Vault-13

SPHERE ENTERTAINMENT CO SPHR 3.5 12.01.28

NOTE 3.500%12/0 · US DOMESTIC · CUSIP 55826TAB8

19 institutional holders +2 vs Q1 2025
20,200,00020.2m shares reported held*
$356.6mreported value*
5 new 7 added 1 reduced 2 sold out net bought ≈ $86.5m (+17.7m 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 ≈ $17.66.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01020Q4 24: 17Q1 25: 17Q2 25: 1919Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q4 202417
Q1 202517
Q2 202519

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q1 25: 3 bought or addedQ1 25: 6 cut or sold outQ1 25Q2 25: 12 bought or addedQ2 25: 3 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q1 202536
Q2 2025123

Biggest buyers

Linden Advisors LP Added +20,400,000+20.4m
CARRONADE CAPITAL MANAGEMENT, LP Added +17,738,818+17.7m
WHITEBOX ADVISORS LLC Added +13,500,000+13.5m
Alberta Investment Management Corp Added +7,500,000+7.5m
DLD Asset Management, LP New +6,500,000+6.5m
BANK OF AMERICA CORP /DE/ New +4,773,000+4.8m
LAZARD ASSET MANAGEMENT LLC New +2,500,000+2.5m
MACQUARIE GROUP LTD New +2,164,000+2.2m
Luxor Capital Group, LP Added +1,700,000+1.7m
SSI INVESTMENT MANAGEMENT LLC Added +600,000+600.0k

Biggest sellers

Polar Capital Holdings Plc Sold out -2,000,000-2.0m
JPMORGAN CHASE & CO Sold out -1,384,000-1.4m
BlackRock, Inc. Reduced -100,000-100.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.75% of their portfolio New York, NY 87,400,00087.4m $122.8m $122.8m 0.75% Added +20.4m +20,400,000
2 WHITEBOX ADVISORS LLC 2.46% of their portfolio MINNEAPOLIS, MN 64,500,00064.5m $90.4m $90.4m 2.46% Added +13.5m +13,500,000
3 Alberta Investment Management Corp 0.25% of their portfolio EDMONTON, A0 22,500,00022.5m $31.8m $31.8m 0.25% Added +7.5m +7,500,000
4 CARRONADE CAPITAL MANAGEMENT, LP 3.95% of their portfolio DARIEN, CT 20,200,00020.2m $28.5m $28.5m 3.95% Added +17.7m +17,738,818
5 Calamos Advisors LLC 0.05% of their portfolio NAPERVILLE, IL 7,500,0007.5m $10.6m $10.6m 0.05% Unchanged
6 DLD Asset Management, LP 1.09% of their portfolio NEW YORK, NY 6,500,0006.5m $9.2m $9.2m 1.09% New
7 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 6,000,0006.0m $8.4m $8.4m 0.01% Unchanged
8 Luxor Capital Group, LP 1.09% of their portfolio NEW YORK, NY 5,996,0006.0m $8.4m $8.4m 1.09% Added +1.7m +1,700,000
9 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,773,0004.8m $6.7m $6.7m 0.00% New
10 SSI INVESTMENT MANAGEMENT LLC 0.42% of their portfolio Los Angeles, CA 4,250,0004.2m $6.0m $6.0m 0.42% Added +600.0k +600,000
11 FMR LLC 0.00% of their portfolio BOSTON, MA 3,995,0004.0m $5.6m $5.6m 0.00% Unchanged
12 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 2,500,0002.5m $3.5m $3.5m 0.00% New
13 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,475,0002.5m $3.5m $3.5m 0.00% Reduced -100.0k -100,000
14 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 2,164,0002.2m $3.0m $3.0m 0.00% New
15 Covalent Partners LLC 4.94% of their portfolio CONCORD, MA 500,000500.0k $700.8k $700.8k 4.94% Unchanged
16 VIRTUS ADVISERS, LLC 0.05% of their portfolio HARTFORD, CT 58,00058.0k $81.3k $81.3k 0.05% New
17 K2 PRINCIPAL FUND, L.P. 2.20% of their portfolio TORONTO, A6 8,5008.5k $12.0m $12.0m 2.20% Unchanged
18 Context Capital Management, LLC 0.19% of their portfolio LAJOLLA, CA 4,0004.0k $5.6m $5.6m 0.19% Added +3.0k +3,000
19 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged