Vault-13

GLOBAL BUSINESS TRAVEL GROUP

COM CL A · CUSIP 37890B100

44 institutional holders +4 vs Q3 2022
57,432,88657.4m shares reported held*
$387.7mreported value*
17 new 15 added 7 reduced 10 sold out net bought ≈ $67.1m (+9.9m 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 ≈ $6.75. Options: 7 managers hold calls ($1.0m notional), 4 hold puts ($425.1k).

Trends to Q4 2022

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 40Q4 22: 4444Q3 22Q4 22
Numbers
QuarterHolders
Q3 202240
Q4 202244

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5m$2mQ3 22 calls: $1.8mQ3 22 puts: $1.0mQ3 22P/C 0.56Q4 22 calls: $1.0mQ4 22 puts: $425.1kQ4 22P/C 0.41
Numbers
QuarterCallsPutsP/C
Q3 2022$1.8m$1.0m0.56
Q4 2022$1.0m$425.1k0.41

Biggest buyers

Apollo Management Holdings, L.P. Added +3,361,636+3.4m
CARRONADE CAPITAL MANAGEMENT, LP Added +2,314,512+2.3m
ETF MANAGERS GROUP, LLC New +1,134,271+1.1m
VANGUARD GROUP INC Added +1,111,377+1.1m
DENDUR CAPITAL LP Added +518,900+518.9k
Newtyn Management, LLC Added +518,065+518.1k
Sculptor Capital LP New +430,000+430.0k
Taconic Capital Advisors LP New +404,268+404.3k
Empyrean Capital Partners, LP New +320,556+320.6k
Balyasny Asset Management L.P. New +274,829+274.8k

Biggest sellers

Alyeska Investment Group, L.P. Sold out -414,507-414.5k
MILLENNIUM MANAGEMENT LLC Reduced -286,357-286.4k
Fort Baker Capital Management LP Sold out -162,166-162.2k
Boston Partners Sold out -83,795-83.8k
JPMORGAN CHASE & CO Reduced -60,947-60.9k
WULFF, HANSEN & CO. Sold out -13,638-13.6k
CITADEL ADVISORS LLC Sold out -11,247-11.2k
SIMPLEX TRADING, LLC Sold out -8,884-8.9k
CSS LLC/IL Sold out -6,418-6.4k
BEACONLIGHT CAPITAL, LLC Reduced -5,596-5.6k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $527.9k78.2k shares
Belvedere Trading LLC Added $259.9k38.5k shares
CITADEL ADVISORS LLC Reduced $147.2k21.8k shares
SIMPLEX TRADING, LLC Reduced $74.0k11.1k shares
GROUP ONE TRADING LLC Reduced $25.0k3.7k shares
Cutler Group LLC / CA Reduced $2.0k7.9k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $349.6k51.8k shares
GROUP ONE TRADING LLC New $67.5k10.0k shares
SIMPLEX TRADING, LLC Reduced $8.0k1.3k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Expedia Group, Inc. 13D · may seek influence filed 2026-05-05
Stated purposeEXPLANATORY NOTE: This Amendment No. 3 (the "Amendment") amends and supplements the Schedule 13D filed by the Reporting Person on June 6, 2022, as amended by Amendment No. 1 thereto filed on July 12, 2023 and Amendment No. 2 thereto filed on January 16, 2024, with respect to the Class A common stock (the "Schedule 13D"). Capitalized terms used in this Amendment and not defined herein shall have the same meanings ascribed to them in the Schedule 13D. Item 4 of the Schedule 13D is hereby amended by adding the following: Voting Agreement On May 2, 2026, the Issuer entered into an Agreement and Plan of Merger (the "Merger Agreement") with Gaia Purchaser, Inc., a Delaware corporation ("Parent"), and Gaia Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("Merger… Full filing
 14.3% 74.8m≈ $702.8m 2026-05-05
BlackRock Portfolio Management LLC 13D · may seek influence -0.7 pts · filed 2026-05-05
Stated purposeAll of the Class A Common Stock of the Issuer reported on this Schedule 13D was acquired in the ordinary course of business for investment purposes by the Reporting Business Units. On May 2, 2026, the Issuer entered into an Agreement and Plan of Merger (the "Merger Agreement") with Gaia Purchaser, Inc., a Delaware corporation ("Parent"), and Gaia Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which the Issuer is to be acquired by Long Lake Management Holdings Inc. Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company (the "Merger"), with the Company surviving as a wholly owned subsidiary of Parent. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective t… Full filing
 7.5% -0.7 pts 39.2m≈ $368.0m 2026-05-05

Fell to 5% or below in the last year: AMERICAN EXPRESS CO (0.0%, 2026-10-01), Qatar Investment Authority (0.0%, 2026-09-29), Apollo Principal Holdings A GP, Ltd. (4.4%, 2026-02-20)

