LONESTAR CAPITAL MANAGEMENT LLC

Portfolio Overview

LONESTAR CAPITAL MANAGEMENT LLC disclosed 32 positions worth $670.8M in its Form 13F-HR for Q1 2026 — $186.0M in common stock plus $484.7M of put/call option positions (reported at underlying notional value, not premium at risk), led by $QQQ (INVESCO QQQ TRUST, SERIES 1) puts. During the quarter the fund opened 6 new positions and exited 7 — including a new stake in $PCG and a full exit from $DRVN. The portfolio is most concentrated in Energy (23.1% of disclosed assets). All figures are sourced directly from LONESTAR CAPITAL MANAGEMENT LLC’s Form 13F-HR filing with the SEC under CIK 1317410.

• 

  INVESCO QQQ TRUST, SERIES 1

  $QQQ PUT

  —

  Quality

  $115.4M2,000 sh

• ISHARES TR PUT

  —

  Quality

  $111.4M14,000 sh
• 

  SPDR S&P 500 ETF TRUST

  $SPY PUT

  —

  Quality

  $104.1M1,600 sh

• ISHARES TR PUT

  —

  Quality

  $86.7M10,000 sh

• ISHARES TR PUT

  —

  Quality

  $49.6M2,000 sh
• 

  PG&E Corp

  $PCG CALL

  59.3

  Quality

  $17.6M10,000 sh
• 

  Energy Transfer LP

  $ET

  64.5

  Quality

  $17.4M900,000 sh
• 

  Garrett Motion Inc.

  $GTX

  59.6

  Quality

  $14.5M800,000 sh
• 

  Celanese Corp

  $CE

  38.3

  Quality

  $13.2M200,000 sh
• 

  DIVERSIFIED HEALTHCARE TRUST

  $DHC

  39.7

  Quality

  $10.6M1,600,000 sh

Company	Quality	Value	Shares
INVESCO QQQ TRUST, SERIES 1$QQQPUT	—	$115.4M	2,000
ISHARES TR PUT	—	$111.4M	14,000
SPDR S&P 500 ETF TRUST$SPYPUT	—	$104.1M	1,600
ISHARES TR PUT	—	$86.7M	10,000
ISHARES TR PUT	—	$49.6M	2,000
PG&E Corp$PCGCALL	59.3	$17.6M	10,000
Energy Transfer LP$ET	64.5	$17.4M	900,000
Garrett Motion Inc.$GTX	59.6	$14.5M	800,000
Celanese Corp$CE	38.3	$13.2M	200,000
DIVERSIFIED HEALTHCARE TRUST$DHC	39.7	$10.6M	1,600,000

Showing top 10 of 32 holdings.

Full Holdings — LONESTAR CAPITAL MANAGEMENT LLC (Q1 2026)

All 32 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$QQQPUT	INVESCO QQQ TRUST, SERIES 1	$115.4M	—	-20%	—
2	—	ISHARES TR	$111.4M	—	+8%	—
3	$SPYPUT	SPDR S&P 500 ETF TRUST	$104.1M	—	-36%	—
4	—	ISHARES TR	$86.7M	—	-23%	—
5	—	ISHARES TR	$49.6M	—	-85%	—
6	$PCGCALL	PG&E Corp	$17.6M	—	NEW	59.3
7	$ET	Energy Transfer LP	$17.4M	9.3%	-3%	64.5
8	$GTX	Garrett Motion Inc.	$14.5M	7.8%	-11%	59.6
9	$CE	Celanese Corp	$13.2M	7.1%	-15%	38.3
10	$DHC	DIVERSIFIED HEALTHCARE TRUST	$10.6M	5.7%	-47%	39.7
11	$TLN	Talen Energy Corp	$9.6M	5.2%	+88%	66.5
12	$EXE	EXPAND ENERGY Corp	$9.3M	5.0%	+13%	83.9
13	$BKD	Brookdale Senior Living Inc.	$9.0M	4.8%	+0%	43.1
14	$DCH	Dauch Corp	$8.9M	4.8%	-30%	49.4
15	$NRG	NRG ENERGY, INC.	$8.8M	4.7%	+62%	59.5
16	$VST	Vistra Corp.	$7.5M	4.0%	+108%	62.9
17	$DOW	DOW INC.	$7.5M	4.0%	+20%	38
18	—	VANECK ETF TRUST	$7.3M	4.0%	+0%	—
19	—	VANECK ETF TRUST	$7.2M	3.9%	+0%	—
20	$PCG	PG&E Corp	$6.7M	3.6%	-31%	59.3
21	$LINC	LINCOLN EDUCATIONAL SERVICES CORP	$6.1M	3.3%	-25%	47.6
22	$RIG	Transocean Ltd.	$6.0M	3.2%	-50%	—
23	$GSL	Global Ship Lease, Inc.	$6.0M	3.2%	+0%	—
24	$EQT	EQT Corp	$5.7M	3.1%	+50%	83.3
25	$LYB	LyondellBasell Industries N.V.	$4.8M	2.6%	NEW	—
26	$SDRL	SEADRILL Ltd	$4.5M	2.5%	-50%	—
27	$TH	Target Hospitality Corp.	$3.5M	1.9%	-25%	29.5
28	$UTI	UNIVERSAL TECHNICAL INSTITUTE INC	$3.1M	1.6%	NEW	54.5
29	$POOL	POOL CORP	$3.0M	1.6%	NEW	56.3
30	$LUMN	Lumen Technologies, Inc.	$3.0M	1.6%	-19%	39.8
31	$BAK	BRASKEM SA	$1.8M	1.0%	NEW	—
32	$SMCI	Super Micro Computer, Inc.	$1.0M	0.6%	NEW	61.9