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DCP

Diameter Capital Partners Portfolio holdings

AUM $1.07B
1-Year Est. Return 152.29%
This Fund
S&P 500
This Quarter Est. Return
+17.91%
1 Year Est. Return
+152.29%
3 Year Est. Return
+414.88%
5 Year Est. Return
+403.74%
10 Year Est. Return
–
AUM
$1.09B
AUM Growth
-$528M
Cap. Flow
-$722M
Cap. Flow %
-66.01%
Top 10 Hldgs %
71.1%
Holding
67
New
23
Increased
10
Reduced
2
Closed
27

Top Buys

Rank Stock Value
1
FSK icon
FS KKR Capital
FSK
+$34.4M
2
CZR icon
Caesars Entertainment
CZR
+$19.1M
3
NCDL icon
Nuveen Churchill Direct Lending
NCDL
+$17.3M
4
DBRG icon
DigitalBridge
DBRG
+$15M
5
JHX icon
James Hardie Industries
JHX
+$12M

Top Sells

Rank Stock Value
1
ECHO
EchoStar
ECHO
+$179M
2
WBD icon
Warner Bros
WBD
+$43.9M
3
NVRI icon
Enviri
NVRI
+$31.2M
4
OXY icon
Occidental Petroleum
OXY
+$21.3M
5
LUMN icon
Lumen
LUMN
+$20.2M

Sector Composition

Rank Sector Weight
1 Communication Services 41.91%
2 Consumer Discretionary 11.09%
3 Financials 9.75%
4 Utilities 6.03%
5 Real Estate 4.69%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ECHO
1
EchoStar
ECHO
$24.5B
$410M 37.43%
3,767,928
-2,195,331
-37% -$179M
MBC icon
2
MasterBrand
MBC
$1.11B
$66.4M 6.06%
6,010,410
+950,000
+19% +$11.1M
HCA icon
3
PUT
HCA Healthcare
HCA
$90.9B
$56M 5.12%
+120,000
New +$55.7M
TDS icon
4
Telephone and Data Systems
TDS
$3.85B
$43.8M 4%
1,067,297
+42,297
+4% +$1.65M
SILA
5
DELISTED
Sila Realty Trust
SILA
$40.8M 3.73%
1,750,000
+348,173
+25% +$8.19M
CZR icon
6
CALL
Caesars Entertainment
CZR
$6.07B
$35.1M 3.21%
+1,500,000
New +$33.7M
FSK icon
7
FS KKR Capital
FSK
$3.06B
$33.7M 3.08%
+2,272,393
New +$34.4M
AES icon
8
AES
AES
$10.6B
$28M 2.56%
1,950,000
+125,000
+7% +$1.76M
GOOGL icon
9
CALL
Alphabet (Google) Class A
GOOGL
$4.07T
$23.5M 2.15%
+75,000
New +$21.4M
AAL icon
10
PUT
American Airlines Group
AAL
$9.92B
$23M 2.1%
+1,500,000
New +$20.2M
AMBP icon
11
Ardagh Metal Packaging
AMBP
$2.98B
$22M 2.01%
5,376,366
+286,553
+6% +$1.09M
JHX icon
12
James Hardie Industries
JHX
$15.3B
$20.8M 1.9%
1,000,000
+600,000
+150% +$12M
BCSS.U
13
Bain Capital GSS Investment Corp Units
BCSS.U
$20.4M 1.87%
2,000,000
– –
CZR icon
14
Caesars Entertainment
CZR
$6.07B
$19.9M 1.82%
+850,000
New +$19.1M
ETR icon
15
Entergy
ETR
$52.3B
$19.2M 1.76%
208,000
+28,000
+16% +$2.66M
DBRG icon
16
DigitalBridge
DBRG
$2.93B
$19.2M 1.75%
+1,250,000
New +$15M
EVRG icon
17
Evergy
EVRG
$19.7B
$18.8M 1.72%
260,000
+40,000
+18% +$3.03M
MAGN
18
Magnera Corp
MAGN
$493M
$18.3M 1.67%
1,205,793
+745,480
+162% +$8.64M
NCDL icon
19
Nuveen Churchill Direct Lending
NCDL
$625M
$16.3M 1.49%
+1,220,800
New +$17.3M
RH icon
20
RH
RH
$3.29B
$13.1M 1.2%
73,000
+53,000
+265% +$9.06M
MFIC icon
21
MidCap Financial Investment
MFIC
$811M
$11.6M 1.06%
+1,013,005
New +$12M
PFLT icon
22
PennantPark Floating Rate Capital
PFLT
$706M
$11M 1%
+1,184,476
New +$10.8M
UNIT
23
Uniti Group
UNIT
$2.48B
$10.5M 0.96%
+1,500,000
New +$9.5M
MDLN
24
Medline Inc
MDLN
$34.6B
$10.5M 0.96%
+250,000
New +$10.6M
BBDC icon
25
Barings BDC
BBDC
$883M
$8.87M 0.81%
+966,370
New +$8.56M
1
2 3

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Diameter Capital Partners's Q4 2025 Portfolio in Review

As of Q4 2025, Diameter Capital Partners held 67 positions worth $1.09B, down 33% from $1.62B the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Diameter Capital Partners withdrew a net $722M in Q4 2025, closing 27 positions and reducing 2 holdings. Its most notable exit was Warner Bros, an estimated $43.9M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 42% of assets, up from 36% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Diameter Capital Partners opened a new position in FS KKR Capital worth $33.7M.

  • Diameter Capital Partners's largest Q4 2025 buy was FS KKR Capital: 2,272,393 shares worth $33.7M.
  • Diameter Capital Partners added most to James Hardie Industries in Q4 2025, an estimated $12M increase.
  • Diameter Capital Partners's biggest Q4 2025 reduction was EchoStar, cutting an estimated $179M.
  • Diameter Capital Partners fully exited Warner Bros in Q4 2025, selling an estimated $43.9M.
  • Diameter Capital Partners's ten largest holdings make up 71% of its $1.09B portfolio in Q4 2025.
  • Diameter Capital Partners opened 23 new positions and closed 27 in Q4 2025.
  • Diameter Capital Partners's portfolio value fell 33% quarter-over-quarter to $1.09B.

Based on Diameter Capital Partners's 13F filing for Q4 2025, filed 17 Feb 2026.