Glendon Capital Management LP Long-Term Concentrated

CIK: 0001604350 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $1,680,389 (99.9% shares, 0.1% debt)

Holdings (25)

New Positions (3)

CNK CINEMARK HLDGS INC 0.7%

Value ($000) $12,064 Shares 519,125 Est. Cost $26.23 Unrealized 0.0%

EXEEL EXPAND ENERGY CORPORATION 0.1%

Value ($000) $930 Shares 9,329 Est. Cost $99.65 Unrealized —

DEC DIVERSIFIED ENERGY CO 0.0%

Value ($000) $246 Shares 17,009 Est. Cost $13.84 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNK	CINEMARK HLDGS INC	519,125	$12,064	0.7%	$26.23	0.0%	COM	17243V102
EXEEL	EXPAND ENERGY CORPORATION	9,329	$930	0.1%	$99.65	—	W EXP 02/09/202	165167180
DEC	DIVERSIFIED ENERGY CO	17,009	$246	0.0%	$13.84	0.0%	COMMON STOCK	25520W107

Increased Positions (1)

BBT BEACON FINANCIAL CORP 0.6%

Value ($000) $10,052 (+145.9%) Shares 381,184 (+121.1%) Est. Cost $26.11 Unrealized -4.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBT	BEACON FINANCIAL CORP	381,184 (+121.1%)	$10,052 (+145.9%)	0.6%	$26.11	-4.5%	COM	084680107

Exited Positions (2)

ONL ORION OFFICE REIT INC 0.1%

Value ($000) $971 Shares 359,563 Est. Cost $18.67 Unrealized —

GOCO GOHEALTH INC 0.0%

Value ($000) $206 Shares 42,745 Est. Cost $8.88 Unrealized -61.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ONL	ORION OFFICE REIT INC	359,563	$971	0.1%	$18.67	—	—	68629Y103
GOCO	GOHEALTH INC	42,745	$206	0.0%	$8.88	-61.5%	—	38046W204

Decreased Positions (7)

— FRONTIER COMMUNICATIONS PARE 47.4%

Value ($000) $796,289 (-11.8%) Shares 20,916,439 (-13.4%) Est. Cost $25.34 Unrealized —

VST VISTRA CORP 5.7%

Value ($000) $95,356 (-25.9%) Shares 591,059 (-10.0%) Est. Cost $47.74 Unrealized +281.0%

DBD DIEBOLD NIXDORF INC 3.2%

Value ($000) $53,451 (-20.5%) Shares 787,312 (-33.2%) Est. Cost $25.01 Unrealized +149.8%

EXE EXPAND ENERGY CORPORATION 13.2%

Value ($000) $221,543 (-2.2%) Shares 2,008,514 (-5.8%) Est. Cost $36.02 Unrealized +207.2%

ALLY ALLY FINL INC 5.6%

Value ($000) $94,349 (+2.9%) Shares 2,083,219 (-10.9%) Est. Cost $23.19 Unrealized +76.0%

FPH FIVE POINT HOLDINGS LLC 0.4%

Value ($000) $6,474 (-18.1%) Shares 1,158,162 (-10.2%) Est. Cost $15.19 Unrealized -61.1%

GASS STEALTHGAS INC 2.0%

Value ($000) $33,274 (+4.0%) Shares 4,739,902 (-2.9%) Est. Cost $4.94 Unrealized +36.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	FRONTIER COMMUNICATIONS PARE	20,916,439 (-13.4%)	$796,289 (-11.8%)	47.4%	$25.34	—	COM	35909D109
VST	VISTRA CORP	591,059 (-10.0%)	$95,356 (-25.9%)	5.7%	$47.74	+281.0%	COM	92840M102
DBD	DIEBOLD NIXDORF INC	787,312 (-33.2%)	$53,451 (-20.5%)	3.2%	$25.01	+149.8%	COM SHS	253651202
EXE	EXPAND ENERGY CORPORATION	2,008,514 (-5.8%)	$221,543 (-2.2%)	13.2%	$36.02	+207.2%	COM	165167735
ALLY	ALLY FINL INC	2,083,219 (-10.9%)	$94,349 (+2.9%)	5.6%	$23.19	+76.0%	COM	02005N100
FPH	FIVE POINT HOLDINGS LLC	1,158,162 (-10.2%)	$6,474 (-18.1%)	0.4%	$15.19	-61.1%	COM CL A	33833Q106
GASS	STEALTHGAS INC	4,739,902 (-2.9%)	$33,274 (+4.0%)	2.0%	$4.94	+36.1%	SHS	Y81669106

Unchanged Positions (14)

TLN TALEN ENERGY CORP 5.9%

Value ($000) $99,311 Shares 264,942 Est. Cost $138.87 Unrealized +179.9%

CHRD CHORD ENERGY CORPORATION 1.6%

Value ($000) $27,583 Shares 297,550 Est. Cost $100.33 Unrealized -8.3%

NRG NRG ENERGY INC 6.0%

Value ($000) $100,377 Shares 630,351 Est. Cost $49.21 Unrealized +235.9%

ACT ENACT HLDGS INC 3.1%

Value ($000) $51,481 Shares 1,298,718 Est. Cost $17.20 Unrealized +118.2%

WSBC WESBANCO INC 1.8%

Value ($000) $30,218 Shares 909,091 Est. Cost $30.62 Unrealized +5.6%

NCMI NATIONAL CINEMEDIA INC 0.4%

Value ($000) $6,531 Shares 1,678,903 Est. Cost $3.96 Unrealized +4.5%

SVC SERVICE PPTYS TR 0.1%

Value ($000) $1,274 Shares 692,346 Est. Cost $9.96 Unrealized —

AFRM AFFIRM HLDGS INC 1.8%

Value ($000) $31,045 Shares 417,100 Est. Cost $38.25 Unrealized +88.2%

SKIN THE BEAUTY HEALTH COMPANY 0.1%

Value ($000) $885 Shares 636,954 Est. Cost $10.17 Unrealized -85.8%

NATL NCR ATLEOS CORPORATION 0.3%

Value ($000) $5,469 Shares 143,500 Est. Cost $34.72 Unrealized +8.0%

COOK TRAEGER INC 0.1%

Value ($000) $1,103 Shares 1,020,960 Est. Cost $3.09 Unrealized -68.5%

— AFFIRM HLDGS INC 0.1%

Value ($000) $1,031 Shares 1,074,000 Est. Cost $0.61 Unrealized —

— EPR PPTYS 0.0%

Value ($000) $22 Shares 1,000 Est. Cost $25.58 Unrealized —

VAL VALARIS LTD 0.0%

Value ($000) $33 Shares 658 Est. Cost $25.06 Unrealized +114.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLN	TALEN ENERGY CORP	264,942	$99,311	5.9%	$138.87	+179.9%	COM	87422Q109
CHRD	CHORD ENERGY CORPORATION	297,550	$27,583	1.6%	$100.33	-8.3%	COM NEW	674215207
NRG	NRG ENERGY INC	630,351	$100,377	6.0%	$49.21	+235.9%	COM NEW	629377508
ACT	ENACT HLDGS INC	1,298,718	$51,481	3.1%	$17.20	+118.2%	COM	29249E109
WSBC	WESBANCO INC	909,091	$30,218	1.8%	$30.62	+5.6%	COM	950810101
NCMI	NATIONAL CINEMEDIA INC	1,678,903	$6,531	0.4%	$3.96	+4.5%	COM NEW	635309206
SVC	SERVICE PPTYS TR	692,346	$1,274	0.1%	$9.96	—	COM SH BEN INT	81761L102
AFRM	AFFIRM HLDGS INC	417,100	$31,045	1.8%	$38.25	+88.2%	COM CL A	00827B106
SKIN	THE BEAUTY HEALTH COMPANY	636,954	$885	0.1%	$10.17	-85.8%	COM CL A	88331L108
NATL	NCR ATLEOS CORPORATION	143,500	$5,469	0.3%	$34.72	+8.0%	COM SHS	63001N106
COOK	TRAEGER INC	1,020,960	$1,103	0.1%	$3.09	-68.5%	COMMON STOCK	89269P103
—	AFFIRM HLDGS INC	1,074,000	$1,031	0.1%	$0.61	—	NOTE 11/1	00827BAB2
—	EPR PPTYS	1,000	$22	0.0%	$25.58	—	PFD C CV 5.75%	26884U208
VAL	VALARIS LTD	658	$33	0.0%	$25.06	+114.1%	CL A	G9460G101