Latest Linden Advisors LP Stock Portfolio

Linden Advisors LP Performance:

2025 Q4: 0.2%YTD: 2.91%2024: 6.88%

Performance for 2025 Q4 is 0.2%, and YTD is 2.91%, and 2024 is 6.88%.

About Linden Advisors LP and 13F Hedge Fund Stock Holdings

Linden Advisors LP is a hedge fund based in New York, NY. On 2026-02-17, the fund reported it's updated stock portfolio. In the 13F Holdings report, Linden Advisors LP reported an equity portfolio of $16.2 Billions as of 31 Dec, 2025.

The top stock holdings of Linden Advisors LP are ZTS, , . The fund has invested 0.2% of it's portfolio in ZOETIS INC and 0.2% of portfolio in EQV VENTURES ACQUISITION C A.

The fund managers got completely rid off NOVA LTD (NVMI), BXP INC (BXP) and TALON CAPITAL CORP stocks. They significantly reduced their stock positions in CHURCHILL CAPITAL CORP X. Linden Advisors LP opened new stock positions in ZOETIS INC (ZTS), RANGE CAPITAL ACQUISIT CL A and BILIBILI INC SPONS ADS REP Z (BILI). The fund showed a lot of confidence in some stocks as they added substantially to INFLECTION POINT ACQUISITION.

Linden Advisors LP Annual Return Estimates Vs S&P 500

Our best estimate is that Linden Advisors LP made a return of 0.2% in the last quarter. In trailing 12 months, it's portfolio return was 2.91%.

Performance
S&P 500

New Buys

Ticker	$ Bought
centrus energy corp 2.25 11/01/2030	644,024,000
applied digital corp 2.75 06/01/2030	350,858,000
bill holdings inc 0 04/01/2030 144a	289,474,000
affirm holdings inc 0.75 12/15/2029	283,422,000
upstart holdings inc 2 10/01/2029 144a	236,795,000
cleanspark inc 0 06/15/2030 144a	217,217,000
solaris energy infrastru 0.25 10/01/2031	204,333,000
strategy inc note 12/0	166,470,000

New stocks bought by Linden Advisors LP

Additions

Ticker	% Inc.
strategy inc note 0.625 9/1	1,186
inflection point acquisition	272
andretti acquisition corp a	233
stride inc 1.125 09/01/2027	190
mara holdings inc 2.125 09/01/2031 144a	173
andretti acquisition corp 29	166
hertz corp/the 8 07/15/2029	148
celcuity inc 2.75 08/01/2031	118

Additions to existing portfolio by Linden Advisors LP

Reductions

Ticker	% Reduced
blackline inc 1 06/01/2029	-99.72
ionis pharmaceuticals in 0 04/01/2026	-99.02
granite construction inc 3.25 06/15/2030	-89.2
green plains inc 2.25 03/15/2027	-88.42
semtech corp 1.625 11/01/2027	-87.98
repligen corp 1 12/15/2028	-80.57
irhythm technologies inc 1.5 09/01/2029	-73.84
super micro computer inc 3.5 03/01/2029	-70.58

Linden Advisors LP reduced stake in above stock

Sold off

Ticker	$ Sold
nabors energy transiti cw	-521,550
spring valley acquisit right	-1,059,350
talon capital corp	-15,045,000
mckinley acquisition corp	-14,435,600
otg acquisition corp i	-12,587,500
gsr iv acquisition corp	-12,668,800
m3 brigade acquisition vi co	-11,132,000
spring valley acquisition co	-10,400,000

Linden Advisors LP got rid off the above stocks

Sector Distribution

Linden Advisors LP has about 97.7% of it's holdings in Others sector.

Sector	%
Others	97.7
Healthcare	2.3

Market Cap. Distribution

Linden Advisors LP has about 2.3% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	97.7
LARGE-CAP	2.3

Stocks belong to which Index?

About 2.3% of the stocks held by Linden Advisors LP either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	97.7
S&P 500	2.3

Top 5 Winners (%)		%
	roadzen inc w exp 11/30/202	329.7 %
	vsee health inc cw23	320.7 %
	blue water acquisition cw26	292.2 %
	haymaker acquisition corp 28	247.9 %
	crane harbor acquisition rts	140.7 %

Top 5 Winners ($)		$
	churchill capital corp x	0.9 M
	kodiak ai inc w exp 09/25/203	0.8 M
	crane harbor acquisition rts	0.7 M
	haymaker acquisition corp 28	0.5 M
	american exceptionalism cl a	0.4 M

Top 5 Losers (%)		%
	murano global bv 28	-81.9 %
	zooz strategy ltd 29	-80.1 %
	liminatus pharma inc cl a 28	-73.3 %
EMLD	fold holdings inc 23	-67.5 %
TALK	talkspace inc cw25	-65.5 %

Top 5 Losers ($)		$
	core scientific inc 27	-7.5 M
	berto acquisition corp	-0.4 M
EMLD	fold holdings inc 23	-0.3 M
	coincheck group nv	-0.3 M
	berto acquisition corp 30	-0.2 M

Linden Advisors LP Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Linden Advisors LP

Linden Advisors LP has 331 stocks in it's portfolio. About 1.3% of the portfolio is in top 10 stocks. proved to be the most loss making stock for the portfolio. was the most profitable stock for Linden Advisors LP last quarter.

Last Reported on: 17 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AAOI	applied optoelectronics 2.75 01/15/2030	0.17	24,250,000	28,051,000	unchanged	0.00

AEIS	advanced energy ind 2.5 09/15/2028	0.59	58,552,000	96,131,100	added	11.42

AFRM	affirm holdings inc 0.75 12/15/2029	1.75	255,708,000	283,422,000	new

ALHC	alignment healthcare 4.25 11/15/2029 144a	0.42	44,700,000	67,930,900	new

ALVO	alvotech sa 27	0.00	252,884	179,573	unchanged	0.00

AMPH	amphastar pharmaceutical 2 03/15/2029	0.53	93,574,000	86,579,700	unchanged	0.00

APLD	applied digital corp 2.75 06/01/2030	2.16	130,435,000	350,858,000	new

APLS	apellis pharmaceuticals 3.5 09/15/2026	0.18	28,138,000	29,056,200	unchanged	0.00

ARRY	array technologies inc 1 12/01/2028	0.16	28,170,000	25,540,800	unchanged	0.00

ASND	ascendis pharma a/s 2.25 04/01/2028	1.20	137,397,000	195,071,000	reduced	-5.18

ATEC	alphatec holdings inc 0.75 08/01/2026	0.05	6,314,000	7,884,540	reduced	-0.09

AVAV	aerovironment inc 0 07/15/2030	1.02	152,964,000	166,248,000	added	41.56

BABA	alibaba group holding 0.5 06/01/2031	1.33	139,376,000	216,888,000	reduced	-16.23

BATRA	liberty media corp 3.75 03/15/2028	1.55	249,419,000	251,070,000	reduced	-10.7

BB	blackberry ltd 3 02/15/2029	0.32	41,471,000	52,318,700	unchanged	0.00

BBIO	bridgebio pharma inc 2.25 02/01/2029	1.48	214,048,000	241,049,000	added	22.28

BBIO	bridgebio pharma inc 2.5 03/15/2027	0.91	78,430,000	148,025,000	unchanged	0.00

BILI	bilibili inc spons ads rep z	0.00	11,122	273,490	new

BILL	bill holdings inc 0 04/01/2030 144a	1.78	314,207,000	289,474,000	new

BL	blackline inc 1 06/01/2029	0.00	197,000	208,545	reduced	-99.72