BARDIN HILL MANAGEMENT PARTNERS LP

BARDIN HILL MANAGEMENT PARTNERS LP is an alternative investment manager headquartered in New York, NY, known for its focus on credit, event-driven strategies, and special situations. The firm traces its heritage to the legacy Halcyon platform, which rebranded as Bardin Hill as part of a strategic emphasis on global credit and event-driven investing. Bardin Hill serves a predominantly institutional client base, including pensions, endowments, foundations, sovereign investors, and other sophisticated allocators. The firm operates as an SEC-registered investment adviser and institutional investment manager, filing regulatory reports with the U.S. Securities and Exchange Commission under CIK #0001616416. As a Form 13F filer, Bardin Hill discloses its U.S.-listed long equity and certain equity-linked positions each quarter. These holdings represent the equity and equity-like portion of its broader, largely credit-oriented and multi-strategy platform, which also encompasses instruments not visible in 13F such as corporate and structured credit, private credit, and derivatives. Leadership is anchored by Chief Executive Officer and Chief Investment Officer Jason Dillow, who oversees investment strategy, risk-taking, and firm management. Chairman John M. Bader provides strategic oversight and brings long-tenured experience in credit and special-situations investing. The platform is organized across strategy teams focused on stressed and distressed credit, event-driven and opportunistic opportunities, and structured/asset-backed credit, with the 13F disclosures reflecting equity and hybrid exposures associated with these activities. Over time, Bardin Hill’s 13F filings create a structured 13F History of its U.S.-listed equity expressions—post-reorganization equities, event-related positions, SPAC- and merger-linked holdings, and other special situations—giving allocators a partial but analytically useful window into the firm’s public-markets footprint.

Bardin Hill’s core competency lies in credit-oriented, event-driven, and special-situations investing. The firm seeks to exploit inefficiencies that arise around corporate events, capital structure complexity, and dislocations in credit markets. While much of this activity occurs in credit instruments that do not appear in Form 13F, the equity sleeve disclosed in 13F is closely related to these same themes. Strategy characteristics include: - Focus on stressed, distressed, and opportunistic credit situations, where the firm underwrites value across the capital structure and may own both debt and equity. - Event-driven positions around reorganizations, restructurings, mergers and acquisitions, spin-offs, litigation outcomes, and other corporate catalysts. - Use of capital structure and relative value analysis, with equity holdings often paired conceptually or economically with credit exposures, even if those pairings are not visible in 13F data. In the equity context, Bardin Hill’s 13F portfolio often includes: - Post-reorganization or post-bankruptcy equities where the firm has participated in the restructuring and now owns equity in the recapitalized issuer. - Event-driven positions tied to announced M&A deals, exchange offers, SPAC business combinations, or other corporate transactions. - Opportunistic value investments in cyclicals, financials, energy, industrials, or other sectors where the firm views market pricing as misaligned with underlying credit quality or asset value. The implementation is typically concentrated in a manageable set of names, with position sizes reflecting conviction and the role of each equity in a broader capital structure thesis. Turnover is moderate to high, driven largely by the lifecycle of catalysts—once an event plays out or a restructuring thesis is realized, positions are frequently reduced or exited, and capital redeployed to new opportunities. From an allocator’s standpoint, the firm’s 13F Portfolio Composition provides a way to observe which corporate events and sectors have been most prominent in Bardin Hill’s public-equity activity over time, how concentrated its disclosed equity book has been, and how frequently it rotates between situations. A 13F-based reconstruction can be used within a Portfolio Simulator or Backtesting Service to create a synthetic Historical Track Record of the U.S.-listed long equity sleeve, with the understanding that this is only one component of a broader, credit-centric platform.

BARDIN HILL MANAGEMENT PARTNERS LP represents a credit- and event-driven investment platform whose public-equity positions are tightly interwoven with broader capital-structure theses. The firm’s 13F filings reveal a portfolio oriented toward restructurings, special situations, and opportunistic value across a range of sectors, rather than a diversified, benchmark-relative equity allocation. Over time, its 13F History can be used to map how Bardin Hill has rotated among events and sectors, the degree of concentration in core positions, and the cadence with which it realizes and recycles capital from completed situations. For allocators, this record provides a practical basis for separating persistent exposures (such as long-held post-reorg equities) from more transient, event-specific trades. Embedding the holdings data in a 13F-aware analytics framework allows investors to examine the reconstructed capital trajectory of Bardin Hill’s disclosed equity sleeve, including drawdown characteristics and risk-adjusted outcomes. The combination of observable 13F Portfolio Composition, Max Drawdown Depth, and Sharpe Ratio metrics offers a structured way to evaluate how the event-driven equity component has historically navigated different credit and equity market regimes. Because 13F data illuminate only part of a complex, credit-centric strategy, any conclusions drawn from these analyses must be framed as partial and complementary to deeper due diligence on the firm’s credit portfolios and risk management. A central diagnostic question is how an event-driven, capital-structure-oriented portfolio of this type will respond to shifts in the credit cycle—tightening or widening spreads, changing default rates, and evolving restructuring frameworks—and how those regime shifts would propagate through the firm’s observable equity exposures and overall compounding behavior.

Bardin Hill’s risk profile, viewed through the lens of its 13F equity holdings, is driven by event risk, credit and restructuring outcomes, and concentration in specific situations, rather than by benchmark-relative equity tracking. Key risk dimensions include: - Event and catalyst risk: Many positions are tied to discrete events—restructurings, M&A closings, litigation resolutions, or SPAC de-SPAC transactions. Delays, adverse rulings, failed deals, or unfavorable restructuring terms can materially affect outcomes and timing. - Credit and capital-structure risk: Even when expressed via equity, many trades are fundamentally credit-driven. Deterioration in issuer fundamentals, covenant breaches, or unfavorable recovery scenarios can impair value across the structure, impacting both debt and associated equities. - Concentration and idiosyncratic risk: A focused book of special situations implies that security-level outcomes can significantly influence the overall path of the equity sleeve. While diversification across situations and sectors mitigates this to a degree, single-name volatility is typically higher than in broad, benchmark-like portfolios. - Sector and macro sensitivity: Because opportunities often arise in cyclicals (such as industrials, energy, and transport), financials, and other economically sensitive areas, the portfolio can be exposed to macro conditions such as growth slowdowns, commodity price swings, and credit-spread regimes. Using quarterly holdings under CIK #0001616416, an analyst can reconstruct the time series of Bardin Hill’s disclosed equity exposures and derive path-dependent risk statistics for that sleeve. This includes estimating overall volatility, downside behavior, and measures like Max Drawdown Depth and synthetic Sharpe Ratio from historical replication. Performance Backtests Online built on the 13F record help frame how the event-driven equity component would have behaved through periods of credit stress, risk-on rallies, and changing merger/arbitrage and restructuring environments. It is important to note that Form 13F omits the majority of Bardin Hill’s activity in credit instruments, derivatives, and non-U.S. positions. As a result, 13F-based risk analysis captures only the unhedged, long U.S.-listed equity subset of the strategy, not the complete risk profile of the firm’s multi-asset, capital-structure approach.