Anchorage Capital Advisors and affiliated entities reported a passive ownership stake in XPLR Infrastructure, LP. As of December 31, 2025, they may be deemed to beneficially own 6,899,310 Common Units, representing approximately 7.3% of the class.
This percentage is based on 93,966,346 Common Units outstanding as of September 30, 2025, as disclosed in the issuer’s Form 10-Q. The units are held for funds managed by Anchorage Opportunities Advisor, L.L.C., with all Reporting Persons sharing voting and dispositive power. They certify the position is held in the ordinary course of business and not for changing or influencing control of the issuer.
Positive
None.
Negative
None.
FAQ
What ownership stake does Anchorage report in XIFR (XPLR Infrastructure, LP)?
Anchorage and affiliated entities report beneficial ownership of 6,899,310 Common Units of XPLR Infrastructure, LP, representing about 7.3% of the class. This is based on 93,966,346 Common Units outstanding as of September 30, 2025, as disclosed in the issuer’s Form 10-Q.
Who are the reporting persons on this Schedule 13G for XIFR?
The filing is made on behalf of Anchorage Capital Advisors, L.P., Anchorage Advisor Holdings Management, L.P., Anchorage Advisor Holdings GP, L.L.C., Anchorage Opportunities Advisor, L.L.C., and individuals Yale Jacob Baron and Thibault Mathieu Gournay. They are collectively referred to as the Reporting Persons in the ownership disclosure.
Is Anchorage’s position in XIFR reported as passive or control-seeking?
The Reporting Persons certify the XPLR Infrastructure, LP securities were acquired and are held in the ordinary course of business, not to change or influence control. The certification explicitly states the holdings are not part of a transaction intended to affect control, other than limited proxy nomination activities.
How much voting power does Anchorage report over XIFR Common Units?
Each Reporting Person reports zero sole voting power and shared voting power over 6,899,310 Common Units. They also report zero sole dispositive power and shared dispositive power over the same amount, reflecting coordinated control over how these units are voted and potentially sold.
Which funds actually hold the XIFR Common Units for Anchorage?
The Common Units are held for the accounts of certain funds managed by Anchorage Opportunities Advisor, L.L.C. Those funds are known to have the right to receive dividends and sale proceeds from the units that may be deemed beneficially owned by the Reporting Persons under the Schedule 13G.
What reference date and share count underpin Anchorage’s 7.3% XIFR stake?
The 7.3% ownership figure is calculated as of December 31, 2025, using 93,966,346 XPLR Infrastructure, LP Common Units outstanding as of September 30, 2025. That outstanding share count comes from the issuer’s Form 10-Q filed with the SEC on November 4, 2025.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
XPLR Infrastructure, LP
(Name of Issuer)
Common Units
(Title of Class of Securities)
65341B106
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
65341B106
1
Names of Reporting Persons
Anchorage Capital Advisors, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,899,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,899,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,899,310.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.3 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP No.
65341B106
1
Names of Reporting Persons
Anchorage Advisor Holdings Management, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,899,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,899,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,899,310.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.3 %
12
Type of Reporting Person (See Instructions)
HC, PN
SCHEDULE 13G
CUSIP No.
65341B106
1
Names of Reporting Persons
Anchorage Advisor Holdings GP, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,899,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,899,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,899,310.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.3 %
12
Type of Reporting Person (See Instructions)
OO, HC
SCHEDULE 13G
CUSIP No.
65341B106
1
Names of Reporting Persons
Yale Jacob Baron
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,899,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,899,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,899,310.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.3 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
CUSIP No.
65341B106
1
Names of Reporting Persons
Thibault Mathieu Gournay
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
FRANCE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,899,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,899,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,899,310.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.3 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
CUSIP No.
65341B106
1
Names of Reporting Persons
Anchorage Opportunities Advisor, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,899,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,899,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,899,310.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.3 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
XPLR Infrastructure, LP
(b)
Address of issuer's principal executive offices:
700 Universe Boulevard, Juno Beach, Florida, 33408
Item 2.
(a)
Name of person filing:
This Schedule 13G is filed on behalf of each of the following persons (collectively, the "Reporting Persons"):
(i) Anchorage Capital Advisors, L.P. ("Capital Advisors");
(ii) Anchorage Advisor Holdings Management, L.P. ("Holdings Management");
(iii) Anchorage Advisor Holdings GP, L.L.C. ("Holdings GP");
(iv) Yale Jacob Baron ("Mr. Baron");
(v) Thibault Mathieu Gournay ("Mr. Gournay"); and
(vi) Anchorage Opportunities Advisor, L.L.C. ("Opportunities Advisor").
This Schedule 13G relates to Common Units held for the accounts of funds managed by Opportunities Advisor. Opportunities Advisor is a relying advisor of Capital Advisors, which is the sole member of Opportunities Advisor. Holdings Management is the majority owner of Capital Advisors. Holdings GP is the sole general partner of each of Capital Advisors and Holdings Management. Mr. Baron and Mr. Gournay are co-managing members of Holdings GP.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is 610 Broadway, 6th Floor, New York, NY 10012.
(c)
Citizenship:
(i) Capital Advisors is a Delaware limited partnership;
(ii) Holdings Management is a Delaware limited partnership;
(iii) Holdings GP is a Delaware limited liability company;
(iv) Mr. Baron is a citizen of the United States;
(v) Mr. Gournay is a citizen of France; and
(vi) Opportunities Advisor is a Delaware limited liability company.
(d)
Title of class of securities:
Common Units
(e)
CUSIP No.:
65341B106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of December 31, 2025, each of the Reporting Persons may be deemed the beneficial owner of 6,899,310 Common Units.
(b)
Percent of class:
As of December 31, 2025, each of the Reporting Persons may be deemed the beneficial owner of approximately 7.3% of the Common Units outstanding. This percentage is based on 93,966,346 Common Units outstanding as of September 30, 2025, as reported in the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
(i) Capital Advisors: 0
(ii) Holdings Management: 0
(iii) Holdings GP: 0
(iv) Mr. Baron: 0
(v) Mr. Gournay: 0
(vi) Opportunities Advisor: 0
(ii) Shared power to vote or to direct the vote:
(i) Capital Advisors: 6,899,310
(ii) Holdings Management: 6,899,310
(iii) Holdings GP: 6,899,310
(iv) Mr. Baron: 6,899,310
(v) Mr. Gournay: 6,899,310
(vi) Opportunities Advisor: 6,899,310
(iii) Sole power to dispose or to direct the disposition of:
(i) Capital Advisors: 0
(ii) Holdings Management: 0
(iii) Holdings GP: 0
(iv) Mr. Baron: 0
(v) Mr. Gournay: 0
(vi) Opportunities Advisor: 0
(iv) Shared power to dispose or to direct the disposition of:
(i) Capital Advisors: 6,899,310
(ii) Holdings Management: 6,899,310
(iii) Holdings GP: 6,899,310
(iv) Mr. Baron: 6,899,310
(v) Mr. Gournay: 6,899,310
(vi) Opportunities Advisor: 6,899,310
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Certain funds managed by Opportunities Advisor are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Units covered by this Schedule 13G that may be deemed to be beneficially owned by the Reporting Persons.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See disclosure in Item 2 hereof.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Anchorage Capital Advisors, L.P.
Signature:
/s/ Robert Dunleavy
Name/Title:
Robert Dunleavy, Chief Operating Officer
Date:
02/17/2026
Anchorage Advisor Holdings Management, L.P.
Signature:
/s/ Robert Dunleavy
Name/Title:
Robert Dunleavy, Chief Operating Officer of Anchorage Advisor Holdings GP, L.L.C., its general partner
Date:
02/17/2026
Anchorage Advisor Holdings GP, L.L.C.
Signature:
/s/ Robert Dunleavy
Name/Title:
Robert Dunleavy, Chief Operating Officer
Date:
02/17/2026
Yale Jacob Baron
Signature:
/s/ Yale Jacob Baron
Name/Title:
Yale Jacob Baron
Date:
02/17/2026
Thibault Mathieu Gournay
Signature:
/s/ Thibault Mathieu Gournay
Name/Title:
Thibault Mathieu Gournay
Date:
02/17/2026
Anchorage Opportunities Advisor, L.L.C.
Signature:
/s/ Robert Dunleavy
Name/Title:
Robert Dunleavy, Chief Operating Officer of Anchorage Capital Advisors, L.P., its sole member
Date:
02/17/2026
Exhibit Information
Exhibit 1: Joint Filing Agreement, dated February 17, 2026
