Q Global Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Q Global Advisors, LLC reported 14 stock positions worth $101.0 million. Its top holding was Ascendis Pharma A/S (ASND) at 40.1% of the portfolio, followed by Enova International (ENVA, 13.3%) and SS SPDR S&P 500 ETF Trust-US (SPY, 9.9%). Compared with Q3 2025, it opened 8 new positions, added to 3 and reduced 2. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale Enova International (ENVA, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- FORT WORTH, TX
- CIK
- 0001469589
- Portfolio Value
- $101.0M (Q4 2025)
- SEC Filing
- 0001469589-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 14 stocks · $101.0M
| ASND Ascendis Pharma A/S | 40.11% | 190,000 | $40.5M | Add +11.8% |
| ENVA Enova International Inc. | 13.26% | 85,219 | $13.4M | Reduce -6.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 9.89% | 14,658 | $10.0M | New |
| TDG Transdigm Group Inc. | 8.26% | 6,276 | $8.3M | No change |
| NCLH Norwegian Cruise Line Holdin | 5.97% | 270,094 | $6.0M | New |
| TRTX TPG Re Finance Trust Inc. | 5.36% | 629,103 | $5.4M | Add +21.7% |
| HLF Herbalife Ltd. | 4.96% | 388,891 | $5.0M | Reduce -23.1% |
| FBRT Franklin BSP Realty Trust Inc. | 2.99% | 301,355 | $3.0M | New |
| PGY Pagaya Technologies Ltd. Class A | 2.62% | 126,555 | $2.6M | New |
| CCL Carnival Corp. | 1.96% | 64,695 | $2.0M | New |
| BX Blackstone Inc. | 1.94% | 12,744 | $2.0M | New |
| RCL Royal Caribbean Cruises Ltd. | 1.73% | 6,250 | $1.7M | Add +86.6% |
| BRSP Brightspire Capital Inc. | 0.51% | 92,588 | $518K | New |
| GPMT Granite Point Mortgage Trust | 0.44% | 183,717 | $441K | New |
Other holdings (34): bonds, preferreds, convertibles and warrants · $622K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NUAIW New Era Helium Inc. -29 | *W EXP 12/06/202 | 75,000 | $62K | Reduce -61.9% |
| BZAIW Burtech Acquisition -CW23 | *W EXP 01/13/203 | 150,000 | $60K | Reduce -40.0% |
| FBYDW Falcon's Beyond Global-27 | *W EXP 10/06/202 | 25,000 | $51K | Reduce -43.1% |
| MDAIW Spectral AI -CW27 | *W EXP 09/11/202 | 99,670 | $45K | Reduce -0.3% |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 150,816 | $41K | No change |
| CLSKW Cleanspark Inc.-29 | *W EXP 12/29/202 | 100,000 | $37K | No change |
| CNCKW Coincheck Group NV | *W EXP 12/11/202 | 89,237 | $36K | No change |
| FLYX.WS Eg Acquisition Corp.-A -CW28 | *W EXP 99/99/999 | 113,099 | $32K | No change |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 203,778 | $31K | No change |
| NAMMW Namib Minerals | *W EXP 06/05/203 | 358,060 | $26K | No change |
| RAINW Rain Enhancement-CW 29 | *W EXP 12/31/202 | 85,137 | $21K | No change |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 25,090 | $20K | Reduce -49.9% |
| MNYWW Moneyhero Ltd.-28 | *W EXP 09/13/202 | 470,085 | $20K | No change |
| SLND.WS Legato Merger Corp. II -CW23 | *W EXP 02/14/202 | 163,529 | $14K | No change |
| SCAGW Scage Future -30 | *W EXP 05/15/203 | 211,287 | $14K | No change |
| RZLVW Rezolve AI PLC -CW27 | *W EXP 08/15/202 | 13,356 | $12K | No change |
| BRLSW Oxus Acquisition Corp. -CW23 | *W EXP 02/07/202 | 224,685 | $11K | No change |
| FUSEW CSLM Holdings Inc. - 30 | *W EXP 10/22/203 | 179,614 | $11K | New |
| GRRRW Gorilla Technology Group-CW | *W EXP 99/99/999 | 43,676 | $11K | No change |
