Churchill Downs Incorporated bonds CHDN
Who owns Churchill Downs Incorporated's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. CHDN stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 171484AG3 | 5.5% fixed | 2027-04-01 | USD | 100.06 | 5.40% | 149 bp | 20 | $101.0M | Jul 2026 |
| 171484AE8 | 4.75% fixed | 2028-01-15 | USD | 99.03 | 5.45% | 132 bp | 37 | $116.1M | Jul 2026 |
| 12511VAA6 | 5.75% fixed | 2030-04-01 | USD | 99.70 | 5.84% | 156 bp | 66 | $195.8M | Jul 2026 |
| 171484AJ7 | 6.75% fixed | 2031-05-01 | USD | 101.25 | 6.44% | 212 bp | 53 | $94.5M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 1 | $24.3M | 101.47 | 6.38% | 201 bp | 1 |
| Jul 2026 | 4 | $507.5M | 99.88 | 5.84% | 156 bp | 66 |
| Jun 2026 | 4 | $413.2M | 99.95 | 5.77% | 160 bp | 79 |
| May 2026 | 4 | $336.3M | 99.99 | 5.76% | 167 bp | 37 |
| Apr 2026 | 4 | $524.5M | 99.81 | 5.83% | 196 bp | 71 |
| Mar 2026 | 4 | $415.3M | 99.42 | 5.83% | 210 bp | 76 |
| Feb 2026 | 4 | $299.0M | 100.43 | 5.47% | 193 bp | 38 |
| Jan 2026 | 4 | $544.7M | 100.27 | 5.55% | 193 bp | 69 |
| Dec 2025 | 4 | $428.8M | 100.56 | 5.42% | 184 bp | 70 |
| Nov 2025 | 4 | $286.8M | 100.41 | 5.46% | 183 bp | 36 |
| Oct 2025 | 4 | $545.0M | 100.12 | 5.60% | 201 bp | 70 |
| Sep 2025 | 4 | $472.3M | 99.91 | 5.67% | 205 bp | 73 |
| Aug 2025 | 4 | $261.6M | 99.94 | 5.66% | 188 bp | 30 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 66 added, 50 cut, 17 new holders and 15 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $120.7M | $120.3M | -$3.8M |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $86.7M | $86.6M | $38.2M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $79.4M | $79.5M | $1.0M |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $53.8M | $53.7M | $0 |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $50.0M | $49.9M | $500K |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $46.7M | $46.6M | -$7.5M |
| Shenkman Capital Short Duration High Income Fund Advisors Series Trust | 2026-06-30 | $34.9M | $35.0M | $7.7M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $33.8M | $33.8M | -$10.2M |
| T. Rowe Price High Yield Fund, Inc. T. ROWE PRICE HIGH YIELD FUND, INC. | 2026-05-31 | $32.5M | $32.8M | -$1.1M |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $32.7M | $32.7M | -$340K |
| Allspring Short-Term High Income Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $29.5M | $29.5M | $0 |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $26.9M | $26.9M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $26.5M | $26.4M | $3.8M |
| Artisan High Income Fund Artisan Partners Funds Inc. | 2026-06-30 | $26.4M | $26.2M | $0 |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $25.2M | $25.5M | -$1.2M |
| American Beacon SiM High Yield Opportunities Fund AMERICAN BEACON FUNDS | 2026-05-31 | $23.9M | $24.4M | $0 |
| PIMCO High Yield Fund PIMCO FUNDS | 2026-06-30 | $19.3M | $19.7M | -$8.6M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $19.3M | $19.3M | -$4.8M |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $17.5M | $17.4M | -$11.3M |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $15.7M | $15.6M | $2.9M |
| Nuveen High Yield Fund TIAA-CREF Funds | 2026-06-30 | $15.2M | $15.2M | $0 |
| BlackRock Corporate High Yield Fund, Inc. | 2026-06-30 | $14.2M | $14.5M | $0 |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $13.3M | $13.3M | $6.0M |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $12.6M | $12.7M | $0 |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $10.6M | $10.6M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Eaton Vance Income Fund of Boston ($11.5M), HIGH INCOME OPPORTUNITIES PORTFOLIO ($4.4M), Eaton Vance Ltd Duration Income Fund ($1.8M), MFS MULTIMARKET INCOME TRUST ($827K), TCW Flexible Income ETF ($798K), PIMCO High Yield Spectrum Fund ($650K), Palmer Square Credit Opportunities ETF ($500K), THRIVENT MODERATE ALLOCATION PORTFOLIO ($351K), Columbia Total Return Bond Fund ($318K), Eaton Vance High Yield ETF ($247K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 3 | $46.7M | $46.6M | 0.16% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 3 | $33.8M | $33.8M | 0.21% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 4 | $26.5M | $26.4M | 0.35% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 3 | $19.3M | $19.3M | 0.17% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 3 | $15.7M | $15.6M | 0.32% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 2 | $10.3M | $10.4M | 0.14% |
| HYLS First Trust Tactical High Yield ETF | 2026-07-31 | 1 | $8.4M | $8.4M | 0.52% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 3 | $7.5M | $7.5M | 0.21% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 1 | $7.4M | $7.4M | 0.23% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 4 | $7.1M | $7.2M | 0.43% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 4 | $5.8M | $5.8M | 0.26% |
| FTSL First Trust Senior Loan Fund | 2026-07-31 | 2 | $5.0M | $5.0M | 0.21% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 3 | $4.9M | $4.9M | 0.20% |
| IBHG iShares iBonds 2027 Term High Yield and Income ETF | 2026-07-31 | 1 | $4.7M | $4.7M | 0.92% |
| BSJS Invesco BulletShares 2028 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $3.8M | $3.8M | 0.55% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.60: safer than 44% of companies (43th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $5.72B |
| Debt barrier (short-term + ½ long-term debt) | $2.72B |
| Equity volatility (1 year) | 35.8% |
| Asset value / asset volatility (solved) | $8.33B / 24.6% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 156 bp spread prices in about 2.6% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 0.83 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CHDN's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 43 | $82.0M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 453 | $5.26B | 13 | $266.7M | 15 | $65.8M | 0 |
| 2026-03-31 | 434 | $4.24B | 9 | $59.0M | 9 | $29.1M | 0 |
| 2025-12-31 | 457 | $6.11B | 4 | $4.9M | 4 | $24.3M | 1 |
| 2025-09-30 | 426 | $5.12B | 8 | $58.3M | 6 | $8.0M | 1 |
| 2025-06-30 | 418 | $5.48B | 10 | $45.1M | 9 | $9.4M | 1 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.