Glendon Capital Management LP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 11, 2026), Glendon Capital Management LP reported 23 stock positions worth $804.1 million. Its top holding was Expand Energy (EXE) at 27.6% of the portfolio, followed by Vistra (VST, 11.8%) and NRG Energy (NRG, 10.4%). Compared with Q4 2025, it opened 2 new positions, sold out of 1, added to 4 and reduced 5. The biggest buy was Expand Energy (EXE, shares +1%) and the biggest sale an exit from Frontier Communications Pare (FYBR).

Most Recent 13F
Q2 2026
Location
Santa Monica, CA
CIK
0001604350
Portfolio Value
$804.1M (Q1 2026)
SEC Filing
0001604350-26-000013 ↗ filed May 11, 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 Q4 2025 Q1 2026: $804.1M $804.1M Q1 2026 Q2 2026: $771.5M Q2 2026

Holdings 23 stocks · $804.1M
EXE Expand Energy Corp. 27.56% 2,019,894 $221.6M Add +0.6%
VST Vistra Corp. 11.77% 629,359 $94.6M Add +6.5%
NRG NRG Energy Inc. 10.41% 572,985 $83.7M Reduce -9.1%
TLN Talen Energy Corp. 10.20% 257,024 $82.0M Reduce -3.0%
ALLY Ally Financial Inc. 10.16% 2,083,219 $81.7M No change
ACT Enact Holdings Inc. 6.59% 1,298,718 $53.0M No change
GASS Stealthgas Inc. 5.41% 4,739,902 $43.5M No change
WSBC Wesbanco Inc. 3.90% 909,091 $31.4M No change
CHRD Chord Energy Corp. 3.32% 187,840 $26.7M Reduce -36.9%
AFRM Affirm Holdings Inc. 2.93% 514,100 $23.6M Add +23.3%
DBD Diebold Nixdorf Inc. 2.02% 215,568 $16.3M Reduce -72.6%
BBT Beacon Financial Corp. 1.42% 381,184 $11.4M No change
CNK Cinemark Holdings Inc. 0.92% 259,563 $7.4M Reduce -50.0%
NATL NCR Atleos Corp. 0.78% 143,500 $6.3M No change
FPH Five Point Holdings LLC Class A 0.70% 1,158,162 $5.6M No change
NCMI National Cinemedia Inc. 0.64% 1,678,903 $5.1M No change
OCFC Oceanfirst Financial Corp. 0.62% 275,500 $5.0M New
KRC Kilroy Realty Corp. 0.28% 79,449 $2.2M New
COOK Traeger Inc. 0.14% 37,960 $1.1M Add +85.9%
SVC Service Pptys TR 0.12% 692,346 $938K No change
SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY 0.07% 636,954 $567K No change
DEC Diversified Energy Co. 0.04% 17,009 $297K No change
VAL Valaris Ltd. 0.01% 658 $65K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.1M (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$23KNo change

Total filed on the 13F, all lines: $805.2M.

Portfolio Sells Q4 2025 → Q1 2026
FYBR Frontier Communications Pare Sold out 0.00% −47.44
DBD Diebold Nixdorf Inc. Reduce -72.6% 2.02% −1.16
CNK Cinemark Holdings Inc. Reduce -50.0% 0.92% +0.20
CHRD Chord Energy Corp. Reduce -36.9% 3.32% +1.68
TLN Talen Energy Corp. Reduce -3.0% 10.20% +4.29
NRG NRG Energy Inc. Reduce -9.1% 10.41% +4.43

Portfolio Buys Q4 2025 → Q1 2026
EXE Expand Energy Corp. Add +0.6% 27.56% +14.36
VST Vistra Corp. Add +6.5% 11.77% +6.08
AFRM Affirm Holdings Inc. Add +23.3% 2.93% +1.08
OCFC Oceanfirst Financial Corp. New 0.62% +0.62
KRC Kilroy Realty Corp. New 0.28% +0.28
COOK Traeger Inc. Add +85.9% 0.14% +0.07

Notes & Other Activity Q4 2025 → Q1 2026
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Sold out 9,329 $930Kbefore exit

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