Anchorage Capital Advisors, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Anchorage Capital Advisors, L.P. reported 3 stock positions worth $101.3 million. Its top holding was Global Business Travel (GBTG) at 57.3% of the portfolio, followed by XPLR Infrastructure (XIFR, 33.0%) and Ardagh Metal Packaging (AMBP, 9.7%). Compared with Q2 2025, it opened 2 new positions and sold out of 1. The biggest buy was a new position in Global Business Travel (GBTG) and the biggest sale an exit from Frontier Communications Pare (FYBR).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0002007642
Portfolio Value
$101.3M (Q3 2025)
SEC Filing
0000905148-25-004038 ↗ filed Nov 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $33.5M Q1 2024 Q2 2024: $35.8M Q2 2024 Q3 2024: $61.5M Q3 2024 Q4 2024: $58.7M Q4 2024 Q1 2025: $14.2M Q1 2025 Q2 2025: $13.9M Q2 2025 Q3 2025: $101.3M $101.3M Q3 2025 Q4 2025: $96.5M Q4 2025 Q1 2026: $172.0M Q1 2026 Q2 2026: $152.8M Q2 2026

Holdings 3 stocks · $101.3M
GBTG Global Business Travel Group 57.33% 7,187,258 $58.1M New
XIFR XPLR Infrastructure LP 33.01% 3,288,349 $33.4M New
AMBP Ardagh Metal Packaging SA 9.65% 2,451,062 $9.8M No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $15.6M (not counted above)
SecurityClassShares / PrincipalValueChange
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal 105,083,000$9.6MReduce -14.5%
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 58,381,000$6.0MReduce -12.6%

Total filed on the 13F, all lines: $116.9M.

Portfolio Sells Q2 2025 → Q3 2025
FYBR Frontier Communications Pare Sold out 0.00% −24.51

Portfolio Buys Q2 2025 → Q3 2025
GBTG Global Business Travel Group New 57.33% +57.33
XIFR XPLR Infrastructure LP New 33.01% +33.01

Options Activity Q2 2025 → Q3 2025
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 9,000,000 $725.9Mbefore exit
BUR Burford Capital Ltd. put Sold out 313,200 $4.5Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025
LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) DEB 3.750% 2/1 · principal Reduce -14.5% 105,083,000 $9.6M
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal Reduce -12.6% 58,381,000 $6.0M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 2$152.8MXIFR, EQPT
Q1 2026 3$172.0MXIFR, EQPT, GBTG
Q4 2025 2$96.5MXIFR, GBTG
Q3 2025 3$101.3MGBTG, XIFR, AMBP
Q2 2025 2$13.9MAMBP, FYBR
Q1 2025 2$14.2MAMBP, FYBR
Q4 2024 2$58.7MFYBR, AMBP
Q3 2024 1$61.5MFYBR
Q2 2024 1$35.8MFYBR
Q1 2024 1$33.5MFYBR