Lonestar Capital Management LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Lonestar Capital Management LLC reported 28 stock positions worth $186.9 million . Its top holding was Garrett Motion (GTX) at 8.4% of the portfolio, followed by Energy Transfer (ET, 8.2% ) and Diversified Healthcare Trust (DHC, 7.8% ). Compared with Q3 2025, it opened 14 new positions, sold out of 9, added to 4 and reduced 8. The biggest buy was Dauch (DCH, shares +619% ) and the biggest sale an exit from Golar LNG (GLNG).
Location San Francisco, CA
CIK 0001317410
Portfolio Value $186.9M (Q4 2025) Holdings 28 stocks · $186.9M 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 Q3 2025 GTX Garrett Motion Inc. 900,000 $15.7M Reduce -10.9% ET Energy Transfer LP 929,000 $15.3M Reduce -15.6% DHC Diversified Healthcare Trust 3,000,000 $14.6M Reduce -16.7% DCH Dauch Corporation filed as AMERICAN AXLE & MFG HLDGS IN 2,156,574 $13.8M Add +618.9% CE Celanese Corp. 235,000 $9.9M New PCG P G & E Corp. 550,000 $8.8M Add +307.4% DRVN Driven Brands Holdings Inc. 560,000 $8.3M New EXE Expand Energy Corp. 75,000 $8.3M Add +87.5% RIG Transocean Ltd. 1,800,000 $7.4M New BKD Brookdale Senior Living Inc. 660,000 $7.1M New SDRL Seadrill Limited 200,000 $6.9M New GDX Vaneck Gold Miners ETF 80,000 $6.9M Reduce -27.3% GDXJ Vaneck Junior Gold Miners 60,000 $6.8M Reduce -28.6% TLN Talen Energy Corp. 16,000 $6.0M New NRG NRG Energy Inc. 37,000 $5.9M Reduce -38.3% GSL Global Ship Lease Inc. Class A 160,000 $5.6M Reduce -44.4% LINC Lincoln Educational Services 200,000 $4.8M New ADT Adt Inc. 520,000 $4.2M No change LUMN Lumen Technologies Inc. 525,000 $4.1M Reduce -47.5% TH Target Hospitality Corp. 500,000 $4.0M New VST Vistra Corp. 24,000 $3.9M New DOW Dow Inc. 150,000 $3.5M New EQT Eqt Corp. 60,000 $3.2M No change COMP Compass Inc. Class A 270,000 $2.9M New HPP Hudson Pacific Properties Inc. 250,000 $2.7M Add +9404.0% WLAC Willow Lane Acquisition Class A 194,185 $2.5M New COTY Coty Inc. Class A 750,000 $2.3M New STRA Strategic Education Inc. 17,900 $1.4M New
Options reported separately and not counted above: SPY puts ($170.5M), QQQ puts ($153.6M), TLT puts ($113.3M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ GLNG Golar LNG Ltd. Sold out 0.00% −5.62 SVC Service Pptys TR Sold out 0.00% −5.15 ET Energy Transfer LP Reduce -15.6% 8.20% −4.92 NRG NRG Energy Inc. Reduce -38.3% 3.15% −3.60 GNRC Generac Holdings Inc. Sold out 0.00% −3.49 DHC Diversified Healthcare Trust Reduce -16.7% 7.79% −3.25 GSL Global Ship Lease Inc. Class A Reduce -44.4% 3.00% −3.14 GENI Genius Sports Ltd. Sold out 0.00% −2.58 GDX Vaneck Gold Miners ETF Reduce -27.3% 3.67% −2.17 GDXJ Vaneck Junior Gold Miners Reduce -28.6% 3.65% −2.13 AR Antero Resources Corp. Sold out 0.00% −2.10 LUMN Lumen Technologies Inc. Reduce -47.5% 2.18% −2.07 JD Jd.com Inc.-ADR Sold out 0.00% −1.94 UPS United Parcel Service Class B Sold out 0.00% −1.92 HTZ Hertz Global Hldgs Inc. Sold out 0.00% −1.89 FLUT Flutter Entertainment PLC-Di Sold out 0.00% −1.76 GTX Garrett Motion Inc. Reduce -10.9% 8.40% −1.16
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ DCH Dauch Corporation Add +618.9% 7.40% +6.15 CE Celanese Corp. New 5.32% +5.32 DRVN Driven Brands Holdings Inc. New 4.44% +4.44 RIG Transocean Ltd. New 3.98% +3.98 BKD Brookdale Senior Living Inc. New 3.81% +3.81 SDRL Seadrill Limited New 3.70% +3.70 PCG P G & E Corp. Add +307.4% 4.73% +3.32 TLN Talen Energy Corp. New 3.21% +3.21 LINC Lincoln Educational Services New 2.58% +2.58 TH Target Hospitality Corp. New 2.14% +2.14 VST Vistra Corp. New 2.07% +2.07 DOW Dow Inc. New 1.88% +1.88 COMP Compass Inc. Class A New 1.53% +1.53 EXE Expand Energy Corp. Add +87.5% 4.43% +1.48 HPP Hudson Pacific Properties Inc. Add +9404.0% 1.45% +1.41 WLAC Willow Lane Acquisition Class A New 1.31% +1.31 COTY Coty Inc. Class A New 1.24% +1.24 STRA Strategic Education Inc. New 0.77% +0.77
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -16.7% 2,500 $170.5M QQQ Invesco QQQ Trust Series 1 put Reduce -28.6% 2,500 $153.6M TLT iShares 20+ Year Treasury BD put Add +116.7% 13,000 $113.3M IWN iShares Russell 2000 Value E put Sold out 3,200 $77.4Mbefore 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