Thomist Capital Management, LP In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Thomist Capital Management, LP reported 38 stock positions worth $271.0 million . Its top holding was Darling Ingredients (DAR) at 11.4% of the portfolio, followed by Aris Mining (ARIS, 9.6% ) and DHT (DHT, 8.5% ). Compared with Q1 2026, it opened 20 new positions, sold out of 25, added to 11 and reduced 7. The biggest buy was a new position in Darling Ingredients (DAR) and the biggest sale HF Sinclair (DINO, shares −83% ).
Location Houston, TX
CIK 0001767809
Portfolio Value $271.0M (Q2 2026) Holdings 38 stocks · $271.0M 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 Q1 2026 DAR Darling Ingredients Inc. 566,094 $30.9M New ARIS Aris Mining Corp. 1,751,221 $26.1M Add +52.6% DHT DHT Holdings Inc. 1,389,095 $23.0M Add +474.7% CNR Core Natural Resources Inc. 266,532 $21.3M Add +18.6% GPRE Green Plains Inc. 1,270,612 $19.5M New HBM Hudbay Minerals Inc. 734,227 $17.3M New VLRS Controladora Vuela Cia-ADR 1,754,714 $16.4M Add +14.0% FRO Frontline PLC 369,740 $12.9M New DK Delek US Holdings Inc. 202,300 $10.3M Reduce -45.8% BTU Peabody Energy Corp. 422,432 $9.8M Add +82.4% WLK Westlake Corp. 96,200 $7.0M Add +31.8% DINO HF Sinclair Corp. 97,063 $6.8M Reduce -82.8% ECO Okeanis Eco Tankers Corp. 133,922 $6.7M Add +143.1% IAG Iamgold Corp. 404,362 $6.4M New KRSP.U Rice Acquisition Corp. 3 531,645 $5.7M Add +5.0% PPG PPG Industries Inc. 45,100 $5.5M New UAL United Airlines Holdings Inc. 36,990 $5.0M New TGB Trekor Metals Ltd. 608,925 $4.2M New MTDR Matador Resources Co. 80,200 $4.0M New PARR Par Pacific Holdings Inc. 66,060 $3.7M Add +47.6% AAL American Airlines Group Inc. 195,020 $3.5M New HMH HMH Holding Inc. Class-A filed as HMH HLDG INC 158,161 $3.0M New GSM Ferroglobe PLC 922,217 $2.9M Reduce -14.9% CC The Chemours Co. 142,900 $2.9M New CVI CVR Energy Inc. 93,326 $2.6M New HUT Hut 8 Corp. 21,185 $2.4M Reduce -28.4% RYAAY Ryanair Holdings PLC-SP ADR 34,370 $2.2M Reduce -37.5% RNGR Ranger Energy Services Class A 113,460 $1.8M Add +53.6% EROK Eaglerock Land LLC Class A 70,000 $1.5M New RIOT Riot Platforms Inc. 36,600 $1.0M Reduce -45.8% SLSR Solaris Resources Inc. 182,360 $984K Add +17.9% MU Micron Technology Inc. 830 $958K New GLND Greenland Energy Co. 276,500 $608K New CBRS Cerebras Systems Inc. Class A 2,700 $597K New KEEL Keel Infrastructure Corp. 82,800 $475K New BTDR Bitdeer Technologies Group-A 28,700 $455K New FF Futurefuel Corp. 74,727 $338K Reduce -21.2% SOC Sable Offshore Corp. 59,794 $184K New
Options reported separately and not counted above: PILGRIMS PRIDE CORP calls ($14.1M), MOSAIC CO calls ($10.6M), ISHARES TR puts ($10.5M), VANECK ETF TRUST calls ($6.9M), CEREBRAS SYSTEMS INC calls ($663K), ISHARES TR puts ($641K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $225K (not counted above) Security Class Shares / Principal Value Change GLNDW Greenland Energy Co. - 31 *W EXP 04/21/203 265,000 $225K New
Total filed on the 13F, all lines: $271.2M.
