Vault-13

DRAFTKINGS INC NEW DKNG 0 03.15.28

NOTE 3/1 · US DOMESTIC · CUSIP 26142RAB0

55 institutional holders -3 vs Q3 2025
12,789,20012.8m shares reported held*
$1.1bnreported value*
11 new 10 added 20 reduced 15 sold out net bought ≈ $8.2m (-5.0m 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 ($19.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $90.65.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 53Q4 22: 54Q1 23: 51Q2 23: 52Q3 23: 53Q4 23: 49Q1 24: 52Q2 24: 60Q3 24: 58Q4 24: 57Q1 25: 53Q2 25: 57Q3 25: 58Q4 25: 5555Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202253
Q4 202254
Q1 202351
Q2 202352
Q3 202353
Q4 202349
Q1 202452
Q2 202460
Q3 202458
Q4 202457
Q1 202553
Q2 202557
Q3 202558
Q4 202555

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 24: 29 bought or addedQ1 24: 13 cut or sold outQ2 24: 20 bought or addedQ2 24: 25 cut or sold outQ2 24Q3 24: 26 bought or addedQ3 24: 27 cut or sold outQ4 24: 29 bought or addedQ4 24: 24 cut or sold outQ4 24Q1 25: 16 bought or addedQ1 25: 34 cut or sold outQ2 25: 25 bought or addedQ2 25: 17 cut or sold outQ2 25Q3 25: 26 bought or addedQ3 25: 28 cut or sold outQ4 25: 21 bought or addedQ4 25: 35 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20242913
Q2 20242025
Q3 20242627
Q4 20242924
Q1 20251634
Q2 20252517
Q3 20252628
Q4 20252135

Calls vs puts

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

CallsPuts
$0$100k$200k$300kQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $274.5kQ2 25 puts: $77.2kQ2 25P/C 0.28Q3 25 calls: $67.3kQ3 25 puts: $78.5kQ3 25P/C 1.17Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$274.5k$77.2k0.28
Q3 2025$67.3k$78.5k1.17
Q4 2025$0$0—

Biggest buyers

D. E. Shaw & Co., Inc. New +88,500,000+88.5m
AQR Arbitrage LLC Added +68,375,000+68.4m
Man Group plc New +37,500,000+37.5m
LAZARD ASSET MANAGEMENT LLC New +34,430,000+34.4m
TENOR CAPITAL MANAGEMENT Co., L.P. New +30,000,000+30.0m
OAKTREE CAPITAL MANAGEMENT LP New +25,225,000+25.2m
Verition Fund Management LLC New +20,000,000+20.0m
VOYA INVESTMENT MANAGEMENT LLC Added +19,000,000+19.0m
DeepCurrents Investment Group LLC Added +15,000,000+15.0m
Opti Capital Management, LP Added +13,000,000+13.0m

