Forward Air Corporation bonds FWRD
Who owns Forward Air Corporation'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. FWRD 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 |
|---|---|---|---|---|---|---|---|---|---|
| 36267QAA2 | 9.5% fixed | 2031-10-15 | USD | 97.94 | 10.01% | 567 bp | 27 | $148.2M | 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 | $148.2M | 97.94 | 10.01% | 567 bp | 27 |
| Jun 2026 | 1 | $70.1M | 96.82 | 10.29% | 606 bp | 33 |
| May 2026 | 1 | $95.9M | 93.84 | 11.04% | 686 bp | 19 |
| Apr 2026 | 1 | $175.9M | 102.37 | 8.94% | 496 bp | 31 |
| Mar 2026 | 1 | $85.1M | 97.07 | 10.20% | 630 bp | 39 |
| Feb 2026 | 1 | $123.6M | 103.68 | 8.66% | 491 bp | 29 |
| Jan 2026 | 1 | $180.3M | 106.11 | 8.14% | 428 bp | 25 |
| Dec 2025 | 1 | $84.3M | 105.70 | 8.24% | 446 bp | 34 |
| Nov 2025 | 1 | $109.5M | 103.72 | 8.67% | 492 bp | 29 |
| Oct 2025 | 1 | $172.1M | 101.82 | 9.10% | 536 bp | 27 |
| Sep 2025 | 1 | $96.8M | 106.97 | 8.02% | 426 bp | 34 |
| Aug 2025 | 1 | $122.7M | 106.49 | 8.13% | 422 bp | 29 |
| Jul 2025 | 1 | $178.3M | 106.05 | 8.23% | 416 bp | 24 |
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. 15 added, 35 cut, 14 new holders and 33 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $86.3M | $84.7M | -$1.3M |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $68.1M | $64.0M | -$510K |
| AST Balanced Asset Allocation Portfolio Advanced Series Trust | 2026-06-30 | $14.1M | $13.7M | -$170K |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $13.1M | $12.8M | $406K |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $12.8M | $12.5M | $0 |
| PGIM Absolute Return Bond Fund Prudential Investment Portfolios 9 | 2026-07-31 | $9.2M | $9.0M | -$115K |
| Multi-Manager Total Return Bond Strategies Fund COLUMBIA FUNDS SERIES TRUST I | 2026-05-31 | $8.1M | $7.6M | -$120K |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $7.5M | $7.2M | -$4.0M |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $6.7M | $6.5M | $425K |
| PGIM Short Duration Multi-Sector Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $6.3M | $6.2M | -$210K |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $6.1M | $5.9M | $389K |
| Strategic Advisers Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $6.3M | $5.8M | -$105K |
| PGIM Active High Yield Bond ETF PGIM ETF Trust | 2026-05-29 | $6.1M | $5.7M | $189K |
| AST PGIM Aggressive Multi-Asset Portfolio Advanced Series Trust | 2026-06-30 | $5.0M | $4.9M | -$70K |
| PSF PGIM Total Return Bond Portfolio Prudential Series Fund | 2026-06-30 | $4.1M | $4.0M | -$75K |
| AST Aggressive Asset Allocation Portfolio Advanced Series Trust | 2026-06-30 | $3.8M | $3.7M | -$50K |
| Nuveen High Yield Fund TIAA-CREF Funds | 2026-06-30 | $3.5M | $3.4M | new |
| AST Investment Grade Bond Portfolio Advanced Series Trust | 2026-06-30 | $3.3M | $3.2M | -$200K |
| High Yield Bond Portfolio PACIFIC SELECT FUND | 2026-06-30 | $3.1M | $3.0M | new |
| Multi-Manager High Yield Bond Fund Goldman Sachs Trust II | 2026-07-31 | $2.9M | $2.8M | -$343K |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $2.9M | $2.8M | new |
| PGIM Strategic Bond Fund Prudential Investment Portfolios 3 | 2026-05-29 | $2.8M | $2.6M | -$40K |
| AST Preservation Asset Allocation Portfolio Advanced Series Trust | 2026-06-30 | $2.5M | $2.4M | -$45K |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $2.5M | $2.4M | $0 |
| PSF PGIM High Yield Bond Portfolio Prudential Series Fund | 2026-06-30 | $2.4M | $2.3M | -$20K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): LORD ABBETT BOND DEBENTURE FUND INC ($16.4M), Lord Abbett Short Duration High Yield Fund ($9.3M), iShares High Yield Systematic Bond ETF ($8.5M), BlackRock Systematic Multi-Strategy Fund ($5.6M), Fidelity High Income Fund ($3.0M), Fidelity SAI High Income Fund ($2.8M), Fidelity High Income Central Fund ($1.3M), Fidelity Total Bond Fund ($1.2M), Buffalo High Yield Fund ($1.0M), Bond-Debenture Portfolio ($869K).
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 | $13.1M | $12.8M | 0.04% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $6.7M | $6.5M | 0.09% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $6.1M | $5.9M | 0.05% |
| PHYL PGIM Active High Yield Bond ETF | 2026-05-29 | 1 | $6.1M | $5.7M | 0.44% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $2.9M | $2.8M | 0.06% |
| PTRB PGIM Total Return Bond ETF | 2026-05-29 | 1 | $1.6M | $1.5M | 0.15% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $1.4M | $1.3M | 0.06% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $1.4M | $1.3M | 0.05% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $760K | $746K | 0.00% |
| HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 2026-05-31 | 1 | $603K | $567K | 0.24% |
| GTOQ Invesco High Yield Systematic Bond ETF | 2026-07-31 | 1 | $336K | $328K | 0.18% |
| PSDM PGIM Short Duration Multi-Sector Bond ETF | 2026-05-29 | 1 | $341K | $320K | 0.17% |
| NUHY Nuveen ESG High Yield Corporate Bond ETF | 2026-07-31 | 1 | $325K | $316K | 0.29% |
| HYXF iShares ESG Advanced High Yield Corporate Bond ETF | 2026-07-31 | 1 | $310K | $304K | 0.16% |
| SIHY Harbor Ares Systematic High Yield ETF | 2026-07-31 | 1 | $300K | $293K | 0.20% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 0.99: safer than 7% of companies (5th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $517.5M |
| Debt barrier (short-term + ½ long-term debt) | $846.7M |
| Equity volatility (1 year) | 92.4% |
| Asset value / asset volatility (solved) | $1.31B / 39.9% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 567 bp spread prices in about 9.4% 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'' = -1.33 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in FWRD'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 | 11 | $2.8M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 185 | $411.5M | 8 | $2.2M | 15 | $27.4M | 0 |
| 2026-03-31 | 178 | $447.6M | 8 | $5.1M | 13 | $29.4M | 0 |
| 2025-12-31 | 193 | $734.6M | 9 | $9.8M | 15 | $69.6M | 0 |
| 2025-09-30 | 195 | $829.4M | 11 | $13.1M | 15 | $44.7M | 0 |
| 2025-06-30 | 171 | $764.7M | 11 | $10.7M | 11 | $7.5M | 0 |
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.