Bleichroeder LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Bleichroeder LP reported 69 stock positions worth $567.6 million. Its top holding was SPDR Gold Shares (GLD) at 33.2% of the portfolio, followed by Gpgi (GPGI, 13.5%) and Resolute Holdings Manag (RHLD, 11.6%). Compared with Q3 2025, it opened 5 new positions, sold out of 2, added to 9 and reduced 4. The biggest buy was Immix Biopharma (IMMX, shares +18%) and the biggest sale Linde (LIN, shares −9%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001781002
Portfolio Value
$567.6M (Q4 2025)
SEC Filing
0001420506-26-000412 ↗ filed Feb 13, 2026

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $400.5M Q1 2024 Q2 2024: $335.9M Q2 2024 Q3 2024: $370.9M Q3 2024 Q4 2024: $396.9M Q4 2024 Q1 2025: $374.3M Q1 2025 Q2 2025: $405.0M Q2 2025 Q3 2025: $510.9M Q3 2025 Q4 2025: $567.6M $567.6M Q4 2025 Q1 2026: $578.0M Q1 2026 Q2 2026: $556.8M Q2 2026

Holdings 69 stocks · $567.6M
GLD SPDR Gold Shares 33.17% 475,000 $188.2M No change
GPGI Gpgi Inc. filed as COMPOSECURE INC 13.50% 3,974,676 $76.6M Add +1.4%
RHLD Resolute Holdings Manag 11.63% 319,844 $66.0M Reduce -0.5%
LIN Linde PLC 5.64% 75,114 $32.0M Reduce -8.5%
MDXH Mdxhealth 4.64% 7,378,333 $26.3M No change
SPY SS SPDR S&P 500 ETF Trust-US 3.91% 32,570 $22.2M No change
DUOT Duos Technologies Group Inc. 3.23% 1,627,806 $18.3M No change
BX Blackstone Inc. 2.46% 90,750 $14.0M No change
IDN Intellicheck Inc. 2.44% 2,073,583 $13.9M No change
INVE Inve Technologies Inc. filed as IDENTIV INC 1.95% 2,884,495 $11.1M No change
SPGI S&P Global Inc. 1.84% 20,000 $10.5M No change
DTIL Precision Biosciences Inc. 1.22% 1,662,500 $6.9M Add +54.6%
EYPT Eyepoint Inc. 1.02% 316,515 $5.8M Add +23.4%
IMMX Immix Biopharma Inc. 0.92% 1,000,000 $5.2M Add +17.6%
OWLT Owlet Inc. 0.88% 310,000 $5.0M Add +14.8%
JPM JPMorgan Chase & Co. 0.85% 15,000 $4.8M No change
LIQT Liqtech International Inc. 0.82% 3,182,239 $4.6M No change
PROK Prokidney Corp. 0.79% 2,000,000 $4.5M No change
BRFH Barfresh Food Group Inc. 0.72% 1,390,758 $4.1M No change
WELL Welltower Inc. 0.65% 20,000 $3.7M No change
FLNT Fluent Inc. 0.60% 1,428,571 $3.4M No change
GNLX Genelux Corp. 0.55% 714,000 $3.1M No change
DMAC Diamedica Therapeutics Inc. 0.54% 382,317 $3.0M No change
NEUROONE MED TECHNOLOGIES CO 0.53% 4,000,000 $3.0M No change
TV Grupo Televisa SA-Spon ADR 0.53% 1,030,000 $3.0M No change
QQQ Invesco QQQ Trust Series 1 0.50% 4,640 $2.9M No change
KZIA Kazia Therapeutics-Spon ADR 0.49% 400,000 $2.8M New
CUE Cue Biopharma Inc. 0.37% 6,819,164 $2.1M No change
PROF Profound Medical Corp. 0.35% 254,753 $2.0M Add +39.0%
VENU Venu Holding Corp. filed as VENU HLDG CORP 0.30% 200,000 $1.7M No change
IRD Opus Genetics Inc. 0.26% 736,842 $1.5M No change
PXLW Pixelworks Inc. 0.23% 201,015 $1.3M New
LLYVK Liberty Live Holdings Class C 0.21% 13,802 $1.2M No change
CRIS Curis Inc. 0.20% 1,135,662 $1.1M No change
RTX RTX Corp. 0.19% 6,000 $1.1M No change
MODULAR MED INC 0.18% 2,859,581 $1.0M Add +41.9%
TLPH Talphera Inc. 0.18% 881,166 $1.0M No change
POCI Precision Optics Corp. Inc. 0.16% 220,230 $922K No change
GPCR Structure Therapeutics Inc. 0.12% 10,000 $696K Reduce -50.0%
ICCC Immucell Corp. 0.11% 101,594 $625K No change
LWLG Lightwave Logic Inc. 0.09% 166,000 $538K New
RNXT Renovorx Inc. 0.09% 600,000 $504K Add +11.4%
LLYVA Liberty Live Holdings Class A 0.09% 6,047 $502K No change
LHX L3HARRIS Technologies Inc. 0.08% 1,600 $470K No change
PHYS Sprott Physical Gold Trust 0.07% 12,540 $414K No change
IPWR Ideal Power Inc. 0.07% 133,000 $411K No change
AZ A2Z CUST2MATE Solutions Corp. 0.07% 62,000 $404K No change
MULTISENSOR AI HOLDINGS INC 0.06% 1,222,493 $352K Add +74.6%
CARR Carrier Global Corp. 0.06% 6,000 $317K No change
PYPL PayPal Holdings Inc. 0.05% 5,300 $309K No change
CLRB Cellectar Biosciences Inc. 0.05% 100,000 $295K No change
OTIS Otis Worldwide Corp. 0.05% 3,000 $262K No change
TMDX Transmedics Group Inc. 0.04% 2,100 $255K New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.04% 2,000 $232K No change
CDNS Cadence Design SYS Inc. 0.03% 525 $164K No change
LION Lionsgate Studios Corp. 0.03% 16,413 $150K No change
XOM Exxon Mobil Corp. 0.02% 1,075 $129K No change
PTN Palatin Technologies Inc. 0.02% 7,800 $120K New
SIRI Sirius XM Holdings Inc. 0.02% 5,061 $101K No change
XAIR Beyond Air Inc. 0.01% 86,489 $63K No change
ARKF ARK Blockchain & Fintech Inn 0.01% 1,200 $57K No change
SMTK Smartkem Inc. 0.01% 46,618 $50K Reduce -28.3%
ARKW ARK Next Generation Technolo 0.01% 300 $44K No change
RVMD Revolution Medicines Inc. 0.01% 556 $44K No change
WGS Genedx Holdings Corp. 0.01% 304 $40K No change
ARKG ARK Genomic Revolution ETF 0.00% 825 $24K No change
STRZ Starz Entertainment Corp. 0.00% 1,092 $13K No change
XFOR X4 Pharmaceuticals Inc. 0.00% 595 $2K No change
AVNW Aviat Networks Inc. 0.00% 66 $1K No change
Other holdings (4): bonds, preferreds, convertibles and warrants · $743K (not counted above)
SecurityClassShares / PrincipalValueChange
OPFI.WS Oppfi Inc. -CW26 *W EXP 07/20/202 250,000$383KNo change
RVMDW Revolution Medicines Inc.-28 *W EXP 12/17/202 200,000$188KNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 200,000$170KNo change
SVREW Saverone 2014 Ltd. -CW27 *W EXP 06/02/202 121,000$2KNo change

