LONESTAR CAPITAL MANAGEMENT LLC

San Francisco, CA · CIK 1317410 · 13F filing filed 2026-08-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityLONESTAR CAPITAL MANAGEMENT LLC (US)

Others nearbySan Francisco, CA

$155.3m reported value -16.5% vs Q1 2026

26positions

64.8%in top 10

5 new 3 added 14 reduced 5 sold out vs Q1 2026

Options: 1 call positions ($4.4m notional), 2 put positions ($185.7m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	GARRETT MOTION INC COM GTX	GTX	550,000	$19.9m12.83%	12.83%	Reduced -250.0k	-250,000 -31.2%
2	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	900,000	$17.2m11.08%	11.08%	Unchanged
3	GLOBAL SHIP LEASE INC NEW COM CL A GSL	GSL	290,000	$10.9m7.02%	7.02%	Added +130.0k	+130,000 81.2%
4	DIVERSIFIED HEALTHCARE TR COM SH BEN INT DHC	DHC	1,050,000	$9.8m6.29%	6.29%	Reduced -550.0k	-550,000 -34.4%
5	TARGET HOSPITALITY CORP COM TH	TH	433,100	$8.8m5.68%	5.68%	Added +58.1k	+58,100 15.5%
6	BROOKDALE SR LIVING INC COM BKD	BKD	540,000	$8.7m5.59%	5.59%	Reduced -120.0k	-120,000 -18.2%
7	ADTALEM GLOBAL ED INC COM CVSA	CVSA	55,000	$6.9m4.41%	4.41%	New
8	VISTRA CORP COM VST	VST	40,000	$6.3m4.09%	4.09%	Reduced -10.0k	-10,000 -20.0%
9	TALEN ENERGY CORP COM TLN	TLN	16,000	$6.1m3.96%	3.96%	Reduced -14.0k	-14,000 -46.7%
10	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	80,000	$6.0m3.89%	3.89%	Unchanged
11	AMERICAN AXLE & MFG HLDGS IN COM DCH	DCH	950,000	$5.1m3.32%	3.32%	Reduced -550.0k	-550,000 -36.7%
12	CELANESE CORP DEL COM CE	CE	110,000	$5.1m3.26%	3.26%	Reduced -90.0k	-90,000 -45.0%
13	EXPAND ENERGY CORPORATION COM EXE	EXE	55,000	$5.0m3.23%	3.23%	Reduced -30.0k	-30,000 -35.3%
14	LINCOLN EDL SVCS CORP COM LINC	LINC	83,911	$4.2m2.70%	2.70%	Reduced -66.1k	-66,089 -44.1%
15	DOW INC COM DOW	DOW	150,000	$4.1m2.64%	2.64%	Reduced -30.0k	-30,000 -16.7%
16	NRG ENERGY INC COM NEW NRG	NRG	27,000	$3.9m2.54%	2.54%	Reduced -33.0k	-33,000 -55.0%
17	KYIVSTAR GROUP LTD ORD SHS KYIV	KYIV	240,000	$3.9m2.50%	2.50%	New
18	LUMEN TECHNOLOGIES INC COM LUMN	LUMN	500,000	$3.8m2.47%	2.47%	Added +75.0k	+75,000 17.6%
19	UNIVERSAL TECHNICAL INST INC COM UTI	UTI	85,000	$3.6m2.34%	2.34%	Unchanged
20	EQT CORP COM EQT	EQT	60,000	$3.2m2.05%	2.05%	Reduced -30.0k	-30,000 -33.3%
21	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	60,000	$3.2m2.03%	2.03%	Unchanged
22	TRANSOCEAN LTD REGISTERED SHS RIG	RIG	475,000	$2.3m1.50%	1.50%	Reduced -425.0k	-425,000 -47.2%
23	SEADRILL LTD COM SDRL	SDRL	55,000	$2.1m1.34%	1.34%	Reduced -45.0k	-45,000 -45.0%
24	GALAXY DIGITAL INC. CL A GLXY	GLXY	70,000	$1.9m1.23%	1.23%	New
25	ADT INC DEL COM ADT	ADT	250,000	$1.6m1.05%	1.05%	New
26	SERVICE PPTYS TR COM SH BEN INT COM SH BEN INT		900,000	$1.5m0.98%	0.98%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
VANECK ETF TRUST GDXJ	GDXJ	60,000	$7.2m60.0k shares
PG&E CORP PCG	PCG	380,000	$6.7m380.0k shares
POOL CORP POOL	POOL	15,000	$3.0m15.0k shares
BRASKEM S A BAK	BAK	500,000	$1.8m500.0k shares
SUPER MICRO COMPUTER INC SMCI	SMCI	45,000	$1.0m45.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	1,500	$112.0m1.5k shares	Reduced
INVESCO QQQ TR QQQ · Put	QQQ	Put	1,000	$73.6m1.0k shares	Reduced
TRANSOCEAN LTD RIG · Call	RIG	Call	9,000	$4.4m9.0k shares	New