Cobalt Capital Exits Alaska Air Group Stake, According to Recent SEC Filing
Key Points
Cobalt Capital Management sold all 260,000 shares of Alaska Air Group; estimated transaction value of $12.53 million based on average closing prices in the quarter
Quarter-end position value decreased by $13.08 million, reflecting both share sale and share price movement
Estimated transaction accounted for 7.02% of Cobalt Capital Management’s 13F reportable assets under management
No remaining shares after the sale; post-trade value is $0
The Alaska Air Group position previously represented 5.8% of the fund’s AUM as of the prior quarter
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What happened
According to a filing with the U.S. Securities and Exchange Commission dated May 14, 2026, Cobalt Capital Management sold its entire stake of 260,000 shares in Alaska Air Group (NYSE:ALK) during the first quarter. The quarter-end position value dropped by $13.08 million, reflecting both the transaction and share price fluctuations.
What else to know
Cobalt Capital Management fully exited Alaska Air Group.
Top holdings after the filing:
- NYSEMKT:GLD: $21.51 million (12.0% of AUM)
- NASDAQ:HON: $19.21 million (10.8% of AUM)
As of May 14, 2026, shares of Alaska Air Group were priced at $38.16, down 29.5% over the past year, underperforming the S&P 500 by 56.84 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $14.40 billion |
| Net Income (TTM) | $73.00 million |
| Market Capitalization | $4.87 billion |
| Price (as of market close 2026-05-14) | $38.16 |
Company Snapshot
Alaska Air Group is a leading North American airline with a diversified network serving both passenger and cargo markets. The company leverages operational scale and regional partnerships to maintain competitive service offerings and route flexibility.
The company provides passenger and cargo air transportation services across approximately 120 destinations in North America, operating through Mainline, Regional, and Horizon segments. It generates revenue from passenger and cargo air transportation services, operating through Mainline, Regional, and Horizon segments.
Alaska Air Group serves passenger and cargo clients across approximately 120 destinations throughout North America.
What this transaction means for investors
Alaska Air Group aims to strengthen its revenue base through the Hawaiian Airlines acquisition, despite ongoing pressure from jet fuel price volatility. The combined company, now including Alaska Airlines, Hawaiian Airlines, and Horizon Air, is positioned to grow premium, loyalty, corporate, and international revenue.
First-quarter results reflected this transition. The company’s revenue reached approximately $3.3 billion, with premium revenue up 8%, loyalty cash remuneration up 12%, and managed corporate revenue up 19%. These categories reduce Alaska’s reliance on basic seat volume. However, the company reported a $193 million GAAP net loss and suspended full-year guidance due to unpredictable fuel prices.
Investors will closely monitor whether this expanded network can deliver sustainable revenue gains that are not offset by fuel and integration costs. The Hawaiian integration can help the airline expand beyond its old footprint, but the benefits need to show up after fuel, labor, and integration costs. Premium cabins, loyalty revenue, corporate travel, and early long-haul routes give Alaska more ways to improve the business, but the clearest signal will be earnings visibility returning while those higher-quality revenue streams keep growing.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Honeywell International. The Motley Fool recommends Alaska Air Group. The Motley Fool has a disclosure policy.
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