Vault-13

AFFIRM HLDGS INC AFRM 0 11.15.26

NOTE 11/1 · US DOMESTIC · CUSIP 00827BAB2

46 institutional holders +4 vs Q1 2023
18,868,58618.9m shares reported held*
$1.0bnreported value*
10 new 13 added 11 reduced 6 sold out net sold ≈ $56.2m (-23.0m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $54.43.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0204060Q4 22: 40Q1 23: 42Q2 23: 4646Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q4 202240
Q1 202342
Q2 202346

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q1 23: 25 bought or addedQ1 23: 25 cut or sold outQ1 23Q2 23: 23 bought or addedQ2 23: 17 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q1 20232525
Q2 20232317

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$10m$20m$30mQ3 22 calls: $0Q3 22 puts: $0Q3 22P/C —Q4 22 calls: $0Q4 22 puts: $20.5mQ4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $0Q2 23 puts: $0Q2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$0—
Q4 2022$0$20.5m—
Q1 2023$0$0—
Q2 2023$0$0—

Biggest buyers

Linden Advisors LP Added +60,296,000+60.3m
ARISTEIA CAPITAL, L.L.C. Added +30,935,000+30.9m
VOYA INVESTMENT MANAGEMENT LLC Added +19,270,000+19.3m
OAKTREE CAPITAL MANAGEMENT LP Added +16,363,000+16.4m
DeepCurrents Investment Group LLC New +12,500,000+12.5m
SSI INVESTMENT MANAGEMENT LLC New +9,784,000+9.8m
JPMORGAN CHASE & CO Added +6,595,000+6.6m
Glendon Capital Management LP Added +6,500,000+6.5m
Segantii Capital Management Ltd New +5,000,000+5.0m
Russell Investments Group, Ltd. Added +3,887,000+3.9m

Biggest sellers

KING STREET CAPITAL MANAGEMENT, L.P. Reduced -65,000,000-65.0m
FMR LLC Reduced -50,998,169-51.0m
SOROS FUND MANAGEMENT LLC Reduced -49,000,000-49.0m
LORD, ABBETT & CO. LLC Sold out -29,000,000-29.0m
INHERENT GROUP, LP Sold out -20,500,000-20.5m
ARES MANAGEMENT LLC Sold out -19,500,000-19.5m
Brevan Howard Capital Management LP Reduced -7,404,212-7.4m
ROYAL BANK OF CANADA Reduced -6,000,000-6.0m
OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) Reduced -5,000,000-5.0m
JANE STREET GROUP, LLC Sold out -2,000,000-2.0m

