Vault-13

GDS HLDGS LTD GDSHDG 2.25 06.01.32

NOTE 2.250% 6/0 · US DOMESTIC · CUSIP 36165LAD0

21 institutional holders
$500.2mprincipal reported held*
$603.9mreported value*

* 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. Options: 0 managers hold calls (— notional), 1 hold puts ($1.2m).

Trends to Q2 2026

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5mQ3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —Q2 26 calls: $0Q2 26 puts: $1.2mQ2 26P/C —
Numbers
QuarterCallsPutsP/C
Q3 2025$0$0—
Q4 2025$0$0—
Q1 2026$0$0—
Q2 2026$0$1.2m—

Biggest buyers

Linden Advisors LP New +170,027,000+170.0m
WHITEBOX ADVISORS LLC New +89,200,000+89.2m
SUSQUEHANNA ADVISORS GROUP, INC. New +53,200,000+53.2m
Balyasny Asset Management L.P. New +51,300,000+51.3m
D. E. Shaw & Co., Inc. New +37,650,000+37.6m
Walleye Capital LLC New +25,025,000+25.0m
CAPSTONE INVESTMENT ADVISORS, LLC New +15,750,000+15.8m
Jump Financial, LLC New +12,000,000+12.0m
BlackRock, Inc. New +11,275,000+11.3m
MILLENNIUM MANAGEMENT LLC New +8,500,000+8.5m

Biggest sellers

None

Biggest calls

None

Biggest puts

DEUTSCHE BANK AG\ New $1.2m973.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 1.06% of their portfolio New York, NY 170,027,000170.0m $204.6m $204.6m 1.06% New
2 WHITEBOX ADVISORS LLC 1.74% of their portfolio MINNEAPOLIS, MN 89,200,00089.2m $108.0m $108.0m 1.74% New
3 SUSQUEHANNA ADVISORS GROUP, INC. 1.77% of their portfolio BALA CYNWYD, PA 53,200,00053.2m $64.4m $64.4m 1.77% New
4 Balyasny Asset Management L.P. 0.11% of their portfolio Chicago, IL 51,300,00051.3m $62.2m $62.2m 0.11% New
5 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 37,650,00037.6m $45.8m $45.8m 0.03% New
6 Walleye Capital LLC 0.14% of their portfolio NEW YORK, NY 25,025,00025.0m $30.4m $30.4m 0.14% New
7 CAPSTONE INVESTMENT ADVISORS, LLC 0.13% of their portfolio NEW YORK, NY 15,750,00015.8m $19.2m $19.2m 0.13% New
8 Jump Financial, LLC 0.13% of their portfolio Chicago, IL 12,000,00012.0m $14.5m $14.5m 0.13% New
9 BlackRock, Inc. 0.00% of their portfolio New York, NY 11,275,00011.3m $13.7m $13.7m 0.00% New
10 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 8,500,0008.5m $10.3m $10.3m 0.01% New
11 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 6,851,0006.9m $8.1m $8.1m 0.00% New
12 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,100,0005.1m $6.3m $6.3m 0.00% New
13 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 5,000,0005.0m $6.1m $6.1m 0.01% New
14 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 3,754,0003.8m $4.5m $4.5m 0.00% New
15 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 2,246,0002.2m $27.3k $27.3k 0.00% New
16 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,395,0001.4m $1.7m $1.7m 0.00% New
17 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 895,000895.0k $1.1m $1.1m 0.00% New
18 AGF MANAGEMENT LTD 0.00% of their portfolio TORONTO, A6 850,000850.0k $1.0m $1.0m 0.00% New
19 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 124,000124.0k $150.3k $150.3k 0.00% New
20 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 33,00033.0k $40.0k $40.0k 0.00% New
21 Alken Asset Management Ltd 1.96% of their portfolio LONDON, X0 1,4501.4k $1.8m $1.8m 1.96% New