Glendon Capital Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Glendon Capital Management LP reported 22 stock positions worth $1.7 billion. Its top holding was Frontier Communications Pare (FYBR) at 50.4% of the portfolio, followed by Expand Energy (EXE, 13.8%) and Talen Energy (TLN, 8.4%). Compared with Q4 2024, it added to 3 and reduced 4. The biggest buy was Diebold Nixdorf (DBD, shares +14%) and the biggest sale Traeger (COOK, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- Santa Monica, CA
- CIK
- 0001604350
- Portfolio Value
- $1.7B (Q1 2025)
- SEC Filing
- 0001604350-25-000016 ↗ filed May 14, 2025
Holdings Value
Holdings 22 stocks · $1.7B
| FYBR Frontier Communications Pare | 50.39% | 24,215,909 | $868.4M | No change |
| EXE Expand Energy Corp. | 13.77% | 2,132,354 | $237.3M | Reduce -0.5% |
| TLN Talen Energy Corp. | 8.42% | 726,870 | $145.1M | No change |
| ALLY Ally Financial Inc. | 5.26% | 2,485,472 | $90.6M | No change |
| VST Vistra Corp. | 5.10% | 748,893 | $87.9M | Add +29.4% |
| DBD Diebold Nixdorf Inc. | 3.80% | 1,498,282 | $65.5M | Add +13.7% |
| NRG NRG Energy Inc. | 2.97% | 535,953 | $51.2M | No change |
| ACT Enact Holdings Inc. | 2.62% | 1,298,718 | $45.1M | No change |
| GASS Stealthgas Inc. | 1.94% | 5,906,056 | $33.4M | No change |
| CHRD Chord Energy Corp. | 1.57% | 240,550 | $27.1M | No change |
| WSBC Wesbanco Inc. | 1.38% | 769,091 | $23.8M | No change |
| AFRM Affirm Holdings Inc. | 1.09% | 417,100 | $18.8M | Add +24.1% |
| NCMI National Cinemedia Inc. | 0.57% | 1,678,903 | $9.8M | No change |
| FPH Five Point Holdings LLC Class A | 0.51% | 1,658,375 | $8.9M | Reduce -2.9% |
| BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC | 0.26% | 172,413 | $4.5M | No change |
| COOK Traeger Inc. | 0.11% | 1,150,546 | $1.9M | Reduce -1.3% |
| SVC Service Pptys TR | 0.10% | 692,346 | $1.8M | No change |
| SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY | 0.05% | 636,954 | $854K | No change |
| ONL Orion Properties Inc. | 0.04% | 359,563 | $769K | No change |
| GOCOQ Gohealth Inc. Class A | 0.03% | 47,705 | $585K | Reduce -33.7% |
| NATL NCR Atleos Corp. | 0.00% | 1,000 | $26K | No change |
| VAL Valaris Ltd. | 0.00% | 658 | $26K | No change |
Options reported separately and not counted above: AFFIRM HLDGS INC calls ($8.9M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 1,074,000 | $987K | Reduce -70.0% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 1,000 | $23K | No change |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
Options Activity Q4 2024 → Q1 2025
| AFFIRM HLDGS INC | call | New | 197,500 | $8.9M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | Reduce -70.0% | 1,074,000 | $987K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 24 | $771.5M | EXE, NRG, ALLY, VST, ACT |
| Q1 2026 | 23 | $804.1M | EXE, VST, NRG, TLN, ALLY |
| Q4 2025 | 22 | $1.7B | FYBR, EXE, NRG, TLN, VST |
| Q3 2025 | 22 | $1.8B | FYBR, EXE, VST, TLN, NRG |
| Q2 2025 | 22 | $1.8B | FYBR, EXE, VST, ALLY, NRG |
| Q1 2025 | 22 | $1.7B | FYBR, EXE, TLN, ALLY, VST |
| Q4 2024 | 22 | $1.7B | FYBR, EXE, TLN, ALLY, VST |
| Q3 2024 | 22 | $1.6B | FYBR, EXE, TLN, ALLY, VST |
| Q2 2024 | 20 | $1.2B | FYBR, EXE, ALLY, VST, DBD |
| Q1 2024 | 20 | $1.2B | FYBR, EXE, ALLY, VST, CHRD |