Vault-13

MARRIOTT VACATIONS WORLDWIDE VAC 3.25 12.15.27

NOTE 3.250%12/1 · US DOMESTIC · CUSIP 57164YAF4

56 institutional holders +3 vs Q1 2025
47,085,00047.1m shares reported held*
$524.2mreported value*
6 new 18 added 15 reduced 2 sold out net sold ≈ $3.8m (+7.5m 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 ($2.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $11.18.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q4 23: 53Q1 24: 52Q2 24: 54Q3 24: 46Q4 24: 51Q1 25: 53Q2 25: 5656Q4 23Q2 24Q4 24Q2 25
Numbers
QuarterHolders
Q4 202353
Q1 202452
Q2 202454
Q3 202446
Q4 202451
Q1 202553
Q2 202556

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 24: 28 bought or addedQ1 24: 19 cut or sold outQ1 24Q2 24: 24 bought or addedQ2 24: 21 cut or sold outQ2 24Q3 24: 19 bought or addedQ3 24: 20 cut or sold outQ3 24Q4 24: 21 bought or addedQ4 24: 16 cut or sold outQ4 24Q1 25: 23 bought or addedQ1 25: 22 cut or sold outQ1 25Q2 25: 24 bought or addedQ2 25: 17 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q1 20242819
Q2 20242421
Q3 20241920
Q4 20242116
Q1 20252322
Q2 20252417

Biggest buyers

OAKTREE CAPITAL MANAGEMENT LP Added +10,497,000+10.5m
ARISTEIA CAPITAL, L.L.C. New +6,000,000+6.0m
Daiwa Securities Group Inc. Added +5,500,000+5.5m
ADVENT CAPITAL MANAGEMENT /DE/ Added +5,231,000+5.2m
SUSQUEHANNA ADVISORS GROUP, INC. Added +5,000,000+5.0m
ANGELO GORDON & CO., L.P. Added +5,000,000+5.0m
SHENKMAN CAPITAL MANAGEMENT INC Added +4,523,000+4.5m
JPMORGAN CHASE & CO Added +3,579,000+3.6m
BANK OF MONTREAL /CAN/ Added +3,000,000+3.0m
CREDIT INDUSTRIEL ET COMMERCIAL New +2,500,000+2.5m