Biggest sellers

Linden Advisors LP Reduced -130,735,000-130.7m
Arena Capital Advisors, LLC- CA Sold out -45,729,000-45.7m
Point72 Asset Management, L.P. Sold out -37,000,000-37.0m
MILLENNIUM MANAGEMENT LLC Sold out -25,000,000-25.0m
Wellesley Asset Management Sold out -20,104,000-20.1m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -17,593,000-17.6m
WOLVERINE ASSET MANAGEMENT LLC Reduced -10,000,000-10.0m
Jefferies Financial Group Inc. Reduced -9,660,000-9.7m
BANK OF AMERICA CORP /DE/ Reduced -8,547,000-8.5m
JPMORGAN CHASE & CO Reduced -7,862,000-7.9m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.15% of their portfolio ATLANTA, GA 169,805,000169.8m $155.4m $155.4m 0.15% Added +19.0m +19,000,000
2 AQR Arbitrage LLC 2.02% of their portfolio Greenwich, CT 105,022,000105.0m $96.1m $96.1m 2.02% Added +68.4m +68,375,000
3 WOLVERINE ASSET MANAGEMENT LLC 1.25% of their portfolio CHICAGO, IL 96,346,00096.3m $88.2m $88.2m 1.25% Reduced -10.0m -10,000,000
4 Calamos Advisors LLC 0.34% of their portfolio NAPERVILLE, IL 89,846,00089.8m $82.3m $82.3m 0.34% Reduced -7.0k -7,000
5 D. E. Shaw & Co., Inc. 0.06% of their portfolio New York, NY 88,500,00088.5m $81.1m $81.1m 0.06% New
6 DeepCurrents Investment Group LLC 2.63% of their portfolio NEW YORK, NY 77,164,00077.2m $70.7m $70.7m 2.63% Added +15.0m +15,000,000
7 TUDOR INVESTMENT CORP ET AL 0.34% of their portfolio STAMFORD, CT 68,000,00068.0m $62.3m $62.3m 0.34% Reduced -1.6m -1,550,000
8 BlackRock, Inc. 0.00% of their portfolio New York, NY 61,390,00061.4m $56.1m $56.1m 0.00% Added +3.8m +3,800,000
9 Linden Advisors LP 0.31% of their portfolio New York, NY 55,278,00055.3m $50.6m $50.6m 0.31% Reduced -130.7m -130,735,000
10 ADVENT CAPITAL MANAGEMENT /DE/ 1.04% of their portfolio NEW YORK, NY 49,037,00049.0m $44.9m $44.9m 1.04% Reduced -17.6m -17,593,000
11 Man Group plc 0.07% of their portfolio LONDON, X0 37,500,00037.5m $34.3m $34.3m 0.07% New
12 Opti Capital Management, LP 2.32% of their portfolio New York, NY 34,750,00034.8m $31.9m $31.9m 2.32% Added +13.0m +13,000,000
13 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 34,430,00034.4m $315.2k $315.2k 0.00% New
14 Thrivent Financial for Lutherans 0.05% of their portfolio Minneapolis, MN 33,948,00033.9m $31.0m $31.0m 0.05% Reduced -1.7m -1,720,000
15 SONA ASSET MANAGEMENT (US) LLC 0.98% of their portfolio NEW YORK, NY 32,900,00032.9m $30.1m $30.1m 0.98% Added +7.5m +7,500,000
16 TENOR CAPITAL MANAGEMENT Co., L.P. 0.39% of their portfolio NEW YORK, NY 30,000,00030.0m $27.4m $27.4m 0.39% New
17 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 27,157,00027.2m $24.9m $24.9m 0.00% Added +1.4m +1,350,000
18 OAKTREE CAPITAL MANAGEMENT LP 0.37% of their portfolio LOS ANGELES, CA 25,225,00025.2m $23.1m $23.1m 0.37% New
19 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 23,500,00023.5m $21.5m $21.5m 0.01% Unchanged
20 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.49% of their portfolio CHICAGO, IL 20,000,00020.0m $18.3m $18.3m 0.49% Reduced -2.0m -2,000,000
21 Verition Fund Management LLC 0.10% of their portfolio GREENWICH, CT 20,000,00020.0m $18.3m $18.3m 0.10% New
22 Walleye Capital LLC 0.07% of their portfolio NEW YORK, NY 13,500,00013.5m $12.4m $12.4m 0.07% Reduced -3.5m -3,500,000
23 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 12,295,40012.3m $11.2m $11.2m 0.00% Reduced -8.5m -8,547,000
24 Balyasny Asset Management L.P. 0.02% of their portfolio Chicago, IL 11,000,00011.0m $10.1m $10.1m 0.02% New
25 FMR LLC 0.00% of their portfolio BOSTON, MA 7,181,0007.2m $6.6m $6.6m 0.00% Unchanged
26 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 6,509,0006.5m $6.0m $6.0m 0.00% Added +2.8m +2,799,000
27 RATIONAL ADVISORS, INC. 0.54% of their portfolio San Juan, PR 5,780,0005.8m $5.3m $5.3m 0.54% Unchanged
28 PIER 88 INVESTMENT PARTNERS LLC 1.18% of their portfolio SAN FRANCISCO, CA 5,780,0005.8m $5.3m $5.3m 1.18% Unchanged
29 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,554,0005.6m $5.1m $5.1m 0.00% Reduced -7.9m -7,862,000
30 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 4,925,0004.9m $4.5m $4.5m 0.00% New
31 SSI INVESTMENT MANAGEMENT LLC 0.28% of their portfolio Los Angeles, CA 4,597,0004.6m $4.2m $4.2m 0.28% Reduced -40.0k -40,000
32 LORD, ABBETT & CO. LLC 0.01% of their portfolio JERSEY CITY, NJ 4,552,0004.6m $4.2m $4.2m 0.01% Reduced -98.0k -98,000
33 KIM, LLC 0.42% of their portfolio WICHITA, KS 4,000,0004.0m $3.7m $3.7m 0.42% Unchanged
34 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 3,240,0003.2m $3.0m $3.0m 0.00% Reduced -5.0m -5,034,000
35 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $2.7m $2.7m 0.01% Unchanged
36 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,855,0002.9m $2.6m $2.6m 0.00% Added +2.2m +2,173,000
37 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 2,500,0002.5m $2.3m $2.3m 0.00% Unchanged
38 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 2,219,0002.2m $2.0m $2.0m 0.00% Reduced -217.0k -217,000
39 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 2,091,0002.1m $1.9m $1.9m 0.02% Reduced -9.7m -9,660,000
40 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio PHILADELPHIA, PA 1,777,0001.8m $1.6m $1.6m 0.00% First filing
41 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,748,0001.7m $1.6m $1.6m 0.00% Reduced -1.9m -1,869,000
42 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 751,000751.0k $686.0k $686.0k 0.00% New
43 Ares Systematic Credit Ltd 0.30% of their portfolio LONDON, X0 400,000400.0k $366.2k $366.2k 0.30% First filing
44 UBS Group AG 0.00% of their portfolio ZURICH, V8 284,500284.5k $259.9k $259.9k 0.00% Added +257.0k +257,000
45 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 146,000146.0k $133.4k $133.4k 0.00% Unchanged
46 Amundi 0.00% of their portfolio Paris, I0 125,000125.0k $11.4m $11.4m 0.00% Unchanged
47 Calamos Wealth Management LLC 0.00% of their portfolio NAPERVILLE, IL 125,000125.0k $114.5k $114.5k 0.00% Reduced -3.0k -3,000
48 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 66,00066.0k $60.3k $60.3k 0.00% Reduced -2.4m -2,400,000
49 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 24,00024.0k $21.9k $21.9k 0.00% Reduced -12.0k -12,000
50 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 20,00020.0k $18.3k $18.3k 0.00% New
51 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 18,00018.0k $16.5k $16.5k 0.00% Reduced -8.0k -8,000
52 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 13,00013.0k $11.9k $11.9k 0.00% New
53 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 9,8009.8k $896.0k $896.0k 0.00% Unchanged
54 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 5,0005.0k $4.6k $4.6k 0.00% Unchanged
55 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 200200 $183.2k $183.2k 0.01% Unchanged