Holders, Q4 2022

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Apollo Management Holdings, L.P. 1.44% of their portfolio New York, NY 25,706,88625.7m $173.5m $173.5m 1.44% Added +3.4m +3,361,636
2 ARES MANAGEMENT LLC 2.88% of their portfolio LOS ANGELES, CA 8,675,5688.7m $58.6m $58.6m 2.88% Unchanged
3 HG Vora Capital Management, LLC 2.35% of their portfolio NEW YORK, NY 8,200,0008.2m $55.4m $55.4m 2.35% Unchanged
4 Zoom Video Communications, Inc. 19.28% of their portfolio San Jose, CA 4,000,0004.0m $27.0m $27.0m 19.28% Unchanged
5 CARRONADE CAPITAL MANAGEMENT, LP 6.82% of their portfolio DARIEN, CT 2,815,3282.8m $19.0m $19.0m 6.82% Added +2.3m +2,314,512
6 DENDUR CAPITAL LP 2.25% of their portfolio NEW YORK, NY 1,734,7731.7m $11.7m $11.7m 2.25% Added +518.9k +518,900
7 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,310,5771.3m $8.8m $8.8m 0.00% Added +1.1m +1,111,377
8 ETF MANAGERS GROUP, LLC 0.36% of their portfolio Summit, NJ 1,134,2711.1m $7.7m $7.7m 0.36% New
9 Newtyn Management, LLC 1.44% of their portfolio NEW YORK, NY 1,033,4651.0m $7.0m $7.0m 1.44% Added +518.1k +518,065
10 Sculptor Capital LP 0.05% of their portfolio New York, NY 430,000430.0k $2.9m $2.9m 0.05% New
11 Taconic Capital Advisors LP 0.10% of their portfolio NEW YORK, NY 404,268404.3k $2.7m $2.7m 0.10% New
12 Empyrean Capital Partners, LP 0.08% of their portfolio LOS ANGELES, CA 320,556320.6k $2.2m $2.2m 0.08% New
13 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 274,829274.8k $1.9m $1.9m 0.01% New
14 BEACONLIGHT CAPITAL, LLC 0.77% of their portfolio New York, NY 193,742193.7k $1.3m $1.3m 0.77% Reduced -5.6k -5,596
15 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 176,058176.1k $1.2m $1.2m 0.00% Added +76.5k +76,542
16 Clearline Capital LP 0.17% of their portfolio NEW YORK, NY 137,066137.1k $925.2k $925.2k 0.17% Added +73.4k +73,378
17 BlackRock Inc. 0.00% of their portfolio New York, NY 125,289125.3k $845.7k $845.7k 0.00% Added +933 +933
18 CastleKnight Management LP 0.20% of their portfolio New York, NY 100,465100.5k $678.1k $678.1k 0.20% Added +31.6k +31,565
19 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 100,075100.1k $675.5k $675.5k 0.00% Added +8.3k +8,303
20 Ionic Capital Management LLC 0.18% of their portfolio NEW YORK, NY 86,35786.4k $582.9k $582.9k 0.18% Added +86.4k +86,354
21 LMR Partners LLP 0.01% of their portfolio LONDON, X0 73,16973.2k $493.9k $493.9k 0.01% New
22 Arena Capital Advisors, LLC- CA 0.21% of their portfolio LOS ANGELES, CA 57,92157.9k $391.0k $391.0k 0.21% New
23 PRELUDE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio NEW YORK, NY 47,83947.8k $322.9k $322.9k 0.02% Reduced -806 -806
24 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 45,86345.9k $310.0k $310.0k 0.00% Reduced -286.4k -286,357
25 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 43,50043.5k $293.6k $293.6k 0.00% New
26 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 35,68135.7k $240.8k $240.8k 0.00% Added +15.8k +15,772
27 MOORE CAPITAL MANAGEMENT, LP 0.00% of their portfolio NEW YORK, NY 25,00025.0k $168.8k $168.8k 0.00% New
28 Fortress Investment Group LLC 0.01% of their portfolio NEW YORK, NY 22,56522.6k $152.3k $152.3k 0.01% New
29 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 19,25919.3k $130.0k $130.0k 0.00% New
30 Parallax Volatility Advisers, L.P. 0.00% of their portfolio San Francisco, CA 17,76417.8k $119.9k $119.9k 0.00% New
31 Vestcor Inc 0.00% of their portfolio FREDERICTON, A3 17,32417.3k $117.0k $117.0k 0.00% New
32 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 16,05216.1k $108.4k $108.4k 0.00% New
33 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 14,97815.0k $101.1k $101.1k 0.00% New
34 UBS Group AG 0.00% of their portfolio ZURICH, V8 12,84012.8k $86.7k $86.7k 0.00% Reduced -2.2k -2,224
35 COWEN AND COMPANY, LLC 0.01% of their portfolio NEW YORK, NY 11,45811.5k $77.3k $77.3k 0.01% New
36 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,6854.7k $31.6k $31.6k 0.00% Added +3.2k +3,172
37 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,4432.4k $16.5k $16.5k 0.00% Added +591 +591
38 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 2,0002.0k $13.5k $13.5k 0.00% New
39 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,4651.5k $10.0k $10.0k 0.00% Reduced -60.9k -60,947
40 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,1341.1k $7.7k $7.7k 0.00% Added +55 +55
41 Cutler Group LLC / CA 0.00% of their portfolio SAN FRANCISCO, CA 199199 $1.0k $1.0k 0.00% Reduced -500 -500
42 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 154154 $1.0k $1.0k 0.00% Reduced -4.4k -4,445
43 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 2020 $0 $0 0.00% Unchanged
44 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged