Q4 2025 · 13F-HR
Empyrean Capital Partners, LPholdings as filed
Filed 2026-02-17 · accession 0001317195-26-000001
$2.87B
Reported value
94
Positions
2025-12-31
Period end
The Brief · Empyrean Capital Partners, LP · Q4 2025
AI · grounded in 13F
Empyrean Capital Partners, LP initiated a new position in AXTA worth $66.2M. The fund also established new stakes in UNH for $63.7M and WBD for $57.6M. On the sell side, the fund closed its position in INFQ, reducing exposure by $33.9M. Other notable moves included closing a position in ADVANCED ENERGY INDS for $31.2M and trimming its holding in SHEL by 32%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| N00985106 | AER | AERCAP HOLDINGS NV | $158.1M | 5.51% | 1,100,000 | Common | SOLE |
| 780259305 | SHEL | SHELL PLC | $124.9M | 4.35% | 1,700,000 | Common | SOLE |
| 110448107 | BTI | BRITISH AMERN TOB PLC | $124.6M | 4.34% | 2,200,000 | Common | SOLE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $107.6M | 3.75% | 444,000 | Common | SOLE |
| 69331C108 | PCG | PG&E CORP | $94.8M | 3.30% | 5,900,000 | Common | SOLE |
| 126650100 | CVS | CVS HEALTH CORP | $92.1M | 3.21% | 1,160,000 | Common | SOLE |
| 907818108 | UNP | UNION PAC CORP | $86.5M | 3.01% | 373,800 | Common | SOLE |
| 69349H107 | TXNM | TXNM ENERGY INC | $84.9M | 2.96% | 1,442,554 | Common | SOLE |
| 21036P108 | STZ | CONSTELLATION BRANDS INC | $80.9M | 2.82% | 586,700 | Common | SOLE |
| 65158N102 | NMRK | NEWMARK GROUP INC | $75.6M | 2.63% | 4,360,150 | Common | SOLE |
| 56585A102 | MPC | MARATHON PETE CORP | $71.0M | 2.47% | 436,500 | Common | SOLE |
| 29357K103 | ENVA | ENOVA INTL INC | $69.4M | 2.42% | 441,564 | Common | SOLE |
| G0750C108 | AXTA | AXALTA COATING SYS LTD | $66.2M | 2.31% | 2,050,000 | Common | SOLE |
| 10948W103 | AAMI | ACADIAN ASSET MANAGEMENT INC | $66.0M | 2.30% | 1,404,562 | Common | SOLE |
| 91324P102 | UNH | UNITEDHEALTH GROUP INC | $63.7M | 2.22% | 193,000 | Common | SOLE |
| 655844108 | NSC | NORFOLK SOUTHN CORP | $58.8M | 2.05% | 203,800 | Common | SOLE |
| 934423104 | WBD | WARNER BROS DISCOVERY INC | $57.6M | 2.01% | 2,000,000 | Common | SOLE |
| 14149Y108 | CAH | CARDINAL HEALTH INC | $50.9M | 1.77% | 247,800 | Common | SOLE |
| 530307305 | LBRDK | LIBERTY BROADBAND CORP | $44.7M | 1.56% | 920,781 | Common | SOLE |
| 11040G103 | VTOL | BRISTOW GROUP INC | $44.5M | 1.55% | 1,214,599 | Common | SOLE |
| 02156K103 | OPTU | OPTIMUM COMMUNICATIONS INC | $41.3M | 1.44% | 25,028,407 | Common | SOLE |
| G0R78B122 | BCSS/U | BAIN CAP GSS INVT CORP | $40.8M | 1.42% | 3,990,000 | Common | SOLE |
| 928298AR9 | VSH 2.25 09/15/30 | VISHAY INTERTECHNOLOGY INC | $39.6M | 1.38% | 44,000,000 | Common | SOLE |
| 92552V100 | VSAT | VIASAT INC | $39.2M | 1.37% | 1,138,000 | Common | SOLE |
| 20337X109 | VISN | COMMSCOPE HLDG CO INC | $37.3M | 1.30% | 2,060,000 | Common | SOLE |
| 06849F108 | B | BARRICK MNG CORP | $35.8M | 1.25% | 821,000 | Common | SOLE |
| G2131A124 | CCXIU | CHURCHILL CAP CORP XI | $35.7M | 1.24% | 3,500,000 | Common | SOLE |
