Glendon Capital Management LP significantly reduced its stake in Diebold Nixdorf (DBD +1.03%) in the third quarter of 2025, according to a recent SEC filing. The fund dramatically reduced its position in the retail and financial technology company, trimming its position by almost 25%.
What happened
According to a filing with the Securities and Exchange Commission dated November 12, 2025, Glendon Capital Management LP sold 370,396 shares of Diebold Nixdorf during the third quarter. The fund’s position declined from 1,548,740 to 1,178,344 shares, with estimated value change during the period of approximately $18.60 million. Consequently, the position now represents 3.66% of the fund’s reported U.S. equity assets.
What else to know
- This was a sale; the Diebold Nixdorf stake now accounts for 3.66% of Glendon Capital Management LP’s 13F reportable AUM
Top holdings after the filing:
- NASDAQ: FYBR: $902,324,419 (49.23% of AUM)
- NASDAQ: EXE: $226,428,573 (12.35% of AUM)
- NYSE: VST: $128,666,933 (7.02% of AUM)
- NASDAQ: TLN: $112,701,028 (6.15% of AUM)
- NYSE: NRG: $102,085,344 (5.57% of AUM)
- As of November 11, 2025, Diebold Nixdorf shares were priced at $65.25, up 61.83% over the past year, outperforming the S&P 500 by 44.76 percentage points
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $3.69 billion |
| Net Income (TTM) | $50.60 million |
| Market Capitalization | $2.34 billion |
| Price (as of market close 2025-11-11) | $65.25 |
Company Snapshot
- Diebold Nixdorf, Inc. is a global provider of technology solutions for banking and retail automation, has a significant presence in both the hardware and software businesses.
- The company offers cash recyclers, dispensers, teller automation, self-checkout terminals, retail and banking software, and physical security solutions, with revenue generated across both hardware and software platforms.
- It operates a dual-segment business model focused on product sales and recurring service contracts, including managed services, software solutions, maintenance, and outsourcing for banking and retail clients.
- Diebold serves global financial institutions, retailers, and related enterprises seeking automation, digitization, and omnichannel transaction management solutions.
Foolish take
The sale makes Diebold Nixdorf the seventh-largest position for Glendon Capital, a fund that typically invests primarily in technology and energy companies.
Glendon has held Diebold shares since the company returned to the public markets in August 2023 following a bankruptcy filing.
Moreover, Glendon had steadily increased its position size up to the second quarter of 2025. Thus, Q3 was notable since it was the first time Glendon had sold any Diebold shares.
Diebold’s stock has also earned Glendon considerable gains. Over its slightly more than two years of existence, it has returned about 217%, far above the S&P 500's gains.
NYSE: DBD
Key Data Points
Additionally, Diebold is profitable, having earned a $50.6 million in net income after it lost $17 million in 2024. While it sells at a P/E ratio of 48, a forward P/E of 16 may imply its shares are reasonably priced.
Given its reasonable share price and turn to profitability, it is not clear why Glendon trimmed its stake. It is possible that the forecast for only 2% sales growth in each of the next two years caused some concern. Also, it may have needed capital to finance its increased stakes in NRG Energy and NCR Atelos.
Whatever the reason, investors should also remember that it kept more than three-fourths of its Diebold shares. With double-digit profit growth expected this year and in 2026, investors should continue to closely watch Diebold and Glendon’s stake in the company.
Glossary
13F reportable AUM: Assets under management that must be disclosed in quarterly SEC Form 13F filings by institutional investment managers.
Net position change: The total increase or decrease in the value of a fund's holding in a particular security after a transaction.
Top holdings: The largest investments in a fund's portfolio, typically ranked by market value or percentage of assets.
Dual-segment business model: A company structure with two main revenue-generating divisions, often serving different markets or offering distinct products.
Recurring service contracts: Agreements that provide ongoing services to clients for a regular fee, often contributing to predictable revenue streams.
Managed services: Outsourced operational support where a provider manages specific business functions or technology for a client.
Omnichannel transaction management: Coordinating customer transactions across multiple channels (e.g., online, in-person) for a seamless experience.
Outsourcing: Contracting external providers to handle certain business processes or services instead of using internal resources.
Physical security solutions: Products or systems designed to protect physical assets, such as buildings or equipment, from theft or damage.
TTM: The 12-month period ending with the most recent quarterly report.
