SM Energy Company bonds SM
Who owns SM Energy Company'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. SM 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 |
|---|---|---|---|---|---|---|---|---|---|
| 78454LAN0 | 6.75% fixed | 2026-09-15 | USD | 100.00 | 6.70% | 309 bp | 12 | $30.3M | May 2026 |
| 78454LAP5 | 6.625% fixed | 2027-01-15 | USD | 100.20 | 6.16% | 234 bp | 16 | $47.4M | Jul 2026 |
| 78454LAW0 | 6.5% fixed | 2028-07-15 | USD | 100.13 | 6.42% | 221 bp | 21 | $51.7M | Jul 2026 |
| 78454LAX8 | 6.75% fixed | 2029-08-01 | USD | 101.46 | 6.21% | 195 bp | 46 | $149.8M | Jul 2026 |
| 78454LAY6 | 7% fixed | 2032-08-01 | USD | 101.60 | 6.67% | 228 bp | 60 | $152.4M | Jul 2026 |
| 78454LAZ3 | 6.625% fixed | 2034-04-15 | USD | 99.41 | 6.72% | 223 bp | 62 | $142.6M | 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 |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 1 | $40K | 100.64 | 6.52% | 196 bp | 1 |
| Jul 2026 | 5 | $544.0M | 100.20 | 6.55% | 222 bp | 62 |
| Jun 2026 | 5 | $503.7M | 100.22 | 6.59% | 239 bp | 102 |
| May 2026 | 6 | $419.9M | 100.38 | 6.46% | 222 bp | 38 |
| Apr 2026 | 6 | $574.2M | 100.83 | 6.38% | 232 bp | 63 |
| Mar 2026 | 6 | $543.1M | 100.19 | 6.47% | 257 bp | 99 |
| Feb 2026 | 5 | $353.7M | 100.60 | 6.22% | 273 bp | 34 |
| Jan 2026 | 5 | $477.7M | 100.26 | 6.38% | 273 bp | 68 |
| Dec 2025 | 5 | $317.6M | 100.52 | 6.31% | 274 bp | 106 |
| Nov 2025 | 5 | $344.5M | 100.17 | 6.60% | 298 bp | 33 |
| Oct 2025 | 5 | $445.5M | 100.11 | 6.64% | 306 bp | 58 |
| Sep 2025 | 5 | $313.4M | 100.07 | 6.60% | 298 bp | 85 |
| Aug 2025 | 5 | $319.3M | 100.74 | 6.54% | 272 bp | 36 |
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. 111 added, 69 cut, 35 new holders and 29 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $180.0M | $181.6M | -$15.3M |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $104.2M | $105.1M | -$38.0M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $57.8M | $58.1M | $5.7M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $47.5M | $46.8M | $7.7M |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $45.6M | $46.2M | $18.7M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $40.5M | $41.1M | $13.4M |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $31.9M | $32.0M | $6.2M |
| Lord Abbett Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $31.3M | $32.0M | $16.3M |
| BrandywineGLOBAL - HIGH YIELD FUND Legg Mason Partners Investment Trust | 2026-06-30 | $29.6M | $29.6M | -$3.2M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $25.5M | $25.6M | $2.4M |
| The Osterweis Strategic Income Fund Professionally Managed Portfolios | 2026-06-30 | $24.8M | $24.4M | $0 |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $22.9M | $23.2M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $22.1M | $22.2M | $781K |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $21.3M | $21.4M | -$4.5M |
| JPMorgan Income Fund JPMorgan Trust I | 2026-05-31 | $20.6M | $20.8M | $3.4M |
| BrandywineGLOBAL - CORPORATE CREDIT FUND Legg Mason Partners Investment Trust | 2026-06-30 | $19.4M | $19.4M | -$6.2M |
| Loomis Sayles Core Plus Bond Fund Natixis Funds Trust I | 2026-06-30 | $18.5M | $18.7M | $0 |
| American High Income Trust | 2026-06-30 | $18.9M | $18.6M | -$1.0M |
| Income Fund of America | 2026-07-31 | $18.1M | $18.0M | $0 |
| Janus Henderson Multi-Sector Income Fund Janus Investment Fund | 2026-06-30 | $16.4M | $16.5M | -$373K |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $15.3M | $15.4M | -$4.3M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $13.8M | $13.9M | -$3.3M |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $12.8M | $12.8M | -$3.2M |
| Virtus Income & Growth Fund Virtus Investment Trust | 2026-06-30 | $12.7M | $12.7M | $0 |
| JPMorgan Core Plus Bond Fund JPMorgan Trust II | 2026-05-31 | $12.0M | $12.1M | $1.7M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): iShares iBonds 2026 Term High Yield and Income ETF ($17.2M), Diversified Bond Fund ($3.6M), CTIVP - American Century Diversified Bond Fund ($2.8M), Goldman Sachs Multi-Manager Non-Core Fixed Income Fund ($2.7M), Aristotle Strategic Income Fund ($2.5M), Global Bond Fund ($2.3M), High Yield Bond Portfolio ($1.2M), Opportunistic Credit Fund ($1.1M), BlackRock Global Allocation Fund, Inc. ($1.0M), Empower High Yield Bond Fund ($720K).
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 | 4 | $57.8M | $58.1M | 0.20% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 4 | $40.5M | $41.1M | 0.25% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 4 | $25.5M | $25.6M | 0.23% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 3 | $22.1M | $22.2M | 0.30% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 3 | $13.8M | $13.9M | 0.18% |
| BSJQ Invesco BulletShares 2026 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $12.0M | $12.0M | 1.17% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 3 | $11.4M | $11.6M | 0.52% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 4 | $8.6M | $8.8M | 0.25% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 1 | $7.7M | $7.8M | 0.24% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 6 | $6.7M | $6.8M | 0.07% |
| JCPB JPMorgan Core Plus Bond ETF | 2026-05-31 | 5 | $6.0M | $6.1M | 0.05% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 4 | $5.9M | $5.9M | 0.25% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 4 | $4.9M | $5.0M | 0.20% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 2 | $4.8M | $4.9M | 0.10% |
| BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $4.6M | $4.6M | 0.55% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.23: safer than 28% of companies (36th percentile in Energy). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $9.26B |
| Debt barrier (short-term + ½ long-term debt) | $3.73B |
| Equity volatility (1 year) | 51.8% |
| Asset value / asset volatility (solved) | $12.83B / 37.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 222 bp spread prices in about 3.7% 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'' = 1.68 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in SM'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 | 46 | $30.4M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 481 | $5.96B | 15 | $43.0M | 16 | $109.9M | 0 |
| 2026-03-31 | 492 | $6.11B | 15 | $62.4M | 19 | $89.7M | 0 |
| 2025-12-31 | 328 | $2.08B | 13 | $19.4M | 11 | $21.2M | 1 |
| 2025-09-30 | 371 | $2.91B | 14 | $22.5M | 14 | $32.8M | 1 |
| 2025-06-30 | 363 | $2.81B | 17 | $20.7M | 17 | $41.4M | 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.