Vault-13

AFFIRM HLDGS INC AFRM 0.75 12.15.29

NOTE 0.750%12/1 · US DOMESTIC · CUSIP 00827BAD8

50 institutional holders +0 vs Q1 2026
5,843,2555.8m shares reported held*
$1.1bnreported value*
11 new 13 added 16 reduced 12 sold out net sold ≈ $40.6m (-33.3m 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. Holder counts are more reliable. Implied quarter-end price ≈ $184.18.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q4 25: 51Q1 26: 50Q2 26: 5050Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q4 202551
Q1 202650
Q2 202650

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 26: 30 bought or addedQ1 26: 27 cut or sold outQ1 26Q2 26: 24 bought or addedQ2 26: 28 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q1 20263027
Q2 20262428

Biggest buyers

VOYA INVESTMENT MANAGEMENT LLC Added +37,045,000+37.0m
D. E. Shaw & Co., Inc. New +30,000,000+30.0m
FMR LLC Added +24,440,000+24.4m
LORD, ABBETT & CO. LLC New +23,707,000+23.7m
MORGAN STANLEY Added +8,728,000+8.7m
AQR Arbitrage LLC Added +5,650,000+5.7m
SSI INVESTMENT MANAGEMENT LLC New +4,664,000+4.7m
ROYAL BANK OF CANADA New +3,750,000+3.8m
BlackRock, Inc. Added +3,625,000+3.6m
Invesco Ltd. New +3,500,000+3.5m

Biggest sellers

Linden Advisors LP Reduced -48,710,000-48.7m
Balyasny Asset Management L.P. Sold out -31,500,000-31.5m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -30,946,000-30.9m
ARISTEIA CAPITAL, L.L.C. Reduced -29,200,000-29.2m
Context Capital Management, LLC Sold out -9,974,000-10.0m
LAZARD ASSET MANAGEMENT LLC Reduced -7,583,000-7.6m
SCHRODER INVESTMENT MANAGEMENT GROUP Sold out -6,894,000-6.9m
Nuveen, LLC Sold out -6,500,000-6.5m
WELLS FARGO & COMPANY/MN Reduced -5,996,000-6.0m
BNP PARIBAS FINANCIAL MARKETS Reduced -5,464,000-5.5m

