GC
Glendon Capital Management LP 13F Holdings & Position Changes (Q2 2026)
Glendon Capital Management LPCIK: 0001604350
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$772.6M
Reporting period: 2026-06-30 · Number of holdings: 26
Glendon Capital Management LP disclosed 26 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $772.6M and a quarterly turnover rate of 23.6%.
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Personality snowflake
- Concentration
- 48.61
- Portfolio Stability
- 23.57
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 52
- Sizing Uniformity
- 85.01
Glendon Capital Management LP's disclosed holdings carry a Herfindahl concentration index of 0.122 — mathematically equivalent to about 8 equally-sized positions, well below its 26 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.50), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 5.4 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim TLN
-69.0% -$51.4M
Trim EXE
0.0% -$37.5M
Add NRG
+24.3% $20.3M
Add AFRM
0.0% $18.4M
Add ALLY
0.0% $14.0M
Add ACT
0.0% $6.4M
Holdings Map
New buyAddUnchangedTrim
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | EXE | Expand Energy CORP | Stock-Energy | 23.83% | -3.69% | — | |
| 2 | NRG | Nrg Energy Inc | Stock-Utilities | 13.47% | +3.07% | +24.32% | |
| 3 | ALLY | Ally Financial Inc | Stock-Financials | 12.39% | +2.24% | — | |
| 4 | VST | Vistra CORP | Stock-Utilities | 12.05% | +0.30% | -6.77% | |
| 5 | ACT | Enact Holdings Inc | Stock-Other | 7.68% | +1.10% | — | |
| 6 | AFRM | Affirm Holdings Inc | Stock-Financials | 5.43% | +2.50% | — | |
| 7 | GASS | StealthGas Inc. | Stock-Other | 4.72% | -0.68% | -2.67% | |
| 8 | WSBC | Wesbanco Inc | Stock-Other | 4.59% | +0.70% | — | |
| 9 | TLN | Talen Energy CORP | Stock-Utilities | 3.97% | -6.22% | -68.95% | |
| 10 | CHRD | Chord Energy CORP | Stock-Energy | 2.78% | -0.54% | — | |
| 11 | DBD | Diebold Nixdorf Inc | Stock-Other | 2.37% | +0.35% | — | |
| 12 | BBT | Beacon Financial CORP | Stock-Other | 1.50% | +0.08% | — | |
| 13 | OCFC | Oceanfirst Financial CORP | Stock-Other | 1.36% | +0.74% | +95.84% | |
| 14 | NCMI | National Cinemedia Inc | Stock-Other | 0.83% | +0.19% | — | |
| 15 | NATL | Ncr Atleos CORP | Stock-Tech | 0.81% | +0.03% | — | |
| 16 | FPH | Five Point Holdings Llc-cl A | Stock-Other | 0.79% | +0.09% | — | |
| 17 | COOK | Traeger Inc | Stock-Other | 0.39% | +0.25% | — | |
| 18 | KRC | Kilroy Realty CORP | Stock-Real Estate | 0.39% | +0.11% | — | |
| 19 | CNK | Cinemark Holdings Inc | Stock-Other | 0.27% | -0.65% | -75.00% | |
| 20 | AFRM 0 11-15-26Bond | Affirm Holdings Inc | Bond | 0.14% | +0.01% | — | |
| 21 | ✓ | Stock-Other | 0.13% | +0.13% | NEW | ||
| 22 | SKIN | Skinhealth Systems Inc | Stock-Other | 0.06% | -0.01% | — | |
| 23 | DEC | Diversified Energy Co | Stock-Other | 0.03% | -0.01% | — | |
| 24 | AMBP | Ardagh Metal Packaging S.A. | Stock-Other | 0.03% | +0.03% | NEW | |
| 25 | VAL | Valaris Limited | Stock-Energy | 0.01% | — | — | |
| 26 | EPR 5.75 PERP CBond | Epr Properties | Bond | — | — | — |
Portfolio Performance
Performance for Q3 2026
-2.4%
Performance Last 4 Quarters
-0.5%
- Stdev
- +13.6%
- Beta
- +0.65
- Alpha
- -4%
- Max Drawdown
- -6.7%
- Annualized Perf
- +11.7%
- Batting Avg vs S&P
- +33.3%
- Sortino
- +1.67
- Stutzer
- +0.26
- Treynor
- +0.18
- Sterling
- +0.7
- Calmar
- +1.74
- Information Ratio
- -1.08
- Tracking Error
- +11.8%
- Stdev Down
- +7.1%
- Winning Months %
- +60%
- Losing Months %
- +40%
- Best 12 Months
- +17.6%
- Worst 12 Months
- -0.5%
- Efficiency Ratio
- +0.3
- Sharpe
- +0.88
- Stdev Sectors
- +16.5%
- Skewness
- +0.04
- Kurtosis
- -1.01
- Upside Potential
- +3.6
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 26 | $772.6M | 24 | ||
| 2026 Q1 | 25 | $805.2M | 74 | ||
| 2025 Q4 | 25 | $1.7B | 12 | ||
| 2025 Q3 | 24 | $1.8B | 12 | ||
| 2025 Q2 | 24 | $1.8B | 0 | ||
| 2025 Q1 | 25 | $1.7B | 100 | ||
| 2024 Q4 | 24 | $1.7B | 0 | ||
| 2024 Q3 | 24 | $1.6B | 0 | ||
| 2024 Q2 | 22 | $1.3B | 0 | ||
| 2024 Q1 | 22 | $1.3B | 0 | ||
| 2023 Q4 | 22 | $1.3B | 0 | ||
| 2023 Q3 | 21 | $1.0B | 0 | ||
| 2023 Q2 | 19 | $1.0B | 0 | ||
| 2023 Q1 | 20 | $1.0B | 0 | ||
| 2022 Q4 | 21 | $1.2B | 0 | ||
| 2022 Q3 | 24 | $1.1B | 0 | ||
| 2022 Q2 | 25 | $1.2B | 0 | ||
| 2022 Q1 | 24 | $1.5B | 0 | ||
| 2021 Q4 | 25 | $1.9B | 0 | ||
| 2021 Q3 | 24 | $1.7B | 0 | ||
| 2021 Q2 | 22 | $1.5B | 76 | ||
| 2021 Q1 | 24 | $954.5M | 90 | ||
| 2020 Q4 | 26 | $616.3M | 36 | ||
| 2020 Q3 | 26 | $469.1M | 40 | ||
| 2020 Q2 | 26 | $379.7M | 32 | ||
| 2020 Q1 | 29 | $305.5M | 64 | ||
| 2019 Q4 | 29 | $430.1M | 25 | ||
| 2019 Q3 | 27 | $433.5M | 14 | ||
| 2019 Q2 | 26 | $426.9M | 15 | ||
| 2019 Q1 | 25 | $404.8M | 13 | ||
| 2018 Q4 | 28 | $388.3M | 18 | ||
| 2018 Q3 | 28 | $412.1M | 21 | ||
| 2018 Q2 | 32 | $429.8M | 12 | ||
| 2018 Q1 | 31 | $407.6M | 28 | ||
| 2017 Q4 | 29 | $426.1M | 29 | ||
| 2017 Q3 | 28 | $430.5M | 19 | ||
| 2017 Q2 | 27 | $418.1M | 21 | ||
| 2017 Q1 | 26 | $396.3M | 29 | ||
| 2016 Q4 | 24 | $340.8M | 28 | ||
| 2016 Q3 | 24 | $356.0M | 26 | ||
| 2016 Q2 | 24 | $314.4M | 49 | ||
| 2016 Q1 | 24 | $238.3M | 30 | ||
| 2015 Q4 | 24 | $189.2M | 30 | ||
| 2015 Q3 | 23 | $192.4M | 88 | ||
| 2015 Q2 | 18 | $155.1M | 24 | ||
| 2015 Q1 | 19 | $166.1M | 100 | ||
| 2014 Q4 | 18 | $135.9M | 0 |
Holding changes this quarter
Glendon Capital Management LP's most significant position changes for 2026-06-30: New buy: ; Sold out: Service Properties Trust (SVC); New buy: Ardagh Metal Packaging S.A. (AMBP); Trim: Talen Energy CORP (TLN) — shares -68.95%; Add: Nrg Energy Inc (NRG) — shares +24.32%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NRG | Nrg Energy Inc | +3.1% | +24.32% | Add |
| 2 | AFRM | Affirm Holdings Inc | +2.5% | — | Unchanged |
| 3 | ALLY | Ally Financial Inc | +2.2% | — | Unchanged |
| 4 | ACT | Enact Holdings Inc | +1.1% | — | Unchanged |
| 5 | OCFC | Oceanfirst Financial CORP | +0.7% | +95.84% | Add |
| 6 | WSBC | Wesbanco Inc | +0.7% | — | Unchanged |
| 7 | DBD | Diebold Nixdorf Inc | +0.4% | — | Unchanged |
| 8 | VST | Vistra CORP | +0.3% | -6.77% | Trim |
| 9 | COOK | Traeger Inc | +0.3% | — | Unchanged |
| 10 | NCMI | National Cinemedia Inc | +0.2% | — | Unchanged |
