Pentwater Capital Management LP In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Pentwater Capital Management LP reported 54 stock positions worth $5.8 billion . Its top holding was Hess (HES) at 12.2% of the portfolio, followed by United States Steel (X, 10.9% ) and Smartsheet Class A (SMAR, 8.7% ). Compared with Q3 2024, it opened 24 new positions, sold out of 20, added to 17 and reduced 12. The biggest buy was a new position in Arcadium Lithium (ALTM) and the biggest sale an exit from Stericycle (SRCL).
Location Naples, FL
CIK 0001425851
Portfolio Value $5.8B (Q4 2024) Holdings 54 stocks · $5.8B 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 2024 HES Hess Corp. 5,310,000 $706.3M Add +19.3% X United States Steel Corp. 18,520,000 $629.5M Reduce -6.9% SMAR Smartsheet Inc. Class A 8,950,000 $501.5M Add +30.8% JNPR Juniper Networks Inc. 12,778,000 $478.5M Add +21.5% EDR Endeavor Group Hold Class A 15,121,666 $473.2M Add +2.2% K Kellanova 5,755,000 $466.0M Add +8.5% BA The Boeing Co. 2,510,000 $444.3M Add +6.4% SPY SS SPDR S&P 500 ETF Trust-US 750,000 $439.6M Reduce -2.6% SPR Spirit Aerosystems Hold Class A 9,220,000 $314.2M Add +1.3% ALTM Arcadium Lithium PLC 27,550,000 $141.3M New ANSS Ansys Inc. 385,000 $129.9M Reduce -8.8% AMED Amedisys Inc. 1,180,000 $107.1M Add +9.8% PARAA Paramount Global Class B 9,265,000 $96.9M Add +85.3% DFS Discover Financial Services 535,000 $92.7M New LBRDK Liberty Broadband-C 1,108,000 $82.8M Add +454.0% PSTX Poseida Therapeutics Inc. 8,625,000 $82.8M Add +44.4% CCK Crown Holdings Inc. 950,000 $78.6M Reduce -1.6% JWN Nordstrom Inc. 2,550,000 $61.6M New CYTK Cytokinetics Inc. 1,090,000 $51.3M Reduce -0.9% CAR Avis Budget Group Inc. 625,000 $50.4M Add +31.0% SNPS Synopsys Inc. 100,000 $48.5M Add +5.3% LLYVA Liberty Media Corp.-Liberty-A 611,500 $40.7M Add +2346.0% ENLC Enlink Midstream LLC 2,575,000 $36.4M New CCL Carnival Corp. 1,350,000 $33.6M Add +35.0% IE Ivanhoe Electric Inc. / US 2,566,000 $19.4M Reduce -6.8% BERY Berry Global Group Inc. 283,000 $18.3M New HCP Hashicorp Inc. Class A 478,484 $16.4M Reduce -78.7% ATSG Air Transport Services Group 682,000 $15.0M New TECK Teck Resources Ltd.-CLS B 280,000 $11.3M Add +100.0% SIRI Sirius XM Holdings Inc. 450,000 $10.3M Reduce -34.1% SUM Summit Materials Inc. Class A 200,000 $10.1M New IPG Interpublic Group of Cos Inc. 350,000 $9.8M New AZPN Aspen Technology Inc. 38,000 $9.5M New NUE Nucor Corp. 80,000 $9.3M New SILV Silvercrest Metals Inc. 997,000 $9.1M New SGRY Surgery Partners Inc. 425,000 $9.0M New CHX Championx Corp. 300,000 $8.2M New LBRDA Liberty Broadband-A 102,000 $7.6M New ALTR Altair Engineering Inc. Class A 69,362 $7.6M New CPRI Capri Holdings Ltd. 299,500 $6.3M Reduce -79.3% BROOKLINE BANCORP INC 500,000 $5.9M New ACI Albertsons Cos Inc. Class A 300,000 $5.9M New BARNES GROUP INC 110,000 $5.2M New BATRK Atlanta Braves Holdings in-C 93,285 $3.6M New HUBS HubSpot Inc. 5,000 $3.5M Reduce -98.2% TELA Tela Bio Inc. 1,000,000 $3.0M Add +100.0% TSLA Tesla Inc. 3,000 $1.2M New INFA Informatica Inc. Class A 35,000 $908K New PRTCY Puretech Health PLC - ADR 24,111 $445K Reduce -3.6% ML Moneylion Inc. 5,000 $430K New ESPR Esperion Therapeutics Inc. 181,290 $399K No change THRY Thryv Holdings Inc. 10,000 $148K New PARAA Paramount Global Class A 6,000 $134K Reduce -14.8% STRW Strawberry Fields REIT Inc. 10,000 $105K New
Options reported separately and not counted above: SPY puts ($1.1B), BA puts ($562.0M), X puts ($365.6M), HES puts ($203.5M), CVX puts ($150.6M), TKO puts ($135.0M), ANSS puts ($134.9M), JNPR puts ($111.5M), X calls ($58.3M), PARAA puts ($57.1M), SNPS puts ($51.0M), BA calls ($47.8M), and 25 more.
