Vault-13

I3 VERTICALS LLC IIIV 1 02.15.25

NOTE 1.000% 2/1 · US DOMESTIC · CUSIP 44933TAB2

13 institutional holders -5 vs Q4 2023
25,00025.0k shares reported held*
$24.0mreported value*
3 new 0 added 4 reduced 8 sold out net sold ≈ $80.0m

* 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 ($2.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $1050.69.

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

01020Q3 22: 13Q4 22: 14Q1 23: 15Q2 23: 16Q3 23: 19Q4 23: 18Q1 24: 1313Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 202213
Q4 202214
Q1 202315
Q2 202316
Q3 202319
Q4 202318
Q1 202413

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q4 22: 3 bought or addedQ4 22: 5 cut or sold outQ4 22Q1 23: 7 bought or addedQ1 23: 6 cut or sold outQ1 23Q2 23: 6 bought or addedQ2 23: 3 cut or sold outQ2 23Q3 23: 5 bought or addedQ3 23: 2 cut or sold outQ3 23Q4 23: 2 bought or addedQ4 23: 2 cut or sold outQ4 23Q1 24: 3 bought or addedQ1 24: 12 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 202235
Q1 202376
Q2 202363
Q3 202352
Q4 202322
Q1 2024312

Biggest buyers

DeepCurrents Investment Group LLC New +12,629,000+12.6m
Verition Fund Management LLC New +2,363,000+2.4m
PIPER SANDLER & CO. New +97,000+97.0k

Biggest sellers

LAZARD ASSET MANAGEMENT LLC Sold out -20,000,000-20.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Sold out -18,503,000-18.5m
Opti Capital Management, LP Sold out -16,000,000-16.0m
D. E. Shaw & Co., Inc. Sold out -12,019,000-12.0m
VOYA INVESTMENT MANAGEMENT LLC Sold out -9,000,000-9.0m
Linden Advisors LP Reduced -7,746,000-7.7m
GABELLI FUNDS LLC Sold out -7,187,000-7.2m
CAPSTONE INVESTMENT ADVISORS, LLC Sold out -6,000,000-6.0m
OAKTREE CAPITAL MANAGEMENT LP Reduced -1,606,000-1.6m
GAMCO INVESTORS, INC. ET AL Sold out -309,000-309.0k

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 DeepCurrents Investment Group LLC 0.45% of their portfolio NEW YORK, NY 12,629,00012.6m $11.0m $11.0m 0.45% New
2 Linden Advisors LP 0.06% of their portfolio New York, NY 7,509,0007.5m $7.3m $7.3m 0.06% Reduced -7.7m -7,746,000
3 SSI INVESTMENT MANAGEMENT LLC 0.19% of their portfolio Los Angeles, CA 2,600,0002.6m $2.5m $2.5m 0.19% Reduced -150.0k -150,000
4 Verition Fund Management LLC 0.02% of their portfolio GREENWICH, CT 2,363,0002.4m $2.3m $2.3m 0.02% New
5 OAKTREE CAPITAL MANAGEMENT LP 0.02% of their portfolio LOS ANGELES, CA 1,273,0001.3m $1.2m $1.2m 0.02% Reduced -1.6m -1,606,000
6 PALISADE CAPITAL MANAGEMENT, LP 0.03% of their portfolio FORT LEE, NJ 1,170,0001.2m $1.1m $1.1m 0.03% Reduced -8.0k -8,000
7 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 671,000671.0k $648.8k $648.8k 0.00% Unchanged
8 PIPER SANDLER & CO. 0.06% of their portfolio MINNEAPOLIS, MN 97,00097.0k $92.9k $92.9k 0.06% New
9 RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio ST PETERSBURG, FL 75,00075.0k $71.8k $71.8k 0.00% Unchanged
10 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 50,00050.0k $47.9k $47.9k 0.00% Unchanged
11 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 25,00025.0k $24.0k $24.0k 0.00% Unchanged
12 Raymond James Financial Services Advisors, Inc. 0.00% of their portfolio ST. PETERSBURG, FL 25,00025.0k $23.9k $23.9k 0.00% Unchanged
13 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged