Vault-13

AFFIRM HLDGS INC AFRM 0 11.15.26

NOTE 11/1 · US DOMESTIC · CUSIP 00827BAB2

28 institutional holders -1 vs Q4 2025
7,505,0007.5m shares reported held*
$175.7mreported value*
7 new 5 added 5 reduced 8 sold out net bought ≈ $32.8m (+7.4m 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 ($3.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $23.84.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q4 22: 40Q1 23: 42Q2 23: 46Q3 23: 44Q4 23: 45Q1 24: 50Q2 24: 52Q3 24: 49Q4 24: 35Q1 25: 32Q2 25: 32Q3 25: 29Q4 25: 29Q1 26: 2828Q4 22Q3 23Q2 24Q1 25Q1 26
Numbers
QuarterHolders
Q4 202240
Q1 202342
Q2 202346
Q3 202344
Q4 202345
Q1 202450
Q2 202452
Q3 202449
Q4 202435
Q1 202532
Q2 202532
Q3 202529
Q4 202529
Q1 202628

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 24: 19 bought or addedQ2 24: 20 cut or sold outQ3 24: 14 bought or addedQ3 24: 23 cut or sold outQ3 24Q4 24: 11 bought or addedQ4 24: 34 cut or sold outQ1 25: 9 bought or addedQ1 25: 19 cut or sold outQ1 25Q2 25: 9 bought or addedQ2 25: 10 cut or sold outQ3 25: 10 bought or addedQ3 25: 10 cut or sold outQ3 25Q4 25: 9 bought or addedQ4 25: 11 cut or sold outQ1 26: 12 bought or addedQ1 26: 13 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20241920
Q3 20241423
Q4 20241134
Q1 2025919
Q2 2025910
Q3 20251010
Q4 2025911
Q1 20261213

Biggest buyers

OSTERWEIS CAPITAL MANAGEMENT INC New +57,500,000+57.5m
ARISTEIA CAPITAL, L.L.C. Added +16,159,000+16.2m
SSI INVESTMENT MANAGEMENT LLC New +7,467,000+7.5m
OAKTREE CAPITAL MANAGEMENT LP Added +6,312,000+6.3m
TORONTO DOMINION BANK New +3,000,000+3.0m
Russell Investments Group, Ltd. Added +2,571,000+2.6m
PALISADE CAPITAL MANAGEMENT, LP Added +683,000+683.0k
ZAZOVE ASSOCIATES LLC New +255,000+255.0k
PIPER SANDLER & CO. New +192,000+192.0k
MORGAN STANLEY Added +72,000+72.0k

Biggest sellers

LAZARD ASSET MANAGEMENT LLC Reduced -31,855,000-31.9m
Sculptor Capital LP Sold out -27,500,000-27.5m
Verition Fund Management LLC Sold out -19,659,000-19.7m
SSI INVESTMENT MANAGEMENT LLC Sold out -7,987,000-8.0m
Parallax Volatility Advisers, L.P. Reduced -2,500,000-2.5m
JPMORGAN CHASE & CO Reduced -1,130,000-1.1m
Ares Systematic Credit Ltd Sold out -600,000-600.0k
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduced -440,000-440.0k
BNP PARIBAS FINANCIAL MARKETS Reduced -145,000-145.0k
Oak Harvest Investment Services Sold out -41,000-41.0k

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 OSTERWEIS CAPITAL MANAGEMENT INC 2.88% of their portfolio SAN FRANCISCO, CA 57,500,00057.5m $55.8m $55.8m 2.88% New
2 ARISTEIA CAPITAL, L.L.C. 0.79% of their portfolio GREENWICH, CT 35,309,00035.3m $34.2m $34.2m 0.79% Added +16.2m +16,159,000
3 DeepCurrents Investment Group LLC 1.12% of their portfolio NEW YORK, NY 28,167,00028.2m $27.3m $27.3m 1.12% Unchanged
4 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 15,198,00015.2m $14.6m $14.6m 0.00% Reduced -1.1m -1,130,000
5 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 14,235,00014.2m $138.1k $138.1k 0.00% Reduced -31.9m -31,855,000
6 OAKTREE CAPITAL MANAGEMENT LP 0.19% of their portfolio LOS ANGELES, CA 11,537,00011.5m $11.2m $11.2m 0.19% Added +6.3m +6,312,000
7 Parallax Volatility Advisers, L.P. 0.34% of their portfolio San Francisco, CA 8,000,0008.0m $7.8m $7.8m 0.34% Reduced -2.5m -2,500,000
8 SSI INVESTMENT MANAGEMENT LLC 0.50% of their portfolio Los Angeles, CA 7,467,0007.5m $7.2m $7.2m 0.50% New
9 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 5,357,0005.4m $5.2m $5.2m 0.01% Added +2.6m +2,571,000
10 PALISADE CAPITAL MANAGEMENT, LP 0.13% of their portfolio FORT LEE, NJ 3,881,0003.9m $3.8m $3.8m 0.13% Added +683.0k +683,000
11 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 3,440,0003.4m $3.3m $3.3m 0.00% Reduced -440.0k -440,000
12 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 3,000,0003.0m $2.9m $2.9m 0.01% New
13 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,128,0002.1m $2.1m $2.1m 0.00% Added +72.0k +72,000
14 CAPSTONE INVESTMENT ADVISORS, LLC 0.01% of their portfolio NEW YORK, NY 1,400,0001.4m $1.4m $1.4m 0.01% Unchanged
15 Glendon Capital Management LP 0.13% of their portfolio Santa Monica, CA 1,074,0001.1m $1.0m $1.0m 0.13% Unchanged
16 ZAZOVE ASSOCIATES LLC 0.01% of their portfolio INCLINE VILLAGE, NV 255,000255.0k $247.2k $247.2k 0.01% New
17 PIPER SANDLER & CO. 0.18% of their portfolio MINNEAPOLIS, MN 192,000192.0k $185.8k $185.8k 0.18% New
18 Central Pacific Bank - Trust Division 0.02% of their portfolio HONOLULU, HI 182,000182.0k $176.1k $176.1k 0.02% Unchanged
19 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 74,00074.0k $71.6k $71.6k 0.00% Reduced -145.0k -145,000
20 CSS LLC/IL 0.00% of their portfolio CHICAGO, IL 54,00054.0k $52.4k $52.4k 0.00% Unchanged
21 AQR Arbitrage LLC 0.00% of their portfolio Greenwich, CT 50,00050.0k $48.5k $48.5k 0.00% New
22 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 43,00043.0k $41.6k $41.6k 0.00% Unchanged
23 Oak Harvest Investment Services 0.00% of their portfolio HOUSTON, TX 41,00041.0k $39.5k $39.5k 0.00% New
24 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 38,00038.0k $0 $0 0.00% Unchanged
25 BESSEMER GROUP INC 0.00% of their portfolio WOODBRIDGE, NJ 36,00036.0k $35.0k $35.0k 0.00% Unchanged
26 Syntegra Private Wealth Group, LLC 0.00% of their portfolio Chesterfield, MO 29,00029.0k $27.9k $27.9k 0.00% Unchanged
27 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 26,00026.0k $25.2k $25.2k 0.00% Unchanged
28 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 12,00012.0k $11.6k $11.6k 0.00% Unchanged