KING STREET CAPITAL MANAGEMENT, L.P.

Hedge Fund • Distressed

KING STREET CAPITAL MANAGEMENT, L.P. is a Distressed Hedge Fund based in New York, NY led by Ricardo Nmn Marano, reporting $32.3B in AUM as of Q3 2025 with 43% Healthcare concentration, 94% concentrated in top 10 holdings, and 40% allocation to SGRY.

Managing PartnerRicardo Nmn Marano

Portfolio Value: $499.9M
Positions: 13
Top Holding: SGRY at 40.43%
Last Reported: Q3 2025

Address299 Park Avenue, 40th Floor, New York, NY, 10171, United States

Top Holdings

Largest long holdings in KING STREET CAPITAL MANAGEMENT, L.P.'s portfolio (94.3% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Surgery Partners, Inc. SGRY	Medical - Care Facilities Healthcare	$202.1M	40.43%	+$67.4M Bought	7.28% 9.3M shares	Q3 2024 Held for 1y 2m
2 Boeing BA	Aerospace & Defense Industrials	$126.0M	25.21%	-$35.8M Sold	0.08% 584.0K shares	Q4 2024 Held for 11 months
3 Uniti Group Inc. UNIT	REIT - Specialty Real Estate	$27.5M	5.50%	-$9.2M Sold	1.82% 4.5M shares	Q3 2024 Held for 1y 2m
4 SL Green Realty SLG	REIT - Office Real Estate	$26.9M	5.39%	+$26.9M Bought	0.63% 450.3K shares	Q3 2025 Held for 2 months
5 SPDR S&P Regional Banking KRE	ETF ETF	$17.4M	3.48%	+$17.4M New	— 275.0K shares	Q3 2025 Held for 2 months
6 Ally Financial ALLY	Financial - Credit Services Financial Services	$17.3M	3.46%	+$17.3M Bought	0.14% 441.0K shares	Q3 2025 Held for 2 months
7 UWM Holdings UWMC	Financial - Mortgages Financial Services	$17.1M	3.41%	+$17.1M Bought	1.28% 2.8M shares	Q3 2025 Held for 2 months
8 AGNC Investment Corp. AGNC	REIT - Mortgage Real Estate	$13.0M	2.59%	+$13.0M Bought	0.13% 1.3M shares	Q3 2025 Held for 2 months
9 Annaly Capital Management NLY	REIT - Mortgage Real Estate	$12.1M	2.43%	+$12.1M Bought	0.09% 600.0K shares	Q3 2025 Held for 2 months
10 Vornado Realty VNO	REIT - Office Real Estate	$11.9M	2.38%	+$11.9M Bought	0.15% 293.9K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in KING STREET CAPITAL MANAGEMENT, L.P.'s latest filing

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Market Value

$499.9M

Prior: $370.7M

Q/Q Change

+34.85%

+$129.2M

Net Flows % of MV

-1.45%

Turnover Ratio

29.98%

New Purchases

2 stocks

$24.8M

Added To

1 stocks

+$67.4M

Sold Out Of

3 stocks

$25.5M

Reduced Holdings

3 stocks

-$74.0M

Increased Positions

Position	Shares Δ	Change
1 SPDR S&P Regional Banking KRE	New	0 → 275.0K +$17.4M
2 Valley National Bank VLY	New	0 → 700.0K +$7.4M
3 Surgery Partners, Inc. SGRY	+50.04%	6.2M → 9.3M +$67.4M

Decreased Positions

Position	Shares Δ	Change
1 Anywhere Real Estate HOUS	Sold	4.8M → 0 −$17.4M
2 Ardagh Metal Packaging AMBP	Sold	1.8M → 0 −$7.5M
3 Leslie's, Inc. LESL	Sold	75.0K → 0 −$629.9K
4 Aveanna Healthcare Holdings Inc. AVAH	-71.74%	4.6M → 1.3M −$29.0M
5 Uniti Group Inc. UNIT	-25.14%	6.0M → 4.5M −$9.2M