CONTRARIAN CAPITAL MANAGEMENT, L.L.C. Diversified Active

CIK: 0001050417 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $379,671 (100.0% shares, 0.0% debt)

Holdings (24)

New Positions (3)

RJET REPUBLIC AWYS HLDGS INC 21.5%

Value ($000) $81,677 Shares 4,446,210 Est. Cost $20.80 Unrealized 0.0%

AERO GRUPO AEROMEXICO SAB DE CV 3.9%

Value ($000) $14,740 Shares 671,207 Est. Cost $21.96 Unrealized —

WY WEYERHAEUSER CO MTN BE 0.5%

Value ($000) $1,801 Shares 76,019 Est. Cost $22.99 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RJET	REPUBLIC AWYS HLDGS INC	4,446,210	$81,677	21.5%	$20.80	0.0%	COM SHS	590479408
AERO	GRUPO AEROMEXICO SAB DE CV	671,207	$14,740	3.9%	$21.96	—	SPONSORED ADS	40054J109
WY	WEYERHAEUSER CO MTN BE	76,019	$1,801	0.5%	$22.99	0.0%	COM NEW	962166104

Increased Positions (3)

BABA ALIBABA GROUP HLDG LTD 6.4%

Value ($000) $24,301 (-5.4%) Shares 165,787 (+15.3%) Est. Cost $174.46 Unrealized —

AMBP ARDAGH METAL PACKAGING S A 0.4%

Value ($000) $1,696 (+347.5%) Shares 413,706 (+335.5%) Est. Cost $3.68 Unrealized +3.0%

VNOM VIPER ENERGY INC 0.4%

Value ($000) $1,642 (+33.8%) Shares 42,516 (+32.4%) Est. Cost $38.04 Unrealized -0.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BABA	ALIBABA GROUP HLDG LTD	165,787 (+15.3%)	$24,301 (-5.4%)	6.4%	$174.46	—	SPONSORED ADS	01609W102
AMBP	ARDAGH METAL PACKAGING S A	413,706 (+335.5%)	$1,696 (+347.5%)	0.4%	$3.68	+3.0%	SHS	L02235106
VNOM	VIPER ENERGY INC	42,516 (+32.4%)	$1,642 (+33.8%)	0.4%	$38.04	-0.5%	CL A	64361Q101

Exited Positions (15)