| BNAIW Brand Engagement Netwo -CW27 | *W EXP 03/14/202 | 194,164 | $9K | No change |
| NVNWF Nvni Group Ltd.-28 | *W EXP 11/01/202 | 130,872 | $9K | No change |
| PSQH.WS Colombier Acq Class A -CW28 | *W EXP 07/19/202 | 60,000 | $6K | No change |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | 132,146 | $6K | No change |
| MRNOW Murano Global BV-28 | *W EXP 03/19/202 | 218,153 | $6K | No change |
| AMODW Insight Acquisition Co. -CW23 | *W EXP 12/13/202 | 99,534 | $5K | No change |
| DAICW Cid Holdco Inc. -26 | *W EXP 12/31/202 | 59,602 | $5K | No change |
| COCHW Envoy Medical Inc.-CW27 | *W EXP 09/29/202 | 129,120 | $5K | No change |
| WGSWW Genedx Holdings Corp. | *W EXP 07/22/202 | 111,701 | $5K | No change |
| BDMDW Baird Medical Investment -28 | *W EXP 10/01/202 | 72,992 | $4K | No change |
| BSLKW Golden Arrow Merger A -CW26 | *W EXP 08/13/202 | 106,937 | $2K | No change |
| TBLAW Taboola.com Ltd. -CW27 | *W EXP 99/99/999 | 46,078 | $2K | No change |
| LNZAW Amci Acquisition II A -CW28 | *W EXP 01/01/202 | 106,974 | $1K | No change |
| CRPWF Carbon Revolution PLC | *W EXP 99/99/999 | 105,521 | $1K | No change |
| ECXWW Ecarx Holdings Inc. Class A-27 | *W EXP 99/99/999 | 19,614 | $1K | No change |
Total filed on the 13F, all lines: $101.6M.
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | New | 9.89% | +9.89 |
| NCLH Norwegian Cruise Line Holdin | New | 5.97% | +5.97 |
| FBRT Franklin BSP Realty Trust Inc. | New | 2.99% | +2.99 |
| PGY Pagaya Technologies Ltd. Class A | New | 2.62% | +2.62 |
| CCL Carnival Corp. | New | 1.96% | +1.96 |
| BX Blackstone Inc. | New | 1.94% | +1.94 |
| BRSP Brightspire Capital Inc. | New | 0.51% | +0.51 |
| GPMT Granite Point Mortgage Trust | New | 0.44% | +0.44 |
| RCL Royal Caribbean Cruises Ltd. | Add +86.6% | 1.73% | −0.01 |
| TRTX TPG Re Finance Trust Inc. | Add +21.7% | 5.36% | −1.73 |
| ASND Ascendis Pharma A/S | Add +11.8% | 40.11% | −14.10 |
Notes & Other Activity Q3 2025 → Q4 2025
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | Sold out | 204,670 | $266Kbefore exit |
| NUAIW New Era Helium Inc. -29 | *W EXP 12/06/202 | Reduce -61.9% | 75,000 | $62K |
| BZAIW Burtech Acquisition -CW23 | *W EXP 01/13/203 | Reduce -40.0% | 150,000 | $60K |
| FBYDW Falcon's Beyond Global-27 | *W EXP 10/06/202 | Reduce -43.1% | 25,000 | $51K |
| MDAIW Spectral AI -CW27 | *W EXP 09/11/202 | Reduce -0.3% | 99,670 | $45K |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | Reduce -49.9% | 25,090 | $20K |
| FUSEW CSLM Holdings Inc. - 30 | *W EXP 10/22/203 | New | 179,614 | $11K |
| CEROW Phoenix Biotech Acq -CW26 | *W EXP 02/13/202 | Sold out | 170,785 | $2Kbefore exit |
| ADVWW Advantage Solutions in-CW25 | *W EXP 10/28/202 | Sold out | 39,401 | $0before exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 14 | $145.7M | ASND, MSFT, BX, GOOG, AMZN |
| Q1 2026 | 14 | $102.7M | ASND, SPY, ENVA, CCL, TDG |
| Q4 2025 | 14 | $101.0M | ASND, ENVA, SPY, TDG, NCLH |
| Q3 2025 | 6 | $62.3M | ASND, ENVA, TDG, TRTX, HLF |
| Q2 2025 | 10 | $117.2M | ASND, IWM, TDG, HLF, TRTX |
| Q1 2025 | 10 | $121.8M | IWM, ASND, SPY, TDG, HLF |
| Q4 2024Amended | 9 | $95.6M | ASND, MODVQ, PRKS, TDG, NICE |
| Q3 2024 | 10 | $113.0M | ASND, PRKS, XBI, MODVQ, CQQQ |
| Q2 2024 | 16 | $139.6M | ASND, PRKS, XBI, MODVQ, BLDR |
| Q1 2024 | 20 | $261.2M | SPY, IWM, ASND, PRKS, XBI |