SEC 13F Intelligence

Managers / Q4 2025 · view latest →

LINDEN ADVISORS LP

CIK 0001279396 · 590 MADISON AVENUE, 32ND FLOOR, NEW YORK, NY, 10022 · 646-840-3500

Reported Value
$16.2B
Q4 2025
Positions
472
Filings on Record
32
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Linden Advisors LP reported $16.2B in U.S.-listed holdings across 472 positions for Q4 2025.

Its largest position, Lumentum Holdings Inc 0 5 06 15 2028, represents 5.0% of the portfolio.

Compared with Q3 2025, the fund opened 137 new positions and exited 72.

Portfolio Metrics

Turnover
+31.7%
vs prior filed quarter
Top-10 Concentration
+24.8%
share of reported value
Largest Position
+5.0%
Lumentum Holdings Inc 0 5 06 15 2028
New / Exited
137 / 72
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $3.6BQ4 ’18Q1 ’19: $4.4BQ2 ’19: $6.6BQ3 ’19: $7.4BQ4 ’19: $8.4BQ4 ’19Q1 ’20: $5.6BQ2 ’20: $6.2BQ3 ’20: $8.3BQ4 ’20: $13.4BQ4 ’20Q1 ’21: $13.5BQ2 ’21: $18.9BQ3 ’21: $17.0BQ4 ’21: $16.4BQ4 ’21Q1 ’22: $15.9BQ2 ’22: $10.9BQ3 ’22: $10.9BQ4 ’22: $9.5BQ4 ’22Q1 ’23: $9.5BQ2 ’23: $9.5BQ3 ’23: $9.7BQ4 ’23: $10.5BQ4 ’23Q1 ’24: $12.6BQ2 ’24: $12.0BQ3 ’24: $11.9BQ4 ’24: $12.1BQ4 ’24Q1 ’25: $14.7BQ2 ’25: $16.3BQ3 ’25: $15.0BQ4 ’25: $16.2BQ4 ’25Q1 ’26: $17.9Bfilingsflow.com