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.5M (not counted above) Total filed on the 13F, all lines: $5.8B.
Portfolio Sells Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▲ SRCL Stericycle Inc. Sold out 0.00% −3.18 HUBS HubSpot Inc. Reduce -98.2% 0.06% −2.71 X United States Steel Corp. Reduce -6.9% 10.86% −2.05 VZIO Vizio Holding Corp. Class A Sold out 0.00% −1.38 MRO Marathon Oil Corp. Sold out 0.00% −1.23 NVEI Nuvei Corp.-Subordinate VTG Sold out 0.00% −1.22 HCP Hashicorp Inc. Class A Reduce -78.7% 0.28% −1.12 CPRI Capri Holdings Ltd. Reduce -79.3% 0.11% −1.02 SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.6% 7.58% −0.53 PWSC Powerschool Holdings Inc. Class A Sold out 0.00% −0.42 PRFT Perficient Inc. Sold out 0.00% −0.42 PETQ Petiq Inc. Sold out 0.00% −0.36 CCK Crown Holdings Inc. Reduce -1.6% 1.36% −0.34 ANSS Ansys Inc. Reduce -8.8% 2.24% −0.23 AXONICS INC Sold out 0.00% −0.20 CYTK Cytokinetics Inc. Reduce -0.9% 0.88% −0.18 LLYVK Liberty Media Corp.-Liberty-C Sold out 0.00% −0.13 SIRI Sirius XM Holdings Inc. Reduce -34.1% 0.18% −0.12 IE Ivanhoe Electric Inc. / US Reduce -6.8% 0.33% −0.09 AVGO Broadcom Inc. Sold out 0.00% −0.05 NATL NCR Atleos Corp. Sold out 0.00% −0.05 HTZ Hertz Global Hldgs Inc. Sold out 0.00% −0.05 RBRK Rubrik Inc. Class A Sold out 0.00% −0.03 RDDT Reddit Inc. Class A Sold out 0.00% −0.03 SNOW Snowflake Inc. Sold out 0.00% −0.03 AMD Advanced Micro Devices Sold out 0.00% −0.02 ALAB Astera Labs Inc. Sold out 0.00% −0.01 AHRT Ah Realty Trust Inc. Sold out 0.00% −0.00 DJT Trump Media & Technology Gro Sold out 0.00% −0.00 SWN Southwestern Energy Co. Sold out 0.00% −0.00 PRTCY Puretech Health PLC - ADR Reduce -3.6% 0.01% −0.00 PARAA Paramount Global Class A Reduce -14.8% 0.00% −0.00
Portfolio Buys Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▼ ALTM Arcadium Lithium PLC New 2.44% +2.44 SMAR Smartsheet Inc. Class A Add +30.8% 8.65% +1.70 DFS Discover Financial Services New 1.60% +1.60 LBRDK Liberty Broadband-C Add +454.0% 1.43% +1.15 PSTX Poseida Therapeutics Inc. Add +44.4% 1.43% +1.11 HES Hess Corp. Add +19.3% 12.19% +1.09 BA The Boeing Co. Add +6.4% 7.67% +1.08 JWN Nordstrom Inc. New 1.06% +1.06 JNPR Juniper Networks Inc. Add +21.5% 8.26% +0.73 PARAA Paramount Global Class B Add +85.3% 1.67% +0.70 LLYVA Liberty Media Corp.-Liberty-A Add +2346.0% 0.70% +0.68 ENLC Enlink Midstream LLC New 0.63% +0.63 EDR Endeavor Group Hold Class A Add +2.2% 8.16% +0.40 BERY Berry Global Group Inc. New 0.32% +0.32 ATSG Air Transport Services Group New 0.26% +0.26 CCL Carnival Corp. Add +35.0% 0.58% +0.24 K Kellanova Add +8.5% 8.04% +0.18 SUM Summit Materials Inc. Class A New 0.17% +0.17 IPG Interpublic Group of Cos Inc. New 0.17% +0.17 AZPN Aspen Technology Inc. New 0.16% +0.16 NUE Nucor Corp. New 0.16% +0.16 SILV Silvercrest Metals Inc. New 0.16% +0.16 SGRY Surgery Partners Inc. New 0.16% +0.16 CHX Championx Corp. New 0.14% +0.14 LBRDA Liberty Broadband-A New 0.13% +0.13 ALTR Altair Engineering Inc. Class A New 0.13% +0.13 CAR Avis Budget Group Inc. Add +31.0% 0.87% +0.10 BROOKLINE BANCORP INC New 0.10% +0.10 ACI Albertsons Cos Inc. Class A New 0.10% +0.10 BARNES GROUP INC New 0.09% +0.09 BATRK Atlanta Braves Holdings in-C New 0.06% +0.06 TECK Teck Resources Ltd.-CLS B Add +100.0% 0.20% +0.06 TELA Tela Bio Inc. Add +100.0% 0.05% +0.03 TSLA Tesla Inc. New 0.02% +0.02 INFA Informatica Inc. Class A New 0.02% +0.02 ML Moneylion Inc. New 0.01% +0.01 THRY Thryv Holdings Inc. New 0.00% +0.00 STRW Strawberry Fields REIT Inc. New 0.00% +0.00 SPR Spirit Aerosystems Hold Class A Add +1.3% 5.42% −0.01 SNPS Synopsys Inc. Add +5.3% 0.84% −0.05 AMED Amedisys Inc. Add +9.8% 1.85% −0.06
