	3.17%	87,000	$15.6M	New
OPTU Optimum Communications Inc. Class A	2.69%	8,032,126	$13.3M	Add +98.9%

Other holdings (2): bonds, preferreds, convertibles and warrants · $231.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	1,706,000	$118.4M	Add +0.3%
PG&E CORP (PCG 4.25 12/01/27)	NOTE 4.250%12/0 · principal	110,000,000	$113.5M	No change

Total filed on the 13F, all lines: $724.3M.

Portfolio Sells Q3 2025 → Q4 2025


SLG SL Green Realty Corp.	Sold out	0.00%	−5.39
KRE SS SPDR S&P Regional Bank	Sold out	0.00%	−3.48
VNO Vornado Realty Trust	Sold out	0.00%	−2.38
AVAH Aveanna Healthcare Holdings	Sold out	0.00%	−2.28
UNIT Uniti Group Inc.	Reduce -44.4%	3.56%	−1.94
VLY Valley National Bancorp	Sold out	0.00%	−1.48
ALLY Ally Financial Inc.	Reduce -0.6%	4.03%	+0.57

Portfolio Buys Q3 2025 → Q4 2025


LPLA LPL Financial Holdings Inc.	New	7.54%	+7.54
AGNC AGNC Investment Corp.	Add +145.4%	7.08%	+4.48
BA The Boeing Co.	Add +13.7%	29.28%	+4.06
NLY Annaly Capital Management Inc.	Add +137.7%	6.48%	+4.05
RH RH	New	3.17%	+3.17
OPTU Optimum Communications Inc. Class A	Add +98.9%	2.69%	+0.74
UWMC Uwm Holdings Corp.	Add +64.1%	4.09%	+0.68
SGRY Surgery Partners Inc.	Add +9.5%	32.10%	−8.34

Options Activity Q3 2025 → Q4 2025


HYG Ishr Ibx Usd Hiyld CB ETF-Ui	put	Sold out	9,500,000	$771.3Mbefore exit
LQD Ishr Ibx Usd Invgd CB ETF-Ui	put	Sold out	6,500,000	$724.6Mbefore exit
NVDA Nvidia Corp.	put	Sold out	600,000	$111.9Mbefore 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 2025 → Q4 2025


BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Add +0.3%	1,706,000	$118.4M

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