Fortrea Holdings Inc. bonds FTRE
Who owns Fortrea Holdings Inc.'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. FTRE 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 |
|---|---|---|---|---|---|---|---|---|---|
| 34965KAA5 | 7.5% fixed | 2030-07-01 | USD | 101.88 | 6.94% | 265 bp | 31 | $87.9M | 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 |
|---|---|---|---|---|---|---|
| Jul 2026 | 1 | $87.9M | 101.88 | 6.94% | 265 bp | 31 |
| Jun 2026 | 1 | $50.7M | 101.39 | 7.09% | 291 bp | 50 |
| May 2026 | 1 | $15.0M | 100.81 | 7.27% | 317 bp | 17 |
| Apr 2026 | 1 | $80.3M | 97.40 | 8.24% | 435 bp | 31 |
| Mar 2026 | 1 | $43.1M | 94.80 | 8.99% | 519 bp | 50 |
| Feb 2026 | 1 | $17.5M | 95.45 | 8.78% | 515 bp | 16 |
| Jan 2026 | 1 | $70.5M | 101.80 | 7.02% | 329 bp | 36 |
| Dec 2025 | 1 | $48.6M | 102.15 | 6.94% | 327 bp | 53 |
| Nov 2025 | 1 | $20.1M | 100.44 | 7.38% | 374 bp | 18 |
| Oct 2025 | 1 | $58.6M | 96.06 | 8.54% | 491 bp | 37 |
| Sep 2025 | 1 | $90.2M | 94.66 | 8.90% | 525 bp | 54 |
| Aug 2025 | 1 | $8.5M | 95.32 | 8.70% | 492 bp | 15 |
| Jul 2025 | 1 | $49.5M | 91.46 | 9.72% | 578 bp | 39 |
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. 34 added, 14 cut, 9 new holders and 9 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $32.8M | $33.4M | $2.9M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $10.7M | $10.9M | $1.8M |
| Eaton Vance Income Fund of Boston Eaton Vance Series Trust II | 2026-07-31 | $10.6M | $10.8M | $0 |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $9.2M | $9.3M | $5.5M |
| iShares High Yield Systematic Bond ETF iShares Trust | 2026-05-31 | $6.3M | $6.3M | -$724K |
| MFS High Income Fund MFS Series Trust III | 2026-07-31 | $5.2M | $5.3M | new |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $4.9M | $5.0M | -$1.2M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $4.5M | $4.6M | -$26K |
| HIGH INCOME OPPORTUNITIES PORTFOLIO High Income Opportunities Portfolio | 2026-07-31 | $4.5M | $4.6M | $0 |
| BlackRock Systematic Multi-Strategy Fund BlackRock Funds IV | 2026-06-30 | $4.1M | $4.1M | $1.9M |
| Touchstone Funds Group Trust-Touchstone Ares Credit Opportunities Fund Touchstone Funds Group Trust | 2026-06-30 | $3.8M | $3.8M | $0 |
| Brigade High Income Fund ALPS SERIES TRUST | 2026-06-30 | $3.4M | $3.5M | $60K |
| SIIT HIGH YIELD BOND FUND SEI INSTITUTIONAL INVESTMENTS TRUST | 2026-05-31 | $3.1M | $3.2M | $206K |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $3.1M | $3.1M | -$186K |
| Payden High Income Fund PAYDEN & RYGEL INVESTMENT GROUP | 2026-07-31 | $3.0M | $3.1M | $0 |
| First Trust Tactical High Yield ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $2.6M | $2.6M | -$2.4M |
| Goldman Sachs Multi-Manager Non-Core Fixed Income Fund Goldman Sachs Trust II | 2026-07-31 | $2.5M | $2.5M | $140K |
| Multi-Manager High Yield Bond Fund Goldman Sachs Trust II | 2026-07-31 | $2.1M | $2.2M | $0 |
| BlackRock HPS Credit Strategies Fund | 2026-06-30 | $2.1M | $2.1M | $0 |
| Eaton Vance Income Opportunities ETF Morgan Stanley ETF Trust | 2026-06-30 | $1.9M | $1.9M | $738K |
| Calvert Income Fund Calvert Fund | 2026-06-30 | $1.6M | $1.6M | $0 |
| Barings Global Short Duration High Yield Fund | 2026-06-30 | $1.5M | $1.5M | $0 |
| MFS High Yield Pooled Portfolio MFS Series Trust III | 2026-07-31 | $1.5M | $1.5M | new |
| Eaton Vance Ltd Duration Income Fund | 2026-06-30 | $1.4M | $1.4M | $0 |
| Schwab High Yield Bond ETF SCHWAB STRATEGIC TRUST | 2026-05-31 | $1.2M | $1.2M | $177K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): NYLI MacKay High Yield Corporate Bond Fund ($5.8M), Lord Abbett High Yield Fund ($3.5M), NYLIM VP MacKay High Yield Corporate Bond Portfolio ($2.0M), AB HIGH INCOME FUND INC ($1.2M), Invesco Multi-Asset Income Fund ($220K), BlackRock Multi-Sector Income Trust ($98K), BlackRock Core Bond Trust ($54K), BlackRock Low Duration Bond Portfolio ($28K), BNY Mellon High Yield ETF ($22K).
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 | 1 | $10.7M | $10.9M | 0.04% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 1 | $6.3M | $6.3M | 0.39% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $4.9M | $5.0M | 0.04% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $4.5M | $4.6M | 0.06% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $3.1M | $3.1M | 0.06% |
| HYLS First Trust Tactical High Yield ETF | 2026-07-31 | 1 | $2.6M | $2.6M | 0.16% |
| XAGG Eaton Vance Income Opportunities ETF | 2026-06-30 | 1 | $1.9M | $1.9M | 0.16% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $1.2M | $1.2M | 0.05% |
| EVTR Eaton Vance Total Return Bond ETF | 2026-06-30 | 1 | $1.2M | $1.2M | 0.02% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 1 | $1.1M | $1.1M | 0.06% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $1.1M | $1.1M | 0.04% |
| SYSB iShares Systematic Bond ETF | 2026-07-31 | 1 | $949K | $966K | 0.08% |
| GTOQ Invesco High Yield Systematic Bond ETF | 2026-07-31 | 1 | $760K | $775K | 0.43% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $502K | $511K | 0.00% |
| IBHJ iShares iBonds 2030 Term High Yield and Income ETF | 2026-07-31 | 1 | $327K | $333K | 0.21% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 2.59: safer than 20% of companies (22th percentile in Healthcare). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $2.13B |
| Debt barrier (short-term + ½ long-term debt) | $544.6M |
| Equity volatility (1 year) | 70.5% |
| Asset value / asset volatility (solved) | $2.65B / 56.7% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 265 bp spread prices in about 4.4% 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'' = -1.54 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in FTRE'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 | 28 | $12.6M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 328 | $1.73B | 2 | $136K | 4 | $5.8M | 0 |
| 2026-03-31 | 316 | $836.0M | 2 | $129K | 7 | $9.5M | 0 |
| 2025-12-31 | 336 | $1.62B | 2 | $102K | 5 | $4.6M | 0 |
| 2025-09-30 | 328 | $801.5M | 5 | $486K | 9 | $15.6M | 1 |
| 2025-06-30 | 330 | $493.4M | 8 | $2.6M | 9 | $6.9M | 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.