13F-HR 1 d745967_13f-hr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F Cover Page Report for the Calendar Year or Quarter Ended December 31, 2006 Check here if Amendment: | |; Amendment Number: This Amendment (Check only one): | | is a restatement |_| adds new holding entries. Institutional Manager Filing this Report: Name: Cobalt Capital Management, Inc. Address: 237 Park Avenue, Suite 900 New York, New York 10017 13F File Number: 028-04967 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Wayne Cooperman Title: President Phone: (212) 808-3756 Signature, Place and Date of Signing: /s/ Wayne Cooperman New York, New York February 12, 2007 ----------------------- -------------------------- ---------------------- [Signature] [City, State] [Date] Report Type: (Check only one): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report). [_] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting managers(s).) [_] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: NONE Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 3 Form 13F Information Table Entry Total: 83 Form 13F Information Table Value Total: $1,325,021 (in thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 1. 028-10571 Cobalt Offshore Fund Limited 2. 028-10572 Cobalt Partners, L.P. 3. Cobalt Partners II, L.P. -------------------- ----------------------------- FORM 13F INFORMATION TABLE

COLUMN 1: COLUMN 2: COLUMN 3: COLUMN 4: COLUMN 5: COLUMN 6: COLUMN 7: COLUMN 8: Value SHRS OR Investment Voting Authority Name of Issuer Title of Class CUSIP (x$1000) PRN AMT Discretion Managers Sole Shared None 3M CO COM 88579Y101 15,586 200,000 SHARED 1, 2 15,586 AGRIUM INC COM 008916108 4,724 150,000 SHARED 1, 2 4,724 ALLEGHENY TECHNOLOGIES INC COM 01741R102 29,841 329,084 SHARED 1, 2 29,841 AMERICA MOVIL S A DE C V SPON ADR L SHS 02364W105 30,456 673,500 SHARED 1, 2 30,456 AMERICAN TOWER CORP CL A 029912201 103,163 2,767,249 SHARED 1, 2 103,163 ANADARKO PETE CORP COM 032511107 16,799 386,000 SHARED 1, 2 16,799 ARACRUZ CELULOSE S A SPON ADR PFD B 038496204 2,705 44,200 SHARED 1, 2 2,705 ARAMARK CORP CL B 038521100 1,004 30,000 SHARED 1, 2 1,004 ARBITRON INC COM 03875Q108 8,788 202,300 SHARED 1, 2 8,788 ARCH COAL INC COM 039380100 8,359 278,358 SHARED 1, 2 8,359 ATLAS AMER INC COM 049167109 103,972 2,039,872 SHARED 1, 2 103,972 ATLAS ENERGY RESOURCES LLC COM 049303100 4,874 215,000 SHARED 1, 2 4,874 ATLAS PIPELINE HOLDINGS LP COM UNITS LP 04939R108 4,140 173,300 SHARED 1, 2 4,140 BARNES & NOBLE INC COM 067774109 3,971 100,000 SHARED 1, 2 3,971 BAXTER INTL INC COM 071813109 7,886 170,000 SHARED 1, 2 7,886 BEAZER HOMES USA INC COM 07556Q105 3,526 75,000 SHARED 1, 2 3,526 BED BATH & BEYOND INC COM 075896100 3,810 100,000 SHARED 1, 2 3,810 BLOCKBUSTER INC CL A 093679108 5,050 954,600 SHARED 1, 2 5,050 BURLINGTON NORTHN SANTA FE C COM 12189T104 53,557 725,600 SHARED 1, 2 53,557 CAREMARK RX INC COM 141705103 17,133 300,000 SHARED 1, 2 17,133 CENTEX CORP COM 152312104 19,695 350,000 SHARED 1, 2 19,695 CHARTER COMMUNICATIONS INC D CL A 16117M107 918 300,000 SHARED 1, 2 918 CHENIERE ENERGY INC COM NEW 16411R208 577 20,000 SHARED 1, 2 577 CLEVELAND CLIFFS INC COM 185896107 3,391 70,000 SHARED 1, 2 3,391 CONOCOPHILLIPS COM 20825C104 73,389 1,020,000 SHARED 1, 2 73,389 CONTINENTAL AIRLS INC CL B 210795308 20,264 491,600 SHARED 1, 2 20,264 CORNING INC COM 219350105 9,894 528,800 SHARED 1, 2 9,894 COVENTRY HEALTH CARE INC COM 222862104 5,005 100,000 SHARED 1, 2 5,005 CROWN HOLDINGS INC COM 228368106 49,629 2,372,300 SHARED 1, 2 49,629 D R HORTON