Vault-13

GRANITE CONSTR INC GVA 3.25 06.15.30

NOTE 3.250% 6/1 · US DOMESTIC · CUSIP 387328AF4

38 institutional holders +4 vs Q3 2025
23,725,13323.7m shares reported held*
$626.5mreported value*
8 new 8 added 8 reduced 6 sold out net bought ≈ $27.1m (+3.9m 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 ≈ $26.41.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

02040Q2 25: 27Q3 25: 34Q4 25: 3838Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q2 202527
Q3 202534
Q4 202538

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q3 25: 18 bought or addedQ3 25: 13 cut or sold outQ3 25Q4 25: 16 bought or addedQ4 25: 14 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 20251813
Q4 20251614

Biggest buyers

VOYA INVESTMENT MANAGEMENT LLC Added +40,620,000+40.6m
Aequim Alternative Investments LP New +35,000,000+35.0m
CITADEL ADVISORS LLC New +30,000,000+30.0m
Point72 Asset Management, L.P. New +22,500,000+22.5m
BNP PARIBAS FINANCIAL MARKETS Added +13,430,000+13.4m
WHITEBOX ADVISORS LLC New +10,000,000+10.0m
TWO SIGMA INVESTMENTS, LP Added +10,000,000+10.0m
ARISTEIA CAPITAL, L.L.C. New +7,000,000+7.0m
DLD Asset Management, LP New +5,000,000+5.0m
BANK OF AMERICA CORP /DE/ Added +4,669,000+4.7m