BUR BURFORD CAP LTD 12.7%

Value ($000) $48,378 Shares 4,044,998 Est. Cost $13.73 Unrealized -28.7%

VALE VALE S A 10.2%

Value ($000) $38,566 Shares 3,551,171 Est. Cost $10.61 Unrealized —

— LITHIUM ARGENTINA AG 3.8%

Value ($000) $14,280 Shares 16,000,000 Est. Cost $0.78 Unrealized —

ASTL ALGOMA STL GROUP INC 1.9%

Value ($000) $7,244 Shares 2,037,686 Est. Cost $9.52 Unrealized -58.1%

BV BRIGHTVIEW HLDGS INC 0.7%

Value ($000) $2,640 Shares 197,000 Est. Cost $7.91 Unrealized +60.4%

PBI PITNEY BOWES INC 0.5%

Value ($000) $1,814 Shares 159,000 Est. Cost $4.41 Unrealized +134.9%

NATL NCR ATLEOS CORPORATION 0.3%

Value ($000) $1,120 Shares 28,500 Est. Cost $25.36 Unrealized +47.9%

PRKS UNITED PARKS & RESORTS INC 0.3%

Value ($000) $1,112 Shares 21,500 Est. Cost $52.84 Unrealized -21.4%

VYX NCR VOYIX CORPORATION 0.2%

Value ($000) $602 Shares 48,000 Est. Cost $16.28 Unrealized -33.3%

UNFI UNITED NAT FOODS INC 0.1%

Value ($000) $545 Shares 14,500 Est. Cost $27.42 Unrealized +35.6%

SKIL SKILLSOFT CORP 0.1%

Value ($000) $540 Shares 41,500 Est. Cost $13.17 Unrealized -15.4%

MBC MASTERBRAND INC 0.1%

Value ($000) $435 Shares 33,000 Est. Cost $15.68 Unrealized -25.3%

SABR SABRE CORP 0.1%

Value ($000) $412 Shares 225,000 Est. Cost $3.13 Unrealized -45.0%

MAT MATTEL INC 0.1%

Value ($000) $370 Shares 22,000 Est. Cost $18.61 Unrealized +3.8%

HSIC HENRY SCHEIN INC 0.1%

Value ($000) $332 Shares 5,000 Est. Cost $69.22 Unrealized +1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BUR	BURFORD CAP LTD	4,044,998	$48,378	12.7%	$13.73	-28.7%	—	G17977110
VALE	VALE S A	3,551,171	$38,566	10.2%	$10.61	—	—	91912E105
—	LITHIUM ARGENTINA AG	16,000,000	$14,280	3.8%	$0.78	—	—	53680QAA6
ASTL	ALGOMA STL GROUP INC	2,037,686	$7,244	1.9%	$9.52	-58.1%	—	015658107
BV	BRIGHTVIEW HLDGS INC	197,000	$2,640	0.7%	$7.91	+60.4%	—	10948C107
PBI	PITNEY BOWES INC	159,000	$1,814	0.5%	$4.41	+134.9%	—	724479100
NATL	NCR ATLEOS CORPORATION	28,500	$1,120	0.3%	$25.36	+47.9%	—	63001N106
PRKS	UNITED PARKS & RESORTS INC	21,500	$1,112	0.3%	$52.84	-21.4%	—	81282V100
VYX	NCR VOYIX CORPORATION	48,000	$602	0.2%	$16.28	-33.3%	—	62886E108
UNFI	UNITED NAT FOODS INC	14,500	$545	0.1%	$27.42	+35.6%	—	911163103
SKIL	SKILLSOFT CORP	41,500	$540	0.1%	$13.17	-15.4%	—	83066P309
MBC	MASTERBRAND INC	33,000	$435	0.1%	$15.68	-25.3%	—	57638P104
SABR	SABRE CORP	225,000	$412	0.1%	$3.13	-45.0%	—	78573M104
MAT	MATTEL INC	22,000	$370	0.1%	$18.61	+3.8%	—	577081102
HSIC	HENRY SCHEIN INC	5,000	$332	0.1%	$69.22	+1.7%	—	806407102

Decreased Positions (6)

CNR CORE NATURAL RESOURCES INC 0.7%

Value ($000) $2,794 (-84.7%) Shares 31,567 (-85.6%) Est. Cost $84.05 Unrealized +1.3%

EEX EMERALD HOLDING INC 0.1%

Value ($000) $416 (-90.7%) Shares 93,118 (-89.4%) Est. Cost $3.93 Unrealized +9.2%

ADV ADVANTAGE SOLUTIONS INC 0.2%

Value ($000) $880 (-66.2%) Shares 1,000,000 (-41.2%) Est. Cost $2.38 Unrealized -51.4%

CCO CLEAR CHANNEL OUTDOOR HLDGS 1.4%

Value ($000) $5,198 (+30.4%) Shares 2,351,871 (-6.7%) Est. Cost $2.71 Unrealized -31.5%

CZR CAESARS ENTERTAINMENT INC NE 0.8%

Value ($000) $2,924 (-25.6%) Shares 125,000 (-14.1%) Est. Cost $35.63 Unrealized -36.9%

