On February 13, 2026, Brightline Capital Management, LLC disclosed it sold out its entire stake in Enviri (NVRI +0.00%), an estimated $17.77 million trade based on last-disclosed position values.
What happened
According to a SEC filing dated February 13, 2026, Brightline Capital Management, LLC eliminated its stake in Enviri, selling 1,400,000 shares. The fund’s quarter-end position in the company fell to zero, with a total position valuation decrease of $17.77 million over the reporting period.
What else to know
- Brightline Capital Management, LLC fully exited Enviri, which accounted for 7.3% of the fund’s AUM in the previous quarter.
- Top holdings after the filing:
- NASDAQ: VSAT: $72.16 million (29.2% of AUM)
- NYSE: AMTM: $40.37 million (16.3% of AUM)
- NYSE: CSTM: $34.72 million (14.0% of AUM)
- NYSE: DAN: $27.23 million (11.0% of AUM)
- NYSE: FLR: $22.15 million (9.0% of AUM)
- As of February 12, 2026, shares of Enviri were priced at $19.04, up 110.2% over the past year and outperforming the S&P 500 by 97.25 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.24 billion |
| Net income (TTM) | ($166.56 million) |
| Market capitalization | $1.54 billion |
| Price (as of market close 2/12/26) | $19.04 |
Company snapshot
- Enviri provides environmental solutions for industrial and specialty waste streams, including on-site services, material logistics, resource recovery, and specialty waste processing through its Harsco Environmental and Harsco Clean Earth segments.
- The company operates under long-term contracts, generating revenue from service fees, product sales such as industrial abrasives and roofing granules, and value-added processing of industrial waste streams.
- It serves iron, steel, and metals manufacturers, as well as customers with hazardous and non-hazardous waste management needs in the United States and internationally.
Enviri is a leading provider of environmental and waste management services, operating at scale with a global customer base. The company leverages long-term contracts and specialized expertise to address complex industrial waste challenges, supporting both resource recovery and regulatory compliance. Its integrated service and product offerings position Enviri as a key partner for industrial clients seeking sustainable waste solutions.
What this transaction means for investors
Enviri shares are up 110% over the past 12 months, but the underlying numbers tell a more complicated story.
In the third quarter, revenue totaled $575 million, essentially flat year over year, while the company posted a GAAP loss from continuing operations of $20 million and adjusted EBITDA of $74 million, down from $85 million a year earlier. Adjusted EBITDA margin slipped to 12.9% from 14.8%. Management also lowered full-year guidance, now expecting $268 million to $278 million in adjusted EBITDA and negative free cash flow of $20 million to $30 million.
That backdrop helps explain the exit. This portfolio is concentrated in cyclical and commodity-linked names, and focusing capital on larger positions such as Viasat or Constellium sharpens that theme. Compared with those top holdings, Enviri’s shrinking margins, higher leverage targets, and revised outlook likely made it the odd one out.
Ultimately, price performance is not the same as operating momentum. When guidance resets lower and cash flow turns negative, locking in gains can be just as strategic as buying the dip.