| 718546104 | PSX | PHILLIPS 66 | $34.2M | 1.19% | 264,800 | Common | SOLE |
| 044186104 | ASH | ASHLAND INC | $31.8M | 1.11% | 542,000 | Common | SOLE |
| 65345N106 | NN | NEXTNAV INC | $31.4M | 1.09% | 1,886,000 | Common | SOLE |
| 89469A104 | THS | TREEHOUSE FOODS INC | $31.1M | 1.08% | 1,320,000 | Common | SOLE |
| 64031N108 | NNI | NELNET INC | $30.7M | 1.07% | 231,000 | Common | SOLE |
| 55306NAB0 | MKSI 1.25 06/01/30 | MKS INC. | $30.4M | 1.06% | 23,800,000 | Common | SOLE |
| 49177J102 | KVUE | KENVUE INC | $29.9M | 1.04% | 1,732,000 | Common | SOLE |
| G21301109 | CCIX | CHURCHILL CAPITAL CORP IX | $28.0M | 0.98% | 2,633,582 | Common | SOLE |
| 69553PAD2 | PD 1.5 10/15/28 * | PAGERDUTY INC | $27.1M | 0.95% | 28,500,000 | Common | SOLE |
| G5225W126 | KBONU | KARBON CAP PARTNERS CORP | $26.5M | 0.92% | 2,632,752 | Common | SOLE |
| 00182CAC7 | ANIP 2.25 09/01/29 | ANI PHARMACEUTICALS INC | $26.5M | 0.92% | 21,000,000 | Common | SOLE |
| 44891N208 | IAC | IAC INC | $26.5M | 0.92% | 677,000 | Common | SOLE |
| 74736K101 | QRVO | QORVO INC | $26.1M | 0.91% | 309,000 | Common | SOLE |
| 20030N101 | CMCSA | COMCAST CORP NEW | $26.0M | 0.90% | 868,700 | Common | SOLE |
| 66987E206 | NG | NOVAGOLD RES INC | $25.2M | 0.88% | 2,705,100 | Common | SOLE |
| 714266103 | PPTA | PERPETUA RESOURCES CORP | $24.9M | 0.87% | 1,028,853 | Common | SOLE |
| 159864107 | CRL | CHARLES RIV LABS INTL INC | $24.2M | 0.84% | 121,500 | Common | SOLE |
| 530307107 | LBRDA | LIBERTY BROADBAND CORP | $24.1M | 0.84% | 500,000 | Common | SOLE |
| 682189AU9 | ON 0.5 03/01/29 | ON SEMICONDUCTOR CORP | $23.7M | 0.83% | 25,000,000 | Common | SOLE |
| 46266C105 | IQV | IQVIA HLDGS INC | $23.6M | 0.82% | 104,650 | Common | SOLE |
| 609207105 | MDLZ | MONDELEZ INTL INC | $22.5M | 0.78% | 418,000 | Common | SOLE |
| 53115L104 | LBRT | LIBERTY ENERGY INC | $22.2M | 0.77% | 1,200,000 | Common | SOLE |
| 278768106 | SATS | ECHOSTAR CORP | $20.5M | 0.72% | 189,000 | Common | SOLE |
| 09261X102 | BXSL | BLACKSTONE SECD LENDING FD | $20.1M | 0.70% | 765,000 | Common | SOLE |
| 494368103 | KMB | KIMBERLY-CLARK CORP | $18.9M | 0.66% | 187,200 | Common | SOLE |
| L02235106 | AMBP | ARDAGH METAL PACKAGING S A | $16.4M | 0.57% | 4,000,000 | Common | SOLE |
| 829242106 | SBGI | SINCLAIR INC | $16.0M | 0.56% | 1,044,493 | Common | SOLE |
| G4002F109 | GTEN | GORES HLDGS X INC | $15.1M | 0.53% | 1,475,000 | Common | SOLE |
| 03209RAB9 | AMPH 2 03/15/29 | AMPHASTAR PHARMACEUTICALS IN | $15.0M | 0.52% | 16,265,000 | Common | SOLE |
| 155923105 | CTRI | CENTURI HOLDINGS INC | $14.6M | 0.51% | 578,000 | Common | SOLE |
| G75751100 | RAC | RITHM ACQUISITION CORP | $14.4M | 0.50% | 1,389,513 | Common | SOLE |
| 879369106 | TFX | TELEFLEX INCORPORATED | $14.4M | 0.50% | 118,000 | Common | SOLE |
| G0273J101 | AEXA | AMERICAN EXCEPTIONALISM ACQU | $14.0M | 0.49% | 1,230,000 | Common | SOLE |
| 829933100 | SIRI | SIRIUSXM HOLDINGS INC | $13.9M | 0.48% | 692,775 | Common | SOLE |