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -54.5% 1,850,000 $1.1B BA The Boeing Co. put Add +156.1% 3,175,000 $562.0M X United States Steel Corp. put Reduce -14.3% 10,755,500 $365.6M HES Hess Corp. put Add +96.2% 1,530,000 $203.5M CVX Chevron Corp. put Add +1980.0% 1,040,000 $150.6M TKO Tko Group Holdings Inc. put Add +40.4% 950,000 $135.0M JNPR Juniper Networks Inc. put Add +4913.5% 2,978,000 $111.5M AMED Amedisys Inc. put Sold out 651,000 $62.8Mbefore exit X United States Steel Corp. call Add +1613.9% 1,713,900 $58.3M PARAA Paramount Global Class B put Add +105.8% 5,455,000 $57.1M SMAR Smartsheet Inc. Class A put Sold out 1,005,000 $55.6Mbefore exit SNPS Synopsys Inc. put Reduce -13.2% 105,000 $51.0M BA The Boeing Co. call Reduce -82.6% 270,000 $47.8M CCK Crown Holdings Inc. put Add +26.3% 480,000 $39.7M EDR Endeavor Group Hold Class A put New 1,117,000 $35.0M CCL Carnival Corp. put Add +242.9% 1,200,000 $29.9M HUBS HubSpot Inc. put Reduce -82.5% 35,000 $24.4M CAR Avis Budget Group Inc. put Add +35.7% 190,000 $15.3M NUE Nucor Corp. call New 115,000 $13.4M AVGO Broadcom Inc. call Sold out 75,000 $12.9Mbefore exit TSLA Tesla Inc. put New 25,000 $10.1M CVX Chevron Corp. call Reduce -90.0% 50,000 $7.2M CPRI Capri Holdings Ltd. put Reduce -90.2% 300,000 $6.3M ACI Albertsons Cos Inc. Class A put Reduce -25.0% 300,000 $5.9M VYX NCR Voyix Corp. call Sold out 400,000 $5.4Mbefore exit RSP Invesco S&P 500 Equal Weight put Sold out 25,000 $4.5Mbefore exit AVGO Broadcom Inc. put Sold out 25,000 $4.3Mbefore exit INTC Intel Corp. call New 200,000 $4.0M EWU iShares MSCI United Kingdom put New 100,000 $3.4M TSLA Tesla Inc. call New 8,000 $3.2M DJT Trump Media & Technology Gro put Sold out 195,000 $3.1Mbefore exit TKO Tko Group Holdings Inc. call Sold out 20,000 $2.5Mbefore exit ALTM Arcadium Lithium PLC put New 400,000 $2.1M AMD Advanced Micro Devices call Sold out 12,000 $2.0Mbefore exit AMD Advanced Micro Devices put Sold out 10,000 $1.6Mbefore exit RBRK Rubrik Inc. Class A put Sold out 35,000 $1.1Mbefore exit INFA Informatica Inc. Class A put New 35,000 $908K OHI Omega Healthcare Investors put Sold out 20,000 $814Kbefore exit PLTR Palantir Technologies Inc. Class A put Sold out 20,000 $744Kbefore exit DJT Trump Media & Technology Gro call Sold out 45,000 $723Kbefore exit SNOW Snowflake Inc. put Sold out 5,000 $574Kbefore exit INFA Informatica Inc. Class A call New 20,000 $519K THRY Thryv Holdings Inc. call New 27,100 $401K RBRK Rubrik Inc. Class A call Sold out 10,000 $322Kbefore exit TALO Talos Energy Inc. call Sold out 25,000 $259Kbefore exit THRY Thryv Holdings Inc. put New 10,000 $148K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ DJTWW Trump Media & Technology Gro *W EXP 03/25/202 Sold out 10,000 $104Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 59 $12.5B EA, BA, WBD, KVUE, NSC Q1 2026 60 $14.1B EA, BA, WBD, CAR, NSC Q4 2025 47 $13.8B EA, CYBR, BA, WBD, KVUE Q3 2025 65 $11.1B CYBR, EA, NSC, K, VRNA Q2 2025 63 $7.8B HES, K, JNPR, BPMC, SKX Q1 2025 62 $7.2B HES, X, ITCI, K, BA Q4 2024 54 $5.8B HES, X, SMAR, JNPR, EDR Q3 2024 50 $5.4B X, HES, SPY, K, EDR Q2 2024 51 $4.6B X, HES, BA, EDR, JNPR Q1 2024 53 $6.1B PXD, HES, X, BA, JNPR