Glendon Capital Management LP

Santa Monica, CA · CIK 1604350 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2013 · limited partnership

Assets managed$5.2bn
Staff19 · 11 in investment roles
Main clients (by assets)Private funds 100%
Private funds3 (3 hedge) · $5.2bn gross assets
Form ADV · 2026-03-30SEC adviser record

Legal entityGLENDON CAPITAL MANAGEMENT L.P. (US)

$772.6m reported value -4.1% vs Q1 2026

26positions

90.9%in top 10

2 new 2 added 4 reduced 1 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	EXPAND ENERGY CORPORATION COM EXE	EXE	2,019,894	$184.1m23.83%	23.83%	Unchanged
2	NRG ENERGY INC COM NEW NRG	NRG	712,345	$104.0m13.47%	13.47%	Added +139.4k	+139,360 24.3%
3	ALLY FINL INC COM ALLY	ALLY	2,083,219	$95.7m12.39%	12.39%	Unchanged
4	VISTRA CORP COM VST	VST	586,724	$93.1m12.05%	12.05%	Reduced -42.6k	-42,635 -6.8%
5	ENACT HLDGS INC COM ACT	ACT	1,298,718	$59.4m7.68%	7.68%	Unchanged
6	AFFIRM HLDGS INC COM CL A AFRM	AFRM	514,100	$41.9m5.43%	5.43%	Unchanged
7	STEALTHGAS INC SHS GASS	GASS	4,613,384	$36.4m4.72%	4.72%	Reduced -126.5k	-126,518 -2.7%
8	WESBANCO INC COM WSBC	WSBC	909,091	$35.5m4.59%	4.59%	Unchanged
9	TALEN ENERGY CORP COM TLN	TLN	79,793	$30.7m3.97%	3.97%	Reduced -177.2k	-177,231 -69.0%
10	CHORD ENERGY CORPORATION COM NEW CHRD	CHRD	187,840	$21.5m2.78%	2.78%	Unchanged
11	DIEBOLD NIXDORF INC COM SHS DBD	DBD	215,568	$18.3m2.37%	2.37%	Unchanged
12	BERKSHIRE HILLS BANCORP INC COM BBT	BBT	381,184	$11.6m1.50%	1.50%	Unchanged
13	OCEANFIRST FINL CORP COM OCFC	OCFC	539,542	$10.5m1.36%	1.36%	Added +264.0k	+264,042 95.8%
14	NATIONAL CINEMEDIA INC COM NEW NCMI	NCMI	1,678,903	$6.4m0.83%	0.83%	Unchanged
15	NCR ATLEOS CORPORATION COM SHS NATL	NATL	143,500	$6.2m0.81%	0.81%	Unchanged
16	FIVE POINT HOLDINGS LLC COM CL A FPH	FPH	1,158,162	$6.1m0.79%	0.79%	Unchanged
17	TRAEGER INC COM NEW COOK	COOK	37,960	$3.0m0.39%	0.39%	Unchanged
18	KILROY RLTY CORP COM KRC	KRC	79,449	$3.0m0.39%	0.39%	Unchanged
19	CINEMARK HLDGS INC COM CNK	CNK	64,891	$2.1m0.27%	0.27%	Reduced -194.7k	-194,672 -75.0%
20	AFFIRM HLDGS INC NOTE 11/1 · principal AFRM 0 11.15.26 · principal	AFRM 0 11.15.26	1,074,000	$1.1m0.14%	0.14%	Unchanged
21	AZUL S A SPONSORED ADS AZUL	AZUL	113,909	$1.0m0.13%	0.13%	New
22	THE BEAUTY HEALTH COMPANY COM CL A COM CL A		636,954	$441.1k0.06%	0.06%	Unchanged
23	DIVERSIFIED ENERGY CO COMMON STOCK DEC	DEC	17,009	$235.7k0.03%	0.03%	Unchanged
24	ARDAGH METAL PACKAGING S A SHS AMBP	AMBP	47,852	$226.8k0.03%	0.03%	New
25	VALARIS LTD CL A VAL	VAL	658	$47.8k0.01%	0.01%	Unchanged
26	EPR PPTYS PFD C CV 5.75% EPR 5.75 PERP C	EPR 5.75 PERP C	1,000	$25.6k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SERVICE PPTYS TR		692,346	$938.1k692.3k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
STEALTHGAS INC GASS · 13G · filed 2025-11-12	GASS	13.5%≈ $38.3m		13G	2025-11-12