| 879433829 | TDS | TELEPHONE & DATA SYS INC | $12.3M | 0.43% | 300,000 | Common | SOLE |
| 910710102 | ACIC | AMERICAN COASTAL INS CORP | $11.9M | 0.41% | 940,500 | Common | SOLE |
| G2616C124 | DSACU | DAEDALUS SPL ACQUISITION COR | $11.4M | 0.40% | 1,132,000 | Common | SOLE |
| 530909308 | LLYVK | LIBERTY LIVE HOLDINGS INC | $11.2M | 0.39% | 134,300 | Common | SOLE |
| 36164V800 | GLIBK | GCI LIBERTY INC | $10.9M | 0.38% | 293,218 | Common | SOLE |
| 83205YAE4 | PENG 2 08/15/30 | PENGUIN SOLUTIONS INC | $10.7M | 0.37% | 10,500,000 | Common | SOLE |
| 05370A108 | RNAGBP | AVIDITY BIOSCIENCES INC | $10.3M | 0.36% | 143,000 | Common | SOLE |
| G6717R104 | OACC | OAKTREE ACQUISITION CORP III | $9.5M | 0.33% | 900,000 | Common | SOLE |
| G9709D125 | VHCPU | VINE HILL CAP INVTS CORP II | $9.5M | 0.33% | 950,000 | Common | SOLE |
| 866683105 | SNCY | SUN CTRY AIRLS HLDGS INC | $9.2M | 0.32% | 640,000 | Common | SOLE |
| 011532108 | AGI | ALAMOS GOLD INC NEW | $7.8M | 0.27% | 203,300 | Common | SOLE |
| 530909100 | LLYVA | LIBERTY LIVE HOLDINGS INC | $5.9M | 0.21% | 72,250 | Common | SOLE |
| G2130T116 | INFQ/WS | CHURCHILL CAP CORP X | $5.9M | 0.20% | 762,500 | Common | SOLE |
| 536797103 | LAD | LITHIA MTRS INC | $5.1M | 0.18% | 15,400 | Common | SOLE |
| 465741AQ9 | ITRI 1.375 07/15/30 | ITRON INC | $5.0M | 0.18% | 5,000,000 | Common | SOLE |
| 008474108 | AEM | AGNICO EAGLE MINES LTD | $4.7M | 0.16% | 27,700 | Common | SOLE |
| 674599105 | OXY | OCCIDENTAL PETE CORP | $4.3M | 0.15% | 104,900 | Common | SOLE |
| 12685JAE5 | CABO 0 03/15/26 | CABLE ONE INC | $3.9M | 0.14% | 4,000,000 | Common | SOLE |
| 26884L109 | EQT | EQT CORP | $3.8M | 0.13% | 71,600 | Common | SOLE |
| 165167735 | EXE | EXPAND ENERGY CORPORATION | $3.8M | 0.13% | 34,500 | Common | SOLE |
| 36164V602 | GLIBA | GCI LIBERTY INC | $3.7M | 0.13% | 99,999 | Common | SOLE |
| G70077105 | PCSC | PERCEPTIVE CAP SOLUTIONS COR | $3.7M | 0.13% | 282,100 | Common | SOLE |
| 75281A109 | RRC | RANGE RES CORP | $3.6M | 0.12% | 101,300 | Common | SOLE |
| 03674X106 | AR | ANTERO RESOURCES CORP | $3.5M | 0.12% | 101,400 | Common | SOLE |
| G1828E100 | CEPF | CANTOR EQUITY PARTNERS IV IN | $3.1M | 0.11% | 300,000 | Common | SOLE |
| 127097103 | CTRA | COTERRA ENERGY INC | $3.0M | 0.11% | 115,400 | Common | SOLE |
| G93Y09107 | — | VINE HILL CAP INVT CORP. | $2.9M | 0.10% | 266,123 | Common | SOLE |
| 205768302 | CRK | COMSTOCK RES INC | $2.8M | 0.10% | 118,900 | Common | SOLE |
| G1828A108 | CAEP | CANTOR EQUITY PARTNERS III I | $2.5M | 0.09% | 250,000 | Common | SOLE |
| 09239BAF6 | BL 1 06/01/29 | BLACKLINE INC | $1.6M | 0.06% | 1,500,000 | Common | SOLE |
| G21301117 | CCIXW | CHURCHILL CAPITAL CORP IX | $389,312 | 0.01% | 440,000 | Common | SOLE |
| 29415V117 | COCHW | ENVOY MEDICAL INC | $2,918 | 0.00% | 75,000 | Common | SOLE |
| 08178Q119 | BENFW | BENEFICIENT | $1,060 | 0.00% | 100,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.