Linden Advisors LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Linden Advisors LP disclosed 471 US equity positions worth $16.2bn in its Q4 2025 13F filing. The largest position was LITE at 5.0% of the reported book, followed by CENTRUS ENERGY CORP 2.25 11/01/2030 and LITE. Against the Q3 2025 filing, it opened 12 new positions, added to 21 and reduced 10 among the top 50 holdings.
What did Linden Advisors LP own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | LITE LUMENTUM HOLDINGS INC 0.5 06/15/2028 | 5.0% | $807.1m | 284,221,000 | 7% | added | |
| 2 | CENTRUS ENERGY CORP 2.25 11/01/2030 | 4.0% | $644.0m | 239,902,000 | – | new | |
| 3 | LITE LUMENTUM HOLDINGS INC 1.5 12/15/2029 | 3.1% | $496.0m | 93,336,000 | 4% | added | |
| 4 | APLD APPLIED DIGITAL CORP 2.75 06/01/2030 | 2.2% | $350.9m | 130,435,000 | – | new | |
| 5 | LITE LUMENTUM HOLDINGS INC 0.5 12/15/2026 | 2.1% | $333.0m | 89,731,000 | 5% | added | |
| 6 | BILL BILL HOLDINGS INC 0 04/01/2030 144A | 1.8% | $289.5m | 314,207,000 | – | new | |
| 7 | AFFIRM HOLDINGS INC 0.75 12/15/2029 | 1.7% | $283.4m | 255,708,000 | – | new | |
| 8 | STRATEGY INC NOTE 0.625 3/1 | 1.7% | $281.2m | 222,440,000 | 40% | added | |
| 9 | MKSI MKS INC 1.25 06/01/2030 | 1.7% | $272.5m | 213,119,000 | 2% | added | |
| 10 | LI AUTO INC 0.25 05/01/2028 | 1.6% | $263.6m | 261,707,000 | -3% | reduced | |
| 11 | LIBERTY MEDIA CORP 3.75 03/15/2028 | 1.5% | $251.1m | 249,419,000 | -11% | reduced | |
| 12 | EXACT SCIENCES CORP 0.375 03/01/2028 | 1.5% | $244.9m | 238,106,000 | -4% | reduced | |
| 13 | BBIO BRIDGEBIO PHARMA INC 2.25 02/01/2029 | 1.5% | $241.0m | 214,048,000 | 22% | added | |
| 14 | UPSTART HOLDINGS INC 2 10/01/2029 144A | 1.5% | $236.8m | 187,145,000 | – | new | |
| 15 | JAZZ INVESTMENTS I LTD 3.125 09/15/2030 | 1.4% | $234.0m | 175,450,000 | -39% | reduced | |
| 16 | PELOTON INTERACTIVE INC 5.5 12/01/2029 | 1.4% | $229.1m | 137,643,000 | 1% | added | |
| 17 | SPHR SPHERE ENTERTAINMENT CO 3.5 12/01/2028 | 1.4% | $226.5m | 82,290,000 | 1% | added | |
| 18 | SUNRUN INC 4 03/01/2030 144A | 1.3% | $218.6m | 154,261,000 | 31% | added | |
| 19 | CLEANSPARK INC 0 06/15/2030 144A | 1.3% | $217.2m | 209,496,000 | – | new | |
| 20 | ALIBABA GROUP HOLDING 0.5 06/01/2031 | 1.3% | $216.9m | 139,376,000 | -16% | reduced | |
| 21 | SOLARIS ENERGY INFRASTRU 0.25 10/01/2031 | 1.3% | $204.3m | 188,600,000 | – | new | |
| 22 | HAEMONETICS CORP 2.5 06/01/2029 | 1.3% | $203.6m | 195,904,000 | 20% | added | |
| 23 | CELCUITY INC 2.75 08/01/2031 | 1.2% | $202.5m | 93,372,000 | 118% | added | |
| 24 | ASND ASCENDIS PHARMA A/S 2.25 04/01/2028 | 1.2% | $195.1m | 137,397,000 | -5% | reduced | |
| 25 | COLLEGIUM PHARMA INC 2.875 02/15/2029 | 1.2% | $190.4m | 134,690,000 | 20% | added | |
| 26 | VSH VISHAY INTERTECHNOLOGY 2.25 09/15/2030 | 1.2% | $187.5m | 208,038,000 | 0% | held | |
| 27 | OSI SYSTEMS INC 2.25 08/01/2029 | 1.0% | $169.4m | 114,046,000 | 3% | added | |
| 28 | MAKEMYTRIP LIMITED 0 02/15/2028 | 1.0% | $168.9m | 78,484,000 | -20% | reduced | |
| 29 | STRATEGY INC NOTE 12/0 | 1.0% | $166.5m | 202,633,000 | – | new | |
| 30 | AVAV AEROVIRONMENT INC 0 07/15/2030 | 1.0% | $166.2m | 152,964,000 | 42% | added | |
| 31 | CIFR CIPHER MINING 1.75 05/15/2030 | 0.9% | $153.4m | 44,000,000 | -19% | reduced | |
| 32 | PROGRESS SOFTWARE CORP 3.5 03/01/2030 | 0.9% | $153.4m | 151,347,000 | 0% | held | |
| 33 | MARRIOTT VACATION WORLDW 3.25 12/15/2027 | 0.9% | $151.0m | 158,451,000 | 0% | held | |
| 34 | GH GUARDANT HEALTH INC 1.25 02/15/2031 | 0.9% | $149.7m | 81,820,000 | 40% | added | |
| 35 | BBIO BRIDGEBIO PHARMA INC 2.5 03/15/2027 | 0.9% | $148.0m | 78,430,000 | 0% | held | |
| 36 | UPSTART HOLDINGS INC 1 11/15/2030 | 0.9% | $142.7m | 163,302,000 | – | new | |
| 37 | RIOT PLATFORMS INC 0.75 01/15/2030 144A | 0.9% | $142.4m | 125,924,000 | – | new | |
| 38 | LRN STRIDE INC 1.125 09/01/2027 | 0.9% | $141.9m | 103,952,000 | 190% | added | |
| 39 | CNMD CONMED CORP 2.25 06/15/2027 | 0.8% | $133.4m | 139,175,000 | 0% | held | |
| 40 | SILVERCORP METALS INC 4.75 12/15/2029 144A | 0.8% | $133.3m | 65,268,000 | – | new | |
| 41 | IREN IREN LTD 3.25 06/15/2030 | 0.8% | $127.0m | 51,777,000 | – | new | |
| 42 | WAYFAIR INC 3.5 11/15/2028 | 0.8% | $126.3m | 55,084,000 | 6% | added | |
| 43 | FORTUNA MINING CORP 3.75 06/30/2029 144A | 0.8% | $123.6m | 72,876,000 | 9% | added | |
| 44 | TVTX TRAVERE THERAPEUTICS INC 2.25 03/01/2029 | 0.8% | $122.0m | 85,562,000 | -5% | reduced | |
| 45 | LIVANOVA PLC 2.5 03/15/2029 | 0.7% | $118.7m | 102,415,000 | 0% | held | |
| 46 | WDC WESTERN DIGITAL CORP 3 11/15/2028 | 0.7% | $118.7m | 25,867,000 | -60% | reduced | |
| 47 | COINBASE GLOBAL INC 0.25 04/01/2030 144A | 0.7% | $111.4m | 108,676,000 | 29% | added | |
| 48 | PACIRA BIOSCIENCES INC 2.125 05/15/2029 | 0.7% | $109.6m | 108,720,000 | 2% | added | |
| 49 | STRATEGY INC 0.875 03/15/2031 | 0.7% | $108.4m | 105,639,000 | 4% | added | |
| 50 | STRATEGY INC NOTE 2.250 6/1 | 0.7% | $107.3m | 96,649,000 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.