Biggest sellers

Linden Advisors LP Reduced -106,128,000-106.1m
BANK OF MONTREAL /CAN/ Sold out -20,000,000-20.0m
BlackRock, Inc. Reduced -15,340,000-15.3m
WOLVERINE ASSET MANAGEMENT LLC Sold out -7,499,000-7.5m
D. E. Shaw & Co., Inc. Sold out -4,450,000-4.5m
JPMORGAN CHASE & CO Reduced -4,320,000-4.3m
SUSQUEHANNA ADVISORS GROUP, INC. Reduced -2,500,000-2.5m
MORGAN STANLEY Reduced -2,445,000-2.4m
READYSTATE ASSET MANAGEMENT LP Sold out -2,435,000-2.4m
ZAZOVE ASSOCIATES LLC Reduced -1,675,000-1.7m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.11% of their portfolio ATLANTA, GA 67,885,00067.9m $108.6m $108.6m 0.11% Added +40.6m +40,620,000
2 BNP PARIBAS FINANCIAL MARKETS 0.04% of their portfolio PARIS, I0 40,930,00040.9m $65.3m $65.3m 0.04% Added +13.4m +13,430,000
3 Aequim Alternative Investments LP 1.11% of their portfolio MILL VALLEY, CA 35,000,00035.0m $56.0m $56.0m 1.11% New
4 TWO SIGMA INVESTMENTS, LP 0.08% of their portfolio NEW YORK, NY 31,860,00031.9m $50.8m $50.8m 0.08% Added +10.0m +10,000,000
5 CITADEL ADVISORS LLC 0.03% of their portfolio MIAMI, FL 30,000,00030.0m $47.9m $47.9m 0.03% New
6 Point72 Asset Management, L.P. 0.06% of their portfolio STAMFORD, CT 22,500,00022.5m $36.0m $36.0m 0.06% New
7 FMR LLC 0.00% of their portfolio BOSTON, MA 15,344,00015.3m $24.5m $24.5m 0.00% Unchanged
8 ABSOLUTE INVESTMENT ADVISERS, LLC 2.73% of their portfolio ROSEMARY BEACH, FL 15,000,00015.0m $23.9m $23.9m 2.73% Unchanged
9 Linden Advisors LP 0.13% of their portfolio New York, NY 12,852,00012.9m $20.5m $20.5m 0.13% Reduced -106.1m -106,128,000
10 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 10,448,00010.4m $16.7m $16.7m 0.00% Added +4.7m +4,669,000
11 WHITEBOX ADVISORS LLC 0.27% of their portfolio MINNEAPOLIS, MN 10,000,00010.0m $15.9m $15.9m 0.27% New
12 ZAZOVE ASSOCIATES LLC 1.13% of their portfolio INCLINE VILLAGE, NV 8,175,0008.2m $13.1m $13.1m 1.13% Reduced -1.7m -1,675,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 7,573,0007.6m $12.1m $12.1m 0.00% Added +638.0k +638,000
14 ARISTEIA CAPITAL, L.L.C. 0.32% of their portfolio GREENWICH, CT 7,000,0007.0m $11.2m $11.2m 0.32% New
15 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 6,520,0006.5m $103.7k $103.7k 0.00% Reduced -2.5m -2,500,000
16 SSI INVESTMENT MANAGEMENT LLC 0.57% of their portfolio Los Angeles, CA 5,278,0005.3m $8.4m $8.4m 0.57% Added +6.0k +6,000
17 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio TORONTO, A6 5,000,0005.0m $8.0m $8.0m 0.01% Unchanged
18 DLD Asset Management, LP 0.83% of their portfolio NEW YORK, NY 5,000,0005.0m $8.0m $8.0m 0.83% New
19 BlackRock, Inc. 0.00% of their portfolio New York, NY 4,650,0004.7m $7.4m $7.4m 0.00% Reduced -15.3m -15,340,000
20 PICTON MAHONEY ASSET MANAGEMENT 0.07% of their portfolio Toronto, A6 4,000,0004.0m $6.4m $6.4m 0.07% New
21 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 3,550,0003.5m $5.7m $5.7m 0.00% Unchanged
22 MIZUHO SECURITIES USA LLC 0.09% of their portfolio NEW YORK, NY 3,483,0003.5m $5.4m $5.4m 0.09% Unchanged
23 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 3,393,0003.4m $5.4m $5.4m 0.00% Reduced -995.0k -995,000
24 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,700,0002.7m $4.3m $4.3m 0.00% Reduced -4.3m -4,320,000
25 WESTWOOD HOLDINGS GROUP INC 0.02% of their portfolio DALLAS, TX 2,000,0002.0m $2.0m $2.0m 0.02% Unchanged
26 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 500,000500.0k $800.0k $800.0k 0.00% Reduced -150.0k -150,000
27 Ares Systematic Credit Ltd 0.52% of their portfolio LONDON, X0 400,000400.0k $640.6k $640.6k 0.52% First filing
28 NOMURA HOLDINGS INC 0.11% of their portfolio TOKYO, M0 341,906341.9k $39.4m $39.4m 0.11% Added +69.3k +69,315
29 Central Pacific Bank - Trust Division 0.06% of their portfolio HONOLULU, HI 295,000295.0k $470.5k $470.5k 0.06% Unchanged
30 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 250,000250.0k $400.0k $400.0k 0.01% New
31 SMH CAPITAL ADVISORS INC 0.65% of their portfolio FORT WORTH, TX 200,000200.0k $319.0k $319.0k 0.65% Unchanged
32 Catalyst Capital Advisors LLC 0.01% of their portfolio San Juan, PR 200,000200.0k $320.0k $320.0k 0.01% Unchanged
33 Amundi 0.01% of their portfolio Paris, I0 125,000125.0k $19.9m $19.9m 0.01% Unchanged
34 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 74,00074.0k $1.2k $1.2k 0.00% Unchanged
35 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 65,00065.0k $103.7k $103.7k 0.00% Reduced -2.4m -2,445,000
36 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 46,00046.0k $73.5k $73.5k 0.00% Added +12.0k +12,000
37 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 38,00038.0k $60.6k $60.6k 0.03% Unchanged
38 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 227227 $362.7k $362.7k 0.01% Not comparable