Glendon Capital Management LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Glendon Capital Management LP reported 22 stock positions worth $1.8 billion. Its top holding was Frontier Communications Pare (FYBR) at 48.4% of the portfolio, followed by Expand Energy (EXE, 13.7%) and Vistra (VST, 7.0%). Compared with Q1 2025, it added to 4 and reduced 4. The biggest buy was NRG Energy (NRG, shares +11%) and the biggest sale Talen Energy (TLN, shares −60%).

Most Recent 13F
Q2 2026
Location
Santa Monica, CA
CIK
0001604350
Portfolio Value
$1.8B (Q2 2025)
SEC Filing
0001604350-25-000024 ↗ filed Aug 13, 2025

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 $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 · $1.8B
FYBR Frontier Communications Pare 48.40% 24,215,909 $881.5M No change
EXE Expand Energy Corp. 13.68% 2,132,354 $249.2M No change
VST Vistra Corp. 6.99% 656,732 $127.3M Reduce -12.3%
ALLY Ally Financial Inc. 5.32% 2,485,472 $96.8M No change
NRG NRG Energy Inc. 5.26% 596,351 $95.8M Add +11.3%
DBD Diebold Nixdorf Inc. 4.71% 1,548,740 $85.8M Add +3.4%
TLN Talen Energy Corp. 4.70% 294,380 $85.6M Reduce -59.5%
ACT Enact Holdings Inc. 2.65% 1,298,718 $48.2M No change
GASS Stealthgas Inc. 2.08% 5,906,056 $37.9M No change
AFRM Affirm Holdings Inc. 1.58% 417,100 $28.8M No change
CHRD Chord Energy Corp. 1.58% 297,550 $28.8M Add +23.7%
WSBC Wesbanco Inc. 1.58% 909,091 $28.8M Add +18.2%
FPH Five Point Holdings LLC Class A 0.47% 1,552,023 $8.5M Reduce -6.4%
NCMI National Cinemedia Inc. 0.45% 1,678,903 $8.1M No change
BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC 0.24% 172,413 $4.3M No change
COOK Traeger Inc. 0.11% 1,150,546 $2.0M No change
SVC Service Pptys TR 0.09% 692,346 $1.7M No change
SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY 0.07% 636,954 $1.2M No change
ONL Orion Properties Inc. 0.04% 359,563 $766K No change
GOCOQ Gohealth Inc. Class A 0.01% 42,745 $237K Reduce -10.4%
NATL NCR Atleos Corp. 0.00% 1,000 $29K No change
VAL Valaris Ltd. 0.00% 658 $28K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.0M (not counted above)
SecurityClassShares / PrincipalValueChange
AFFIRM HOLDINGS INC (AFRM 0 11/15/26) NOTE 11/1 · principal 1,074,000$1.0MNo change
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 1,000$25KNo change

Total filed on the 13F, all lines: $1.8B.

Portfolio Sells Q1 2025 → Q2 2025
TLN Talen Energy Corp. Reduce -59.5% 4.70% −3.72
FPH Five Point Holdings LLC Class A Reduce -6.4% 0.47% −0.05
GOCOQ Gohealth Inc. Class A Reduce -10.4% 0.01% −0.02
VST Vistra Corp. Reduce -12.3% 6.99% +1.89

Portfolio Buys Q1 2025 → Q2 2025
NRG NRG Energy Inc. Add +11.3% 5.26% +2.29
DBD Diebold Nixdorf Inc. Add +3.4% 4.71% +0.91
WSBC Wesbanco Inc. Add +18.2% 1.58% +0.20
CHRD Chord Energy Corp. Add +23.7% 1.58% +0.01

Options Activity Q1 2025 → Q2 2025
AFFIRM HLDGS INC call Sold out 197,500 $8.9Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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