Vault-13

GROUPON INC GRPN 6.25 03.15.27 *

NOTE 6.250% 3/1 · PRIV PLACEMENT · CUSIP 399473AH0

13 institutional holders -5 vs Q1 2025
100,000100.0k shares reported held*
$64.8mreported value*
2 new 2 added 3 reduced 7 sold out net sold ≈ $85.8m (-5.3k 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 ≈ $648.42.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01020Q4 24: 14Q1 25: 18Q2 25: 1313Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q4 202414
Q1 202518
Q2 202513

Buyers vs sellers

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

Bought or addedCut or sold out
10010Q1 25: 8 bought or addedQ1 25: 7 cut or sold outQ1 25Q2 25: 4 bought or addedQ2 25: 10 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q1 202587
Q2 2025410

Biggest buyers

LAZARD ASSET MANAGEMENT LLC Added +2,997,000+3.0m
DeepCurrents Investment Group LLC Added +2,375,000+2.4m
ZAZOVE ASSOCIATES LLC New +2,000,000+2.0m
Jefferies Financial Group Inc. New +100,000+100.0k

Biggest sellers

Graham Capital Management, L.P. Sold out -35,500,000-35.5m
SILVERBACK ASSET MANAGEMENT LLC Reduced -16,713,000-16.7m
Walleye Capital LLC Sold out -7,925,000-7.9m
Chou Associates Management Inc. Sold out -3,000,000-3.0m
AQR Arbitrage LLC Reduced -2,250,000-2.2m
ADVENT CAPITAL MANAGEMENT /DE/ Sold out -1,788,000-1.8m
AGF MANAGEMENT LTD Sold out -1,675,000-1.7m
Context Capital Management, LLC Reduced -62,193-62.2k
SG Americas Securities, LLC Sold out -7,120-7.1k
Alpine Global Management, LLC Sold out -5,300-5.3k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 10,350,00010.3m $14.2m $14.2m 0.01% Unchanged
2 AQR Arbitrage LLC 0.33% of their portfolio Greenwich, CT 10,000,00010.0m $14.0m $14.0m 0.33% Reduced -2.2m -2,250,000
3 Calamos Advisors LLC 0.04% of their portfolio NAPERVILLE, IL 6,500,0006.5m $9.2m $9.2m 0.04% Unchanged
4 WHITEBOX ADVISORS LLC 0.24% of their portfolio MINNEAPOLIS, MN 6,300,0006.3m $8.8m $8.8m 0.24% Unchanged
5 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 5,924,0005.9m $8.3m $8.3m 0.01% Added +3.0m +2,997,000
6 DeepCurrents Investment Group LLC 0.13% of their portfolio NEW YORK, NY 2,625,0002.6m $3.7m $3.7m 0.13% Added +2.4m +2,375,000
7 ZAZOVE ASSOCIATES LLC 0.23% of their portfolio INCLINE VILLAGE, NV 2,000,0002.0m $2.8m $2.8m 0.23% New
8 Greenland Capital Management LP 0.18% of their portfolio NEW YORK, NY 1,000,0001.0m $1.4m $1.4m 0.18% Unchanged
9 SILVERBACK ASSET MANAGEMENT LLC 0.08% of their portfolio DURHAM, NC 371,000371.0k $510.5k $510.5k 0.08% Reduced -16.7m -16,713,000
10 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 100,000100.0k $136.4k $136.4k 0.00% New
11 Catalyst Capital Advisors LLC 0.00% of their portfolio San Juan, PR 100,000100.0k $139.6k $139.6k 0.00% Unchanged
12 Context Capital Management, LLC 0.06% of their portfolio LAJOLLA, CA 1,2501.2k $1.7m $1.7m 0.06% Reduced -62.2k -62,193
13 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged