Glendon Capital Management LP

Hedge Fund • Distressed

Glendon Capital Management LP is a Distressed Hedge Fund based in Santa Monica, CA led by Haig Mark Maghakian, reporting $5.7B in AUM as of Q3 2025 with 50% Communication Services concentration, 95% concentrated in top 10 holdings, and 49% allocation to FYBR.

COOHaig Mark Maghakian

Portfolio Value: $1.8B
Positions: 22
Top Holding: FYBR at 49.23%
Last Reported: Q3 2025

Address2425 Olympic Blvd., Suite 500e, Santa Monica, CA, 90404-4070, United States

Top Holdings

Largest long holdings in Glendon Capital Management LP's portfolio (95.1% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Frontier Communications Parent, Inc. FYBR	Telecommunications Services Communication Services	$902.3M	49.23%	-$2.1M Sold	9.65% 24.2M shares	Q2 2021 Held for 4y 5m
2 Extendicare Inc. EXE	Unknown Unknown	$226.4M	12.35%	—	0.90% 2.1M shares	Q3 2024 Held for 1y 2m
3 Vistra VST	Independent Power Producers Utilities	$128.7M	7.02%	—	0.19% 656.7K shares	Q1 2020 Held for 5y 8m
4 Talen Energy Corporation TLN	Unknown Unknown	$112.7M	6.15%	-$12.5M Sold	0.58% 264.9K shares	Q3 2024 Held for 1y 2m
5 NRG Energy NRG	Independent Power Producers Utilities	$102.1M	5.57%	+$5.5M Bought	0.33% 630.4K shares	Q3 2020 Held for 5y 2m
6 Ally Financial ALLY	Financial - Credit Services Financial Services	$91.7M	5.00%	-$5.8M Sold	0.76% 2.3M shares	Q1 2016 Held for 9y 8m
7 Diebold Nixdorf DBD	Software - Application Technology	$67.2M	3.67%	-$21.1M Sold	3.22% 1.2M shares	Q3 2023 Held for 2y 2m
8 Enact Holdings, Inc. ACT	Insurance - Specialty Financial Services	$49.8M	2.72%	—	0.88% 1.3M shares	Q3 2021 Held for 4y 2m
9 GASS StealthGas GASS	Marine Shipping Industrials	$32.0M	1.75%	-$6.7M Sold	13.14% 4.9M shares	Q4 2014 Held for 10y 11m
10 Affirm Holdings, Inc. AFRM	Software - Infrastructure Technology	$30.5M	1.66%	—	0.13% 417.1K shares	Q3 2024 Held for 1y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Glendon Capital Management LP's latest filing

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Market Value

$1.8B

Prior: $1.8B

Q/Q Change

+0.625%

+$11.4M

Net Flows % of MV

-2.14%

Turnover Ratio

1.9%

New Purchases

1 stocks

$4.1M

Added To

2 stocks

+$11.1M

Sold Out Of

1 stocks

$4.3M

Reduced Holdings

7 stocks

-$50.0M

Increased Positions

Position	Shares Δ	Change
1 BBT BB&T Corporation BBT	New	0 → 172.4K +$4.1M
2 NCR Atleos NATL	+14,250.0%	1.0K → 143.5K +$5.6M
3 NRG Energy NRG	+5.7%	596.4K → 630.4K +$5.5M

Decreased Positions

Position	Shares Δ	Change
1 Berkshire Hills Bancorp BHLB	Sold	172.4K → 0 −$4.3M
2 Diebold Nixdorf DBD	-23.92%	1.5M → 1.2M −$21.1M
3 GASS StealthGas GASS	-17.32%	5.9M → 4.9M −$6.7M
4 Five Point Holdings, Inc. FPH	-16.92%	1.6M → 1.3M −$1.6M
5 Traeger COOK	-11.26%	1.2M → 1.0M −$158.1K

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Analytics

Portfolio insights and performance metrics for Glendon Capital Management LP

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Sector Allocation

Communication Services

49.60%

Utilities

12.60%

Financial Services

9.30%

Technology

5.60%

Industrials

1.70%

Energy

1.60%

Real Estate

0.60%

Consumer Defensive

0.10%

Consumer Cyclical

0.10%

Market Cap Distribution

Large Cap ($10B - $200B)

37.76%

Mid Cap ($2B - $10B)

59.12%

Small Cap ($300M - $2B)

1.17%

Micro Cap ($50M - $300M)

1.95%

Portfolio Concentration

Top 10 Holdings %

95.12%

Top 20 Holdings %

99.99%

Top 50 Holdings %

100.0%

Top 100 Holdings %