NGL Energy Partners LP bonds NGL
Who owns NGL Energy Partners LP'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. NGL 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 |
|---|---|---|---|---|---|---|---|---|---|
| 62922LAC2 | 8.125% fixed | 2029-02-15 | USD | 102.53 | 7.02% | 278 bp | 58 | $71.4M | Jul 2026 |
| U6536LAB6 | 8.13% fixed | 2029-02-15 | USD | 102.51 | 7.03% | 279 bp | 1 | $543K | Jul 2026 |
| 62922LAD0 | 8.375% fixed | 2032-02-15 | USD | 103.98 | 7.48% | 312 bp | 54 | $96.6M | 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 | 3 | $168.6M | 102.53 | 7.03% | 279 bp | 58 |
| Jun 2026 | 2 | $389.0M | 103.82 | 7.05% | 286 bp | 89 |
| May 2026 | 2 | $206.5M | 104.50 | 6.89% | 278 bp | 49 |
| Apr 2026 | 3 | $157.2M | 103.68 | 6.67% | 285 bp | 59 |
| Mar 2026 | 2 | $379.2M | 103.10 | 7.31% | 348 bp | 90 |
| Feb 2026 | 2 | $176.9M | 104.27 | 7.05% | 340 bp | 46 |
| Jan 2026 | 3 | $150.0M | 103.78 | 6.74% | 312 bp | 61 |
| Dec 2025 | 2 | $371.3M | 103.76 | 7.17% | 348 bp | 94 |
| Nov 2025 | 2 | $171.2M | 103.22 | 7.36% | 369 bp | 44 |
| Oct 2025 | 3 | $151.2M | 102.36 | 7.30% | 375 bp | 65 |
| Sep 2025 | 2 | $410.5M | 102.55 | 7.55% | 387 bp | 95 |
| Aug 2025 | 2 | $173.6M | 101.81 | 7.75% | 393 bp | 47 |
| Jul 2025 | 3 | $140.9M | 98.96 | 8.47% | 460 bp | 60 |
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. 62 added, 31 cut, 7 new holders and 17 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $68.1M | $70.8M | $3.0M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $47.4M | $49.0M | $6.9M |
| The Osterweis Strategic Income Fund Professionally Managed Portfolios | 2026-06-30 | $38.8M | $40.1M | $0 |
| T. Rowe Price High Yield Fund, Inc. T. ROWE PRICE HIGH YIELD FUND, INC. | 2026-05-31 | $35.5M | $37.2M | -$1.2M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $30.5M | $31.9M | $2.0M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $22.0M | $22.9M | new |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $22.0M | $22.8M | $5.0M |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $20.1M | $21.0M | new |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $16.9M | $17.6M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $16.7M | $17.3M | $601K |
| Multi-Manager High Yield Bond Fund Goldman Sachs Trust II | 2026-07-31 | $15.1M | $15.6M | $3.2M |
| iShares High Yield Systematic Bond ETF iShares Trust | 2026-05-31 | $13.3M | $13.9M | -$1.4M |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $12.2M | $12.7M | $168K |
| Eaton Vance Income Fund of Boston Eaton Vance Series Trust II | 2026-07-31 | $11.5M | $11.9M | $0 |
| Nomura High Income Fund IVY FUNDS | 2026-06-30 | $11.3M | $11.8M | -$2.5M |
| American High Income Trust | 2026-06-30 | $10.5M | $10.9M | -$105K |
| T. Rowe Price Institutional High Yield Fund T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. | 2026-05-31 | $9.7M | $10.1M | $0 |
| Weitz Core Plus Income Fund Weitz Funds | 2026-06-30 | $8.7M | $9.1M | $0 |
| BlackRock Systematic Multi-Strategy Fund BlackRock Funds IV | 2026-06-30 | $8.5M | $8.8M | $1.7M |
| AB HIGH INCOME FUND INC | 2026-07-31 | $8.4M | $8.7M | $0 |
| Virtus Income & Growth Fund Virtus Investment Trust | 2026-06-30 | $8.3M | $8.6M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $7.6M | $7.8M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.5M | $7.7M | -$225K |
| PIMCO High Yield Fund PIMCO FUNDS | 2026-06-30 | $7.4M | $7.7M | $0 |
| Lord Abbett High Yield Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $6.4M | $6.8M | $3.0M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Barings Global Short Duration High Yield Fund ($2.9M), BlackRock Multi-Sector Income Trust ($1.9M), JNL Multi-Manager Floating Rate Income Fund ($1.4M), TCW METWEST UNCONSTRAINED BOND FUND ($1.2M), BlackRock Low Duration Bond Portfolio ($1.1M), ProShares High Yield-Interest Rate Hedged ($601K), BlackRock Core Bond Trust ($564K), THRIVENT MODERATE ALLOCATION PORTFOLIO ($502K), Callodine Specialty Income Fund ($450K), Weitz Core Plus Bond ETF ($300K).
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 | 2 | $47.4M | $49.0M | 0.17% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $30.5M | $31.9M | 0.20% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $22.0M | $22.8M | 0.20% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 2 | $16.7M | $17.3M | 0.24% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 2 | $13.3M | $13.9M | 0.85% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $7.6M | $7.8M | 0.10% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $7.5M | $7.7M | 0.16% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 2 | $6.4M | $6.7M | 0.19% |
| SRLN State Street(R) Blackstone Senior Loan ETF | 2026-06-30 | 1 | $4.7M | $4.9M | 0.09% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 1 | $4.5M | $4.7M | 0.21% |
| CGMS Capital Group U.S. Multi-Sector Income ETF | 2026-06-30 | 2 | $4.4M | $4.6M | 0.09% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 2 | $4.2M | $4.4M | 0.18% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 2 | $3.5M | $3.6M | 0.14% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 2 | $2.9M | $3.0M | 0.03% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 1 | $2.9M | $3.0M | 0.18% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 2.67: safer than 21% of companies (29th percentile in Energy). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $1.93B |
| Debt barrier (short-term + ½ long-term debt) | $1.64B |
| Equity volatility (1 year) | 51.5% |
| Asset value / asset volatility (solved) | $3.50B / 28.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 279 bp spread prices in about 4.7% 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'' = 0.86 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in NGL'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 | 7 | $1.3M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 85 | $1.19B | 6 | $7.0M | 6 | $12.6M | 0 |
| 2026-03-31 | 96 | $652.6M | 2 | $459K | 8 | $16.1M | 0 |
| 2025-12-31 | 91 | $540.2M | 1 | $50K | 9 | $14.0M | 1 |
| 2025-09-30 | 85 | $420.8M | 1 | $237K | 6 | $4.8M | 1 |
| 2025-06-30 | 85 | $259.4M | 4 | $771K | 7 | $3.5M | 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.