Northern Oil and Gas, Inc. bonds NOG
Who owns Northern Oil and Gas, 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. NOG 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 |
|---|---|---|---|---|---|---|---|---|---|
| 665531AK5 convertible | 3.625% fixed | 2029-04-15 | USD | 99.05 | — | — | 2 | $804K | May 2026 |
| 665531AJ8 convertible | 3.625% fixed | 2029-04-15 | USD | 99.21 | — | — | 15 | $51.5M | Jul 2026 |
| 665530AB7 | 8.75% fixed | 2031-06-15 | USD | 103.09 | 7.97% | 364 bp | 33 | $89.3M | Jul 2026 |
| 665531AL3 | 7.875% fixed | 2033-10-15 | USD | 100.10 | 7.85% | 338 bp | 55 | $113.6M | Jul 2026 |
| U66499AG6 | 7.875% fixed | 2033-10-15 | USD | 100.15 | 7.84% | 337 bp | 1 | $223K | 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 | 4 | $254.6M | 100.13 | 7.85% | 338 bp | 55 |
| Jun 2026 | 3 | $314.4M | 99.39 | 7.99% | 371 bp | 78 |
| May 2026 | 4 | $92.4M | 100.44 | 7.72% | 348 bp | 28 |
| Apr 2026 | 4 | $284.2M | 105.32 | 7.46% | 340 bp | 54 |
| Mar 2026 | 4 | $305.9M | 106.84 | 7.53% | 355 bp | 79 |
| Feb 2026 | 5 | $87.5M | 104.31 | 7.49% | 355 bp | 27 |
| Jan 2026 | 5 | $262.4M | 101.52 | 7.70% | 366 bp | 55 |
| Dec 2025 | 5 | $267.9M | 97.37 | 8.34% | 437 bp | 75 |
| Nov 2025 | 4 | $81.2M | 97.27 | 8.35% | 443 bp | 26 |
| Oct 2025 | 5 | $252.7M | 97.43 | 8.30% | 442 bp | 53 |
| Sep 2025 | 5 | $429.1M | 100.46 | 7.94% | 399 bp | 73 |
| Aug 2025 | 3 | $113.8M | 100.83 | 7.96% | 418 bp | 30 |
| Jul 2025 | 4 | $264.0M | 103.41 | 7.91% | 396 bp | 43 |
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. 58 added, 43 cut, 19 new holders and 27 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Income Fund of America | 2026-07-31 | $66.9M | $68.2M | $5.9M |
| American High Income Trust | 2026-06-30 | $48.5M | $48.9M | $9.0M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $34.9M | $35.3M | $12.4M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $28.4M | $28.3M | $2.0M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $25.1M | $25.5M | $3.2M |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $22.9M | $23.3M | $0 |
| Invesco Equity and Income Fund AIM Counselor Series Trust (Invesco Counselor Series Trust) | 2026-05-31 | $21.6M | $21.5M | $0 |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $19.1M | $19.1M | -$12.4M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $18.1M | $18.6M | $2.0M |
| Goldman Sachs High Yield Fund GOLDMAN SACHS TRUST | 2026-06-30 | $15.6M | $15.8M | $10.8M |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $14.8M | $14.7M | $6.8M |
| ABSOLUTE CONVERTIBLE ARBITRAGE FUND Unified Series Trust | 2026-06-30 | $14.5M | $13.9M | $4.5M |
| iShares High Yield Systematic Bond ETF iShares Trust | 2026-05-31 | $12.9M | $13.2M | $6.6M |
| NYLIM MacKay Convertible Fund NYLIM FUNDS | 2026-07-31 | $12.9M | $12.9M | $0 |
| American Funds Strategic Bond Fund | 2026-06-30 | $12.5M | $12.7M | $5.6M |
| NYLIM VP MacKay Convertible Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $12.4M | $11.9M | $0 |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $10.5M | $10.6M | $0 |
| Capital Group U.S. Multi-Sector Income ETF Capital Group Fixed Income ETF Trust | 2026-06-30 | $9.6M | $9.9M | $494K |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $8.9M | $9.0M | $808K |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $9.0M | $8.9M | $0 |
| BlackRock Systematic Multi-Strategy Fund BlackRock Funds IV | 2026-06-30 | $8.5M | $8.6M | $4.8M |
| BlackRock Strategic Income Opportunities Portfolio BlackRock Funds V | 2026-06-30 | $7.6M | $7.6M | $3.1M |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $7.7M | $7.4M | $2.0M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.3M | $7.4M | $2.8M |
| SIIT HIGH YIELD BOND FUND SEI INSTITUTIONAL INVESTMENTS TRUST | 2026-05-31 | $7.0M | $7.1M | -$1.4M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Multi-Manager High Yield Bond Fund ($4.4M), Bancroft Fund Ltd ($3.5M), Principal Active High Yield ETF ($3.1M), Ellsworth Growth & Income Fund Ltd ($2.6M), State Street(R) Blackstone High Income ETF ($2.5M), State Street(R) Blackstone Senior Loan ETF ($2.4M), Virtus Equity & Convertible Income Fund ($2.3M), Virtus Dividend, Interest & Premium Strategy Fund ($2.3M), Gabelli Convertible & Income Securities Fund Inc ($1.9M), Franklin BSP Lending Fund ($1.5M).
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 | $25.1M | $25.5M | 0.09% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $18.1M | $18.6M | 0.12% |
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 1 | $14.8M | $14.7M | 0.20% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 2 | $12.9M | $13.2M | 0.81% |
| CGMS Capital Group U.S. Multi-Sector Income ETF | 2026-06-30 | 2 | $9.6M | $9.9M | 0.19% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 2 | $8.9M | $9.0M | 0.12% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 1 | $7.7M | $7.4M | 0.12% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $7.3M | $7.4M | 0.07% |
| CGCP Capital Group Core Plus Income ETF | 2026-06-30 | 2 | $5.2M | $5.2M | 0.06% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 2 | $3.7M | $3.8M | 0.11% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 2 | $2.3M | $2.3M | 0.10% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 2 | $2.2M | $2.2M | 0.09% |
| SYSB iShares Systematic Bond ETF | 2026-07-31 | 2 | $1.7M | $1.8M | 0.15% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $1.4M | $1.4M | 0.00% |
| BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 2026-05-31 | 1 | $505K | $513K | 0.08% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.60: safer than 32% of companies (42th percentile in Energy). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $2.96B |
| Debt barrier (short-term + ½ long-term debt) | $1.36B |
| Equity volatility (1 year) | 45.4% |
| Asset value / asset volatility (solved) | $4.27B / 31.5% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 338 bp spread prices in about 5.6% 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'' = -0.03 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in NOG'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 | 30 | $17.2M | 1 | $2.4M | 0 | — | 3 |
| 2026-06-30 | 335 | $2.02B | 11 | $22.2M | 11 | $67.8M | 59 |
| 2026-03-31 | 342 | $2.76B | 13 | $26.3M | 14 | $99.0M | 39 |
| 2025-12-31 | 304 | $2.21B | 17 | $31.9M | 13 | $76.6M | 50 |
| 2025-09-30 | 347 | $2.82B | 19 | $43.7M | 15 | $84.2M | 54 |
| 2025-06-30 | 368 | $3.21B | 18 | $36.2M | 17 | $93.9M | 55 |
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.