SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Glendon Capital Management LP

CIK 0001604350 · 2425 OLYMPIC BLVD, SUITE 500E, SANTA MONICA, CA, 90404 · (310) 907-0450

Reported Value
$1.7B
Q4 2025
Positions
25
Filings on Record
31
2019–present window
Filed
Feb 12, 2026
original filing

Summary

Glendon Capital Management LP reported $1.7B in U.S.-listed holdings across 25 positions for Q4 2025.

The portfolio is heavily concentrated: FYBR alone accounts for 47.4% of reported value.

Compared with Q3 2025, the fund opened 3 new positions and exited 2.

Portfolio Metrics

Turnover
+1.5%
vs prior filed quarter
Top-10 Concentration
+93.8%
share of reported value
Largest Position
+47.4%
Frontier Communications Pare
New / Exited
3 / 2
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $388MQ4 ’18Q1 ’19: $405MQ2 ’19: $427MQ3 ’19: $433MQ4 ’19: $430MQ4 ’19Q1 ’20: $306MQ2 ’20: $380MQ3 ’20: $469MQ4 ’20: $616MQ4 ’20Q1 ’21: $955MQ2 ’21: $1.5BQ3 ’21: $1.7BQ4 ’21: $1.9BQ4 ’21Q1 ’22: $1.5BQ2 ’22: $1.2BQ3 ’22: $1.1BQ4 ’22: $1.2BQ4 ’22Q1 ’23: $1.0BQ2 ’23: $1.0BQ3 ’23: $1.0BQ4 ’23: $1.3BQ4 ’23Q1 ’24: $1.3BQ2 ’24: $1.3BQ3 ’24: $1.6BQ4 ’24: $1.7BQ4 ’24Q1 ’25: $1.7BQ2 ’25: $1.8BQ3 ’25: $1.8BQ4 ’25: $1.7BQ4 ’25Q1 ’26: $805Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 97.8%Other: 2.1%US DOMESTIC: 0.1%Equity WRT: 0.1%PUBLIC: 0.0%
  • Common Stock · 97.8% · $1.6B
  • Other · 2.1% · $36M
  • US DOMESTIC · 0.1% · $1M
  • Equity WRT · 0.1% · $929,635
  • PUBLIC · 0.0% · $22,180

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CNKCINEMARK HLDGS INCNEW+519.1K519.1K+$12M$12M
EXPAND ENERGY CORPORATIONNEW+9.3K9.3K+$929,635$929,635
DECDIVERSIFIED ENERGY CONEW+17.0K17.0K+$246,290$246,290
BBTBEACON FINANCIAL CORPADDED+208.8K381.2K+$6M$10M
ONLORION OFFICE REIT INCSOLD OUT−359.6K0−$970,820$0
GOCOQGOHEALTH INCSOLD OUT−42.7K0−$206,031$0
DBDDIEBOLD NIXDORF INCTRIMMED−391.0K787.3K−$14M$53M
FYBRFRONTIER COMMUNICATIONS PARETRIMMED−3.24M20.92M−$106M$796M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

23 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1FYBRFRONTIER COMMUNICATIONS PAREhistory →COM47.39%$796M20.92M
2EXEEXPAND ENERGY CORPORATIONCOM · W EXP 02/09/20213.24%$222M2.02M
3NRANRG ENERGY INChistory →COM NEW5.97%$100M630.4K
4TLNTALEN ENERGY CORPhistory →COM5.91%$99M264.9K
5VSTVISTRA CORPhistory →COM5.67%$95M591.1K
6ALLYALLY FINL INChistory →COM5.61%$94M2.08M
7DBDDIEBOLD NIXDORF INChistory →COM SHS3.18%$53M787.3K
8ACTENACT HLDGS INChistory →COM3.06%$51M1.30M
9STEALTHGAS INCSHS1.98%$33M4.74M
10AFRMAFFIRM HLDGS INCCOM CL A · NOTE 11/11.91%$32M1.49M
11WSBCWESBANCO INChistory →COM1.80%$30M909.1K
12CHRDCHORD ENERGY CORPORATIONhistory →COM NEW1.64%$28M297.6K
13CNKCINEMARK HLDGS INChistory →COM0.72%$12M519.1K
14BBTBEACON FINANCIAL CORPhistory →COM0.60%$10M381.2K
15NCMINATIONAL CINEMEDIA INCCOM NEW0.39%$7M1.68M
16FPHFIVE POINT HOLDINGS LLCCOM CL A0.39%$6M1.16M
17NATLNCR ATLEOS CORPORATIONCOM SHS0.33%$5M143.5K
18SERVICE PPTYS TRCOM SH BEN INT0.08%$1M692.3K
19TRAEGER INCCOMMON STOCK0.07%$1M1.02M
20SKIN2EURTHE BEAUTY HEALTH COMPANYCOM CL A0.05%$885,366637.0K
21DECDIVERSIFIED ENERGY COCOMMON STOCK0.01%$246,29017.0K
22VALARIS LTDCL A0.00%$33,163658
23EPR PPTYSPFD C CV 5.75%0.00%$22,1801.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$805M25May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.7B25Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.8B24Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.8B24Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.7B25May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.7B24Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.6B24Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.3B22Aug 12, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.3B22May 13, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.3B22Feb 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.0B21Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.0B19Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.0B20May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.2B21Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.1B24Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.2B25Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.5B24May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.9B25Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.7B24Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.5B22Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$955M24May 21, 2021RESTATEMENTchanges · EDGAR ↗
Q4 2020$616M26Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$469M26Nov 10, 202013F-HRchanges · EDGAR ↗
Q2 2020$380M26Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$306M29May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$430M29Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$433M27Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$427M26Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$405M25May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$388M28Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.