Lonestar Capital Management LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Lonestar Capital Management LLC reported 26 stock positions worth $186.0 million . Its top holding was Energy Transfer (ET) at 9.3% of the portfolio, followed by Garrett Motion (GTX, 7.8% ) and Celanese (CE, 7.1% ). Compared with Q4 2025, it opened 5 new positions, sold out of 7, added to 6 and reduced 11. The biggest buy was a new position in Lyondellbasell Indu Class A (LYB) and the biggest sale an exit from Driven Brands (DRVN).
Location San Francisco, CA
CIK 0001317410
Portfolio Value $186.0M (Q1 2026) Holdings 26 stocks · $186.0M 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 2025 ET Energy Transfer LP 900,000 $17.4M Reduce -3.1% GTX Garrett Motion Inc. 800,000 $14.5M Reduce -11.1% CE Celanese Corp. 200,000 $13.2M Reduce -14.9% DHC Diversified Healthcare Trust 1,600,000 $10.6M Reduce -46.7% TLN Talen Energy Corp. 30,000 $9.6M Add +87.5% EXE Expand Energy Corp. 85,000 $9.3M Add +13.3% BKD Brookdale Senior Living Inc. 660,000 $9.0M No change DCH Dauch Corporation 1,500,000 $8.9M Reduce -30.4% NRG NRG Energy Inc. 60,000 $8.8M Add +62.2% VST Vistra Corp. 50,000 $7.5M Add +108.3% DOW Dow Inc. filed as DOW HLDGS INC 180,000 $7.5M Add +20.0% GDX Vaneck Gold Miners ETF 80,000 $7.3M No change GDXJ Vaneck Junior Gold Miners 60,000 $7.2M No change PCG P G & E Corp. 380,000 $6.7M Reduce -30.9% LINC Lincoln Educational Services 150,000 $6.1M Reduce -25.0% RIG Transocean Ltd. 900,000 $6.0M Reduce -50.0% GSL Global Ship Lease Inc. Class A 160,000 $6.0M No change EQT Eqt Corp. 90,000 $5.7M Add +50.0% LYB Lyondellbasell Indu Class A 60,000 $4.8M New SDRL Seadrill Limited 100,000 $4.5M Reduce -50.0% TH Target Hospitality Corp. 375,000 $3.5M Reduce -25.0% UTI Universal Technical Institut 85,000 $3.1M New POOL Pool Corp. 15,000 $3.0M New LUMN Lumen Technologies Inc. 425,000 $3.0M Reduce -19.1% BAK Braskem SA Class A- ADR 500,000 $1.8M New SMCI Super Micro Computer Inc. 45,000 $1.0M New
Options reported separately and not counted above: QQQ puts ($115.4M), HYG puts ($111.4M), SPY puts ($104.1M), TLT puts ($86.7M), IWM puts ($49.6M), PCG calls ($17.6M).
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ DRVN Driven Brands Holdings Inc. Sold out 0.00% −4.44 DCH Dauch Corporation Reduce -30.4% 4.78% −2.62 ADT Adt Inc. Sold out 0.00% −2.25 DHC Diversified Healthcare Trust Reduce -46.7% 5.71% −2.08 COMP Compass Inc. Class A Sold out 0.00% −1.53 HPP Hudson Pacific Properties Inc. Sold out 0.00% −1.45 WLAC Willow Lane Acquisition Class A Sold out 0.00% −1.31 SDRL Seadrill Limited Reduce -50.0% 2.45% −1.26 COTY Coty Inc. Class A Sold out 0.00% −1.24 PCG P G & E Corp. Reduce -30.9% 3.59% −1.14 RIG Transocean Ltd. Reduce -50.0% 3.21% −0.77 STRA Strategic Education Inc. Sold out 0.00% −0.77 LUMN Lumen Technologies Inc. Reduce -19.1% 1.59% −0.60 GTX Garrett Motion Inc. Reduce -11.1% 7.81% −0.58 TH Target Hospitality Corp. Reduce -25.0% 1.87% −0.27 LINC Lincoln Educational Services Reduce -25.0% 3.28% +0.69 ET Energy Transfer LP Reduce -3.1% 9.34% +1.14 CE Celanese Corp. Reduce -14.9% 7.07% +1.75
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ LYB Lyondellbasell Indu Class A New 2.60% +2.60 DOW Dow Inc. Add +20.0% 4.03% +2.15 VST Vistra Corp. Add +108.3% 4.04% +1.97 TLN Talen Energy Corp. Add +87.5% 5.15% +1.94 UTI Universal Technical Institut New 1.65% +1.65 POOL Pool Corp. New 1.63% +1.63 NRG NRG Energy Inc. Add +62.2% 4.71% +1.56 EQT Eqt Corp. Add +50.0% 3.08% +1.36 BAK Braskem SA Class A- ADR New 0.98% +0.98 EXE Expand Energy Corp. Add +13.3% 5.02% +0.59 SMCI Super Micro Computer Inc. New 0.55% +0.55
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Reduce -20.0% 2,000 $115.4M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 14,000 $111.4M SPY SS SPDR S&P 500 ETF Trust-US put Reduce -36.0% 1,600 $104.1M TLT iShares 20+ Year Treasury BD put Reduce -23.1% 10,000 $86.7M IWM iShares Russell 2000 ETF put New 2,000 $49.6M PCG P G & E Corp. call New 10,000 $17.6M
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