| 11 | ✓ | +0.1% | NEW | New buy | |
| 12 | KRC | Kilroy Realty CORP | +0.1% | — | Unchanged |
| 13 | FPH | Five Point Holdings Llc-cl A | +0.1% | — | Unchanged |
| 14 | BBT | Beacon Financial CORP | +0.1% | — | Unchanged |
| 15 | AMBP | Ardagh Metal Packaging S.A. | 0% | NEW | New buy |
| 16 | NATL | Ncr Atleos CORP | 0% | — | Unchanged |
| 17 | AFRM 0 11-15-26Bond | Affirm Holdings Inc | 0% | — | Unchanged |
| 18 | VAL | Valaris Limited | — | — | Unchanged |
| 19 | EPR 5.75 PERP CBond | Epr Properties | — | — | Unchanged |
| 20 | SKIN | Skinhealth Systems Inc | 0% | — | Unchanged |
| 21 | DEC | Diversified Energy Co | 0% | — | Unchanged |
| 22 | SVC | Service Properties Trust | -0.1% | EXIT | Sold out |
| 23 | CHRD | Chord Energy CORP | -0.5% | — | Unchanged |
| 24 | CNK | Cinemark Holdings Inc | -0.7% | -75.00% | Trim |
| 25 | GASS | StealthGas Inc. | -0.7% | -2.67% | Trim |
| 26 | EXE | Expand Energy CORP | -3.7% | — | Unchanged |
| 27 | TLN | Talen Energy CORP | -6.2% | -68.95% | Trim |
Filing History
FAQ
What is Glendon Capital Management LP and what type of investor is it?
Glendon Capital Management LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $772.6M, spread across 26 disclosed positions.
What are Glendon Capital Management LP's largest equity positions?
Based on the latest 13F filing, Glendon Capital Management LP's top holdings by market value are:
1. Expand Energy CORP (EXE) — $184.1M (23.8%)
2. Nrg Energy Inc (NRG) — $104.0M (13.5%)
3. Ally Financial Inc (ALLY) — $95.7M (12.4%)
4. Vistra CORP (VST) — $93.1M (12.1%)
5. Enact Holdings Inc (ACT) — $59.4M (7.7%)
What changes did Glendon Capital Management LP make in its most recent portfolio filing?
In the latest reported quarter, Glendon Capital Management LP made 9 notable position adjustments: 2 new positions were initiated, 2 existing holdings were added to, 4 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: ; Sold out: Service Properties Trust (SVC); New buy: Ardagh Metal Packaging S.A. (AMBP); Trim: Talen Energy CORP (TLN) — shares -68.95%; Add: Nrg Energy Inc (NRG) — shares +24.32%
What sectors does Glendon Capital Management LP focus on?
Glendon Capital Management LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Utilities: 39.2%
• Energy: 35.4%
• Financials: 23.9%
• Information Technology: 1.1%
• Real Estate: 0.5%
Investment Profile
Glendon Capital Management LP returned an annualized 11.7% over the trailing 15 months — underperforming the S&P 500 by 4.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.65 (less volatile than the market) and a 33% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 39.2% of the portfolio concentrated in Utilities.
Its concentration score has fallen from 100 to 49 over the past 4 quarters — a shift toward broader diversification.
It has added to its ACT position over the past two quarters (+$7.9M, now $59.4M), while trimming TLN over the same stretch (-$68.6M, still holding $30.7M).
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Developer Access
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