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 1.28% of their portfolio New York, NY 210,913,000210.9m $246.2m $246.2m 1.28% Reduced -48.7m -48,710,000
2 VOYA INVESTMENT MANAGEMENT LLC 0.21% of their portfolio ATLANTA, GA 205,080,000205.1m $239.9m $239.9m 0.21% Added +37.0m +37,045,000
3 AQR Arbitrage LLC 1.34% of their portfolio Greenwich, CT 80,698,00080.7m $94.4m $94.4m 1.34% Added +5.7m +5,650,000
4 Verition Fund Management LLC 0.31% of their portfolio GREENWICH, CT 37,500,00037.5m $43.9m $43.9m 0.31% Reduced -2.5m -2,500,000
5 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 36,203,00036.2m $41.0m $41.0m 0.01% Unchanged
6 ADVENT CAPITAL MANAGEMENT /DE/ 0.94% of their portfolio NEW YORK, NY 35,372,00035.4m $41.4m $41.4m 0.94% Reduced -30.9m -30,946,000
7 FMR LLC 0.00% of their portfolio BOSTON, MA 35,166,00035.2m $41.0m $41.0m 0.00% Added +24.4m +24,440,000
8 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 30,576,00030.6m $35.7m $35.7m 0.00% Added +8.7m +8,728,000
9 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 30,000,00030.0m $35.0m $35.0m 0.02% New
10 MacKay Shields LLC 1.06% of their portfolio New York, NY 27,113,00027.1m $31.7m $31.7m 1.06% Reduced -37.0k -37,000
11 LORD, ABBETT & CO. LLC 0.08% of their portfolio JERSEY CITY, NJ 23,707,00023.7m $27.7m $27.7m 0.08% New
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 23,650,00023.6m $27.6m $27.6m 0.00% Added +3.3m +3,300,000
13 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 23,365,00023.4m $27.2m $27.2m 0.01% Reduced -5.5m -5,464,000
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 18,320,00018.3m $21.4m $21.4m 0.00% Added +3.6m +3,625,000
15 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 8,650,0008.7m $10.1m $10.1m 0.01% Reduced -170.0k -170,000
16 Nicholas Investment Partners, LP 0.50% of their portfolio RANCHO SANTA FE, CA 7,600,0007.6m $8.9m $8.9m 0.50% Unchanged
17 ZAZOVE ASSOCIATES LLC 0.71% of their portfolio INCLINE VILLAGE, NV 7,500,0007.5m $8.7m $8.7m 0.71% Reduced -1.5m -1,500,000
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 6,444,0006.4m $7.5m $7.5m 0.00% Reduced -3.3m -3,292,000
19 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 6,253,0006.3m $7.3m $7.3m 0.00% Reduced -1.1m -1,095,000
20 SSI INVESTMENT MANAGEMENT LLC 0.32% of their portfolio Los Angeles, CA 4,664,0004.7m $5.4m $5.4m 0.32% New
21 ARISTEIA CAPITAL, L.L.C. 0.08% of their portfolio GREENWICH, CT 4,300,0004.3m $5.0m $5.0m 0.08% Reduced -29.2m -29,200,000
22 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 4,000,0004.0m $4.7m $4.7m 0.01% Added +1.0m +1,000,000
23 Amundi 0.00% of their portfolio Paris, I0 4,000,0004.0m $4.7m $4.7m 0.00% Unchanged
24 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,750,0003.8m $4.4m $4.4m 0.00% New
25 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 3,500,0003.5m $4.1m $4.1m 0.00% New
26 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 3,362,0003.4m $3.9m $3.9m 0.01% Added +250.0k +250,000
27 ONTARIO TEACHERS PENSION PLAN BOARD 0.02% of their portfolio Toronto, A6 2,500,0002.5m $2.9m $2.9m 0.02% Unchanged
28 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 2,052,0002.1m $24.0k $24.0k 0.00% Reduced -7.6m -7,583,000
29 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 1,891,0001.9m $2.2m $2.2m 0.02% New
30 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio PHILADELPHIA, PA 1,800,0001.8m $2.1m $2.1m 0.00% New
31 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,786,0001.8m $2.1m $2.1m 0.00% New
32 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,650,0001.6m $1.9m $1.9m 0.00% Reduced -6.0m -5,996,000
33 Sphera Management Technology Funds Ltd 0.61% of their portfolio TEL AVIV, L3 1,500,0001.5m $1.7m $1.7m 0.61% New
34 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 1,300,0001.3m $1.5m $1.5m 0.01% Added +300.0k +300,000
35 Man Group plc 0.00% of their portfolio LONDON, X0 1,000,0001.0m $1.2m $1.2m 0.00% Reduced -1.2m -1,160,000
36 Polar Capital Holdings Plc 0.00% of their portfolio London, X0 1,000,0001.0m $1.2m $1.2m 0.00% New
37 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 800,000800.0k $932.9k $932.9k 0.00% Unchanged
38 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 750,000750.0k $862.5k $862.5k 0.00% Added +350.0k +350,000
39 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 739,000739.0k $859.3k $859.3k 0.00% Reduced -111.0k -111,000
40 Central Pacific Bank - Trust Division 0.03% of their portfolio HONOLULU, HI 268,000268.0k $312.5k $312.5k 0.03% Unchanged
41 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 265,000265.0k $309.0k $309.0k 0.00% Added +15.0k +15,000
42 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 213,000213.0k $248.4k $248.4k 0.00% Unchanged
43 Virtus Fixed Income Advisers, LLC 0.11% of their portfolio HARTFORD, CT 151,000151.0k $176.1k $176.1k 0.11% New
44 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 102,000102.0k $118.9k $118.9k 0.00% Added +7.0k +7,000
45 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 51,23051.2k $6.0m $6.0m 0.00% Reduced -43.2k -43,190
46 VIRTUS ADVISERS, LLC 0.02% of their portfolio HARTFORD, CT 36,00036.0k $42.0k $42.0k 0.02% Unchanged
47 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 28,00028.0k $32.6k $32.6k 0.00% Reduced -1.0k -1,000
48 Squarepoint Ops LLC 0.04% of their portfolio NEW YORK, NY 17,50017.5k $20.4m $20.4m 0.04% Added +5.0k +5,000
49 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 255255 $297.6k $297.6k 0.01% Not comparable
50 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Unchanged