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ARISTEIA CAPITAL, L.L.C. 7.15% of their portfolio GREENWICH, CT 275,244,000275.2m $204.5m $204.5m 7.15% Added +30.9m +30,935,000
2 VOYA INVESTMENT MANAGEMENT LLC 0.17% of their portfolio ATLANTA, GA 215,805,000215.8m $160.4m $160.4m 0.17% Added +19.3m +19,270,000
3 ADVENT CAPITAL MANAGEMENT /DE/ 2.06% of their portfolio NEW YORK, NY 138,365,000138.4m $102.8m $102.8m 2.06% Added +2.1m +2,136,000
4 Linden Advisors LP 0.89% of their portfolio New York, NY 114,195,000114.2m $84.4m $84.4m 0.89% Added +60.3m +60,296,000
5 Glendon Capital Management LP 7.89% of their portfolio Santa Monica, CA 109,574,000109.6m $80.9m $80.9m 7.89% Added +6.5m +6,500,000
6 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio NEW YORK, NY 89,100,00089.1m $57.3m $57.3m 0.03% Unchanged
7 SOROS FUND MANAGEMENT LLC 0.99% of their portfolio NEW YORK, NY 61,500,00061.5m $45.5m $45.5m 0.99% Reduced -49.0m -49,000,000
8 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 40,462,00040.5m $29.9m $29.9m 0.00% Added +6.6m +6,595,000
9 Calamos Advisors LLC 0.13% of their portfolio NAPERVILLE, IL 34,186,00034.2m $25.3m $25.3m 0.13% Unchanged
10 FMR LLC 0.00% of their portfolio BOSTON, MA 33,986,16934.0m $25.1m $25.1m 0.00% Reduced -51.0m -50,998,169
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 32,500,00032.5m $24.0m $24.0m 0.00% Added +3.5m +3,500,000
12 KING STREET CAPITAL MANAGEMENT, L.P. 19.15% of their portfolio New York, NY 32,500,00032.5m $24.1m $24.1m 19.15% Reduced -65.0m -65,000,000
13 Aequim Alternative Investments LP 0.91% of their portfolio MILL VALLEY, CA 32,500,00032.5m $24.2m $24.2m 0.91% Added +1.5m +1,500,000
14 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.47% of their portfolio CHICAGO, IL 30,000,00030.0m $22.1m $22.1m 0.47% Reduced -5.0m -5,000,000
15 OAKTREE CAPITAL MANAGEMENT LP 0.20% of their portfolio LOS ANGELES, CA 19,626,00019.6m $14.6m $14.6m 0.20% Added +16.4m +16,363,000
16 CAPSTONE INVESTMENT ADVISORS, LLC 0.30% of their portfolio NEW YORK, NY 13,500,00013.5m $10.0m $10.0m 0.30% Reduced -500.0k -500,000
17 DeepCurrents Investment Group LLC 0.40% of their portfolio NEW YORK, NY 12,500,00012.5m $9.3m $9.3m 0.40% New
18 Ewing Morris & Co. Investment Partners Ltd. 5.75% of their portfolio TORONTO, Z4 10,000,00010.0m $7.4m $7.4m 5.75% Unchanged
19 SSI INVESTMENT MANAGEMENT LLC 0.51% of their portfolio Los Angeles, CA 9,784,0009.8m $7.2m $7.2m 0.51% New
20 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 8,868,0008.9m $6.5m $6.5m 0.01% Added +510.0k +510,000
21 BlackRock Inc. 0.00% of their portfolio New York, NY 8,075,0008.1m $6.0m $6.0m 0.00% Reduced -1.1m -1,050,000
22 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 7,500,0007.5m $5.6m $5.6m 0.01% Unchanged
23 Parallax Volatility Advisers, L.P. 0.18% of their portfolio San Francisco, CA 7,000,0007.0m $5.2m $5.2m 0.18% Unchanged
24 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 5,000,0005.0m $3.7m $3.7m 0.00% Reduced -6.0m -6,000,000
25 Segantii Capital Management Ltd 0.22% of their portfolio HONG KONG, K3 5,000,0005.0m $3.7m $3.7m 0.22% New
26 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 4,624,0004.6m $3.4m $3.4m 0.01% Added +3.9m +3,887,000
27 VETAMER CAPITAL MANAGEMENT, LP 4.10% of their portfolio MENLO PARK, CA 3,575,0003.6m $2.7m $2.7m 4.10% Reduced -710.0k -710,000
28 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 3,554,0003.6m $2.6m $2.6m 0.00% Added +1.1m +1,110,000
29 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,080,0003.1m $2.3m $2.3m 0.00% Added +3.0m +3,010,000
30 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,050,0001.1m $776.0k $776.0k 0.00% Unchanged
31 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,000,0001.0m $738.1k $738.1k 0.00% Unchanged
32 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 744,000744.0k $549.1k $549.1k 0.00% Unchanged
33 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 539,000539.0k $397.8k $397.8k 0.00% Reduced -111.0k -111,000
34 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 500,000500.0k $500.0k $500.0k 0.00% Unchanged
35 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 375,000375.0k $276.8k $276.8k 0.00% Unchanged
36 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 174,000174.0k $128.4k $128.4k 0.00% New
37 FIRST HAWAIIAN BANK 0.00% of their portfolio HONOLULU, HI 159,000159.0k $117.4k $117.4k 0.00% New
38 Brevan Howard Capital Management LP 0.11% of their portfolio ST. HELIER, Y9 95,78895.8k $577.6k $577.6k 0.11% Reduced -7.4m -7,404,212
39 Marcum Wealth, LLC 0.00% of their portfolio CLEVELAND, OH 28,00028.0k $20.7k $20.7k 0.00% Reduced -18.0k -18,000
40 UBS Group AG 0.00% of their portfolio ZURICH, V8 26,00026.0k $19.2k $19.2k 0.00% Unchanged
41 Context Capital Management, LLC 1.73% of their portfolio LAJOLLA, CA 25,75025.8k $19.1m $19.1m 1.73% New
42 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 21,00021.0k $16.0k $16.0k 0.00% New
43 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 8,0008.0k $5.9k $5.9k 0.00% New
44 Verition Fund Management LLC 0.05% of their portfolio GREENWICH, CT 3,9974.0k $3.0m $3.0m 0.05% New
45 Activest Wealth Management 0.01% of their portfolio AVENTURA, FL 586586 $17.3k $17.3k 0.01% New
46 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged