Lindblad Expeditions Holdings Inc. filings document the formal disclosures of an operating company in expedition cruises and adventure travel. Recent Form 8-K reports cover quarterly and annual financial results, segment performance for Lindblad and Land Experiences, debt refinancing activity, senior secured notes, and the completed conversion of Series A Convertible Preferred Stock into common stock.
The company’s proxy materials describe annual meeting matters, director elections, executive compensation votes, auditor ratification, and stockholder voting procedures. Other filings record governance and management changes, compensation arrangements for executive officers, and material agreements tied to subsidiary ownership, including Lindblad’s increased ownership interest in Natural Habitat.
Lindblad Expeditions Holdings director John M. Fahey Jr. sold 7,768 shares of Restricted Stock in an open-market transaction at a weighted average price of $17.6613 per share. After this sale, he directly holds 122,986 shares, so the transaction reflects only a modest reduction in his position.
Lindblad Expeditions Holdings director Thomas S. Smith Jr. sold 56,000 shares of restricted stock in an open-market transaction at a weighted average price of $17.5678 per share. The sales occurred across multiple trades between $17.06 and $17.86 per share, and he now holds 45,488 shares directly.
LIND affiliate submitted a Form 144 seeking to sell 56,000 shares of common stock through J.P. Morgan Securities LLC on 03/09/2026 with trading on NASDAQ.
The filing lists earlier open‑market purchases dated 09/02/2020 (54,500 shares) and 09/03/2020 (15,166 shares) as acquisition dates.
Lindblad Expeditions Holdings, Inc. entered a material agreement to increase its stake in subsidiary Natural Habitat, Inc. to 95%. On March 3, 2026, the company purchased an additional 5% interest from founder and CEO Ben Bressler for $16,586,787.
After this transaction, Mr. Bressler retains a 5% noncontrolling interest in Natural Habitat, which remains subject to a put/call arrangement under the existing stockholders’ agreement. The deal further consolidates Lindblad’s economic interest in the ecotourism-focused subsidiary.
Lindblad Expeditions Holdings operates small-ship expedition cruises and land-based adventure travel worldwide, targeting mainly affluent U.S. travelers over age 50. It reports about 12 owned expedition vessels and 10 seasonal charters, plus multiple land brands such as Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys and Thomson Group.
The company emphasizes premium, highly immersive nature- and culture-focused experiences, supported by long-term partnerships with National Geographic (extended through 2040) and World Wildlife Fund. It highlights strong brand recognition, high net yields per available guest night, repeat customers and disciplined expansion across ships and land operators.
Lindblad also stresses sustainability and conservation, including 100% carbon offsets for key brands, elimination of many single-use plastics, and over $25 million granted since 2008 through the LEX-NG Fund. As of June 30, 2025, non-affiliate common stock market value was about $341.6 million, and 65,251,988 shares were outstanding as of February 23, 2026.
Lindblad Expeditions Holdings reported strong 2025 growth with record profitability despite remaining in a net loss. Full-year tour revenues rose 20% to $771.0 million, driven by both the Lindblad and Land Experiences segments. Adjusted EBITDA increased 38% to a record $126.2 million, supported by a 14% rise in net yield per available guest night to $1,335 and higher occupancy of 88% versus 78% a year earlier.
Net loss available to stockholders narrowed slightly to $34.6 million, including a $23.5 million loss on extinguishment of debt. The company refinanced long-term debt with $675.0 million of 7.00% senior secured notes maturing in 2030 and expanded its revolving credit facility to $60.0 million. Cash and restricted cash increased to $289.7 million as of December 31, 2025, while total debt was $675.0 million.
On February 3, 2026, all 62,000 shares of Series A preferred stock were mandatorily converted into approximately 9.0 million common shares. Lindblad has a $35.0 million stock repurchase plan, under which it has spent $23.0 million to buy back 875,218 shares and 6.0 million warrants, leaving $12.0 million authorized. The company issued 2026 Adjusted EBITDA guidance of $130–$140 million.
LINDBLAD EXPEDITIONS HOLDINGS, INC. CEO Natalya Leahy reported a tax-withholding share disposition related to equity compensation. On this Form 4, 11,842 shares of common stock were surrendered at a price of $20.04 per share to cover tax obligations, a transaction type typically not involving open-market selling. After this administrative disposition, Leahy directly held 277,714 shares of the company’s common stock.
Lindblad Expeditions Holdings, Inc. shareholder Mark D. Ein reports beneficial ownership of 3,333,719 shares of common stock, representing 5.1% of the class. This percentage is based on 64,400,000 shares outstanding as of February 3, 2026.
Ein and Capitol Acquisition Management 2 LLC jointly file this amended Schedule 13G. Capitol Acquisition Management 2 LLC reports 3,005,117 shares, or 4.7% of the class, with sole voting and dispositive power. Ein is deemed to beneficially own shares held by Capitol Acquisition Management 2 LLC through Leland Investments, Inc.
Lindblad Expeditions Holdings, Inc. director and founder Sven-Olof Lindblad filed an amended Schedule 13D reporting beneficial ownership of 10,783,962 shares of common stock, representing 16.7% of the company’s common shares based on 64,400,000 shares outstanding as of February 3, 2026.
The filing details that his stake originated largely from the 2015 merger that took Lindblad public and notes prior contributions of shares to the company’s 2016 CEO Share Allocation Plan and charitable donations. Between January 20 and February 4, 2026, he sold multiple blocks of shares under a Rule 10b5-1 trading plan, including 127,310 shares on February 3, 2026 at a weighted average price of $17.3845 and 80,520 shares on January 20, 2026 at a weighted average price of $15.6688.
The filing states that he will continue to review his investment and may buy, sell, donate, or transfer shares, and in his role as director may participate in discussions about potential strategic or corporate transactions, though he reports no specific current plans beyond those described.