Luminus Management LLC, as investment manager for Luminus Energy Partners Master Fund, Ltd., reported an internal restructuring of Battalion Oil common stock holdings. The filing shows an other-type transaction covering 4,054,458 shares of common stock as part of a broader in-kind distribution.
Footnotes explain that on March 24, 2026, the Master Fund distributed 5,200,000 shares of Battalion Oil common stock in kind to several feeder funds and affiliates, which in turn distributed shares to holders of previously issued illiquid certificates. After these distributions, the Master Fund held 2,096,990 shares, including 1,145,542 segregated shares retained for certificate holders who did not or could not receive their distribution.
The Master Fund keeps voting and disposition power over these segregated shares but has no economic interest in them, holding them for the benefit of those non-returning investors. The filing states that each reporting person disclaims beneficial ownership of the reported shares except to the extent of its or his pecuniary interest.