GRANITE CONSTR INC GVA 2.75 11.01.24

NOTE 2.750%11/0 · US DOMESTIC · CUSIP 387328AB3

8 institutional holders -9 vs Q1 2023

4,400,0004.4m shares reported held*

$39.8mreported value*

1 new 0 added 4 reduced 10 sold out net sold ≈ $283.5m (-145.0k 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 ≈ $9.04.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

Numbers

Quarter	Holders
Q3 2022	19
Q4 2022	19
Q1 2023	17
Q2 2023	8

Buyers vs sellers

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

Bought or addedCut or sold out

Numbers

Quarter	Bought or added	Cut or sold out
Q4 2022	5	6
Q1 2023	6	14
Q2 2023	1	14

Biggest buyers

Allworth Financial LP	New	+60,000+60.0k

Biggest sellers

TENOR CAPITAL MANAGEMENT Co., L.P.	Sold out	-63,027,000-63.0m
LAZARD ASSET MANAGEMENT LLC	Sold out	-35,500,000-35.5m
WOLVERINE ASSET MANAGEMENT LLC	Sold out	-25,700,000-25.7m
FMR LLC	Sold out	-22,310,000-22.3m
III Capital Management	Sold out	-22,000,000-22.0m
CAPSTONE INVESTMENT ADVISORS, LLC	Sold out	-12,000,000-12.0m
CAMDEN ASSET MANAGEMENT L P /CA	Reduced	-11,117,000-11.1m
CITADEL ADVISORS LLC	Sold out	-10,000,000-10.0m
LORD, ABBETT & CO. LLC	Sold out	-5,000,000-5.0m
Daiwa Securities Group Inc.	Sold out	-4,000,000-4.0m

Holders, Q2 2023

#	Manager	Location	Shares	Value	% of their portfolio	Change	Shares change
1	Alberta Investment Management Corp 0.14% of their portfolio	EDMONTON, A0	10,825,00010.8m $14.5m	$14.5m	0.14%	Reduced -175.0k	-175,000
2	WELLS FARGO & COMPANY/MN 0.00% of their portfolio	SAN FRANCISCO, CA	7,824,0007.8m $10.3m	$10.3m	0.00%	Unchanged
3	Sonora Investment Management Group, LLC 0.49% of their portfolio	TUCSON, AZ	4,340,0004.3m $5.8m	$5.8m	0.49%	Reduced -205.0k	-205,000
4	CAMDEN ASSET MANAGEMENT L P /CA 0.15% of their portfolio	Los Angeles, CA	3,200,0003.2m $4.2m	$4.2m	0.15%	Reduced -11.1m	-11,117,000
5	Walleye Capital LLC 0.07% of their portfolio	NEW YORK, NY	3,000,0003.0m $4.0m	$4.0m	0.07%	Reduced -1.0m	-1,000,000
6	AGF MANAGEMENT LTD 0.01% of their portfolio	TORONTO, A6	675,000675.0k $895.3k	$895.3k	0.01%	Unchanged
7	Allworth Financial LP 0.00% of their portfolio	FOLSOM, CA	60,00060.0k $80.2k	$80.2k	0.00%	New
8	CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio	BIRMINGHAM, AL	00 $0	$0	0.00%	Unchanged