Vault-13

FIRSTENERGY CORP FE 4 05.01.26

NOTE 4.000% 5/0 · US DOMESTIC · CUSIP 337932AR8

37 institutional holders +2 vs Q3 2025
15,084,12615.1m shares reported held*
$308.1mreported value*
12 new 5 added 9 reduced 11 sold out net bought ≈ $9.2m (+13.8m 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 ≈ $20.43.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q2 24: 52Q3 24: 56Q4 24: 56Q1 25: 64Q2 25: 41Q3 25: 35Q4 25: 3737Q2 24Q4 24Q2 25Q4 25
Numbers
QuarterHolders
Q2 202452
Q3 202456
Q4 202456
Q1 202564
Q2 202541
Q3 202535
Q4 202537

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q3 24: 28 bought or addedQ3 24: 18 cut or sold outQ3 24Q4 24: 21 bought or addedQ4 24: 22 cut or sold outQ4 24Q1 25: 28 bought or addedQ1 25: 23 cut or sold outQ1 25Q2 25: 11 bought or addedQ2 25: 43 cut or sold outQ2 25Q3 25: 11 bought or addedQ3 25: 22 cut or sold outQ3 25Q4 25: 17 bought or addedQ4 25: 20 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 20242818
Q4 20242122
Q1 20252823
Q2 20251143
Q3 20251122
Q4 20251720

Biggest buyers

Shaolin Capital Management LLC Added +40,250,000+40.2m
Brevan Howard Capital Management LP New +20,000,000+20.0m
Wellesley Asset Management New +10,576,000+10.6m
Ovata Capital Management Ltd New +10,000,000+10.0m
Parallax Volatility Advisers, L.P. New +7,500,000+7.5m
SUSQUEHANNA ADVISORS GROUP, INC. New +5,000,000+5.0m
MIZUHO SECURITIES USA LLC New +3,917,000+3.9m
BlackRock, Inc. New +3,700,000+3.7m
JPMORGAN CHASE & CO New +1,309,000+1.3m
Lombard Odier Asset Management (Europe) Ltd New +894,000+894.0k

Biggest sellers

AQR Arbitrage LLC Sold out -25,682,000-25.7m
BANK OF MONTREAL /CAN/ Sold out -14,589,000-14.6m
TORONTO DOMINION BANK Reduced -10,000,000-10.0m
Hudson Bay Capital Management LP Sold out -9,500,000-9.5m
Point72 Asset Management, L.P. Sold out -9,244,000-9.2m
Aequim Alternative Investments LP Reduced -7,500,000-7.5m
MORGAN STANLEY Sold out -2,500,000-2.5m
CITIGROUP INC Reduced -1,737,000-1.7m
MACQUARIE GROUP LTD Sold out -1,600,000-1.6m
BANK OF AMERICA CORP /DE/ Sold out -1,513,000-1.5m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Shaolin Capital Management LLC 5.14% of their portfolio Miami, FL 132,812,000132.8m $135.7m $135.7m 5.14% Added +40.2m +40,250,000
2 Brevan Howard Capital Management LP 0.39% of their portfolio ST. HELIER, Y9 20,000,00020.0m $20.5m $20.5m 0.39% New
3 CAPSTONE INVESTMENT ADVISORS, LLC 0.13% of their portfolio NEW YORK, NY 16,000,00016.0m $16.4m $16.4m 0.13% Unchanged
4 SHENKMAN CAPITAL MANAGEMENT INC 1.59% of their portfolio NEW YORK, NY 14,623,00014.6m $15.1m $15.1m 1.59% Reduced -1.4m -1,361,000
5 Aequim Alternative Investments LP 0.25% of their portfolio MILL VALLEY, CA 12,500,00012.5m $12.8m $12.8m 0.25% Reduced -7.5m -7,500,000
6 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 12,134,00012.1m $12.4m $12.4m 0.01% Reduced -1.7m -1,737,000
7 Wellesley Asset Management 1.13% of their portfolio PORTSMOUTH, NH 10,576,00010.6m $10.9m $10.9m 1.13% New
8 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.27% of their portfolio CHICAGO, IL 10,000,00010.0m $10.2m $10.2m 0.27% Unchanged
9 Ovata Capital Management Ltd 1.24% of their portfolio HONG KONG, K3 10,000,00010.0m $10.2m $10.2m 1.24% New
10 Parallax Volatility Advisers, L.P. 0.24% of their portfolio San Francisco, CA 7,500,0007.5m $7.7m $7.7m 0.24% New
11 ADVENT CAPITAL MANAGEMENT /DE/ 0.13% of their portfolio NEW YORK, NY 5,660,0005.7m $5.8m $5.8m 0.13% Added +167.0k +167,000
12 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 5,000,0005.0m $5.1m $5.1m 0.01% Reduced -10.0m -10,000,000
13 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 5,000,0005.0m $51.0k $51.0k 0.00% New
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 4,105,0004.1m $4.2m $4.2m 0.00% Unchanged
15 MIZUHO SECURITIES USA LLC 0.07% of their portfolio NEW YORK, NY 3,917,0003.9m $4.1m $4.1m 0.07% New
16 BlackRock, Inc. 0.00% of their portfolio New York, NY 3,700,0003.7m $3.8m $3.8m 0.00% New
17 Man Group plc 0.01% of their portfolio LONDON, X0 3,497,0003.5m $3.6m $3.6m 0.01% Reduced -1.2m -1,250,000
18 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 2,985,0003.0m $3.1m $3.1m 0.01% Reduced -1.4m -1,350,000
19 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio PHILADELPHIA, PA 1,600,0001.6m $1.6m $1.6m 0.00% First filing
20 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,309,0001.3m $1.3m $1.3m 0.00% New
21 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 1,165,0001.2m $1.2m $1.2m 0.00% Added +300.0k +300,000
22 Lombard Odier Asset Management (Europe) Ltd 0.05% of their portfolio LONDON, X0 894,000894.0k $915.8k $915.8k 0.05% New
23 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 841,000841.0k $859.1k $859.1k 0.00% Added +44.0k +44,000
24 CSS LLC/IL 0.05% of their portfolio CHICAGO, IL 782,000782.0k $799.8k $799.8k 0.05% Reduced -218.0k -218,000
25 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 677,000677.0k $693.5k $693.5k 0.00% Reduced -123.0k -123,000
26 NOMURA HOLDINGS INC 0.04% of their portfolio TOKYO, M0 350,651350.7k $15.7m $15.7m 0.04% Added +20.1k +20,121
27 Union Bancaire Privee, UBP SA 0.00% of their portfolio GENEVA 1, V8 251,000251.0k $258.6k $258.6k 0.00% Unchanged
28 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 200,000200.0k $206.4k $206.4k 0.00% Unchanged
29 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 137,000137.0k $139.9k $139.9k 0.00% Unchanged
30 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 55,00055.0k $56.8k $56.8k 0.00% Unchanged
31 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 51,00051.0k $52.1k $52.1k 0.00% Unchanged
32 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 27,00027.0k $27.5k $27.5k 0.00% Unchanged
33 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 21,00021.0k $21.3k $21.3k 0.00% Unchanged
34 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 15,00015.0k $15.4k $15.4k 0.00% Reduced -1.3m -1,300,000
35 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 13,00013.0k $13.2k $13.2k 0.00% New
36 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 12,00012.0k $12.3k $12.3k 0.00% New
37 LAFFER TENGLER INVESTMENTS, INC. 0.39% of their portfolio Scottsdale, AZ 2,4752.5k $2.6m $2.6m 0.39% New