LINDEN ADVISORS LP

CIK: 0001279396Latest portfolio: $16.2B · Q4 2025

Holdings

472

Total Value

$16.2B

New Positions

Closed Positions

Top Holdings

View All 472 Holdings →

#	Stock	Shares	Value	% Portfolio	Change
1	LITE 0.5 06/15/28LUMENTUM HOLDINGS INC 0.5 06/15/2028	284,221,000	$807.1M	4.97%	+18.9M
2	LEU 2.25 11/01/30CENTRUS ENERGY CORP 2.25 11/01/2030	239,902,000	$644.0M	3.96%	NEW
3	LITE 1.5 12/15/29LUMENTUM HOLDINGS INC 1.5 12/15/2029	93,336,000	$496.0M	3.05%	+4.0M
4	APLD 2.75 06/01/30APPLIED DIGITAL CORP 2.75 06/01/2030	130,435,000	$350.9M	2.16%	NEW
5	LITE 0.5 12/15/26LUMENTUM HOLDINGS INC 0.5 12/15/2026	89,731,000	$333.0M	2.05%	+4.3M
6	BILL 0 04/01/30BILL HOLDINGS INC 0 04/01/2030 144A	314,207,000	$289.5M	1.78%	NEW
7	AFRM 0.75 12/15/29AFFIRM HOLDINGS INC 0.75 12/15/2029	255,708,000	$283.4M	1.74%	NEW
8	MSTRSTRATEGY INC NOTE 0.625 3/1	222,440,000	$281.2M	1.73%	+63.5M
9	MKSI 1.25 06/01/30MKS INC 1.25 06/01/2030	213,119,000	$272.5M	1.68%	+4.8M
10	LI 0.25 05/01/28LI AUTO INC 0.25 05/01/2028	261,707,000	$263.6M	1.62%	-8,500,000
11	SIRI 3.75 03/15/28LIBERTY MEDIA CORP 3.75 03/15/2028	249,419,000	$251.1M	1.55%	-29,891,000
12	EXAS 0.375 03/01/28EXACT SCIENCES CORP 0.375 03/01/2028	238,106,000	$244.9M	1.51%	-10,000,000
13	BBIO 2.25 02/01/29BRIDGEBIO PHARMA INC 2.25 02/01/2029	214,048,000	$241.0M	1.48%	+39.0M
14	UPST 2 10/01/29UPSTART HOLDINGS INC 2 10/01/2029 144A	187,145,000	$236.8M	1.46%	NEW
15	JAZZ 3.125 09/15/30JAZZ INVESTMENTS I LTD 3.125 09/15/2030	175,450,000	$234.0M	1.44%	-113,000,000
16	PTON 5.5 12/01/29PELOTON INTERACTIVE INC 5.5 12/01/2029	137,643,000	$229.1M	1.41%	+750K
17	SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO 3.5 12/01/2028	82,290,000	$226.5M	1.39%	+1.1M
18	RUN 4 03/01/30SUNRUN INC 4 03/01/2030 144A	154,261,000	$218.6M	1.35%	+36.2M
19	CLSK 0 06/15/30CLEANSPARK INC 0 06/15/2030 144A	209,496,000	$217.2M	1.34%	NEW
20	BABA 0.5 06/01/31ALIBABA GROUP HOLDING 0.5 06/01/2031	139,376,000	$216.9M	1.34%	-27,000,000
21	SEI 0.25 10/01/31SOLARIS ENERGY INFRASTRU 0.25 10/01/2031	188,600,000	$204.3M	1.26%	NEW
22	HAE 2.5 06/01/29HAEMONETICS CORP 2.5 06/01/2029	195,904,000	$203.6M	1.25%	+32.9M
23	CELC 2.75 08/01/31CELCUITY INC 2.75 08/01/2031	93,372,000	$202.5M	1.25%	+50.6M
24	ASND 2.25 04/01/28ASCENDIS PHARMA A/S 2.25 04/01/2028	137,397,000	$195.1M	1.20%	-7,500,000
25	COLL 2.875 02/15/29COLLEGIUM PHARMA INC 2.875 02/15/2029	134,690,000	$190.4M	1.17%	+22.0M

Quarterly Changes

New Positions

LEU 2.25 11/01/30NEW
$644.0M
APLD 2.75 06/01/30NEW
$350.9M
BILL 0 04/01/30NEW
$289.5M
AFRM 0.75 12/15/29NEW
$283.4M
UPST 2 10/01/29NEW
$236.8M
CLSK 0 06/15/30NEW
$217.2M
SEI 0.25 10/01/31NEW
$204.3M
MSTR 0 12/01/29NEW
$166.5M
UPST 1 11/15/30NEW
$142.7M
RIOT 0.75 01/15/30NEW
$142.4M

Closed Positions

BE 3 06/01/28CLOSED
$546.2B
BE 3 06/01/29CLOSED
$508.8B
EXAS 0.375 03/15/27CLOSED
$235.6B
RPD 0.25 03/15/27CLOSED
$146.9B
PD 1.5 10/15/28 *CLOSED
$109.5B
ANIP 2.25 09/01/29CLOSED
$99.8B
JAMF 0.125 09/01/26CLOSED
$87.3B
CALY 2.75 05/01/26CLOSED
$86.5B
CFLT 0 01/15/27CLOSED
$82.1B
PRO 2.5 07/01/30CLOSED
$80.6B

