Lonestar Capital Management LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Lonestar Capital Management LLC reported 15 stock positions worth $80.5 million . Its top holding was Energy Transfer (ET) at 27.7% of the portfolio, followed by Diversified Healthcare Trust (DHC, 12.2% ) and Garrett Motion (GTX, 9.9% ). Compared with Q4 2024, it opened 2 new positions, sold out of 6, added to 2 and reduced 10. The biggest buy was a new position in First Solar (FSLR) and the biggest sale an exit from Caesars Entertainment (CZR).
Location San Francisco, CA
CIK 0001317410
Portfolio Value $80.5M (Q1 2025) Holdings 15 stocks · $80.5M 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 2024 ET Energy Transfer LP 1,200,000 $22.3M Reduce -7.7% DHC Diversified Healthcare Trust 4,100,900 $9.8M Reduce -14.6% GTX Garrett Motion Inc. 950,000 $8.0M Reduce -12.8% EXE Expand Energy Corp. 60,581 $6.7M Reduce -24.8% NRG NRG Energy Inc. 60,000 $5.7M Add +81.8% ADT Adt Inc. 667,000 $5.4M No change EQT Eqt Corp. 85,000 $4.5M Reduce -19.1% FSLR First Solar Inc. 30,000 $3.8M New AR Antero Resources Corp. 90,000 $3.6M Reduce -18.2% TDAY USA Today Co. Inc. filed as GANNETT CO INC 1,200,000 $3.5M Reduce -0.0% PTON Peloton Interactive Inc. Class A 350,000 $2.2M Reduce -58.8% DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 500,000 $2.0M Reduce -25.1% PUMP Propetro Holding Corp. 200,000 $1.5M Add +33.3% SBLK Star Bulk Carriers Corp. 50,000 $778K New CORZ Core Scientific Inc. 75,000 $543K Reduce -76.9%
Options reported separately and not counted above: AAPL puts ($88.9M), HYG puts ($55.2M), TLT puts ($36.4M).
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ CZR Caesars Entertainment Inc. Sold out 0.00% −5.59 DESP Despegar.com Corp. Sold out 0.00% −5.36 HPE Hewlett Packard Enterprise Sold out 0.00% −5.36 PTON Peloton Interactive Inc. Class A Reduce -58.8% 2.75% −3.44 CORZ Core Scientific Inc. Reduce -76.9% 0.67% −3.15 B Barrick Gold Corp. Sold out 0.00% −2.27 LUMN Lumen Technologies Inc. Sold out 0.00% −1.78 CHRD Chord Energy Corp. Sold out 0.00% −0.98 TDAY USA Today Co. Inc. Reduce -0.0% 4.31% −0.77 DCH Dauch Corporation Reduce -25.1% 2.53% −0.73 AR Antero Resources Corp. Reduce -18.2% 4.52% +1.30 EQT Eqt Corp. Reduce -19.1% 5.64% +1.59 GTX Garrett Motion Inc. Reduce -12.8% 9.88% +1.64 EXE Expand Energy Corp. Reduce -24.8% 8.38% +1.67 DHC Diversified Healthcare Trust Reduce -14.6% 12.23% +2.99 ET Energy Transfer LP Reduce -7.7% 27.72% +6.40
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ FSLR First Solar Inc. New 4.71% +4.71 NRG NRG Energy Inc. Add +81.8% 7.12% +4.62 SBLK Star Bulk Carriers Corp. New 0.97% +0.97 PUMP Propetro Holding Corp. Add +33.3% 1.83% +0.66
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ AAPL Apple Inc. put New 4,000 $88.9M QQQ Invesco QQQ Trust Series 1 put Sold out 1,500 $76.7Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Sold out 1,000 $58.6Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +187.4% 7,000 $55.2M TLT iShares 20+ Year Treasury BD put New 4,000 $36.4M
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 26 $155.3M GTX, ET, GSL, DHC, TH Q1 2026 26 $186.0M ET, GTX, CE, DHC, TLN Q4 2025 28 $186.9M GTX, ET, DHC, DCH, CE Q3 2025 23 $143.9M ET, DHC, GTX, NRG, GSL Q2 2025 17 $115.1M ET, DHC, NRG, GTX, GLNG Q1 2025 15 $80.5M ET, DHC, GTX, EXE, NRG Q4 2024 19 $119.5M ET, DHC, GTX, EXE, PTON Q3 2024 13 $114.1M ET, DHC, CZR, GTX, GDX Q2 2024 13 $89.8M ET, DHC, GTX, UNG, UBER Q1 2024 13 $96.6M ET, DHC, CZR, GTX, UBER