13F-HR 1 d936930_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 September 30, 2008 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 November 14, 2008 ----------------------- -------------------------- ---------------------- [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: 55 Form 13F Information Table Value Total: $1,319,391 (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. 028-12326 Cobalt Partners II, L.P. ----------------------- ------------------------------------ FORM 13F INFORMATION TABLE

TITLE OF VALUE SHARES/ SH/ PUT/ INVESTMENT OTHR VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MGRS SOLE SHARED NONE AK STL HLDG CORP COM 001547108 26,187 1,010,300 SH SHARED-DEFINED 1,2,3 1,010,300 ALPHA NATURAL RESOURCES INC COM 02076X102 2,214 43,042 SH SHARED-DEFINED 1,2,3 43,042 AMERICAN TOWER CORP CL A 029912201 52,848 1,469,211 SH SHARED-DEFINED 1,2,3 1,469,211 ANADARKO PETE CORP COM 032511107 41,331 852,000 SH SHARED-DEFINED 1,2,3 852,000 ATLAS AMER INC COM 049167109 152,970 4,484,598 SH SHARED-DEFINED 1,2,3 4,484,598 ATLAS ENERGY RESOURCES LLC COM 049303100 122,165 4,735,085 SH SHARED-DEFINED 1,2,3 4,735,085 ATLAS PIPELINE HOLDINGS LP COM UNITS LP 04939R108 8,707 365,494 SH SHARED-DEFINED 1,2,3 356,494 BANK OF AMERICA CORPORATION COM 060505104 2,100 60,000 SH SHARED-DEFINED 1,2,3 60,000 CABOT OIL & GAS CORP COM 127097103 28,566 790,437 SH SHARED-DEFINED 1,2,3 790,437 CENTEX CORP COM 152312104 6,237 385,000 SH SHARED-DEFINED 1,2,3 385,000 CENTURY ALUM CO COM 156431108 36,414 1,315,042 SH SHARED-DEFINED 1,2,3 1,315,042 CF INDS HLDGS INC COM 125269100 49,980 546,470 SH SHARED-DEFINED 1,2,3 546,470 COMPANHIA VALE DO RIO DOCE SPON ADR PFD 204412100 36,348 2,053,580 SH SHARED-DEFINED 1,2,3 2,053,580 COMMSCOPE INC COM 203372107 11,584 334,400 SH SHARED-DEFINED 1,2,3 334,400 CONSOL ENERGY INC COM 20854P109 4,589 100,000 SH SHARED-DEFINED 1,2,3 100,000 CROWN HOLDINGS INC COM 228368106 1,325 59,639 SH SHARED-DEFINED 1,2,3 59,639 CSX CORP COM 126408103 49,167 900,981 SH SHARED-DEFINED 1,2,3 900,981 DELTA AIR LINES INC DEL COM NEW 247361702 18,281 2,453,827 SH SHARED-DEFINED 1,2,3 2,453,827 DINEEQUITY INC COM 254423106 3,972 235,600 SH SHARED-DEFINED 1,2,3 235,600 EBAY INC COM 278642103 11,190 500,000 SH SHARED-DEFINED 1,2,3 500,000 EOG RES INC COM 26875P101 7,783 87,000 SH SHARED-DEFINED 1,2,3 87,000 FRONTIER OIL CORP COM 35914P105 8,289 450,000 SH SHARED-DEFINED 1,2,3 450,000 GATX CORP COM 361448103 8,409 212,500 SH SHARED-DEFINED 1,2,3 212,500 GENWORTH FINL INC COM CL A 37247D106 861 100,000 SH SHARED-DEFINED 1,2,3 100,000 GRAFTECH INTL LTD COM 384313102 50,906 3,369,027 SH SHARED-DEFINED 1,2,3 3,369,027 HILB ROGAL & HOBBS CO COM 431294107 3,739 80,000 SH SHARED-DEFINED 1,2,3 80,000 HORSEHEAD HLDG CORP COM 440694305 13,955 2,365,239 SH SHARED-DEFINED 1,2,3 2,365,239 INTL PAPER CO COM 460146103 2,618 100,000 SH SHARED-DEFINED 1,2,3 100,000 INTREPID POTASH INC COM 46121Y102 5,510 182,820 SH SHARED-DEFINED 1,2,3 182,820 ISHARES TR RUSSELL 2000 464287655 6,607 97,167 SH SHARED-DEFINED 1,2,3 97,167 JOY GLOBAL INC COM 481165108 8,115 179,776 SH SHARED-DEFINED 1,2,3 179,776 JPMORGAN & CHASE & CO COM 46625H100 15,645 335,000 SH SHARED-DEFINED 1,2,3 335,000 LENNAR CORP CL A 526057104 2,430 160,000 SH SHARED-DEFINED 1,2,3 160,000 LOWES COS INC COM 548661107 4,738 200,000 SH SHARED-DEFINED 1,2,3 200,000 MARRIOTT INTL INC NEW CL A 571903202 2,609 100,000 SH SHARED-DEFINED 1,2,3 100,000 MEMC ELECTR MATLS INC COM 552715104 5,652 200,000 SH SHARED-DEFINED 1,2,3 200,000 MERRILL LYNCH & CO INC COM 590188108 18,191 719,000 SH SHARED-DEFINED 1,2,3 719,000 MOHAWK INDS INC COM 608190104 7,379 109,500 SH SHARED-DEFINED 1,2,3 109,500 NATIONAL OILWELL VARCO INC COM 637071101 4,616 91,903 SH SHARED-DEFINED 1,2,3 91,903 OCCIDENTAL PETE CORP DEL COM 674599105 84,702 1,202,300 SH SHARED-DEFINED 1,2,3 1,202,300 OWENS ILL INC COM NEW 690768403 18,966 645,114 SH SHARED-DEFINED 1,2,3 645,114 PMI GROUP INC COM 69344M101 2,065 700,000 SH SHARED-DEFINED 1,2,3 700,000 POTASH CORP SASK INC COM 73755L107 38,679 293,000 SH SHARED-DEFINED 1,2,3 293,000 QUEST DIAGNOSTICS INC COM 74834L100 11,847 229,286 SH SHARED-DEFINED 1,2,3 229,286 RANGE RES CORP COM 75281A109 27,437 640,000 SH SHARED-DEFINED 1,2,3 640,000 SPDR GOLD TRUST GOLD SHS 78463V107 55,296 650,000 SH SHARED-DEFINED 1,2,3 650,000 SPDR TR UNIT SER 1 78462F103 23,198 200,000 SH SHARED-DEFINED 1,2,3 200,000 STEEL DYNAMICS INC COM 858119100 14,538 850,647 SH SHARED-DEFINED 1,2,3 850,647 STEWART ENTERPRISES INC CL A 860370105 2,800 356,221 SH SHARED-DEFINED 1,2,3 356,221 TERRA INDS INC COM 880915103 43,368 1,475,101 SH SHARED-DEFINED 1,2,3 1,475,101 TRANSOCEAN INC NEW SHS G90073100 72,775 662,554 SH SHARED-DEFINED 1,2,3 662,554 UNION PAC CORP COM 907818108 36,674 515,373 SH SHARED-DEFINED 1,2,3 515,373 WACHOVIA CORP NEW COM 929903102 700 200,000 SH SHARED-DEFINED 1,2,3 200,000 WALTER INDS INC COM 93317Q105 34,960 736,771 SH SHARED-DEFINED 1,2,3 736,771 WELLPOINT INC COM 94973V107 7,062 151,000 SH SHARED-DEFINED 1,2,3 151,000

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