Vault-13

DROPBOX INC DBX 0 03.01.28

NOTE 3/0 · US DOMESTIC · CUSIP 26210CAD6

55 institutional holders -6 vs Q4 2025
15,778,95315.8m shares reported held*
$539.3mreported value*
12 new 15 added 14 reduced 17 sold out net sold ≈ $13.8m (+235.2k 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 ≈ $34.18.

Trends to Q1 2026

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: 61Q1 26: 5555Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 202655

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 24: 23 bought or addedQ2 24: 28 cut or sold outQ3 24: 19 bought or addedQ3 24: 27 cut or sold outQ3 24Q4 24: 18 bought or addedQ4 24: 23 cut or sold outQ1 25: 23 bought or addedQ1 25: 32 cut or sold outQ1 25Q2 25: 23 bought or addedQ2 25: 23 cut or sold outQ3 25: 21 bought or addedQ3 25: 21 cut or sold outQ3 25Q4 25: 21 bought or addedQ4 25: 25 cut or sold outQ1 26: 27 bought or addedQ1 26: 31 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20242328
Q3 20241927
Q4 20241823
Q1 20252332
Q2 20252323
Q3 20252121
Q4 20252125
Q1 20262731

Calls vs puts

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

CallsPuts
$0$50k$100k$150kQ2 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 —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —
Numbers
QuarterCallsPutsP/C
Q2 2025$0$0—
Q3 2025$0$120.8k—
Q4 2025$0$0—
Q1 2026$0$0—

Biggest buyers

Balyasny Asset Management L.P. Added +36,000,000+36.0m
CITADEL ADVISORS LLC New +28,179,000+28.2m
BANK OF AMERICA CORP /DE/ Added +18,747,000+18.7m
Wellesley Asset Management Added +18,392,000+18.4m
SILVERBACK ASSET MANAGEMENT LLC New +17,800,000+17.8m
SOROS FUND MANAGEMENT LLC Added +11,000,000+11.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +10,000,000+10.0m
JPMORGAN CHASE & CO Added +9,977,000+10.0m
SUSQUEHANNA ADVISORS GROUP, INC. New +8,000,000+8.0m
TORONTO DOMINION BANK Added +7,721,000+7.7m

Biggest sellers

HIGHBRIDGE CAPITAL MANAGEMENT LLC Sold out -43,553,000-43.6m
Shaolin Capital Management LLC Sold out -36,000,000-36.0m
Calamos Advisors LLC Reduced -28,089,000-28.1m
SONA ASSET MANAGEMENT (US) LLC Sold out -24,500,000-24.5m
AMERIPRISE FINANCIAL INC Sold out -11,000,000-11.0m
Polar Asset Management Partners Inc. Sold out -10,000,000-10.0m
BlackRock, Inc. Reduced -7,805,000-7.8m
Point72 Asset Management, L.P. Sold out -5,000,000-5.0m
Kohlberg Kravis Roberts & Co. L.P. Sold out -3,600,000-3.6m
BNP PARIBAS FINANCIAL MARKETS Reduced -3,227,000-3.2m

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SOROS FUND MANAGEMENT LLC 1.35% of their portfolio NEW YORK, NY 103,500,000103.5m $98.2m $98.2m 1.35% Added +11.0m +11,000,000
2 Balyasny Asset Management L.P. 0.11% of their portfolio Chicago, IL 57,500,00057.5m $54.6m $54.6m 0.11% Added +36.0m +36,000,000
3 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 38,134,00038.1m $36.2m $36.2m 0.00% Added +10.0m +9,977,000
4 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 36,422,00036.4m $346.2k $346.2k 0.00% Added +7.3m +7,290,000
5 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 28,179,00028.2m $26.8m $26.8m 0.02% New
6 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 26,818,00026.8m $25.4m $25.4m 0.02% Reduced -3.2m -3,227,000
7 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 25,667,00025.7m $24.3m $24.3m 0.00% Added +18.7m +18,747,000
8 MacKay Shields LLC 0.85% of their portfolio New York, NY 24,323,00024.3m $23.1m $23.1m 0.85% Unchanged
9 TENOR CAPITAL MANAGEMENT Co., L.P. 0.33% of their portfolio NEW YORK, NY 22,500,00022.5m $21.4m $21.4m 0.33% Added +10.0m +10,000,000
10 Wellesley Asset Management 2.09% of their portfolio PORTSMOUTH, NH 22,397,00022.4m $19.9m $19.9m 2.09% Added +18.4m +18,392,000
11 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 20,000,00020.0m $19.0m $19.0m 0.02% Unchanged
12 SHENKMAN CAPITAL MANAGEMENT INC 2.31% of their portfolio NEW YORK, NY 19,867,00019.9m $19.2m $19.2m 2.31% Reduced -1.6m -1,650,000
13 SILVERBACK ASSET MANAGEMENT LLC 3.33% of their portfolio DURHAM, NC 17,800,00017.8m $16.9m $16.9m 3.33% New
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,160,00015.2m $14.4m $14.4m 0.00% Added +1.1m +1,125,000
15 Daiwa Securities Group Inc. 0.04% of their portfolio CHIYODA-KU,TOKYO, M0 13,500,00013.5m $12.8m $12.8m 0.04% Added +6.0m +6,000,000
16 BlackRock, Inc. 0.00% of their portfolio New York, NY 11,070,00011.1m $10.5m $10.5m 0.00% Reduced -7.8m -7,805,000
17 TORONTO DOMINION BANK 0.02% of their portfolio TORONTO, ONTARIO, A6 10,200,00010.2m $9.7m $9.7m 0.02% Added +7.7m +7,721,000
18 OFI INVEST ASSET MANAGEMENT 0.09% of their portfolio ISSY LES MOULINEAUX, I0 8,200,0008.2m $6.8m $6.8m 0.09% Unchanged
19 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 8,048,0008.0m $7.6m $7.6m 0.00% Added +4.1m +4,141,000
20 FMR LLC 0.00% of their portfolio BOSTON, MA 8,033,0008.0m $7.6m $7.6m 0.00% Unchanged
21 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 8,000,0008.0m $75.8k $75.8k 0.00% New
22 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 7,478,0007.5m $7.1m $7.1m 0.00% Added +6.1m +6,125,000
23 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 6,219,0006.2m $5.9m $5.9m 0.00% Reduced -701.0k -701,000
24 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 5,627,0005.6m $5.3m $5.3m 0.00% Reduced -3.1m -3,070,000
25 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 5,500,0005.5m $5.2m $5.2m 0.00% Unchanged
26 ONTARIO TEACHERS PENSION PLAN BOARD 0.14% of their portfolio Toronto, A6 5,000,0005.0m $4.8m $4.8m 0.14% Unchanged
27 Radcliffe Capital Management, L.P. 0.36% of their portfolio BALA CYNWYD, PA 5,000,0005.0m $4.7m $4.7m 0.36% Unchanged
28 Calamos Advisors LLC 0.02% of their portfolio NAPERVILLE, IL 4,581,0004.6m $4.4m $4.4m 0.02% Reduced -28.1m -28,089,000
29 Lombard Odier Asset Management (Europe) Ltd 0.22% of their portfolio LONDON, X0 4,154,0004.2m $3.9m $3.9m 0.22% Reduced -294.0k -294,000
30 Jefferies Financial Group Inc. 0.05% of their portfolio NEW YORK, NY 3,896,0003.9m $3.7m $3.7m 0.05% Added +3.8m +3,846,000
31 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,754,0003.8m $3.6m $3.6m 0.00% Reduced -2.0m -2,000,000
32 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 3,750,0003.8m $3.5m $3.5m 0.00% Unchanged
33 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $2.8m $2.8m 0.01% Unchanged
34 PALISADE CAPITAL MANAGEMENT, LP 0.08% of their portfolio FORT LEE, NJ 2,645,0002.6m $2.5m $2.5m 0.08% Reduced -98.0k -98,000
35 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 2,193,0002.2m $2.1m $2.1m 0.00% Reduced -2.4m -2,376,000
36 Man Group plc 0.00% of their portfolio LONDON, X0 1,900,0001.9m $1.8m $1.8m 0.00% Reduced -150.0k -150,000
37 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 1,733,0001.7m $1.6m $1.6m 0.00% New
38 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 721,000721.0k $683.5k $683.5k 0.00% Reduced -167.0k -167,000
39 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 500,000500.0k $475.9k $475.9k 0.00% New
40 INGALLS & SNYDER LLC 0.01% of their portfolio NEW YORK, NY 290,000290.0k $275.0k $275.0k 0.01% Unchanged
41 NOMURA HOLDINGS INC 0.05% of their portfolio TOKYO, M0 274,578274.6k $6.2m $6.2m 0.05% Added +136.2k +136,208
42 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 235,000235.0k $223.1k $223.1k 0.00% Unchanged
43 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 207,000207.0k $196.2k $196.2k 0.00% Unchanged
44 DNCA FINANCE 0.01% of their portfolio PARIS, I0 100,000100.0k $95.0k $95.0k 0.01% Reduced -150.0k -150,000
45 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 57,00057.0k $54.0k $54.0k 0.00% New
46 Union Bancaire Privee, UBP SA 0.00% of their portfolio GENEVA 1, V8 53,00053.0k $50.1k $50.1k 0.00% Reduced -1.2m -1,175,000
47 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 38,00038.0k $35.9k $35.9k 0.00% New
48 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 27,00027.0k $25.6k $25.6k 0.00% New
49 Mariner, LLC 0.00% of their portfolio Overland Park, KS 14,00014.0k $13.3k $13.3k 0.00% New
50 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.01% of their portfolio SALINE, MI 14,00014.0k $13.2k $13.2k 0.01% New
51 K2 PRINCIPAL FUND, L.P. 1.20% of their portfolio TORONTO, A6 12,00012.0k $11.4m $11.4m 1.20% Added +5.0k +5,000
52 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 3,0003.0k $2.8k $2.8k 0.00% New
53 Candriam S.C.A. 0.01% of their portfolio STRASSEN, N4 1,2001.2k $1.1m $1.1m 0.01% Unchanged
54 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,0001.0k $948 $948 0.00% New
55 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 375375 $356.1k $356.1k 0.01% Unchanged