LINDEN ADVISORS LP

CIK 0001279396 · Q1 2026

13F Equity AUM

$17.9B

+9.9% QoQ

Positions

554

+89 QoQ

AUM Rank

#457

Top 4%

Skill Alpha (FF)

—

Building track record (1q)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 21.7%Top 10: 29.6%Top 20: 42.4%

LITE 0.5 06/15/288.4%

LITE 1.5 12/15/295.3%

LITE 0.5 12/15/263.3%

LEU 2.25 11/01/302.7%

APLD 2.75 06/01/301.9%

MKSI 1.25 06/01/301.9%

SPHR 3.5 12/01/281.6%

UNITY SOFTWARE INC 0 03/15/20301.5%

BBIO 2.25 02/01/291.5%

SIRI 3.75 03/15/281.4%

Others (544)70.4%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Fixed Income31.6%

Technology17.2%

Unclassified16.2%

Healthcare12.6%

Financial Services7.8%

Energy5.2%

Consumer Cyclical2.7%

Other6.7%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 554Median: 0.03%Avg: 0.18%

0–0.5%

488(23.5%)

0.5–1%

40(27.8%)

1–3%

23(31.7%)

3–5%

1(3.3%)

5%+

2(13.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 192Unique: 362vs 20 funds

2.5%Low

554

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

2.9%

2.6%

1.9%

0.9%

BANK OF AMERICA CORP /DE/

0.9%

GEODE CAPITAL MANAGEMENT, LLC

0.1%

VANGUARD CAPITAL MANAGEMENT LLC

VANGUARD PORTFOLIO MANAGEMENT LLC

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New160Increased55Decreased41Exited69

New Positions

UNITY SOFTWARE INC 0…1.5%

+275.6M

INTEGER HOLDINGS COR…1.4%

+253.8M

BRIDGEBIO PHARMA INC…1.3%

+132.7M

FSLY 7.75 06/01/281.0%

+94.0M

STRATEGY INC 0 03/01…0.9%

+192.2M

NEXTERA ENERGY INC0.6%

+2.2M

MCEWEN MINING INC 5.…0.6%

+52.5M

ITRI 1.375 07/15/300.6%

+99.4M

ARROWHEAD RESEARCH C…0.5%

+92.4M

ALKAMI TECHNOLOGY IN…0.5%

+101.6M

Increased

MSTR 0 12/01/291.4%

+90.5M(+45%)

NIO 3.875 10/15/290.5%

+45.5M(+110%)

COGT 1.625 11/15/310.6%

+42.7M(+97%)

SEDG 2.25 07/01/291.0%

+36.1M(+57%)

HLF 4.25 06/15/280.3%

+35.2M(+289%)

SMCI 3.5 03/01/290.5%

+34.5M(+44%)

GH 1.25 02/15/311.1%

+34.0M(+42%)

VSH 2.25 09/15/301.3%

+28.6M(+14%)

TE 5.25 12/01/300.3%

+27.9M(+90%)

MSTR 0.875 03/15/310.7%

+27.0M(+26%)

Decreased

LI 0.25 05/01/280.1%

-252,909,000(-97%)

VAC 3.25 12/15/270.0%

-154,300,000(-97%)

BILL 0 04/01/301.1%

-90,648,000(-29%)

WB 1.375 12/01/300.1%

-61,071,000(-88%)

JAZZ 3.125 09/15/300.9%

-60,000,000(-34%)

MSTR 0.625 03/15/301.2%

-40,000,000(-18%)

UPST 1 11/15/300.5%

-37,000,000(-23%)

TMDX 1.5 06/01/280.1%

-36,500,000(-70%)

WT 3.25 08/15/290.0%

-30,412,000(-98%)

VERX 0.75 05/01/290.0%

-27,200,000(-95%)

Exited

-238,106,000

-139,376,000

-25,867,000

-121,632,000

-112,000,000

-86,598,000

-106,500,000

-90,118,000

-75,854,000

-54,324,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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