KING STREET CAPITAL MANAGEMENT, L.P. Hedge Fund

CIK: 0001218199 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $724,349 (84.3% shares, 15.7% debt)

Holdings (12)

New Positions (2)

LPLA LPL FINL HLDGS INC 5.1%

Value ($000) $37,146 Shares 104,000 Est. Cost $353.69 Unrealized 0.0%

Value ($000) $15,586 Shares 87,000 Est. Cost $171.01 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LPLA	LPL FINL HLDGS INC	104,000	$37,146	5.1%	$353.69	0.0%	COM	50212V100
RH	RH	87,000	$15,586	2.2%	$171.01	0.0%	COM	74967X103

Increased Positions (6)

SGRY SURGERY PARTNERS INC 21.8%

Value ($000) $158,049 (-21.8%) Shares 10,229,730 (+9.5%) Est. Cost $23.79 Unrealized -22.8%

AGNC AGNC INVT CORP 4.8%

Value ($000) $34,851 (+168.7%) Shares 3,251,000 (+145.4%) Est. Cost $10.34 Unrealized —

NLY ANNALY CAPITAL MANAGEMENT IN 4.4%

Value ($000) $31,890 (+163.0%) Shares 1,426,225 (+137.7%) Est. Cost $21.46 Unrealized —

BA BOEING CO 19.9%

Value ($000) $144,168 (+14.4%) Shares 664,000 (+13.7%) Est. Cost $169.12 Unrealized +21.6%

OPTU OPTIMUM COMMUNICATIONS INC 1.8%

Value ($000) $13,253 (+36.2%) Shares 8,032,126 (+98.9%) Est. Cost $2.25 Unrealized -9.4%

UWMC UWM HOLDINGS CORPORATION 2.8%

Value ($000) $20,122 (+18.0%) Shares 4,594,000 (+64.1%) Est. Cost $5.30 Unrealized +1.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SGRY	SURGERY PARTNERS INC	10,229,730 (+9.5%)	$158,049 (-21.8%)	21.8%	$23.79	-22.8%	COM	86881A100
AGNC	AGNC INVT CORP	3,251,000 (+145.4%)	$34,851 (+168.7%)	4.8%	$10.34	—	COM	00123Q104
NLY	ANNALY CAPITAL MANAGEMENT IN	1,426,225 (+137.7%)	$31,890 (+163.0%)	4.4%	$21.46	—	COM NEW	035710839
BA	BOEING CO	664,000 (+13.7%)	$144,168 (+14.4%)	19.9%	$169.12	+21.6%	COM	097023105
OPTU	OPTIMUM COMMUNICATIONS INC	8,032,126 (+98.9%)	$13,253 (+36.2%)	1.8%	$2.25	-9.4%	CL A	02156K103
UWMC	UWM HOLDINGS CORPORATION	4,594,000 (+64.1%)	$20,122 (+18.0%)	2.8%	$5.30	+1.6%	COM CL A	91823B109

Exited Positions (8)

HYG ISHARES TR 106.5%

Value ($000) $771,305 Shares 9,500,000 Est. Cost — Unrealized —

LQD ISHARES TR 100.0%

Value ($000) $724,555 Shares 6,500,000 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 15.5%

Value ($000) $111,948 Shares 600,000 Est. Cost — Unrealized —

SLG SL GREEN RLTY CORP 3.7%

Value ($000) $26,934 Shares 450,330 Est. Cost $59.81 Unrealized —

KRE SPDR SERIES TRUST 2.4%

Value ($000) $17,408 Shares 275,000 Est. Cost $63.30 Unrealized —

VNO VORNADO RLTY TR 1.6%

Value ($000) $11,911 Shares 293,879 Est. Cost $40.53 Unrealized —

AVAH AVEANNA HEALTHCARE HLDGS INC 1.6%

Value ($000) $11,407 Shares 1,286,000 Est. Cost $1.45 Unrealized +523.1%

VLY VALLEY NATL BANCORP 1.0%

Value ($000) $7,420 Shares 700,000 Est. Cost $9.99 Unrealized +11.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	9,500,000	$771,305	106.5%	—	—	PUT	464288513
LQD	ISHARES TR	6,500,000	$724,555	100.0%	—	—	PUT	464287242
NVDA	NVIDIA CORPORATION	600,000	$111,948	15.5%	—	—	PUT	67066G104
SLG	SL GREEN RLTY CORP	450,330	$26,934	3.7%	$59.81	—	—	78440X887
KRE	SPDR SERIES TRUST	275,000	$17,408	2.4%	$63.30	—	—	78464A698
VNO	VORNADO RLTY TR	293,879	$11,911	1.6%	$40.53	—	—	929042109
AVAH	AVEANNA HEALTHCARE HLDGS INC	1,286,000	$11,407	1.6%	$1.45	+523.1%	—	05356F105
VLY	VALLEY NATL BANCORP	700,000	$7,420	1.0%	$9.99	+11.1%	—	919794107

Decreased Positions (1)

UNIT UNITI GROUP LLC 2.4%

Value ($000) $17,513 (-36.3%) Shares 2,498,226 (-44.4%) Est. Cost $7.16 Unrealized -11.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UNIT	UNITI GROUP LLC	2,498,226 (-44.4%)	$17,513 (-36.3%)	2.4%	$7.16	-11.5%	COM SHS	912932100

Unchanged Positions (3)

ALLY ALLY FINL INC 2.7%

Value ($000) $19,860 Shares 438,500 Est. Cost $39.39 Unrealized +3.6%

— PG&E CORP 15.7%

Value ($000) $113,533 Shares 110,000,000 Est. Cost $1.07 Unrealized —

— BOEING CO 16.3%

Value ($000) $118,379 Shares 1,706,000 Est. Cost $61.09 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALLY	ALLY FINL INC	438,500	$19,860	2.7%	$39.39	+3.6%	COM	02005N100
—	PG&E CORP	110,000,000	$113,533	15.7%	$1.07	—	NOTE 4.250%12/0	69331CAL2
—	BOEING CO	1,706,000	$118,379	16.3%	$61.09	—	DEP CONV PFD A	097023204