Total filed on the 13F, all lines: $568.3M.

Portfolio Sells Q3 2025 → Q4 2025
LIN Linde PLC Reduce -8.5% 5.64% −1.99
FEAM 5E Advanced Materials Inc. Sold out 0.00% −0.20
EVOK Evoke Pharma Inc. Sold out 0.00% −0.14
SMTK Smartkem Inc. Reduce -28.3% 0.01% −0.01
GPCR Structure Therapeutics Inc. Reduce -50.0% 0.12% +0.01
RHLD Resolute Holdings Manag Reduce -0.5% 11.63% +7.09

Portfolio Buys Q3 2025 → Q4 2025
IMMX Immix Biopharma Inc. Add +17.6% 0.92% +0.57
KZIA Kazia Therapeutics-Spon ADR New 0.49% +0.49
OWLT Owlet Inc. Add +14.8% 0.88% +0.44
EYPT Eyepoint Inc. Add +23.4% 1.02% +0.30
PXLW Pixelworks Inc. New 0.23% +0.23
PROF Profound Medical Corp. Add +39.0% 0.35% +0.18
LWLG Lightwave Logic Inc. New 0.09% +0.09
DTIL Precision Biosciences Inc. Add +54.6% 1.22% +0.06
TMDX Transmedics Group Inc. New 0.04% +0.04
PTN Palatin Technologies Inc. New 0.02% +0.02
MULTISENSOR AI HOLDINGS INC Add +74.6% 0.06% −0.03
RNXT Renovorx Inc. Add +11.4% 0.09% −0.05
MODULAR MED INC Add +41.9% 0.18% −0.09
GPGI Gpgi Inc. Add +1.4% 13.50% −2.47

Notes & Other Activity Q3 2025 → Q4 2025
CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 Sold out 100,000 $1.3Mbefore exit
ARKOW Arko Corp. -CW25 *W EXP 12/22/202 Sold out 333,333 $3Kbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 73$556.8MGLD, GPGI, SPY, RHLD, LIN
Q1 2026 76$578.0MGLD, GPGI, RHLD, SPY, LIN
Q4 2025 69$567.6MGLD, GPGI, RHLD, LIN, MDXH
Q3 2025 66$510.9MGLD, GPGI, LIN, MDXH, RHLD
Q2 2025 70$405.0MGLD, GPGI, LIN, SPY, MDXH
Q1 2025 72$374.3MGLD, GPGI, LIN, IVAC, SPY
Q4 2024 68$396.9MGLD, GPGI, LIN, SPGI, FNA
Q3 2024 67$370.9MGLD, GPGI, LIN, SPGI, MDXH
Q2 2024 69$335.9MGLD, LIN, GPGI, IVAC, BC
Q1 2024 74$400.5MGLD, LIN, BC, INVE, FNA