Biggest sellers

AQR Arbitrage LLC Sold out -16,045,000-16.0m
CAMDEN ASSET MANAGEMENT L P /CA Reduced -10,000,000-10.0m
BNP PARIBAS FINANCIAL MARKETS Reduced -7,246,000-7.2m
HBK INVESTMENTS L P Reduced -5,500,000-5.5m
KIM, LLC Reduced -5,000,000-5.0m
CITIGROUP INC Reduced -3,733,000-3.7m
BANK OF AMERICA CORP /DE/ Reduced -3,634,000-3.6m
Linden Advisors LP Reduced -3,600,000-3.6m
ROYAL BANK OF CANADA Reduced -2,118,000-2.1m
Universal- Beteiligungs- und Servicegesellschaft mbH Reduced -2,000,000-2.0m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.89% of their portfolio New York, NY 155,299,000155.3m $145.2m $145.2m 0.89% Reduced -3.6m -3,600,000
2 ADVENT CAPITAL MANAGEMENT /DE/ 0.98% of their portfolio NEW YORK, NY 47,646,00047.6m $44.5m $44.5m 0.98% Added +5.2m +5,231,000
3 Calamos Advisors LLC 0.16% of their portfolio NAPERVILLE, IL 40,250,00040.2m $37.6m $37.6m 0.16% Unchanged
4 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.03% of their portfolio Toronto, A6 32,396,00032.4m $30.2m $30.2m 0.03% Added +150.0k +150,000
5 ANGELO GORDON & CO., L.P. 3.84% of their portfolio NEW YORK, NY 31,000,00031.0m $28.9m $28.9m 3.84% Added +5.0m +5,000,000
6 CAMDEN ASSET MANAGEMENT L P /CA 0.57% of their portfolio Los Angeles, CA 26,250,00026.2m $24.4m $24.4m 0.57% Reduced -10.0m -10,000,000
7 OAKTREE CAPITAL MANAGEMENT LP 0.48% of their portfolio LOS ANGELES, CA 25,833,00025.8m $24.1m $24.1m 0.48% Added +10.5m +10,497,000
8 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 16,779,00016.8m $15.7m $15.7m 0.00% Reduced -1.5m -1,536,000
9 LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 15,000,00015.0m $14.0m $14.0m 0.02% Added +1.5m +1,500,000
10 HBK INVESTMENTS L P 0.23% of their portfolio DALLAS, TX 14,000,00014.0m $13.1m $13.1m 0.23% Reduced -5.5m -5,500,000
11 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 13,340,00013.3m $12.4m $12.4m 0.03% Added +2.5m +2,485,000
12 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 12,500,00012.5m $11.7m $11.7m 0.01% Added +3.0m +3,000,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,175,00011.2m $10.5m $10.5m 0.00% Reduced -500.0k -500,000
14 SHENKMAN CAPITAL MANAGEMENT INC 0.95% of their portfolio NEW YORK, NY 10,023,00010.0m $9.5m $9.5m 0.95% Added +4.5m +4,523,000
15 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 8,469,0008.5m $7.9m $7.9m 0.01% Reduced -7.2m -7,246,000
16 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 7,845,0007.8m $7.3m $7.3m 0.01% Added +60.0k +60,000
17 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,808,0007.8m $7.3m $7.3m 0.00% Added +3.6m +3,579,000
18 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 7,500,0007.5m $69.9k $69.9k 0.00% Added +5.0m +5,000,000
19 Daiwa Securities Group Inc. 0.03% of their portfolio CHIYODA-KU,TOKYO, M0 7,500,0007.5m $7.0m $7.0m 0.03% Added +5.5m +5,500,000
20 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 6,940,0006.9m $6.5m $6.5m 0.00% Added +30.0k +30,000
21 PALISADE CAPITAL MANAGEMENT, LP 0.17% of their portfolio FORT LEE, NJ 6,500,0006.5m $6.1m $6.1m 0.17% Added +250.0k +250,000
22 Amundi 0.00% of their portfolio Paris, I0 6,500,0006.5m $6.1m $6.1m 0.00% Unchanged
23 ARISTEIA CAPITAL, L.L.C. 0.16% of their portfolio GREENWICH, CT 6,000,0006.0m $5.6m $5.6m 0.16% New
24 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 5,763,0005.8m $5.4m $5.4m 0.01% Added +1.8m +1,802,000
25 BlackRock, Inc. 0.00% of their portfolio New York, NY 5,500,0005.5m $5.1m $5.1m 0.00% Reduced -450.0k -450,000
26 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 4,843,0004.8m $4.5m $4.5m 0.00% Reduced -3.7m -3,733,000
27 OFI INVEST ASSET MANAGEMENT 0.09% of their portfolio ISSY LES MOULINEAUX, I0 4,600,0004.6m $3.7m $3.7m 0.09% Unchanged
28 SSI INVESTMENT MANAGEMENT LLC 0.28% of their portfolio Los Angeles, CA 4,300,0004.3m $4.0m $4.0m 0.28% Added +1.0m +1,000,000
29 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,664,0003.7m $3.4m $3.4m 0.00% Reduced -2.1m -2,118,000
30 FMR LLC 0.00% of their portfolio BOSTON, MA 2,500,0002.5m $2.3m $2.3m 0.00% Unchanged
31 CREDIT INDUSTRIEL ET COMMERCIAL 0.37% of their portfolio PARIS FRANCE, I0 2,500,0002.5m $2.3m $2.3m 0.37% New
32 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,500,0002.5m $2.3m $2.3m 0.00% Unchanged
33 Groupe la Francaise 0.04% of their portfolio PARIS, I0 2,500,0002.5m $2.3m $2.3m 0.04% New
34 AVIVA PLC 0.00% of their portfolio LONDON, X0 2,100,0002.1m $2.0m $2.0m 0.00% Reduced -100.0k -100,000
35 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 2,024,0002.0m $1.9m $1.9m 0.00% New
36 KIM, LLC 0.19% of their portfolio WICHITA, KS 2,000,0002.0m $1.9m $1.9m 0.19% Reduced -5.0m -5,000,000
37 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,720,0001.7m $1.6m $1.6m 0.00% Added +20.0k +20,000
38 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 1,170,0001.2m $1.1m $1.1m 0.00% Unchanged
39 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,032,0001.0m $960.8k $960.8k 0.00% Added +820.0k +820,000
40 Police & Firemen's Retirement System of New Jersey 0.01% of their portfolio TRENTON, NJ 810,000810.0k $757.0k $757.0k 0.01% Unchanged
41 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $468.4k $468.4k 0.00% Reduced -2.0m -2,000,000
42 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 496,000496.0k $462.4k $462.4k 0.00% New
43 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 484,000484.0k $450.6k $450.6k 0.00% Reduced -3.6m -3,634,000
44 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 483,000483.0k $450.9k $450.9k 0.00% Unchanged
45 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 335,000335.0k $311.9k $311.9k 0.00% Unchanged
46 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 236,000236.0k $220.3k $220.3k 0.00% Unchanged
47 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $187.1k $187.1k 0.00% Reduced -100.0k -100,000
48 Union Bancaire Privee, UBP SA 0.00% of their portfolio GENEVA 1, V8 118,000118.0k $109.6k $109.6k 0.00% Unchanged
49 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 111,000111.0k $103.8k $103.8k 0.00% Reduced -466.0k -466,000
50 Financiere des Professionnels - Fonds d'investissement inc. 0.01% of their portfolio MONTREAL, A8 110,000110.0k $102.7k $102.7k 0.01% Unchanged
51 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 67,00067.0k $62.4k $62.4k 0.00% Unchanged
52 Oaktree Fund Advisors, LLC 0.03% of their portfolio LOS ANGLES, CA 18,00018.0k $16.8k $16.8k 0.03% Unchanged
53 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 16,00016.0k $14.9k $14.9k 0.00% Unchanged
54 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 12,00012.0k $11.3k $11.3k 0.00% New
55 Context Capital Management, LLC 0.08% of their portfolio LAJOLLA, CA 2,5002.5k $2.3m $2.3m 0.08% Unchanged
56 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged