Glendon Capital Management LP

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 12, 2026), Glendon Capital Management LP reported 24 stock positions worth $771.5 million. Its top holding was Expand Energy (EXE) at 23.9% of the portfolio, followed by NRG Energy (NRG, 13.5%) and Ally Financial (ALLY, 12.4%). Compared with Q1 2026, it opened 2 new positions, sold out of 1, added to 2 and reduced 4. The biggest buy was NRG Energy (NRG, shares +24%) and the biggest sale Talen Energy (TLN, shares −69%).

Most Recent 13F
Q2 2026
Location
Santa Monica, CA
CIK
0001604350
Portfolio Value
$771.5M (Q2 2026)
SEC Filing
0001604350-26-000023 ↗ filed Aug 12, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.2B Q2 2024 Q3 2024: $1.6B Q3 2024 Q4 2024: $1.7B Q4 2024 Q1 2025: $1.7B Q1 2025 Q2 2025: $1.8B Q2 2025 Q3 2025: $1.8B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $804.1M Q1 2026 Q2 2026: $771.5M $771.5M Q2 2026

Holdings 24 stocks · $771.5M
EXE Expand Energy Corp. 23.86% 2,019,894 $184.1M No change
NRG NRG Energy Inc. 13.49% 712,345 $104.0M Add +24.3%
ALLY Ally Financial Inc. 12.41% 2,083,219 $95.7M No change
VST Vistra Corp. 12.06% 586,724 $93.1M Reduce -6.8%
ACT Enact Holdings Inc. 7.69% 1,298,718 $59.4M No change
AFRM Affirm Holdings Inc. 5.43% 514,100 $41.9M No change
GASS Stealthgas Inc. 4.72% 4,613,384 $36.4M Reduce -2.7%
WSBC Wesbanco Inc. 4.60% 909,091 $35.5M No change
TLN Talen Energy Corp. 3.97% 79,793 $30.7M Reduce -69.0%
CHRD Chord Energy Corp. 2.78% 187,840 $21.5M No change
DBD Diebold Nixdorf Inc. 2.38% 215,568 $18.3M No change
BBT Beacon Financial Corp. 1.50% 381,184 $11.6M No change
OCFC Oceanfirst Financial Corp. 1.37% 539,542 $10.5M Add +95.8%
NCMI National Cinemedia Inc. 0.83% 1,678,903 $6.4M No change
NATL NCR Atleos Corp. 0.81% 143,500 $6.2M No change
FPH Five Point Holdings LLC Class A 0.79% 1,158,162 $6.1M No change
COOK Traeger Inc. 0.39% 37,960 $3.0M No change
KRC Kilroy Realty Corp. 0.39% 79,449 $3.0M No change
CNK Cinemark Holdings Inc. 0.27% 64,891 $2.1M Reduce -75.0%
AZUL Azul SA-Spon ADR 0.13% 113,909 $1.0M New
SKIN Skinhealth Systems Inc. 0.06% 636,954 $441K No change
DEC Diversified Energy Co. 0.03% 17,009 $236K No change
AMBP Ardagh Metal Packaging SA 0.03% 47,852 $227K New
VAL Valaris Ltd. 0.01% 658 $48K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.1M (not counted above)
SecurityClassShares / PrincipalValueChange
AFFIRM HOLDINGS INC (AFRM 0 11/15/26) NOTE 11/1 · principal 1,074,000$1.1MNo change
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 1,000$26KNo change

Total filed on the 13F, all lines: $772.6M.

Portfolio Sells Q1 2026 → Q2 2026
TLN Talen Energy Corp. Reduce -69.0% 3.97% −6.23
GASS Stealthgas Inc. Reduce -2.7% 4.72% −0.69
CNK Cinemark Holdings Inc. Reduce -75.0% 0.27% −0.65
SVC Service Pptys TR Sold out 0.00% −0.12
VST Vistra Corp. Reduce -6.8% 12.06% +0.30

Portfolio Buys Q1 2026 → Q2 2026
NRG NRG Energy Inc. Add +24.3% 13.49% +3.07
OCFC Oceanfirst Financial Corp. Add +95.8% 1.37% +0.75
AZUL Azul SA-Spon ADR New 0.13% +0.13
AMBP Ardagh Metal Packaging SA New 0.03% +0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 24$771.5MEXE, NRG, ALLY, VST, ACT
Q1 2026 23$804.1MEXE, VST, NRG, TLN, ALLY
Q4 2025 22$1.7BFYBR, EXE, NRG, TLN, VST
Q3 2025 22$1.8BFYBR, EXE, VST, TLN, NRG
Q2 2025 22$1.8BFYBR, EXE, VST, ALLY, NRG
Q1 2025 22$1.7BFYBR, EXE, TLN, ALLY, VST
Q4 2024 22$1.7BFYBR, EXE, TLN, ALLY, VST
Q3 2024 22$1.6BFYBR, EXE, TLN, ALLY, VST
Q2 2024 20$1.2BFYBR, EXE, ALLY, VST, DBD
Q1 2024 20$1.2BFYBR, EXE, ALLY, VST, CHRD