Anchorage Capital Advisors, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Anchorage Capital Advisors, L.P. reported 2 stock positions worth $96.5 million. Its top holding was XPLR Infrastructure (XIFR) at 71.5% of the portfolio, followed by Global Business Travel (GBTG, 28.5%). Compared with Q3 2025, it sold out of 1, added to 1 and reduced 1. The biggest buy was XPLR Infrastructure (XIFR, shares +110%) and the biggest sale Global Business Travel (GBTG, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0002007642
- Portfolio Value
- $96.5M (Q4 2025)
- SEC Filing
- 0000905148-26-000875 ↗ filed Feb 17, 2026
Holdings Value
Holdings 2 stocks · $96.5M
| XIFR XPLR Infrastructure LP | 71.51% | 6,899,310 | $69.0M | Add +109.8% |
| GBTG Global Business Travel Group | 28.49% | 3,593,635 | $27.5M | Reduce -50.0% |
Options reported separately and not counted above: HYG puts ($701.5M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $9.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) | DEB 3.750% 2/1 · principal | 95,578,000 | $5.9M | Reduce -9.1% |
| LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) | DEB 4.000%11/1 · principal | 54,668,000 | $3.5M | Reduce -6.4% |
Total filed on the 13F, all lines: $105.8M.
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| XIFR XPLR Infrastructure LP | Add +109.8% | 71.51% | +38.49 |
Options Activity Q3 2025 → Q4 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 8,700,000 | $701.5M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| LIBERTY INTERACTIVE LLC (LINTA 3.75 02/15/30) | DEB 3.750% 2/1 · principal | Reduce -9.1% | 95,578,000 | $5.9M |
| LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) | DEB 4.000%11/1 · principal | Reduce -6.4% | 54,668,000 | $3.5M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.