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SC 13D ·Filed Sep 18, 2026

NFE

New Fortress Energy Inc.
BULLISH
Impact 7/10
Horizonweeks Processed1mo ago SEC0001193125-26-395888
Activist investor acquires 5%+ stake
Actionable Insight ▲ Bullish

SVP's deep involvement as a major creditor-turned-shareholder with board nomination rights suggests active oversight of NFE's restructuring execution. Watch for the nomination of SVP's board candidate and any strategic shifts toward asset sales or further deleveraging. The Registration Rights Agreement paves the way for SVP to monetize its position, which could create near-term overhang.

DirectionBullish
Confidencehigh
Horizonweeks
Latest settled — T+20d
NFE ▼ -64.88% at T+20d
LONG call ✗ call lost -64.88% · α vs SPY -63.97% · entry $10.82 → $3.80
Next anchor: T+60d in 7w
Entry = T+0 close
Sep 18, 2026
via day close
T+1d
-24.68%
call -24.68% · α -24.66%
$8.15
settled 5w ago
T+5d
-40.11%
call -40.11% · α -39.09%
$6.48
settled 5w ago
T+20d
-64.88%
call -64.88% · α -63.97%
$3.80
settled 11d ago
T+60d
Pending
in 7w

Price Chart

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Executive Summary

Strategic Value Partners (SVP), led by Victor Khosla, filed a Schedule 13D disclosing beneficial ownership of 14.7% of New Fortress Energy Inc. (NFE) on a fully-converted basis, comprising 1,318,372 Class A common shares and 385,225 shares of Series A Mandatorily Convertible Preferred Stock. The stake was acquired through a debt-for-equity exchange on September 11, 2026, as part of NFE's restructuring of its debt obligations, with SVP exchanging $564,468,399.13 in aggregate principal amount of debt. SVP may nominate a board nominee under the restructuring support agreement and has entered into a Registration Rights Agreement, signaling potential future monetization.

Key Financial Metrics

Stake
14.7%
Investor
Strategic Value Partners, LLC

Key Facts

  • Strategic Value Partners (SVP) and Victor Khosla now beneficially own 14.7% of NFE on a fully-converted basis (19,208,710 shares of Class A common equivalent).
  • The stake was acquired via a debt-for-equity exchange on September 11, 2026, where $564,468,399.13 in debt held by SVP affiliates was exchanged for 1,318,372 common shares and 305,225 preferred shares.
  • SVP subsequently purchased an additional 80,000 preferred shares on the open market between September 14-18, 2026, at prices between $490.00 and $505.00 per share.
  • Each preferred share converts into 46.441271 common shares on the third anniversary of issuance, with voting rights on an as-converted basis.
  • SVP has the right to nominate a board nominee under the restructuring support agreement.
  • A Registration Rights Agreement was signed requiring NFE to file a shelf registration statement within 10 business days, enabling future resale of the securities.

Financial Impact

SVP exchanged $564.5M in debt principal for a 14.7% fully-diluted equity stake. The open-market purchases of 80,000 preferred shares cost approximately $40.2M at average prices.

ownershipcapital structuredilution

Risk Factors

  • Potential overhang from SVP's eventual sale of registered shares under the shelf registration.
  • NFE's high leverage and restructuring complexity may limit operational flexibility.
  • Conversion of preferred shares in three years will significantly dilute common shareholders.

Investment Themes

Traditional Energy

Documents Analyzed

This report is based on 5 SEC documents filed with EDGAR.

DocumentAccession Number
SC 13D Filing (Primary)0001193125-26-395888
Document: zd-ex99_1.htm0001193125-26-395888
Document: 0001193125-26-395888-index-headers.html0001193125-26-395888
Document: 0001193125-26-395888-index.html0001193125-26-395888
Document: 0001193125-26-395888.txt0001193125-26-395888
14 reports for NFE
Performance horizon
50% Hit rate @ T+5 2 of 4 directional calls Went positive at some point 2 of 4 best @ T+5▲ +28.11%Oct 5, 2026
Filters
Rows
Reports for NFE — sortable, filterable
TypeNow
Oct 14, 2026
13d ago
SC 13D/A
BEARISH ★ 6/10
$3.98 $3.76▲ +5.53%▲ +5.98%$3.54 (+11.06%)
Oct 7, 2026
20d ago
SC 13G
NEUTRAL ★ 4/10
$4.32 $4.18▼ −3.24%▼ −2.96%$3.54 (−18.06%)
Oct 7, 2026
20d ago
SC 13G
NEUTRAL ★ 4/10
$4.96 $3.98▼ −19.68%▼ −18.70%$3.54 (−28.56%)
Oct 6, 2026
20d ago
SC 13G
NEUTRAL ★ 4/10
$4.96 $3.98▼ −19.68%▼ −18.70%$3.54 (−28.56%)
Oct 5, 2026
22d ago
8-K
BEARISH ★ 6/10
$5.87 $4.22▲ +28.11%▲ +28.53%$3.54 (+39.69%)
Oct 1, 2026
26d ago
3
NEUTRAL ★ 4/10
$6.57 $4.35▼ −33.79%▼ −34.95%$3.54 (−46.12%)
Sep 23, 2026
4w ago
3
NEUTRAL ★ 1/10
$6.40 $6.27▼ −2.03%▼ −1.36%$3.54 (−44.69%)
Sep 18, 2026
5w ago
SC 13D
BULLISH ★ 7/10
$10.82 $6.48▼ −40.11%▼ −39.09%$3.54 (−67.28%)
Sep 15, 2026
5w ago
SC 13D/A
BULLISH ★ 7/10
$12.51 $6.40▼ −48.84%▼ −50.67%$3.54 (−71.70%)
Jun 25, 2026
17w ago
8-K
BEARISH ★ 7/10
$0.3359 $0.3781▼ −12.56%▼ −9.51%$3.54 (−953.89%)
Showing 10 of 14

US Market Status

Market Closed — Opens Wed (< 1m)

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Report published Sep 18, 2026