Vault-13

BOX INC BOX 1.5 09.15.29

NOTE 1.500% 9/1 · US DOMESTIC · CUSIP 10316TAD6

46 institutional holders -6 vs Q4 2025
44,262,00044.3m shares reported held*
$416.9mreported value*
11 new 12 added 9 reduced 15 sold out net bought ≈ $26.4m (+33.4m 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. Holder counts are more reliable. Implied quarter-end price ≈ $9.42.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q3 25: 52Q4 25: 52Q1 26: 4646Q3 25Q4 25Q1 26
Numbers
QuarterHolders
Q3 202552
Q4 202552
Q1 202646

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 25: 21 bought or addedQ4 25: 23 cut or sold outQ4 25Q1 26: 23 bought or addedQ1 26: 24 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q4 20252123
Q1 20262324

Biggest buyers

Opti Capital Management, LP Added +37,000,000+37.0m
Walleye Capital LLC New +35,000,000+35.0m
MOORE CAPITAL MANAGEMENT, LP New +31,500,000+31.5m
TPG GP A, LLC New +29,000,000+29.0m
Daiwa Securities Group Inc. New +7,500,000+7.5m
Wellesley Asset Management Added +6,290,000+6.3m
TORONTO DOMINION BANK Added +6,000,000+6.0m
Verition Fund Management LLC Added +6,000,000+6.0m
TENOR CAPITAL MANAGEMENT Co., L.P. New +5,500,000+5.5m
SSI INVESTMENT MANAGEMENT LLC New +4,362,000+4.4m

Biggest sellers

ADVENT CAPITAL MANAGEMENT /DE/ Reduced -48,190,000-48.2m
AQR Arbitrage LLC Sold out -27,571,000-27.6m
Polar Asset Management Partners Inc. Sold out -17,500,000-17.5m
LAZARD ASSET MANAGEMENT LLC Reduced -17,067,000-17.1m
BNP PARIBAS FINANCIAL MARKETS Reduced -9,987,000-10.0m
GABELLI FUNDS LLC Sold out -8,000,000-8.0m
JPMORGAN CHASE & CO Reduced -5,584,000-5.6m
GOLDMAN SACHS GROUP INC Reduced -5,500,000-5.5m
SSI INVESTMENT MANAGEMENT LLC Sold out -5,082,000-5.1m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -4,000,000-4.0m