INC COM 23331A109 17,086 645,000 SHARED 1, 2 17,086 EAGLE MATERIALS INC COM 26969P108 4,323 100,000 SHARED 1, 2 4,323 ENERGY CONVERSION DEVICES IN COM 292659109 869 25,573 SHARED 1, 2 869 FRANKLIN RES INC COM 354613101 14,697 133,400 SHARED 1, 2 14,697 GAMESTOP CORP NEW CL B 36467W208 7,898 144,227 SHARED 1, 2 7,898 GARMIN LTD ORD G37260109 14,264 256,266 SHARED 1, 2 14,264 GATX CORP COM 361448103 9,585 221,200 SHARED 1, 2 9,585 GLOBALSANTAFE CORP SHS G3930E101 27,921 475,000 SHARED 1, 2 27,921 GULFMARK OFFSHORE INC COM 402629109 2,619 70,000 SHARED 1, 2 2,619 HARRAHS ENTMT INC COM 413619107 1,654 20,000 SHARED 1, 2 1,654 HEALTHWAYS INC COM 422245100 4,070 85,300 SHARED 1, 2 4,070 HORNBECK OFFSHORE SVCS INC N COM 440543106 2,856 80,000 SHARED 1, 2 2,856 INTL PAPER CO COM 460146103 6,820 200,000 SHARED 1, 2 6,820 LENNAR CORP CL A 526057104 15,738 300,000 SHARED 1, 2 15,738 LIBERTY MEDIA HLDG CORP CAP COM SER A 53071M302 9,867 100,700 SHARED 1, 2 9,867 LSI LOGIC CORP COM 502161102 900 100,000 SHARED 1, 2 900 MARTIN MARIETTA MATLS INC COM 573284106 1,496 14,400 SHARED 1, 2 1,496 MEDCO HEALTH SOLUTIONS INC COM 58405U102 4,870 90,000 SHARED 1, 2 4,870 MGIC INVT CORP WIS COM 552848103 3,127 50,000 SHARED 1, 2 3,127 MITTAL STEEL CO N V NY REG SH CL A 60684P101 26,375 625,300 SHARED 1, 2 2,638 MOHAWK INDS INC COM 608190104 505 6,750 SHARED 1, 2 505 MONSANTO CO NEW COM 61166W101 1,057 20,000 SHARED 1, 2 1,057 MOVIE GALLERY INC COM 624581104 2,052 582,976 SHARED 1, 2 2,052 NATIONAL OILWELL VARCO INC COM 637071101 28,161 460,300 SHARED 1, 2 28,161 NAVTEQ CORP COM 63936L100 14,577 416,846 SHARED 1, 2 14,577 NEWS CORP CL A 65248E104 31,009 1,443,600 SHARED 1, 2 31,009 NOBLE CORPORATION SHS G65422100 40,860 536,579 SHARED 1, 2 40,860 NRG ENERGY INC COM NEW 629377508 20,376 363,800 SHARED 1, 2 20,376 NTL INC DEL COM 62941W101 14,222 563,452 SHARED 1, 2 14,222 ORACLE CORP COM 68389X105 11,397 664,920 SHARED 1, 2 11,397 PEABODY ENERGY CORP COM 704549104 1,584 39,186 SHARED 1, 2 1,584 PENTAIR INC COM 709631105 8,902 283,500 SHARED 1, 2 8,902 PHELPS DODGE CORP COM 717265102 17,956 149,981 SHARED 1, 2 17,956 PILGRIMS PRIDE CORP COM 721467108 10,348 351,600 SHARED 1, 2 10,348 PINNACLE AIRL CORP COM 723443107 4,900 290,818 SHARED 1, 2 4,900 PMI GROUP INC COM 69344M101 7,076 150,000 SHARED 1, 2 7,076 PULTE HOMES INC COM 745867101 4,140 125,000 SHARED 1, 2 4,140 QUALCOMM INC COM 747525103 1,134 30,000 SHARED 1, 2 1,134 QUEST DIAGNOSTICS INC COM 74834L100 5,300 100,000 SHARED 1, 2 5,300 RESOURCE AMERICA INC CL A 761195205 23,244 880,447 SHARED 1, 2 23,244 RTI INTL METALS INC COM 74973W107 33,658 430,293 SHARED 1, 2 33,658 SBA COMMUNICATIONS CORP COM 78388J106 19,581 712,037 SHARED 1, 2 19,581 SHIP FINANCE INTERNATIONAL L SHS G81075106 10,264 432,000 SHARED 1, 2 10,264 STEEL DYNAMICS INC COM 858119100 12,353 380,668 SHARED 1, 2 12,353 TITANIUM METALS CORP COM NEW 888339207 4,427 150,000 SHARED 1, 2 4,427 TRANSOCEAN INC ORD G90078109 63,729 787,848 SHARED 1, 2 63,729 UAL CORP COM NEW 902549807 2,574 58,502 SHARED 1, 2 2,574 UNITED TECHNOLOGIES CORP COM 913017109 54,868 877,600 SHARED 1, 2 54,868 VALASSIS COMMUNICATIONS INC COM 918866104 951 65,600 SHARED 1, 2 951 VULCAN MATLS CO COM 929160109 41,784 464,941 SHARED 1, 2 41,784 WARNER CHILCOTT LIMITED COM CL A G9435N108 1,172 84,800 SHARED 1, 2 1,172 WELLPOINT INC COM 94973V107 30,469 387,200 SHARED 1, 2 30,469 XM SATELLITE RADIO HLDGS INC CL A 983759101 2,384 165,000 SHARED 1, 2 2,384 XTO ENERGY INC COM 98385X106 8,940 190,000 SHARED 1, 2 8,940

SK 01181 0005 745967