Portfolio Composition

By security type
US DOMESTIC: 80.7%GLOBAL: 9.7%Other: 8.7%PRIV PLACEMENT: 0.3%Common Stock: 0.2%Other: 0.3%
  • US DOMESTIC · 80.7% · $13.1B
  • GLOBAL · 9.7% · $1.6B
  • Other · 8.7% · $1.4B
  • PRIV PLACEMENT · 0.3% · $53M
  • Common Stock · 0.2% · $32M
  • Other · 0.3% · $44M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CENTRUS ENERGY CORP 2.25 11/01/2030NEW+239.90M239.90M+$644M$644M
APPLIED DIGITAL CORP 2.75 06/01/2030NEW+130.44M130.44M+$351M$351M
BILL HOLDINGS INC 0 04/01/2030 144ANEW+314.21M314.21M+$289M$289M
AFFIRM HOLDINGS INC 0.75 12/15/2029NEW+255.71M255.71M+$283M$283M
UPSTART HOLDINGS INC 2 10/01/2029 144ANEW+187.15M187.15M+$237M$237M
CLEANSPARK INC 0 06/15/2030 144ANEW+209.50M209.50M+$217M$217M
SOLARIS ENERGY INFRASTRU 0.25 10/01/2031NEW+188.60M188.60M+$204M$204M
STRATEGY INC NOTE 12/0NEW+202.63M202.63M+$166M$166M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1LUMENTUM HOLDINGS INC 0.5 06/15/2028SDBCV4.97%$807M284.22M
2CENTRUS ENERGY CORP 2.25 11/01/2030SDBCV3.96%$644M239.90M
3LUMENTUM HOLDINGS INC 1.5 12/15/2029SDBCV3.05%$496M93.34M
4APPLIED DIGITAL CORP 2.75 06/01/2030SDBCV2.16%$351M130.44M
5LUMENTUM HOLDINGS INC 0.5 12/15/2026SDBCV2.05%$333M89.73M
6BILL HOLDINGS INC 0 04/01/2030 144ASDBCV1.78%$289M314.21M
7AFFIRM HOLDINGS INC 0.75 12/15/2029SDBCV1.74%$283M255.71M
8STRATEGY INC NOTE 0.625 3/1SDBCV1.73%$281M222.44M
9MKS INC 1.25 06/01/2030SDBCV1.68%$273M213.12M
10LI AUTO INC 0.25 05/01/2028SDBCV1.62%$264M261.71M
11LIBERTY MEDIA CORP 3.75 03/15/2028SDBCV1.55%$251M249.42M
12EXACT SCIENCES CORP 0.375 03/01/2028SDBCV1.51%$245M238.11M
13BRIDGEBIO PHARMA INC 2.25 02/01/2029SDBCV1.48%$241M214.05M
14UPSTART HOLDINGS INC 2 10/01/2029 144ASDBCV1.46%$237M187.15M
15JAZZ INVESTMENTS I LTD 3.125 09/15/2030SDBCV1.44%$234M175.45M
16PELOTON INTERACTIVE INC 5.5 12/01/2029SDBCV1.41%$229M137.64M
17SPHERE ENTERTAINMENT CO 3.5 12/01/2028SDBCV1.39%$227M82.29M
18SUNRUN INC 4 03/01/2030 144ASDBCV1.35%$219M154.26M
19CLEANSPARK INC 0 06/15/2030 144ASDBCV1.34%$217M209.50M
20ALIBABA GROUP HOLDING 0.5 06/01/2031SDBCV1.34%$217M139.38M
21SOLARIS ENERGY INFRASTRU 0.25 10/01/2031SDBCV1.26%$204M188.60M
22HAEMONETICS CORP 2.5 06/01/2029SDBCV1.25%$204M195.90M
23CELCUITY INC 2.75 08/01/2031SDBCV1.25%$202M93.37M
24ASCENDIS PHARMA A/S 2.25 04/01/2028SDBCV1.20%$195M137.40M
25COLLEGIUM PHARMA INC 2.875 02/15/2029SDBCV1.17%$190M134.69M
26VISHAY INTERTECHNOLOGY 2.25 09/15/2030SDBCV1.15%$188M208.04M
27OSI SYSTEMS INC 2.25 08/01/2029SDBCV1.04%$169M114.05M
28MAKEMYTRIP LIMITED 0 02/15/2028SDBCV1.04%$169M78.48M
29STRATEGY INC NOTE 12/0SDBCV1.02%$166M202.63M
30AEROVIRONMENT INC 0 07/15/2030SDBCV1.02%$166M152.96M
31CIPHER MINING 1.75 05/15/2030SDBCV0.94%$153M44.00M
32PROGRESS SOFTWARE CORP 3.5 03/01/2030SDBCV0.94%$153M151.35M
33MARRIOTT VACATION WORLDW 3.25 12/15/2027SDBCV0.93%$151M158.45M
34GUARDANT HEALTH INC 1.25 02/15/2031SDBCV0.92%$150M81.82M
35BRIDGEBIO PHARMA INC 2.5 03/15/2027SDBCV0.91%$148M78.43M
36UPSTART HOLDINGS INC 1 11/15/2030SDBCV0.88%$143M163.30M
37RIOT PLATFORMS INC 0.75 01/15/2030 144ASDBCV0.88%$142M125.92M
38STRIDE INC 1.125 09/01/2027SDBCV0.87%$142M103.95M
39CONMED CORP 2.25 06/15/2027SDBCV0.82%$133M139.18M
40SILVERCORP METALS INC 4.75 12/15/2029 144ASDBCV0.82%$133M65.27M
41IREN LTD 3.25 06/15/2030SDBCV0.78%$127M51.78M
42WAYFAIR INC 3.5 11/15/2028SDBCV0.78%$126M55.08M
43FORTUNA MINING CORP 3.75 06/30/2029 144ASDBCV0.76%$124M72.88M
44TRAVERE THERAPEUTICS INC 2.25 03/01/2029SDBCV0.75%$122M85.56M
45LIVANOVA PLC 2.5 03/15/2029SDBCV0.73%$119M102.42M
46WESTERN DIGITAL CORP 3 11/15/2028SDBCV0.73%$119M25.87M
47COINBASE GLOBAL INC 0.25 04/01/2030 144ASDBCV0.69%$111M108.68M
48PACIRA BIOSCIENCES INC 2.125 05/15/2029SDBCV0.67%$110M108.72M
49STRATEGY INC 0.875 03/15/2031SDBCV0.67%$108M105.64M
50STRATEGY INC NOTE 2.250 6/1SDBCV0.66%$107M96.65M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$17.9B565May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$16.2B472Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$15.0B408Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$16.3B376Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$14.7B307May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$12.1B264Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$11.9B277Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$12.0B291Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$12.6B315May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$10.5B332Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$9.7B374Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$9.5B398Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$9.5B467May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$9.5B575Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$10.9B695Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$10.9B724Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$15.9B722May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$16.4B723Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$17.0B636Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$18.9B821Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$13.5B713May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$13.4B481Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$8.3B322Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$6.2B261Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$5.6B239May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$8.4B238Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$7.4B209Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$6.6B189Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$4.4B135May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$3.6B127Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.