Lonestar Capital Management LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Lonestar Capital Management LLC reported 23 stock positions worth $143.9 million . Its top holding was Energy Transfer (ET) at 13.1% of the portfolio, followed by Diversified Healthcare Trust (DHC, 11.0% ) and Garrett Motion (GTX, 9.6% ). Compared with Q2 2025, it opened 8 new positions, sold out of 2, added to 3 and reduced 9. The biggest buy was a new position in Service Pptys TR (SVC) and the biggest sale Energy Transfer (ET, shares −8% ).
Location San Francisco, CA
CIK 0001317410
Portfolio Value $143.9M (Q3 2025) Holdings 23 stocks · $143.9M 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 Q2 2025 ET Energy Transfer LP 1,100,000 $18.9M Reduce -8.3% DHC Diversified Healthcare Trust 3,600,000 $15.9M Reduce -7.7% GTX Garrett Motion Inc. 1,010,000 $13.8M Add +12.2% NRG NRG Energy Inc. 60,000 $9.7M No change GSL Global Ship Lease Inc. Class A 288,000 $8.8M Add +44.0% GDX Vaneck Gold Miners ETF 110,000 $8.4M Reduce -29.0% GDXJ Vaneck Junior Gold Miners 84,000 $8.3M Reduce -11.6% GLNG Golar LNG Ltd. 200,000 $8.1M Reduce -9.1% SVC Service Pptys TR 2,735,000 $7.4M New LUMN Lumen Technologies Inc. 1,000,000 $6.1M New GNRC Generac Holdings Inc. 30,000 $5.0M No change ADT Adt Inc. 520,000 $4.5M Reduce -13.3% EXE Expand Energy Corp. 40,000 $4.2M Reduce -34.0% GENI Genius Sports Ltd. 300,000 $3.7M Add +114.3% EQT Eqt Corp. 60,000 $3.3M Reduce -25.0% AR Antero Resources Corp. 90,000 $3.0M No change JD Jd.com Inc.-ADR 80,000 $2.8M New UPS United Parcel Service Class B 33,000 $2.8M New HTZ Hertz Global Hldgs Inc. 400,000 $2.7M New FLUT Flutter Entertainment PLC-Di 10,000 $2.5M New PCG P G & E Corp. 135,000 $2.0M New DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 300,000 $1.8M Reduce -50.0% HUDSON PAC PPTYS INC 18,395 $51K New
Options reported separately and not counted above: QQQ puts ($210.1M), SPY puts ($199.9M), IWN puts ($77.4M), TLT puts ($53.6M).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ ET Energy Transfer LP Reduce -8.3% 13.12% −5.78 EXE Expand Energy Corp. Reduce -34.0% 2.95% −3.20 GLNG Golar LNG Ltd. Reduce -9.1% 5.62% −2.26 PUMP Propetro Holding Corp. Sold out 0.00% −2.07 EQT Eqt Corp. Reduce -25.0% 2.27% −1.78 ADT Adt Inc. Reduce -13.3% 3.15% −1.27 GDX Vaneck Gold Miners ETF Reduce -29.0% 5.84% −1.17 DHC Diversified Healthcare Trust Reduce -7.7% 11.03% −1.10 DCH Dauch Corporation Reduce -50.0% 1.25% −0.87 TDAY USA Today Co. Inc. Sold out 0.00% −0.39 GDXJ Vaneck Junior Gold Miners Reduce -11.6% 5.78% +0.20
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ SVC Service Pptys TR New 5.15% +5.15 LUMN Lumen Technologies Inc. New 4.25% +4.25 JD Jd.com Inc.-ADR New 1.94% +1.94 UPS United Parcel Service Class B New 1.92% +1.92 HTZ Hertz Global Hldgs Inc. New 1.89% +1.89 FLUT Flutter Entertainment PLC-Di New 1.76% +1.76 GSL Global Ship Lease Inc. Class A Add +44.0% 6.14% +1.57 PCG P G & E Corp. New 1.41% +1.41 GTX Garrett Motion Inc. Add +12.2% 9.56% +1.34 GENI Genius Sports Ltd. Add +114.3% 2.58% +1.32 HUDSON PAC PPTYS INC New 0.04% +0.04
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put New 3,500 $210.1M SPY SS SPDR S&P 500 ETF Trust-US put Add +20.0% 3,000 $199.9M IWN iShares Russell 2000 Value E put New 3,200 $77.4M TLT iShares 20+ Year Treasury BD put New 6,000 $53.6M
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