Glendon Capital Management LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Glendon Capital Management LP reported 22 stock positions worth $1.8 billion. Its top holding was Frontier Communications Pare (FYBR) at 49.2% of the portfolio, followed by Expand Energy (EXE, 12.4%) and Vistra (VST, 7.0%). Compared with Q2 2025, it added to 2 and reduced 7. The biggest buy was NRG Energy (NRG, shares +6%) and the biggest sale Diebold Nixdorf (DBD, shares −24%).

Most Recent 13F
Q2 2026
Location
Santa Monica, CA
CIK
0001604350
Portfolio Value
$1.8B (Q3 2025)
SEC Filing
0001604350-25-000032 ↗ filed Nov 12, 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 Q2 2025 Q3 2025: $1.8B $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 49.23% 24,158,619 $902.3M Reduce -0.2%
EXE Expand Energy Corp. 12.35% 2,132,354 $226.4M No change
VST Vistra Corp. 7.02% 656,732 $128.7M No change
TLN Talen Energy Corp. 6.15% 264,942 $112.7M Reduce -10.0%
NRG NRG Energy Inc. 5.57% 630,351 $102.1M Add +5.7%
ALLY Ally Financial Inc. 5.00% 2,338,333 $91.7M Reduce -5.9%
DBD Diebold Nixdorf Inc. 3.67% 1,178,344 $67.2M Reduce -23.9%
ACT Enact Holdings Inc. 2.72% 1,298,718 $49.8M No change
GASS Stealthgas Inc. 1.75% 4,883,048 $32.0M Reduce -17.3%
AFRM Affirm Holdings Inc. 1.66% 417,100 $30.5M No change
CHRD Chord Energy Corp. 1.61% 297,550 $29.6M No change
WSBC Wesbanco Inc. 1.58% 909,091 $29.0M No change
FPH Five Point Holdings LLC Class A 0.43% 1,289,375 $7.9M Reduce -16.9%
NCMI National Cinemedia Inc. 0.41% 1,678,903 $7.6M No change
NATL NCR Atleos Corp. 0.31% 143,500 $5.6M Add +14250.0%
BBT Beacon Financial Corp. 0.22% 172,413 $4.1M No change
SVC Service Pptys TR 0.10% 692,346 $1.9M No change
SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY 0.07% 636,954 $1.3M No change
COOK Traeger Inc. 0.07% 1,020,960 $1.2M Reduce -11.3%
ONL Orion Properties Inc. 0.05% 359,563 $971K No change
GOCOQ Gohealth Inc. Class A 0.01% 42,745 $206K No change
VAL Valaris Ltd. 0.00% 658 $32K 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 Q2 2025 → Q3 2025
DBD Diebold Nixdorf Inc. Reduce -23.9% 3.67% −1.04
GASS Stealthgas Inc. Reduce -17.3% 1.75% −0.33
ALLY Ally Financial Inc. Reduce -5.9% 5.00% −0.31
COOK Traeger Inc. Reduce -11.3% 0.07% −0.04
FPH Five Point Holdings LLC Class A Reduce -16.9% 0.43% −0.04
FYBR Frontier Communications Pare Reduce -0.2% 49.23% +0.84
TLN Talen Energy Corp. Reduce -10.0% 6.15% +1.45

Portfolio Buys Q2 2025 → Q3 2025
NRG NRG Energy Inc. Add +5.7% 5.57% +0.31
NATL NCR Atleos Corp. Add +14250.0% 0.31% +0.31

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