Glendon Capital Management LP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Glendon Capital Management LP reported 22 stock positions worth $1.6 billion. Its top holding was Frontier Communications Pare (FYBR) at 53.1% of the portfolio, followed by Expand Energy (EXE, 10.8%) and Talen Energy (TLN, 8.0%). Compared with Q2 2024, it opened 3 new positions, sold out of 1 and added to 1. The biggest buy was a new position in Talen Energy (TLN) and the biggest sale an exit from International Seaways (INSW).

Most Recent 13F
Q2 2026
Location
Santa Monica, CA
CIK
0001604350
Portfolio Value
$1.6B (Q3 2024)
SEC Filing
0001604350-24-000021 ↗ filed Nov 13, 2024

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 $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 Q2 2026

Holdings 22 stocks · $1.6B
FYBR Frontier Communications Pare 53.14% 24,215,909 $860.4M No change
EXE Expand Energy Corp. filed as CHESAPEAKE ENERGY CORP 10.79% 2,124,060 $174.6M No change
TLN Talen Energy Corp. 8.00% 726,870 $129.6M New
ALLY Ally Financial Inc. 5.46% 2,485,472 $88.5M No change
VST Vistra Corp. 4.24% 578,893 $68.6M No change
DBD Diebold Nixdorf Inc. 3.47% 1,258,050 $56.2M Add +2.3%
NRG NRG Energy Inc. 3.02% 535,953 $48.8M No change
ACT Enact Holdings Inc. 2.91% 1,298,718 $47.2M No change
GASS Stealthgas Inc. 2.48% 5,906,056 $40.2M No change
CHRD Chord Energy Corp. 1.94% 240,550 $31.3M No change
WSBC Wesbanco Inc. 1.67% 909,091 $27.1M New
AFRM Affirm Holdings Inc. 0.85% 336,000 $13.7M New
NCMI National Cinemedia Inc. 0.73% 1,678,903 $11.8M No change
FPH Five Point Holdings LLC Class A 0.46% 1,807,320 $7.5M No change
COOK Traeger Inc. 0.26% 1,165,546 $4.3M No change
SVC Service Pptys TR 0.20% 692,346 $3.2M No change
TCSGQ Container Store Group Inc. 0.18% 317,568 $2.9M No change
ONL Orion Properties Inc. filed as ORION OFFICE REIT INC 0.09% 359,563 $1.4M No change
SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY 0.06% 636,954 $917K No change
GOCOQ Gohealth Inc. Class A 0.04% 71,961 $675K No change
VAL Valaris Ltd. 0.00% 658 $37K No change
NATL NCR Atleos Corp. 0.00% 1,000 $29K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $15.6M (not counted above)
SecurityClassShares / PrincipalValueChange
AFFIRM HOLDINGS INC (AFRM 0 11/15/26) NOTE 11/1 · principal 17,574,000$15.6MReduce -87.6%
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 1,000$22KNo change

Total filed on the 13F, all lines: $1.6B.

Portfolio Sells Q2 2024 → Q3 2024
INSW International Seaways Inc. Sold out 0.00% 0.00

Portfolio Buys Q2 2024 → Q3 2024
TLN Talen Energy Corp. New 8.00% +8.00
WSBC Wesbanco Inc. New 1.67% +1.67
AFRM Affirm Holdings Inc. New 0.85% +0.85
DBD Diebold Nixdorf Inc. Add +2.3% 3.47% −0.49

Notes & Other Activity Q2 2024 → Q3 2024
AFFIRM HOLDINGS INC (AFRM 0 11/15/26) NOTE 11/1 · principal Reduce -87.6% 17,574,000 $15.6M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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