Vault-13

BENTLEY SYS INC BSY 0.125 01.15.26

NOTE 0.125% 1/1 · US DOMESTIC · CUSIP 08265TAB5

40 institutional holders -7 vs Q3 2025
3,501,3103.5m shares reported held*
$850.0mreported value*
8 new 8 added 16 reduced 15 sold out net bought ≈ $31.3m (-4.6m 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 ($17.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $247.75.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 60Q4 22: 54Q1 23: 58Q2 23: 58Q3 23: 70Q4 23: 68Q1 24: 70Q2 24: 71Q3 24: 64Q4 24: 58Q1 25: 51Q2 25: 48Q3 25: 47Q4 25: 4040Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202260
Q4 202254
Q1 202358
Q2 202358
Q3 202370
Q4 202368
Q1 202470
Q2 202471
Q3 202464
Q4 202458
Q1 202551
Q2 202548
Q3 202547
Q4 202540

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 24: 24 bought or addedQ1 24: 34 cut or sold outQ2 24: 29 bought or addedQ2 24: 37 cut or sold outQ2 24Q3 24: 22 bought or addedQ3 24: 31 cut or sold outQ4 24: 20 bought or addedQ4 24: 28 cut or sold outQ4 24Q1 25: 20 bought or addedQ1 25: 29 cut or sold outQ2 25: 25 bought or addedQ2 25: 17 cut or sold outQ2 25Q3 25: 20 bought or addedQ3 25: 23 cut or sold outQ4 25: 16 bought or addedQ4 25: 31 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20242434
Q2 20242937
Q3 20242231
Q4 20242028
Q1 20252029
Q2 20252517
Q3 20252023
Q4 20251631

Biggest buyers

OSTERWEIS CAPITAL MANAGEMENT INC New +75,804,000+75.8m
GLAZER CAPITAL, LLC New +58,206,000+58.2m
Radcliffe Capital Management, L.P. New +48,716,000+48.7m
Crossingbridge Advisors, LLC New +22,500,000+22.5m
Kohlberg Kravis Roberts & Co. L.P. New +20,011,000+20.0m
RiverPark Advisors, LLC New +17,500,000+17.5m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +14,959,000+15.0m
Aequim Alternative Investments LP Added +10,000,000+10.0m
TORONTO DOMINION BANK New +10,000,000+10.0m
CITIGROUP INC Added +5,000,000+5.0m

Biggest sellers

Balyasny Asset Management L.P. Sold out -55,500,000-55.5m
DeepCurrents Investment Group LLC Reduced -32,770,000-32.8m
LMR Partners LLP Sold out -30,600,000-30.6m
JPMORGAN CHASE & CO Reduced -27,006,000-27.0m
Daiwa Securities Group Inc. Sold out -25,000,000-25.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -22,280,000-22.3m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -16,000,000-16.0m
STATE STREET CORP Sold out -13,461,000-13.5m
SUSQUEHANNA ADVISORS GROUP, INC. Sold out -10,254,000-10.3m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -8,901,000-8.9m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 2.14% of their portfolio NEW YORK, NY 151,995,000152.0m $151.8m $151.8m 2.14% Added +15.0m +14,959,000
2 MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 79,264,00079.3m $79.1m $79.1m 0.06% Added +2.5m +2,500,000
3 OSTERWEIS CAPITAL MANAGEMENT INC 3.20% of their portfolio SAN FRANCISCO, CA 75,804,00075.8m $75.7m $75.7m 3.20% New
4 GLAZER CAPITAL, LLC 1.53% of their portfolio New York, NY 58,206,00058.2m $58.1m $58.1m 1.53% New
5 Radcliffe Capital Management, L.P. 2.65% of their portfolio BALA CYNWYD, PA 48,716,00048.7m $48.6m $48.6m 2.65% New
6 HIGHBRIDGE CAPITAL MANAGEMENT LLC 1.32% of their portfolio NEW YORK, NY 28,559,00028.6m $28.5m $28.5m 1.32% Reduced -16.0m -16,000,000
7 Jain Global LLC 0.22% of their portfolio NEW YORK, NY 22,891,00022.9m $22.8m $22.8m 0.22% Unchanged
8 Crossingbridge Advisors, LLC 6.33% of their portfolio PLEASANTVILLE, NY 22,500,00022.5m $22.5m $22.5m 6.33% New
9 Kohlberg Kravis Roberts & Co. L.P. 0.32% of their portfolio NEW YORK, NY 20,011,00020.0m $20.0m $20.0m 0.32% New
10 Aequim Alternative Investments LP 0.39% of their portfolio MILL VALLEY, CA 20,000,00020.0m $20.0m $20.0m 0.39% Added +10.0m +10,000,000
11 RiverPark Advisors, LLC 5.02% of their portfolio NEW YORK, NY 17,500,00017.5m $17.5m $17.5m 5.02% New
12 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 16,398,00016.4m $16.4m $16.4m 0.07% Unchanged
13 DeepCurrents Investment Group LLC 0.43% of their portfolio NEW YORK, NY 11,564,00011.6m $11.5m $11.5m 0.43% Reduced -32.8m -32,770,000
14 Jefferies Financial Group Inc. 0.09% of their portfolio NEW YORK, NY 11,492,00011.5m $11.5m $11.5m 0.09% Added +3.9m +3,893,000
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 10,262,00010.3m $10.2m $10.2m 0.00% Reduced -27.0m -27,006,000
16 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 10,000,00010.0m $10.0m $10.0m 0.01% Added +5.0m +5,000,000
17 TORONTO DOMINION BANK 0.02% of their portfolio TORONTO, ONTARIO, A6 10,000,00010.0m $9.9m $9.9m 0.02% New
18 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 7,500,0007.5m $7.5m $7.5m 0.01% Unchanged
19 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,111,0007.1m $7.1m $7.1m 0.00% Added +270.0k +270,000
20 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio Toronto, A6 7,000,0007.0m $7.0m $7.0m 0.01% Unchanged
21 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,294,0006.3m $6.3m $6.3m 0.00% Added +4.5m +4,503,000
22 PALISADE CAPITAL MANAGEMENT, LP 0.15% of their portfolio FORT LEE, NJ 5,068,0005.1m $5.1m $5.1m 0.15% Reduced -107.0k -107,000
23 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.56% of their portfolio Miamisburg, OH 5,000,0005.0m $5.0m $5.0m 0.56% Unchanged
24 SHENKMAN CAPITAL MANAGEMENT INC 0.51% of their portfolio NEW YORK, NY 4,840,0004.8m $4.8m $4.8m 0.51% Reduced -8.9m -8,901,000
25 MacKay Shields LLC 0.15% of their portfolio New York, NY 4,346,0004.3m $4.3m $4.3m 0.15% Reduced -315.0k -315,000
26 ADVENT CAPITAL MANAGEMENT /DE/ 0.09% of their portfolio NEW YORK, NY 3,741,0003.7m $3.7m $3.7m 0.09% Reduced -22.3m -22,280,000
27 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 2,670,0002.7m $2.7m $2.7m 0.00% Reduced -1.7m -1,730,000
28 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,403,4002.4m $2.4m $2.4m 0.00% Added +1.8m +1,809,000
29 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 2,070,0002.1m $2.1m $2.1m 0.00% Reduced -2.1m -2,070,000
30 Amundi 0.05% of their portfolio Paris, I0 1,900,0001.9m $189.5m $189.5m 0.05% New
31 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,750,0001.8m $1.7m $1.7m 0.00% Reduced -300.0k -300,000
32 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 1,526,0001.5m $1.5m $1.5m 0.00% Reduced -774.0k -774,000
33 Man Group plc 0.00% of their portfolio LONDON, X0 1,000,0001.0m $996.7k $996.7k 0.00% Reduced -1.2m -1,200,000
34 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 746,000746.0k $744.0k $744.0k 0.00% Reduced -4.4m -4,358,000
35 SSI INVESTMENT MANAGEMENT LLC 0.04% of their portfolio Los Angeles, CA 588,000588.0k $586.5k $586.5k 0.04% Reduced -115.0k -115,000
36 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 75,00075.0k $74.8k $74.8k 0.00% Unchanged
37 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 50,00050.0k $49.8k $49.8k 0.00% Reduced -4.8m -4,819,000
38 UBS Group AG 0.00% of their portfolio ZURICH, V8 4,0004.0k $4.0k $4.0k 0.00% Unchanged
39 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 310310 $309.1k $309.1k 0.01% Reduced -500 -500
40 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Unchanged