Vault-13

DROPBOX INC DBX 0 03.01.28

NOTE 3/0 · US DOMESTIC · CUSIP 26210CAD6

61 institutional holders +0 vs Q3 2025
15,543,74515.5m shares reported held*
$593.9mreported value*
7 new 14 added 17 reduced 8 sold out net sold ≈ $42.8m (-46.0k 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 ≈ $38.21.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 60Q4 22: 62Q1 23: 65Q2 23: 65Q3 23: 68Q4 23: 69Q1 24: 69Q2 24: 73Q3 24: 68Q4 24: 69Q1 25: 68Q2 25: 59Q3 25: 61Q4 25: 6161Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202260
Q4 202262
Q1 202365
Q2 202365
Q3 202368
Q4 202369
Q1 202469
Q2 202473
Q3 202468
Q4 202469
Q1 202568
Q2 202559
Q3 202561
Q4 202561

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 24: 35 bought or addedQ1 24: 29 cut or sold outQ2 24: 23 bought or addedQ2 24: 28 cut or sold outQ2 24Q3 24: 19 bought or addedQ3 24: 27 cut or sold outQ4 24: 18 bought or addedQ4 24: 23 cut or sold outQ4 24Q1 25: 23 bought or addedQ1 25: 32 cut or sold outQ2 25: 23 bought or addedQ2 25: 23 cut or sold outQ2 25Q3 25: 21 bought or addedQ3 25: 21 cut or sold outQ4 25: 21 bought or addedQ4 25: 25 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20243529
Q2 20242328
Q3 20241927
Q4 20241823
Q1 20252332
Q2 20252323
Q3 20252121
Q4 20252125

Calls vs puts

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

CallsPuts
$0$50k$100k$150kQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $0Q3 25 puts: $120.8kQ3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$0$0—
Q3 2025$0$120.8k—
Q4 2025$0$0—

Biggest buyers

Balyasny Asset Management L.P. New +21,500,000+21.5m
LAZARD ASSET MANAGEMENT LLC Added +17,781,000+17.8m
SHENKMAN CAPITAL MANAGEMENT INC Added +7,168,000+7.2m
GOLDMAN SACHS GROUP INC Added +6,549,000+6.5m
BANK OF AMERICA CORP /DE/ Added +5,698,000+5.7m
Point72 Asset Management, L.P. New +5,000,000+5.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +4,500,000+4.5m
Lombard Odier Asset Management (Europe) Ltd New +4,448,000+4.4m
Wellesley Asset Management New +4,005,000+4.0m
SONA ASSET MANAGEMENT (US) LLC Added +3,000,000+3.0m

