Vault-13

GROUPON INC GRPN 1.125 03.15.26

NOTE 1.125% 3/1 · US DOMESTIC · CUSIP 399473AF4

5 institutional holders +1 vs Q3 2025
$33.6mprincipal reported held*
$32.7mreported value*
1 new 1 added 2 reduced 0 sold out net bought ≈ $602.2k

* 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 ($652.0k this quarter). Holder counts are more reliable.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0102030Q3 22: 22Q4 22: 21Q1 23: 21Q2 23: 20Q3 23: 19Q4 23: 15Q1 24: 17Q2 24: 19Q3 24: 20Q4 24: 8Q1 25: 7Q2 25: 5Q3 25: 4Q4 25: 55Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202222
Q4 202221
Q1 202321
Q2 202320
Q3 202319
Q4 202315
Q1 202417
Q2 202419
Q3 202420
Q4 20248
Q1 20257
Q2 20255
Q3 20254
Q4 20255

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q1 24: 6 bought or addedQ1 24: 7 cut or sold outQ2 24: 11 bought or addedQ2 24: 5 cut or sold outQ2 24Q3 24: 10 bought or addedQ3 24: 6 cut or sold outQ4 24: 5 bought or addedQ4 24: 17 cut or sold outQ4 24Q1 25: 3 bought or addedQ1 25: 1 cut or sold outQ2 25: 1 bought or addedQ2 25: 6 cut or sold outQ2 25Q3 25: 2 bought or addedQ3 25: 0 cut or sold outQ4 25: 2 bought or addedQ4 25: 2 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 202467
Q2 2024115
Q3 2024106
Q4 2024517
Q1 202531
Q2 202516
Q3 202520
Q4 202522

Biggest buyers

Context Capital Management, LLC Added +18,587,394+18.6m
PIPER SANDLER & CO. New +1,120,000+1.1m

Biggest sellers

Russell Investments Group, Ltd. Reduced -705,000-705.0k
OAKTREE CAPITAL MANAGEMENT LP Reduced -508,000-508.0k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Context Capital Management, LLC 0.48% of their portfolio LAJOLLA, CA 18,606,00018.6m $18.5m $18.5m 0.48% Added +18.6m +18,587,394
2 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 10,839,00010.8m $10.8m $10.8m 0.01% Unchanged
3 OAKTREE CAPITAL MANAGEMENT LP 0.03% of their portfolio LOS ANGELES, CA 1,874,0001.9m $1.9m $1.9m 0.03% Reduced -508.0k -508,000
4 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,194,0001.2m $1.1m $1.1m 0.00% Reduced -705.0k -705,000
5 PIPER SANDLER & CO. 0.78% of their portfolio MINNEAPOLIS, MN 1,120,0001.1m $1.1m $1.1m 0.78% New