LINDEN ADVISORS LP

2. Key Holdings

The portfolio is heavily concentrated in its top positions, which are dominated by corporate debt instruments. The top ten holdings account for a significant portion of the portfolio's risk capital, with the largest positions being:

• Bloom Energy Corp: This is the portfolio's largest holding. Linden Advisors holds two distinct tranches of Bloom Energy convertible notes (2028 and 2029 maturities), which rank #1 and #2 respectively. Combined, these positions total over $1.05 billion, representing roughly 7.05% of the total portfolio. This indicates a strong conviction in the credit and conversion value of the clean energy firm.
• Lumentum Holdings Inc: The firm holds a significant position in Lumentum’s 0.5% notes due 2028 (#3), valued at $370.18 million. They also hold a smaller tranche of 1.5% notes due 2029 and 0.5% notes due 2026, further solidifying Lumentum as a top credit exposure.
• Strategy Inc (formerly MicroStrategy): Despite a significant reduction (discussed below), "Strategy Inc Note" remains the 4th largest holding at $356.09 million. The firm also holds the 2.250% note (#22) and the 0.875% note (#25), showing layered exposure across different maturities.
• Jazz Investments I Ltd: A new position this quarter, this $343.10 million holding (#5) represents a major new credit bet initiated during the period.