Biggest sellers

Shaolin Capital Management LLC Reduced -39,000,000-39.0m
Polar Asset Management Partners Inc. Reduced -20,000,000-20.0m
AQR Arbitrage LLC Reduced -18,825,000-18.8m
JPMORGAN CHASE & CO Reduced -17,005,000-17.0m
Walleye Capital LLC Sold out -4,000,000-4.0m
ADVENT CAPITAL MANAGEMENT /DE/ Sold out -3,468,000-3.5m
CITIGROUP INC Reduced -2,653,000-2.7m
Parallax Volatility Advisers, L.P. Reduced -2,500,000-2.5m
LORD, ABBETT & CO. LLC Sold out -1,919,000-1.9m
UBS Group AG Sold out -1,716,000-1.7m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SOROS FUND MANAGEMENT LLC 1.25% of their portfolio NEW YORK, NY 92,500,00092.5m $93.4m $93.4m 1.25% Unchanged
2 HIGHBRIDGE CAPITAL MANAGEMENT LLC 2.03% of their portfolio NEW YORK, NY 43,553,00043.6m $43.8m $43.8m 2.03% Added +2.0m +2,000,000
3 Shaolin Capital Management LLC 1.38% of their portfolio Miami, FL 36,000,00036.0m $36.3m $36.3m 1.38% Reduced -39.0m -39,000,000
4 Calamos Advisors LLC 0.14% of their portfolio NAPERVILLE, IL 32,670,00032.7m $33.0m $33.0m 0.14% Unchanged
5 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 30,045,00030.0m $30.3m $30.3m 0.02% Added +177.0k +177,000
6 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 29,132,00029.1m $294.4k $294.4k 0.00% Added +17.8m +17,781,000
7 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 28,157,00028.2m $28.3m $28.3m 0.00% Reduced -17.0m -17,005,000
8 SONA ASSET MANAGEMENT (US) LLC 0.80% of their portfolio NEW YORK, NY 24,500,00024.5m $24.7m $24.7m 0.80% Added +3.0m +3,000,000
9 MacKay Shields LLC 0.86% of their portfolio New York, NY 24,323,00024.3m $24.6m $24.6m 0.86% Reduced -290.0k -290,000
10 SHENKMAN CAPITAL MANAGEMENT INC 2.32% of their portfolio NEW YORK, NY 21,517,00021.5m $22.0m $22.0m 2.32% Added +7.2m +7,168,000
11 Balyasny Asset Management L.P. 0.04% of their portfolio Chicago, IL 21,500,00021.5m $21.7m $21.7m 0.04% New
12 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 20,000,00020.0m $20.2m $20.2m 0.02% Unchanged
13 BlackRock, Inc. 0.00% of their portfolio New York, NY 18,875,00018.9m $19.0m $19.0m 0.00% Added +2.7m +2,730,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 14,035,00014.0m $14.2m $14.2m 0.00% Reduced -250.0k -250,000
15 TENOR CAPITAL MANAGEMENT Co., L.P. 0.18% of their portfolio NEW YORK, NY 12,500,00012.5m $12.6m $12.6m 0.18% Added +4.5m +4,500,000
16 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 11,000,00011.0m $11.1m $11.1m 0.00% Added +2.0m +2,000,000
17 Polar Asset Management Partners Inc. 0.20% of their portfolio TORONTO, A6 10,000,00010.0m $10.1m $10.1m 0.20% Reduced -20.0m -20,000,000
18 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 8,697,0008.7m $8.8m $8.8m 0.00% Added +6.5m +6,549,000
19 OFI INVEST ASSET MANAGEMENT 0.10% of their portfolio ISSY LES MOULINEAUX, I0 8,200,0008.2m $7.1m $7.1m 0.10% Unchanged
20 FMR LLC 0.00% of their portfolio BOSTON, MA 8,033,0008.0m $8.1m $8.1m 0.00% Unchanged
21 Daiwa Securities Group Inc. 0.02% of their portfolio CHIYODA-KU,TOKYO, M0 7,500,0007.5m $7.6m $7.6m 0.02% Added +500.0k +500,000
22 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 6,920,0006.9m $7.0m $7.0m 0.00% Added +5.7m +5,698,000
23 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 6,920,0006.9m $7.0m $7.0m 0.00% Added +2.1m +2,090,000
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 5,754,0005.8m $5.8m $5.8m 0.00% Reduced -1.4m -1,430,000
25 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 5,500,0005.5m $5.6m $5.6m 0.00% Unchanged
26 ONTARIO TEACHERS PENSION PLAN BOARD 0.11% of their portfolio Toronto, A6 5,000,0005.0m $5.0m $5.0m 0.11% Unchanged
27 Radcliffe Capital Management, L.P. 0.27% of their portfolio BALA CYNWYD, PA 5,000,0005.0m $5.0m $5.0m 0.27% Unchanged
