MHR Fund Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), MHR Fund Management LLC reported 10 stock positions worth $1.2 billion. Its top holding was Telesat (TSAT) at 45.2% of the portfolio, followed by Lionsgate Studios (LION, 29.6%) and Hafnia (HAFN, 8.5%). Compared with Q3 2025, it added to 2. The biggest buy was Optimum Communications Class A (OPTU, shares +538%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001277742
Portfolio Value
$1.2B (Q4 2025)
SEC Filing
0001011438-26-000142 ↗ filed Feb 17, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.0B Q1 2024 Q2 2024: $820.6M Q2 2024 Q3 2024: $917.0M Q3 2024 Q4 2024: $904.4M Q4 2024 Q1 2025: $832.0M Q1 2025 Q2 2025: $901.6M Q2 2025 Q3 2025: $1.0B Q3 2025 Q4 2025: $1.2B $1.2B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 10 stocks · $1.2B
TSAT Telesat Corp. 45.17% 18,035,092 $524.8M No change
LION Lionsgate Studios Corp. 29.58% 37,648,498 $343.7M No change
HAFN Hafnia Ltd. 8.48% 18,496,652 $98.6M Add +7.6%
IOVA Iovance Biotherapeutics Inc. 6.81% 28,967,103 $79.1M No change
APO Apollo Global Management Inc. 4.98% 399,505 $57.8M No change
STRZ Starz Entertainment Corp. 2.88% 2,863,232 $33.5M No change
PAX Patria Investments Ltd. Class A 1.09% 800,000 $12.7M No change
GFF Griffon Corp. 0.79% 125,000 $9.2M No change
OPTU Optimum Communications Inc. Class A 0.15% 1,070,800 $1.8M Add +538.1%
DVAX Dynavax Technologies Corp. 0.06% 44,499 $684K No change

Portfolio Sells Q3 2025 → Q4 2025
None this quarter.

Portfolio Buys Q3 2025 → Q4 2025
OPTU Optimum Communications Inc. Class A Add +538.1% 0.15% +0.11
HAFN Hafnia Ltd. Add +7.6% 8.48% −1.60

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$1.9BTSAT, LION, HAFN, IOVA, STRZ
Q1 2026 10$1.4BTSAT, LION, HAFN, IOVA, APO
Q4 2025 10$1.2BTSAT, LION, HAFN, IOVA, APO
Q3 2025 10$1.0BTSAT, LION, HAFN, IOVA, APO
Q2 2025 9$901.6MTSAT, LION, HAFN, APO, IOVA
Q1 2025 9$832.0MTSAT, LIONS GATE ENTMNT CORP, LGF.B, IOVA, APO
Q4 2024 9$904.4MTSAT, IOVA, LIONS GATE ENTMNT CORP, LGF.B, APO
Q3 2024 9$917.0MTSAT, IOVA, LIONS GATE ENTMNT CORP, LGF.B, APO
Q2 2024 9$820.6MIOVA, LIONS GATE ENTMNT CORP, TSAT, LGF.B, APO
Q1 2024 10$1.0BIOVA, LIONS GATE ENTMNT CORP, TSAT, LGF.B, TWI