Lonestar Capital Management LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Lonestar Capital Management LLC reported 17 stock positions worth $115.1 million . Its top holding was Energy Transfer (ET) at 18.9% of the portfolio, followed by Diversified Healthcare Trust (DHC, 12.1% ) and NRG Energy (NRG, 8.4% ). Compared with Q1 2025, it opened 6 new positions, sold out of 4, added to 2 and reduced 5. The biggest buy was a new position in Golar LNG (GLNG) and the biggest sale an exit from First Solar (FSLR).
Location San Francisco, CA
CIK 0001317410
Portfolio Value $115.1M (Q2 2025) Holdings 17 stocks · $115.1M 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 Q1 2025 ET Energy Transfer LP 1,200,000 $21.8M No change DHC Diversified Healthcare Trust 3,900,000 $14.0M Reduce -4.9% NRG NRG Energy Inc. 60,000 $9.6M No change GTX Garrett Motion Inc. 900,000 $9.5M Reduce -5.3% GLNG Golar LNG Ltd. 220,000 $9.1M New GDX Vaneck Gold Miners ETF 155,000 $8.1M New EXE Expand Energy Corp. 60,581 $7.1M No change GDXJ Vaneck Junior Gold Miners 95,000 $6.4M New GSL Global Ship Lease Inc. Class A 200,000 $5.3M New ADT Adt Inc. 600,000 $5.1M Reduce -10.0% EQT Eqt Corp. 80,000 $4.7M Reduce -5.9% GNRC Generac Holdings Inc. 30,000 $4.3M New AR Antero Resources Corp. 90,000 $3.6M No change DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 600,000 $2.4M Add +20.0% PUMP Propetro Holding Corp. 400,000 $2.4M Add +100.0% GENI Genius Sports Ltd. 140,000 $1.5M New TDAY USA Today Co. Inc. filed as GANNETT CO INC 126,866 $454K Reduce -89.4%
Options reported separately and not counted above: SPY puts ($154.5M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ FSLR First Solar Inc. Sold out 0.00% −4.71 TDAY USA Today Co. Inc. Reduce -89.4% 0.39% −3.91 PTON Peloton Interactive Inc. Class A Sold out 0.00% −2.75 ADT Adt Inc. Reduce -10.0% 4.41% −2.33 GTX Garrett Motion Inc. Reduce -5.3% 8.22% −1.66 EQT Eqt Corp. Reduce -5.9% 4.05% −1.59 SBLK Star Bulk Carriers Corp. Sold out 0.00% −0.97 CORZ Core Scientific Inc. Sold out 0.00% −0.67 DHC Diversified Healthcare Trust Reduce -4.9% 12.13% −0.10
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ GLNG Golar LNG Ltd. New 7.87% +7.87 GDX Vaneck Gold Miners ETF New 7.01% +7.01 GDXJ Vaneck Junior Gold Miners New 5.58% +5.58 GSL Global Ship Lease Inc. Class A New 4.57% +4.57 GNRC Generac Holdings Inc. New 3.73% +3.73 GENI Genius Sports Ltd. New 1.26% +1.26 PUMP Propetro Holding Corp. Add +100.0% 2.07% +0.25 DCH Dauch Corporation Add +20.0% 2.13% −0.40
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 2,500 $154.5M AAPL Apple Inc. put Sold out 4,000 $88.9Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 7,000 $55.2Mbefore exit TLT iShares 20+ Year Treasury BD put Sold out 4,000 $36.4Mbefore exit
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