UNIT UNITI GROUP LLC 0.8%

Value ($000) $3,111 (+11.8%) Shares 443,810 (-2.4%) Est. Cost $7.16 Unrealized -11.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNR	CORE NATURAL RESOURCES INC	31,567 (-85.6%)	$2,794 (-84.7%)	0.7%	$84.05	+1.3%	COM SHS	218937100
EEX	EMERALD HOLDING INC	93,118 (-89.4%)	$416 (-90.7%)	0.1%	$3.93	+9.2%	COM	29103W104
ADV	ADVANTAGE SOLUTIONS INC	1,000,000 (-41.2%)	$880 (-66.2%)	0.2%	$2.38	-51.4%	COM CL A	00791N102
CCO	CLEAR CHANNEL OUTDOOR HLDGS	2,351,871 (-6.7%)	$5,198 (+30.4%)	1.4%	$2.71	-31.5%	COM	18453H106
CZR	CAESARS ENTERTAINMENT INC NE	125,000 (-14.1%)	$2,924 (-25.6%)	0.8%	$35.63	-36.9%	COM	12769G100
UNIT	UNITI GROUP LLC	443,810 (-2.4%)	$3,111 (+11.8%)	0.8%	$7.16	-11.5%	COM SHS	912932100

Unchanged Positions (12)

GGB GERDAU SA 18.5%

Value ($000) $70,365 Shares 19,069,112 Est. Cost $3.70 Unrealized —

HSBC HSBC HLDGS PLC 26.2%

Value ($000) $99,569 Shares 1,265,656 Est. Cost $55.91 Unrealized —

TX TERNIUM SA 10.0%

Value ($000) $37,900 Shares 992,413 Est. Cost $32.40 Unrealized —

CNTY CENTURY CASINOS INC 0.3%

Value ($000) $1,183 Shares 889,144 Est. Cost $10.24 Unrealized -82.6%

M MACYS INC 1.2%

Value ($000) $4,410 Shares 200,000 Est. Cost $12.86 Unrealized +59.2%

NCMI NATIONAL CINEMEDIA INC 0.8%

Value ($000) $2,878 Shares 739,899 Est. Cost $3.96 Unrealized +4.5%

PCG PG&E CORP 0.8%

Value ($000) $3,214 Shares 200,000 Est. Cost $16.38 Unrealized -2.8%

CLF CLEVELAND-CLIFFS INC NEW 0.4%

Value ($000) $1,527 Shares 115,000 Est. Cost $13.58 Unrealized -7.0%

BIDU BAIDU INC 3.5%

Value ($000) $13,345 Shares 102,139 Est. Cost $131.77 Unrealized —

WW WW INTL INC 0.2%

Value ($000) $821 Shares 28,091 Est. Cost $34.35 Unrealized -18.6%

VAL VALARIS LTD 0.4%

Value ($000) $1,584 Shares 31,434 Est. Cost $48.72 Unrealized +10.2%

NE NOBLE CORP PLC 0.4%

Value ($000) $1,694 Shares 60,000 Est. Cost $34.58 Unrealized -15.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GGB	GERDAU SA	19,069,112	$70,365	18.5%	$3.70	—	SPON ADR REP PFD	373737105
HSBC	HSBC HLDGS PLC	1,265,656	$99,569	26.2%	$55.91	—	SPON ADR NEW	404280406
TX	TERNIUM SA	992,413	$37,900	10.0%	$32.40	—	SPONSORED ADS	880890108
CNTY	CENTURY CASINOS INC	889,144	$1,183	0.3%	$10.24	-82.6%	COM	156492100
M	MACYS INC	200,000	$4,410	1.2%	$12.86	+59.2%	COM	55616P104
NCMI	NATIONAL CINEMEDIA INC	739,899	$2,878	0.8%	$3.96	+4.5%	COM NEW	635309206
PCG	PG&E CORP	200,000	$3,214	0.8%	$16.38	-2.8%	COM	69331C108
CLF	CLEVELAND-CLIFFS INC NEW	115,000	$1,527	0.4%	$13.58	-7.0%	COM	185899101
BIDU	BAIDU INC	102,139	$13,345	3.5%	$131.77	—	SPON ADR REP A	056752108
WW	WW INTL INC	28,091	$821	0.2%	$34.35	-18.6%	COM NEW	98262P200
VAL	VALARIS LTD	31,434	$1,584	0.4%	$48.72	+10.2%	CL A	G9460G101
NE	NOBLE CORP PLC	60,000	$1,694	0.4%	$34.58	-15.5%	ORD SHS A	G65431127