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Wellesley Asset Management 4.76% of their portfolio PORTSMOUTH, NH 51,181,00051.2m $45.3m $45.3m 4.76% Added +6.3m +6,290,000
2 Opti Capital Management, LP 3.29% of their portfolio New York, NY 49,500,00049.5m $45.7m $45.7m 3.29% Added +37.0m +37,000,000
3 M&G PLC 0.18% of their portfolio London, X0 37,455,00037.5m $34.5m $34.5m 0.18% Unchanged
4 Walleye Capital LLC 0.20% of their portfolio NEW YORK, NY 35,000,00035.0m $32.2m $32.2m 0.20% New
5 MOORE CAPITAL MANAGEMENT, LP 1.06% of their portfolio NEW YORK, NY 31,500,00031.5m $29.0m $29.0m 1.06% New
6 TPG GP A, LLC 0.72% of their portfolio FORT WORTH, TX 29,000,00029.0m $26.6m $26.6m 0.72% New
7 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 28,685,00028.7m $26.3m $26.3m 0.00% Unchanged
8 CAMDEN ASSET MANAGEMENT L P /CA 0.78% of their portfolio Los Angeles, CA 25,000,00025.0m $22.9m $22.9m 0.78% Added +1.5m +1,500,000
9 BlackRock, Inc. 0.00% of their portfolio New York, NY 15,655,00015.7m $14.3m $14.3m 0.00% Added +1.5m +1,500,000
10 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 13,218,00013.2m $12.1m $12.1m 0.00% Added +454.0k +454,000
11 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 13,078,00013.1m $12.0m $12.0m 0.00% Reduced -5.6m -5,584,000
12 Calamos Advisors LLC 0.04% of their portfolio NAPERVILLE, IL 11,951,00012.0m $11.0m $11.0m 0.04% Unchanged
13 Verition Fund Management LLC 0.10% of their portfolio GREENWICH, CT 11,000,00011.0m $10.1m $10.1m 0.10% Added +6.0m +6,000,000
14 ABSOLUTE INVESTMENT ADVISERS, LLC 1.13% of their portfolio ROSEMARY BEACH, FL 10,500,00010.5m $9.6m $9.6m 1.13% Added +4.0m +4,000,000
15 FMR LLC 0.00% of their portfolio BOSTON, MA 9,813,0009.8m $9.0m $9.0m 0.00% Unchanged
16 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 9,500,0009.5m $8.7m $8.7m 0.00% Unchanged
17 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 8,958,0009.0m $8.2m $8.2m 0.00% Reduced -400.0k -400,000
18 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 8,000,0008.0m $7.3m $7.3m 0.01% Added +6.0m +6,000,000
19 Daiwa Securities Group Inc. 0.02% of their portfolio CHIYODA-KU,TOKYO, M0 7,500,0007.5m $6.9m $6.9m 0.02% New
20 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 7,440,0007.4m $6.8m $6.8m 0.00% Unchanged
21 TENOR CAPITAL MANAGEMENT Co., L.P. 0.08% of their portfolio NEW YORK, NY 5,500,0005.5m $5.1m $5.1m 0.08% New
22 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 4,504,0004.5m $4.1m $4.1m 0.00% Reduced -10.0m -9,987,000
23 Man Group plc 0.01% of their portfolio LONDON, X0 4,458,0004.5m $4.1m $4.1m 0.01% Added +265.0k +265,000
24 SSI INVESTMENT MANAGEMENT LLC 0.28% of their portfolio Los Angeles, CA 4,362,0004.4m $4.0m $4.0m 0.28% New
25 SHENKMAN CAPITAL MANAGEMENT INC 0.45% of their portfolio NEW YORK, NY 4,091,0004.1m $3.7m $3.7m 0.45% Reduced -4.0m -4,000,000
26 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 3,025,0003.0m $27.8k $27.8k 0.00% Reduced -17.1m -17,067,000
27 CSS LLC/IL 0.13% of their portfolio CHICAGO, IL 2,500,0002.5m $2.3m $2.3m 0.13% Added +58.0k +58,000
28 KIM, LLC 0.27% of their portfolio WICHITA, KS 2,000,0002.0m $1.8m $1.8m 0.27% Reduced -4.0m -4,000,000
29 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,312,0001.3m $1.2m $1.2m 0.00% New
30 Ares Systematic Credit Ltd 0.72% of their portfolio LONDON, X0 1,000,0001.0m $917.4k $917.4k 0.72% New
31 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 500,000500.0k $459.6k $459.6k 0.00% New
32 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 300,000300.0k $276.4k $276.4k 0.00% Unchanged
33 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 254,000254.0k $234.3k $234.3k 0.00% Added +120.0k +120,000
34 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $183.6k $183.6k 0.00% Unchanged
35 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 120,000120.0k $110.0k $110.0k 0.00% Unchanged
36 ADVENT CAPITAL MANAGEMENT /DE/ 0.00% of their portfolio NEW YORK, NY 111,000111.0k $102.1k $102.1k 0.00% Reduced -48.2m -48,190,000
37 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 100,000100.0k $91.8k $91.8k 0.00% Unchanged
38 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 100,000100.0k $92.2k $92.2k 0.00% Unchanged
39 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 42,00042.0k $38.4k $38.4k 0.00% Unchanged
40 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 39,00039.0k $35.7k $35.7k 0.00% Reduced -11.0k -11,000
41 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 34,00034.0k $31.2k $31.2k 0.00% Unchanged
42 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.02% of their portfolio SALINE, MI 30,00030.0k $27.5k $27.5k 0.02% Unchanged
43 Mariner, LLC 0.00% of their portfolio Overland Park, KS 16,00016.0k $14.7k $14.7k 0.00% New
44 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 15,00015.0k $13.7k $13.7k 0.00% Reduced -5.5m -5,500,000
45 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 10,00010.0k $9.2k $9.2k 0.00% New
46 K2 PRINCIPAL FUND, L.P. 0.97% of their portfolio TORONTO, A6 10,00010.0k $9.2m $9.2m 0.97% Added +5.0k +5,000