28 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 5,000,0005.0m $5.0m $5.0m 0.01% New
29 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 4,569,0004.6m $4.6m $4.6m 0.00% Reduced -1.7m -1,675,000
30 Lombard Odier Asset Management (Europe) Ltd 0.23% of their portfolio LONDON, X0 4,448,0004.4m $4.5m $4.5m 0.23% New
31 Wellesley Asset Management 0.42% of their portfolio PORTSMOUTH, NH 4,005,0004.0m $4.0m $4.0m 0.42% New
32 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 3,907,0003.9m $3.9m $3.9m 0.00% Added +2.8m +2,775,000
33 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 3,750,0003.8m $3.8m $3.8m 0.00% Unchanged
34 Kohlberg Kravis Roberts & Co. L.P. 0.06% of their portfolio NEW YORK, NY 3,600,0003.6m $3.6m $3.6m 0.06% Unchanged
35 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.0m $3.0m 0.01% Unchanged
36 PALISADE CAPITAL MANAGEMENT, LP 0.08% of their portfolio FORT LEE, NJ 2,743,0002.7m $2.8m $2.8m 0.08% New
37 RWC Asset Management LLP 0.13% of their portfolio LONDON, X0 2,683,0002.7m $2.7m $2.7m 0.13% Reduced -525.0k -525,000
38 Parallax Volatility Advisers, L.P. 0.08% of their portfolio San Francisco, CA 2,500,0002.5m $2.5m $2.5m 0.08% Reduced -2.5m -2,500,000
39 KIM, LLC 0.29% of their portfolio WICHITA, KS 2,500,0002.5m $2.5m $2.5m 0.29% Unchanged
40 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 2,479,0002.5m $2.5m $2.5m 0.00% Unchanged
41 Ares Systematic Credit Ltd 1.81% of their portfolio LONDON, X0 2,200,0002.2m $2.2m $2.2m 1.81% First filing
42 Man Group plc 0.00% of their portfolio LONDON, X0 2,050,0002.0m $2.1m $2.1m 0.00% Unchanged
43 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,353,0001.4m $1.4m $1.4m 0.00% Reduced -2.7m -2,653,000
44 Union Bancaire Privee, UBP SA 0.01% of their portfolio GENEVA 1, V8 1,228,0001.2m $1.1m $1.1m 0.01% Reduced -522.0k -522,000
45 WESTWOOD HOLDINGS GROUP INC 0.01% of their portfolio DALLAS, TX 1,000,0001.0m $1.0m $1.0m 0.01% Reduced -1.0m -1,000,000
46 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 888,000888.0k $895.1k $895.1k 0.00% Unchanged
47 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 660,000660.0k $667.9k $667.9k 0.00% Reduced -220.0k -220,000
48 INGALLS & SNYDER LLC 0.01% of their portfolio NEW YORK, NY 290,000290.0k $293.0k $293.0k 0.01% Reduced -50.0k -50,000
49 DNCA FINANCE 0.01% of their portfolio PARIS, I0 250,000250.0k $251.7k $251.7k 0.01% Unchanged
50 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 235,000235.0k $236.6k $236.6k 0.00% Reduced -165.0k -165,000
51 AQR Arbitrage LLC 0.00% of their portfolio Greenwich, CT 230,000230.0k $232.4k $232.4k 0.00% Reduced -18.8m -18,825,000
52 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 207,000207.0k $208.7k $208.7k 0.00% Unchanged
53 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 138,370138.4k $3.8m $3.8m 0.01% Added +114.0k +114,044
54 SSI INVESTMENT MANAGEMENT LLC 0.01% of their portfolio Los Angeles, CA 88,00088.0k $88.7k $88.7k 0.01% Unchanged
55 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 50,00050.0k $50.1k $50.1k 0.00% Reduced -25.0k -25,000
56 Gutierrez Wealth Advisory, LLC 0.01% of their portfolio LITTLE ROCK, AR 13,00013.0k $13.1k $13.1k 0.01% New
57 Capula Management Ltd 0.08% of their portfolio Grand Cayman, E9 12,50012.5k $12.6m $12.6m 0.08% Not comparable
58 K2 PRINCIPAL FUND, L.P. 0.73% of their portfolio TORONTO, A6 7,0007.0k $7.1m $7.1m 0.73% New
59 Alken Asset Management Ltd 0.04% of their portfolio LONDON, X0 2,2002.2k $2.2k $2.2k 0.04% Unchanged
60 Candriam S.C.A. 0.01% of their portfolio STRASSEN, N4 1,2001.2k $1.2m $1.2m 0.01% Unchanged
61 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 375375 $377.5k $377.5k 0.01% Unchanged