Portfolio Sells Q1 2026 → Q2 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 Q1 2026 % Of Portfolio Change To Portfolio ▲ DINO HF Sinclair Corp. Reduce -82.8% 2.49% −9.58 STLD Steel Dynamics Inc. Sold out 0.00% −6.48 SSRM SSR Mining Inc. Sold out 0.00% −5.52 EQX Equinox Gold Corp. Sold out 0.00% −4.40 PR Permian Resources Corp. Class A Sold out 0.00% −3.73 LUV Southwest Airlines Co. Sold out 0.00% −3.70 VOO Vanguard S&P 500 ETF Sold out 0.00% −3.47 RGLD Royal Gold Inc. Sold out 0.00% −3.24 BTE Baytex Energy Corp. Sold out 0.00% −2.88 EMN Eastman Chemical Co. Sold out 0.00% −2.21 DK Delek US Holdings Inc. Reduce -45.8% 3.79% −1.95 STNG Scorpio Tankers Inc. Sold out 0.00% −1.58 OLN Olin Corp. Sold out 0.00% −1.36 PII Polaris Inc. Sold out 0.00% −1.28 CWH Camping World Holdings Inc. Class A Sold out 0.00% −1.07 DOO BRP Inc./Ca- Sub Voting Sold out 0.00% −0.98 HOG Harley-Davidson Inc. Sold out 0.00% −0.97 KOS Kosmos Energy Ltd. Sold out 0.00% −0.88 OSISKO DEVELOPMENT CORP Sold out 0.00% −0.88 LNG Cheniere Energy Inc. Sold out 0.00% −0.79 NAT Nordic American Tankers Ltd. Sold out 0.00% −0.68 NVDA Nvidia Corp. Sold out 0.00% −0.49 GSM Ferroglobe PLC Reduce -14.9% 1.08% −0.44 ALK Alaska Air Group Inc. Sold out 0.00% −0.36 XPRO Expro Group Holdings NV Sold out 0.00% −0.33 AMPY Amplify Energy Corp. Sold out 0.00% −0.28 RYAAY Ryanair Holdings PLC-SP ADR Reduce -37.5% 0.82% −0.27 IREN Iren Ltd. Sold out 0.00% −0.24 INR Infinity Natural Resour Class A Sold out 0.00% −0.07 FF Futurefuel Corp. Reduce -21.2% 0.12% −0.00 RIOT Riot Platforms Inc. Reduce -45.8% 0.37% +0.08 HUT Hut 8 Corp. Reduce -28.4% 0.90% +0.43
Portfolio Buys Q1 2026 → Q2 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 Q1 2026 % Of Portfolio Change To Portfolio ▼ DAR Darling Ingredients Inc. New 11.41% +11.41 GPRE Green Plains Inc. New 7.21% +7.21 DHT DHT Holdings Inc. Add +474.7% 8.47% +6.96 HBM Hudbay Minerals Inc. New 6.39% +6.39 FRO Frontline PLC New 4.75% +4.75 IAG Iamgold Corp. New 2.36% +2.36 ARIS Aris Mining Corp. Add +52.6% 9.63% +2.35 VLRS Controladora Vuela Cia-ADR Add +14.0% 6.07% +2.26 PPG PPG Industries Inc. New 2.02% +2.02 UAL United Airlines Holdings Inc. New 1.86% +1.86 TGB Trekor Metals Ltd. New 1.55% +1.55 ECO Okeanis Eco Tankers Corp. Add +143.1% 2.48% +1.52 MTDR Matador Resources Co. New 1.47% +1.47 AAL American Airlines Group Inc. New 1.30% +1.30 HMH HMH Holding Inc. Class-A New 1.09% +1.09 CC The Chemours Co. New 1.08% +1.08 BTU Peabody Energy Corp. Add +82.4% 3.60% +1.00 CVI CVR Energy Inc. New 0.95% +0.95 EROK Eaglerock Land LLC Class A New 0.55% +0.55 PARR Par Pacific Holdings Inc. Add +47.6% 1.37% +0.41 MU Micron Technology Inc. New 0.35% +0.35 KRSP.U Rice Acquisition Corp. 3 Add +5.0% 2.10% +0.27 RNGR Ranger Energy Services Class A Add +53.6% 0.67% +0.24 GLND Greenland Energy Co. New 0.22% +0.22 CBRS Cerebras Systems Inc. Class A New 0.22% +0.22 KEEL Keel Infrastructure Corp. New 0.18% +0.18 BTDR Bitdeer Technologies Group-A New 0.17% +0.17 SOC Sable Offshore Corp. New 0.07% +0.07 SLSR Solaris Resources Inc. Add +17.9% 0.36% −0.09 CNR Core Natural Resources Inc. Add +18.6% 7.87% −0.18 WLK Westlake Corp. Add +31.8% 2.59% −0.32
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ DARLING INGREDIENTS INC call Sold out 450,000 $27.8Mbefore exit CF INDS HLDGS INC put Sold out 150,000 $19.5Mbefore exit PILGRIMS PRIDE CORP call New 500,000 $14.1M MOSAIC CO call New 500,000 $10.6M ISHARES TR put New 35,000 $10.5M FREEPORT MCMORAN INC call Sold out 150,000 $8.8Mbefore exit VANECK ETF TRUST call New 70,000 $6.9M BUNGE GLOBAL SA call Sold out 51,100 $6.5Mbefore exit HF SINCLAIR CORP call Sold out 70,000 $4.4Mbefore exit VANECK ETF TRUST call Sold out 30,000 $2.8Mbefore exit FUTUREFUEL CORP call Sold out 700,000 $2.7Mbefore exit DELEK US HLDGS INC NEW call Sold out 50,000 $2.3Mbefore exit B2GOLD CORP call Sold out 250,100 $1.1Mbefore exit MP MATERIALS CORP call Sold out 20,000 $965Kbefore exit JETBLUE AIRWAYS CORP call Sold out 193,000 $853Kbefore exit ADVANCED MICRO DEVICES INC call Sold out 3,500 $712Kbefore exit CEREBRAS SYSTEMS INC call New 3,000 $663K ISHARES TR put New 1,000 $641K FRONTIER GROUP HLDGS INC call Sold out 100,000 $353Kbefore exit FERMI INC put Sold out 50,000 $292Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2026 → Q2 2026 Security Class Change vs Q1 2026 Shares / Principal Value ▼ GLNDW Greenland Energy Co. - 31 *W EXP 04/21/203 New 265,000 $225K
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 38 $271.0M DAR, ARIS, DHT, CNR, GPRE Q1 2026 43 $292.5M DINO, CNR, ARIS, STLD, DK Q4 2025 58 $366.6M SDRL, SOC, CNR, MPC, B Q3 2025 59 $320.9M SDRL, BG, DAR, VLO, GLD Q2 2025 35 $165.8M SDRL, CMC, HBM, DK, METC Q1 2025 33 $237.7M SDRL, SPY, DINO, SOC, HBM Q4 2024 45 $310.6M STLD, ASTL, SDRL, CHRD, DAR Q3 2024 28 $396.1M BTU, PSX, ASTL, CIVI, SDRL Q2 2024 35 $276.9M BTU, ASTL, MPC, GSM, VOO Q1 2024 26 $238.9M BTU, ASTL, MPC, SBOW, VOO