SteelMill Master Fund LP and affiliated PointState Capital entities filed an amended beneficial ownership statement with the SEC on November 13, 2026, disclosing a combined 6.2% stake in PG&E Corporation common stock as of September 30, 2026.

Key Highlights

  • Aggregate beneficial ownership: The reporting persons collectively disclosed 135,630,937 shares of PG&E Corporation common stock.
  • Percent of class: The 135,630,937 shares represent 6.2% of PG&E Corporation's outstanding common stock, no par value.
  • Shared voting and dispositive power: All five reporting persons reported 0 shares with sole voting or sole dispositive power, and 135,630,937 shares each with shared voting and shared dispositive power.
  • Triggering event date: The date of the event requiring this filing was September 30, 2026, according to the filing.
  • Five reporting persons: SteelMill Master Fund LP, PointState Holdings LLC, PointState Capital LP, PointState Capital GP LLC, and Zachary J. Schreiber each reported the same share count and percentage.
  • Filing basis: The statement is an Amendment No. 1, filed jointly by all reporting persons pursuant to Rule 13d-1(k)(1), and not as members of a group.

PointState Capital's Disclosed Position in PG&E Corporation

PG&E Corporation, listed on NYSE:PCG, is the parent holding company of Pacific Gas and Electric Company, a regulated utility serving electric and natural gas customers in northern and central California. The amended beneficial ownership statement was filed on behalf of five related reporting persons, all of whom share the same aggregate beneficial ownership figure of 135,630,937 shares of PG&E common stock, no par value, with CUSIP number 69331C108.

According to the filing, SteelMill Master Fund LP is a Cayman Islands exempted limited partnership. PointState Holdings LLC, organized in Delaware, serves as general partner of SteelMill. PointState Capital LP, also a Delaware entity, serves as investment manager to SteelMill. PointState Capital GP LLC is the general partner of PointState Capital LP. Zachary J. Schreiber, a United States citizen, serves as managing member of both PointState Holdings and PointState Capital GP LLC. The business address for all reporting persons is listed as 9 West 57th Street, 37th Floor, New York, NY 10019.

The filing states that none of the reporting persons holds sole voting or sole dispositive power over any of the 135,630,937 shares. All power is reported as shared among the reporting persons. The filing further includes a certification, as required, that "the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities," according to the document's Item 10 certification language.

What Was Disclosed

Five affiliated entities and individuals associated with PointState Capital disclosed, via an amended filing, combined beneficial ownership of 135,630,937 shares of PG&E Corporation common stock, equaling 6.2% of the class, based on a September 30, 2026 triggering event date.