Glendon Capital Management LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Glendon Capital Management LP reported 22 stock positions worth $1.7 billion. Its top holding was Frontier Communications Pare (FYBR) at 47.4% of the portfolio, followed by Expand Energy (EXE, 13.2%) and NRG Energy (NRG, 6.0%). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 1 and reduced 7. The biggest buy was a new position in Cinemark (CNK) and the biggest sale Frontier Communications Pare (FYBR, shares −13%).

Most Recent 13F
Q2 2026
Location
Santa Monica, CA
CIK
0001604350
Portfolio Value
$1.7B (Q4 2025)
SEC Filing
0001604350-26-000008 ↗ filed Feb 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 $1.7B Q4 2025 Q1 2026: $804.1M Q1 2026 Q2 2026: $771.5M Q2 2026

Holdings 22 stocks · $1.7B
FYBR Frontier Communications Pare 47.44% 20,916,439 $796.3M Reduce -13.4%
EXE Expand Energy Corp. 13.20% 2,008,514 $221.5M Reduce -5.8%
NRG NRG Energy Inc. 5.98% 630,351 $100.4M No change
TLN Talen Energy Corp. 5.92% 264,942 $99.3M No change
VST Vistra Corp. 5.68% 591,059 $95.4M Reduce -10.0%
ALLY Ally Financial Inc. 5.62% 2,083,219 $94.3M Reduce -10.9%
DBD Diebold Nixdorf Inc. 3.18% 787,312 $53.5M Reduce -33.2%
ACT Enact Holdings Inc. 3.07% 1,298,718 $51.5M No change
GASS Stealthgas Inc. 1.98% 4,739,902 $33.3M Reduce -2.9%
AFRM Affirm Holdings Inc. 1.85% 417,100 $31.0M No change
WSBC Wesbanco Inc. 1.80% 909,091 $30.2M No change
CHRD Chord Energy Corp. 1.64% 297,550 $27.6M No change
CNK Cinemark Holdings Inc. 0.72% 519,125 $12.1M New
BBT Beacon Financial Corp. 0.60% 381,184 $10.1M Add +121.1%
NCMI National Cinemedia Inc. 0.39% 1,678,903 $6.5M No change
FPH Five Point Holdings LLC Class A 0.39% 1,158,162 $6.5M Reduce -10.2%
NATL NCR Atleos Corp. 0.33% 143,500 $5.5M No change
SVC Service Pptys TR 0.08% 692,346 $1.3M No change
COOK Traeger Inc. 0.07% 1,020,960 $1.1M No change
SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY 0.05% 636,954 $885K No change
DEC Diversified Energy Co. 0.01% 17,009 $246K New
VAL Valaris Ltd. 0.00% 658 $33K No change
Other holdings (3): bonds, preferreds, convertibles and warrants · $2.0M (not counted above)
SecurityClassShares / PrincipalValueChange
AFFIRM HOLDINGS INC (AFRM 0 11/15/26) NOTE 11/1 · principal 1,074,000$1.0MNo change
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 9,329$930KNew
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 1,000$22KNo change

Total filed on the 13F, all lines: $1.7B.

Portfolio Sells Q3 2025 → Q4 2025
FYBR Frontier Communications Pare Reduce -13.4% 47.44% −1.79
VST Vistra Corp. Reduce -10.0% 5.68% −1.34
DBD Diebold Nixdorf Inc. Reduce -33.2% 3.18% −0.48
ONL Orion Properties Inc. Sold out 0.00% −0.05
FPH Five Point Holdings LLC Class A Reduce -10.2% 0.39% −0.05
GOCOQ Gohealth Inc. Class A Sold out 0.00% −0.01
GASS Stealthgas Inc. Reduce -2.9% 1.98% +0.24
ALLY Ally Financial Inc. Reduce -10.9% 5.62% +0.62
EXE Expand Energy Corp. Reduce -5.8% 13.20% +0.84

Portfolio Buys Q3 2025 → Q4 2025
CNK Cinemark Holdings Inc. New 0.72% +0.72
BBT Beacon Financial Corp. Add +121.1% 0.60% +0.38
DEC Diversified Energy Co. New 0.01% +0.01

Notes & Other Activity Q3 2025 → Q4 2025
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 New 9,329 $930K

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