Vault-13

LIBERTY MEDIA CORP DEL SIRI 3.75 03.15.28

NOTE 3.750% 3/1 · US DOMESTIC · CUSIP 531229AP7

30 institutional holders -2 vs Q3 2025
7,050,0007.0m shares reported held*
$556.0mreported value*
2 new 10 added 7 reduced 5 sold out net sold ≈ $28.8m (+3.8m 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 ≈ $78.87.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q1 24: 34Q2 24: 41Q3 24: 37Q4 24: 36Q1 25: 38Q2 25: 32Q3 25: 32Q4 25: 3030Q1 24Q3 24Q1 25Q3 25Q4 25
Numbers
QuarterHolders
Q1 202434
Q2 202441
Q3 202437
Q4 202436
Q1 202538
Q2 202532
Q3 202532
Q4 202530

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 24: 24 bought or addedQ2 24: 15 cut or sold outQ2 24Q3 24: 18 bought or addedQ3 24: 20 cut or sold outQ4 24: 16 bought or addedQ4 24: 19 cut or sold outQ4 24Q1 25: 18 bought or addedQ1 25: 12 cut or sold outQ2 25: 15 bought or addedQ2 25: 20 cut or sold outQ2 25Q3 25: 15 bought or addedQ3 25: 10 cut or sold outQ4 25: 12 bought or addedQ4 25: 12 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q2 20242415
Q3 20241820
Q4 20241619
Q1 20251812
Q2 20251520
Q3 20251510
Q4 20251212

Biggest buyers

LAZARD ASSET MANAGEMENT LLC Added +32,953,000+33.0m
TWO SIGMA INVESTMENTS, LP Added +22,626,000+22.6m
Walleye Capital LLC Added +15,000,000+15.0m
Jump Financial, LLC Added +10,000,000+10.0m
KIM, LLC Added +8,600,000+8.6m
MILLENNIUM MANAGEMENT LLC Added +6,000,000+6.0m
TD Asset Management Inc New +3,800,000+3.8m
DEUTSCHE BANK AG\ Added +1,500,000+1.5m
Cutler Capital Management, LLC Added +1,355,000+1.4m
BlackRock, Inc. Added +1,000,000+1.0m

Biggest sellers

CITADEL ADVISORS LLC Sold out -59,350,000-59.4m
Linden Advisors LP Reduced -29,891,000-29.9m
Jefferies Financial Group Inc. Sold out -4,148,000-4.1m
CSS LLC/IL Reduced -2,300,000-2.3m
BANK OF MONTREAL /CAN/ Reduced -1,240,000-1.2m
TORONTO DOMINION BANK Sold out -719,000-719.0k
RWC Asset Management LLP Sold out -685,000-685.0k
WELLS FARGO & COMPANY/MN Reduced -460,000-460.0k
Man Group plc Reduced -350,000-350.0k
MacKay Shields LLC Reduced -260,000-260.0k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 1.55% of their portfolio New York, NY 249,419,000249.4m $251.1m $251.1m 1.55% Reduced -29.9m -29,891,000
2 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 45,161,00045.2m $454.5k $454.5k 0.00% Added +33.0m +32,953,000
3 TWO SIGMA INVESTMENTS, LP 0.05% of their portfolio NEW YORK, NY 35,881,00035.9m $36.0m $36.0m 0.05% Added +22.6m +22,626,000
4 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 30,550,00030.6m $30.7m $30.7m 0.02% Added +6.0m +6,000,000
5 MacKay Shields LLC 1.04% of their portfolio New York, NY 29,575,00029.6m $29.8m $29.8m 1.04% Reduced -260.0k -260,000
6 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 25,000,00025.0m $25.2m $25.2m 0.01% Unchanged
7 Alberta Investment Management Corp 0.15% of their portfolio EDMONTON, A0 25,000,00025.0m $25.2m $25.2m 0.15% Unchanged
8 Walleye Capital LLC 0.14% of their portfolio NEW YORK, NY 25,000,00025.0m $25.2m $25.2m 0.14% Added +15.0m +15,000,000
9 KIM, LLC 1.73% of their portfolio WICHITA, KS 15,000,00015.0m $15.1m $15.1m 1.73% Added +8.6m +8,600,000
10 Jump Financial, LLC 0.16% of their portfolio Chicago, IL 12,500,00012.5m $12.7m $12.7m 0.16% Added +10.0m +10,000,000
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,934,00011.9m $12.1m $12.1m 0.00% Unchanged
12 SHENKMAN CAPITAL MANAGEMENT INC 1.03% of their portfolio NEW YORK, NY 9,408,0009.4m $9.8m $9.8m 1.03% Added +542.0k +542,000
13 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 8,099,0008.1m $8.2m $8.2m 0.00% Reduced -460.0k -460,000
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 6,694,0006.7m $6.7m $6.7m 0.00% Added +1.0m +1,000,000
15 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 6,154,0006.2m $6.2m $6.2m 0.00% Added +1.5m +1,500,000
16 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 6,058,0006.1m $6.1m $6.1m 0.00% Reduced -1.2m -1,240,000
17 SSI INVESTMENT MANAGEMENT LLC 0.39% of their portfolio Los Angeles, CA 5,750,0005.8m $5.8m $5.8m 0.39% Unchanged
18 ADVENT CAPITAL MANAGEMENT /DE/ 0.12% of their portfolio NEW YORK, NY 5,147,0005.1m $5.2m $5.2m 0.12% Unchanged
19 Cutler Capital Management, LLC 1.47% of their portfolio WORCESTER, MA 4,888,0004.9m $4.9m $4.9m 1.47% Added +1.4m +1,355,000
20 TD Asset Management Inc 0.00% of their portfolio Toronto, A6 3,800,0003.8m $3.8m $3.8m 0.00% New
21 ZAZOVE ASSOCIATES LLC 0.29% of their portfolio INCLINE VILLAGE, NV 3,300,0003.3m $3.3m $3.3m 0.29% Unchanged
22 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.0m $3.0m 0.01% Unchanged
23 Man Group plc 0.00% of their portfolio LONDON, X0 1,750,0001.8m $1.8m $1.8m 0.00% Reduced -350.0k -350,000
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,500,0001.5m $1.5m $1.5m 0.00% Unchanged
25 Ares Systematic Credit Ltd 0.33% of their portfolio LONDON, X0 400,000400.0k $407.0k $407.0k 0.33% First filing
26 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 250,000250.0k $251.0k $251.0k 0.00% Unchanged
27 Murchinson Ltd. 13.53% of their portfolio TORONTO, A6 250,000250.0k $25.2m $25.2m 13.53% Unchanged
28 CSS LLC/IL 0.01% of their portfolio CHICAGO, IL 200,000200.0k $201.6k $201.6k 0.01% Reduced -2.3m -2,300,000
29 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 145,000145.0k $146.7k $146.7k 0.00% New
30 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 74,00074.0k $74.3k $74.3k 0.00% Reduced -82.0k -82,000