Cobalt Capital Management: Significant Portfolio Shifts in Q2 2026

Cobalt Capital Management, Inc., as of June 30, 2026, exhibited substantial changes in its portfolio holdings during the most recent quarter. The firm's activities reflect a dynamic approach to managing its investments.

Prominent Purchases Observed This Quarter

Cobalt Capital Management demonstrated significant buying activity, notably increasing positions in several key sectors:

• Financial Services: The firm significantly boosted its stake in Blackstone Inc. (BX). This was the most pronounced purchase, with Cobalt adding over 100,000 shares.
• Energy: Expand Energy Corporation (CHK) saw a substantial increase in holdings by Cobalt Capital Management. The change represented an approximately 89% jump in shares.
• Healthcare: Cobalt significantly increased its position in FTAi Aviation Ltd. (FTAI) and Diamedica Therapeutics Inc. (DMAC). Both acquisitions showed a 100% increase in shares held by Cobalt.
• Consumer Cyclical: Crown Holdings Inc. (CCK) and Caesars Entertainment Inc NE (CZR) also experienced notable additions to their holdings by Cobalt Capital Management.
• Industrials: Cobalt increased its stake in Vistara Corp. (VST) and also added a position to Global Payments Inc. (GPN).
• Healthcare (continued): The firm also purchased shares of MGM Resorts International (MGM) and Apollo Global Mgmt Inc. (APO).
• Financial Services (continued): Blue Owl Capital Corporation (OBDC) was added to Cobalt's portfolio.

Notable Sales and Reductions in Holdings

In contrast, Cobalt Capital Management also showed significant selling activity during the quarter:

• Technology: Micron Technology Inc. (MU) experienced a substantial reduction in Cobalt's holdings, with shares decreasing by approximately 60%.
• Industrials: United Airlines Holdings Inc. (UAL) saw a significant sell-off by Cobalt, resulting in an almost -53% change.
• Financial Services: Rocket Cos Inc. (RKT) and Apollo Global Mgmt Inc. (APO) both showed large decreases in Cobalt's positions.
• Healthcare: Brookdale Senior Living Inc. (BKD) was significantly reduced, with shares falling by approximately -80% in Cobalt's portfolio.
• Healthcare (continued): The firm also sold a large portion of its holdings in Apolo Global Mgmt Inc. (APO).

Overall Portfolio Changes and Insights

The observed changes indicate a strategic rebalancing by Cobalt Capital Management this quarter. The firm simultaneously increased its exposure to sectors like Financial Services, Energy, Healthcare (aviation), Consumer Cyclical, and Industrials while reducing positions in Technology and other Industrials.

These actions suggest a potential rotation towards growth-oriented or cyclical sectors that showed improvement (CHK, FTAI) and a reduction in exposure to declining or overvalued sectors like Technology (MU). The significant increase in Blackstone Inc. (BX) points towards interest in the alternative asset management space.

Furthermore, Cobalt Capital Management added several smaller positions including Vistara Corp. (VST), MGM Resorts International (MGM), and Diamedica Therapeutics Inc. (DMAC). The reduction in holdings like United Airlines Holdings Inc. (UAL) and Apolo Global Mgmt Inc. (APO) indicates a clear exit strategy from certain areas.

For more detailed information on Cobalt Capital Management's portfolio holdings as of June 30, 2026, please refer to the official filing. You can explore their investment profile further at Cobalt Capital Management Inc.