Genesis Energy, L.P. bonds GEL
Who owns Genesis Energy, L.P.'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. GEL 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 |
|---|---|---|---|---|---|---|---|---|---|
| 37185LAP7 | 8.25% fixed | 2029-01-15 | USD | 103.12 | 6.84% | 261 bp | 31 | $96.0M | Jul 2026 |
| 37185LAN2 | 8.875% fixed | 2030-04-15 | USD | 104.43 | 7.48% | 320 bp | 35 | $61.1M | Jul 2026 |
| 37185LAQ5 | 7.875% fixed | 2032-05-15 | USD | 103.29 | 7.17% | 279 bp | 41 | $71.5M | Jul 2026 |
| 37185LAR3 | 8% fixed | 2033-05-15 | USD | 104.04 | 7.23% | 279 bp | 59 | $72.3M | Jul 2026 |
| 37185LAS1 | 6.75% fixed | 2034-03-15 | USD | 99.74 | 6.79% | 230 bp | 54 | $80.5M | 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 |
|---|---|---|---|---|---|---|
| Jul 2026 | 5 | $381.4M | 103.29 | 7.17% | 279 bp | 59 |
| Jun 2026 | 5 | $640.7M | 103.30 | 7.20% | 292 bp | 109 |
| May 2026 | 5 | $296.1M | 103.98 | 7.04% | 279 bp | 42 |
| Apr 2026 | 5 | $378.4M | 104.80 | 6.88% | 285 bp | 61 |
| Mar 2026 | 5 | $618.0M | 103.36 | 7.28% | 332 bp | 112 |
| Feb 2026 | 6 | $355.6M | 104.54 | 6.95% | 310 bp | 42 |
| Jan 2026 | 5 | $397.3M | 104.38 | 7.21% | 320 bp | 61 |
| Dec 2025 | 5 | $536.5M | 104.28 | 7.32% | 339 bp | 72 |
| Nov 2025 | 5 | $282.0M | 103.20 | 7.34% | 354 bp | 35 |
| Oct 2025 | 5 | $381.8M | 103.35 | 7.41% | 354 bp | 54 |
| Sep 2025 | 5 | $575.2M | 104.35 | 7.19% | 328 bp | 81 |
| Aug 2025 | 5 | $252.5M | 104.40 | 7.23% | 318 bp | 34 |
| Jul 2025 | 5 | $382.1M | 103.69 | 7.30% | 315 bp | 56 |
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. 79 added, 74 cut, 4 new holders and 19 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| American High Income Trust | 2026-06-30 | $164.1M | $168.1M | $5.8M |
| Income Fund of America | 2026-07-31 | $96.9M | $99.9M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $61.6M | $63.3M | $4.9M |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $56.3M | $58.5M | -$28.9M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $51.8M | $52.0M | $4.0M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $51.2M | $51.6M | $0 |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $46.0M | $47.3M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $44.9M | $46.4M | -$2.4M |
| PIMCO High Yield Fund PIMCO FUNDS | 2026-06-30 | $32.4M | $33.1M | $2.7M |
| Bond Fund John Hancock Sovereign Bond Fund | 2026-05-31 | $26.9M | $28.0M | $0 |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $27.1M | $27.8M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $23.9M | $24.6M | $1.7M |
| The Osterweis Strategic Income Fund Professionally Managed Portfolios | 2026-06-30 | $21.4M | $21.9M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $20.5M | $21.1M | -$594K |
| Capital Group U.S. Multi-Sector Income ETF Capital Group Fixed Income ETF Trust | 2026-06-30 | $16.2M | $16.4M | $5.5M |
| iShares High Yield Systematic Bond ETF iShares Trust | 2026-05-31 | $13.1M | $13.8M | -$2.9M |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $12.7M | $13.1M | -$4.0M |
| High Yield Fund John Hancock Bond Trust | 2026-05-31 | $12.4M | $12.8M | $3.3M |
| PIMCO Multisector Bond Active Exchange-Traded Fund PIMCO ETF Trust | 2026-06-30 | $11.0M | $11.1M | $608K |
| Invesco High Yield Fund AIM Investment Securities Funds (Invesco Investment Securities Funds) | 2026-05-31 | $10.5M | $10.9M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $9.8M | $10.2M | $0 |
| MFS High Income Fund MFS Series Trust III | 2026-07-31 | $9.8M | $10.0M | $612K |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $9.6M | $9.9M | -$832K |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $9.8M | $9.8M | -$1.9M |
| First Trust Smith Unconstrained Bond ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $9.0M | $9.4M | -$1.1M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): JPMorgan Core Plus Bond Fund ($4.9M), N/A ($1.7M), JPMorgan Core Plus Bond ETF ($1.7M), WisdomTree U.S. High Yield Corporate Bond Fund ($1.6M), N/A ($1.1M), Nuveen Core Plus Bond Fund ($990K), THRIVENT MODERATE ALLOCATION PORTFOLIO ($803K), MFS MULTIMARKET INCOME TRUST ($770K), JPMorgan Short Duration Core Plus Fund ($675K), Nuveen Core Bond Fund ($490K).
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 | 5 | $61.6M | $63.3M | 0.22% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 5 | $44.9M | $46.4M | 0.29% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 5 | $23.9M | $24.6M | 0.34% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 5 | $20.5M | $21.1M | 0.19% |
| CGMS Capital Group U.S. Multi-Sector Income ETF | 2026-06-30 | 4 | $16.2M | $16.4M | 0.32% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 3 | $13.1M | $13.8M | 0.85% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 2 | $9.8M | $10.2M | 0.13% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 5 | $9.6M | $9.9M | 0.28% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 2 | $9.0M | $9.4M | 0.29% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 5 | $6.4M | $6.6M | 0.28% |
| FIXD First Trust Smith Opportunistic Fixed Income ETF | 2026-05-31 | 1 | $6.0M | $6.3M | 0.19% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 2 | $5.6M | $5.8M | 0.26% |
| CGCP Capital Group Core Plus Income ETF | 2026-06-30 | 3 | $5.5M | $5.6M | 0.07% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 5 | $4.8M | $4.9M | 0.19% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 5 | $3.8M | $3.9M | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 5.07: safer than 49% of companies (57th percentile in Energy). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $1.71B |
| Debt barrier (short-term + ½ long-term debt) | $1.65B |
| Equity volatility (1 year) | 27.4% |
| Asset value / asset volatility (solved) | $3.29B / 14.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 279 bp spread prices in about 4.6% 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'' = 0.31 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in GEL'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 | 12 | $19.7M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 114 | $1.31B | 6 | $6.3M | 6 | $9.6M | 0 |
| 2026-03-31 | 117 | $1.31B | 5 | $5.2M | 8 | $18.4M | 0 |
| 2025-12-31 | 114 | $1.13B | 5 | $4.1M | 7 | $13.1M | 1 |
| 2025-09-30 | 116 | $1.54B | 5 | $5.3M | 9 | $23.7M | 1 |
| 2025-06-30 | 119 | $1.54B | 6 | $5.3M | 9 | $29.7M | 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.