Increased Positions

Name	Shares	Change
MSTR	222.4M	+63.5M
CELC 2.75 08/01/31	93.4M	+50.6M
AVAV 0 07/15/30	153.0M	+44.9M
BBIO 2.25 02/01/29	214.0M	+39.0M
RUN 4 03/01/30	154.3M	+36.2M
HAE 2.5 06/01/29	195.9M	+32.9M
MARA 2.125 09/01/31	42.6M	+27.0M
GH 1.25 02/15/31	81.8M	+23.4M
COLL 2.875 02/15/29	134.7M	+22.0M
LITE 0.5 06/15/28	284.2M	+18.9M

Decreased Positions

Name	Shares	Change
JAZZ 3.125 09/15/30	175.4M	-113000000
IONS 0 04/01/26	1.1M	-107500000
BL 1 06/01/29	197K	-70000000
IRTC 1.5 09/01/29	24.1M	-68000000
FIVN 1 03/15/29	115.4M	-54847000
WDC 3 11/15/28	25.9M	-38835000
SIRI 3.75 03/15/28	249.4M	-29891000
SNAP 0.125 03/01/28	17.6M	-27850000
BABA 0.5 06/01/31	139.4M	-27000000
W 3.25 09/15/27	20.3M	-26040000

Sector Breakdown

UnknownNaN% ($InfinityT)

Financial ServicesNaN% ($InfinityT)

Technology0.0% ($2.81170170121491e+107T)

Healthcare0.0% ($517123210917.9T)

Consumer Cyclical0.0% ($1262.8T)

Industrials0.0% ($73.7B)

Communication Services0.0% ($2.5B)

Energy0.0% ($2.1B)

Real Estate0.0% ($19K)

Filing History

Quarter	Filing Date	Portfolio Value	Holdings
Q4 2025	Feb 17, 2026	$16.2B	472
Q3 2025	Nov 14, 2025	$15.0T	408
Q2 2025	Aug 14, 2025	$16.3T	376
Q1 2025	May 15, 2025	$14.7T	307
Q4 2024	Feb 14, 2025	$12.1T	264
Q3 2024	Nov 14, 2024	$11882.3T	277
Q2 2024	Aug 14, 2024	$11972.1T	291
Q1 2024	May 15, 2024	$12630.1T	315
Q4 2023	Feb 14, 2024	$10510.9T	332
Q3 2023	Nov 14, 2023	$9748.5T	374
Q2 2023	Aug 14, 2023	$9526.2T	398
Q1 2023	May 15, 2023	$9497.7T	467
Q4 2022	Feb 14, 2023	$9528.8T	575
Q3 2022	Nov 14, 2022	$10.9T	695
Q2 2022	Aug 15, 2022	$10.9T	724
Q1 2022	May 16, 2022	$15.9T	722
Q4 2021	Feb 14, 2022	$16.4T	723
Q3 2021	Nov 15, 2021	$17.0T	636
Q2 2021	Aug 16, 2021	$18.9T	821
Q1 2021	May 17, 2021	$13.5T	713
Q4 2020	Feb 16, 2021	$13.4T	481
Q3 2020	Nov 16, 2020	$8.3T	322
Q2 2020	Aug 14, 2020	$6.2T	261
Q1 2020	May 15, 2020	$5.6T	239
Q4 2019	Feb 14, 2020	$8.4T	238
Q3 2019	Nov 14, 2019	$7.4T	209
Q2 2019	Aug 14, 2019	$6.6T	189
Q1 2019	May 15, 2019	$4.4T	135
Q4 2018	Feb 14, 2019	$3.6T	127
Q3 2018	Nov 14, 2018	$3.3T	129
Q2 2018	Aug 14, 2018	$3.2T	128
Q1 2018	May 15, 2018	$4.2T	141
Q4 2017	Feb 14, 2018	$3.4T	120
Q3 2017	Nov 14, 2017	$2.8T	117
Q2 2017	Aug 14, 2017	$2.4T	102
Q1 2017	May 15, 2017	$2.7T	109
Q4 2016	Feb 14, 2017	$2.6T	107
Q3 2016	Nov 14, 2016	$2.2T	93
Q2 2016	Aug 15, 2016	$2.3T	92
Q1 2016	May 16, 2016	$1.8T	78

Fund Information

CIK0001279396

Most Recent FilingFeb 17, 2026

Number of Filings40

View on SEC EDGAR →

LINDEN ADVISORS LP is an institutional investment manager that files 13F reports with the SEC. As of the Q4 2025 filing, the fund reported a portfolio valued at $16.2B across 472 holdings. The largest position is LUMENTUM HOLDINGS INC 0.5 06/15/2028 (LITE 0.5 06/15/28), representing 5.0% of the portfolio. Compared to the previous quarter, the fund opened 137 new positions and closed 73 positions. 13F filings are required quarterly disclosures that provide transparency into the holdings of institutional investment managers with at least $100 million in qualifying assets.