Thomist Capital Management, LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Thomist Capital Management, LP reported 35 stock positions worth $165.8 million . Its top holding was Seadrill (SDRL) at 20.0% of the portfolio, followed by Commercial Metals (CMC, 9.0% ) and Hudbay Minerals (HBM, 8.1% ). Compared with Q1 2025, it opened 23 new positions, sold out of 21, added to 5 and reduced 7. The biggest buy was a new position in Commercial Metals (CMC) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).
Location Houston, TX
CIK 0001767809
Portfolio Value $165.8M (Q2 2025) Holdings 35 stocks · $165.8M 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 2025 SDRL Seadrill Limited 1,273,094 $33.2M Reduce -21.0% CMC Commercial Metals Co. 298,871 $14.9M New HBM Hudbay Minerals Inc. 1,268,513 $13.4M Reduce -24.7% DK Delek US Holdings Inc. 615,907 $13.1M New METC Ramaco Resources Inc. Class A 905,747 $11.1M New AA Alcoa Corp. 260,437 $7.4M New TSN Tyson Foods Inc. Class A 109,100 $6.0M Add +615.2% IPX Iperionx Ltd. - ADR 1,885,203 $5.8M New WLK Westlake Corp. 71,600 $5.5M Add +55.3% GSM Ferroglobe PLC 1,418,951 $5.2M Reduce -29.0% OLN Olin Corp. 252,331 $5.2M New PARR Par Pacific Holdings Inc. 192,131 $5.1M Add +71.9% GLD SPDR Gold Shares 14,700 $4.4M Reduce -55.4% MTDR Matador Resources Co. 88,952 $4.3M New CENX Century Aluminum Company 221,746 $4.0M Add +489.0% DAR Darling Ingredients Inc. 98,059 $3.7M Reduce -66.3% TKR Timken Co. 41,800 $3.1M New DINO HF Sinclair Corp. 70,604 $2.9M Reduce -87.1% IAG Iamgold Corp. 398,400 $2.8M New LBRT Liberty Energy Inc. 210,700 $2.4M New SGML Sigma Lithium Corp. 433,914 $2.0M Reduce -2.3% VOO Vanguard S&P 500 ETF 2,812 $1.6M New PEJ Invesco Leisure & Entertainm 24,600 $1.4M New IREN Iren Ltd. filed as IREN LIMITED 67,000 $938K New SM SM Energy Co. 37,100 $931K New RIOT Riot Platforms Inc. 82,200 $867K New LUV Southwest Airlines Co. 26,500 $852K New INVX Innovex International Inc. 48,609 $761K Add +137.0% WGO Winnebago Industries 20,500 $598K New SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC 42,700 $507K New CWH Camping World Holdings Inc. Class A 27,400 $495K New THO Thor Industries Inc. 5,400 $484K New DOO BRP Inc./Ca- Sub Voting 7,400 $357K New PII Polaris Inc. 7,500 $307K New SPHR Sphere Entertainment Co. 5,000 $212K New
Options reported separately and not counted above: DK calls ($47.0M), PARR calls ($22.1M), METC calls ($15.0M), AA calls ($13.4M), CLMT calls ($3.2M), OLN calls ($1.9M), ASTL calls ($535K), RUN calls ($205K).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −8.04 SOC Sable Offshore Corp. Sold out 0.00% −6.45 DINO HF Sinclair Corp. Reduce -87.1% 1.75% −5.88 GPOR Gulfport Energy Corp. Sold out 0.00% −3.43 CTVA Corteva Inc. Sold out 0.00% −3.33 NUE Nucor Corp. Sold out 0.00% −3.26 ADM Archer-Daniels-Midland Co. Sold out 0.00% −3.05 STLD Steel Dynamics Inc. Sold out 0.00% −2.86 CRGY Crescent Energy Inc. Class A Sold out 0.00% −2.71 CNR Core Natural Resources Inc. Sold out 0.00% −2.71 MPC Marathon Petroleum Corp. Sold out 0.00% −2.67 X United States Steel Corp. Sold out 0.00% −2.58 DIA SS SPDR Dow Jones Indus Avg Sold out 0.00% −2.45 BG Bunge Global SA Sold out 0.00% −2.17 LYB Lyondellbasell Indu Class A Sold out 0.00% −2.05 ASTL Algoma Steel Group Inc. Sold out 0.00% −1.77 DAR Darling Ingredients Inc. Reduce -66.3% 2.25% −1.60 SLV iShares Silver Trust Sold out 0.00% −1.39 PPC Pilgrim's Pride Corp. Sold out 0.00% −1.32 GLD SPDR Gold Shares Reduce -55.4% 2.67% −1.27 SGML Sigma Lithium Corp. Reduce -2.3% 1.21% −0.94 VTLE Vital Energy Inc. Sold out 0.00% −0.47 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.39 ATLX Atlas Lithium Inc. Sold out 0.00% −0.22 BRY Berry Corp. Sold out 0.00% −0.05 GSM Ferroglobe PLC Reduce -29.0% 3.13% +0.07 HBM Hudbay Minerals Inc. Reduce -24.7% 8.08% +2.63 SDRL Seadrill Limited Reduce -21.0% 20.01% +2.90
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ CMC Commercial Metals Co. New 9.02% +9.02 DK Delek US Holdings Inc. New 7.87% +7.87 METC Ramaco Resources Inc. Class A New 6.66% +6.66 AA Alcoa Corp. New 4.47% +4.47 IPX Iperionx Ltd. - ADR New 3.52% +3.52 TSN Tyson Foods Inc. Class A Add +615.2% 3.63% +3.23 OLN Olin Corp. New 3.11% +3.11 MTDR Matador Resources Co. New 2.59% +2.59 PARR Par Pacific Holdings Inc. Add +71.9% 3.08% +2.41 CENX Century Aluminum Company Add +489.0% 2.41% +2.12 TKR Timken Co. New 1.85% +1.85 IAG Iamgold Corp. New 1.70% +1.70 LBRT Liberty Energy Inc. New 1.48% +1.48 WLK Westlake Corp. Add +55.3% 3.29% +1.37 VOO Vanguard S&P 500 ETF New 0.96% +0.96 PEJ Invesco Leisure & Entertainm New 0.84% +0.84 IREN Iren Ltd. New 0.57% +0.57 SM SM Energy Co. New 0.56% +0.56 RIOT Riot Platforms Inc. New 0.52% +0.52 LUV Southwest Airlines Co. New 0.51% +0.51 WGO Winnebago Industries New 0.36% +0.36 SNCY Sun Country Airlines Holding New 0.31% +0.31 INVX Innovex International Inc. Add +137.0% 0.46% +0.30 CWH Camping World Holdings Inc. Class A New 0.30% +0.30 THO Thor Industries Inc. New 0.29% +0.29 DOO BRP Inc./Ca- Sub Voting New 0.22% +0.22 PII Polaris Inc. New 0.19% +0.19 SPHR Sphere Entertainment Co. New 0.13% +0.13
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ DK Delek US Holdings Inc. call New 2,100,000 $47.0M PARR Par Pacific Holdings Inc. call New 704,300 $22.1M METC Ramaco Resources Inc. Class A call New 735,100 $15.0M AA Alcoa Corp. call New 447,100 $13.4M SOC Sable Offshore Corp. call Sold out 500,000 $9.8Mbefore exit DAR Darling Ingredients Inc. call Sold out 100,000 $3.3Mbefore exit CLMT Calumet Inc. call New 200,000 $3.2M OLN Olin Corp. call New 100,000 $1.9M APA Apa Corp. call Sold out 100,000 $1.6Mbefore exit VTLE Vital Energy Inc. call Sold out 50,000 $699Kbefore exit X United States Steel Corp. call Sold out 15,100 $641Kbefore exit ASTL Algoma Steel Group Inc. call New 100,000 $535K RUN Sunrun Inc. call New 20,000 $205K
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 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