Vault-13

MARRIOTT VACATIONS WORLDWIDE VAC 3.25 12.15.27

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

63 institutional holders +6 vs Q4 2025
43,089,15043.1m shares reported held*
$519.0mreported value*
13 new 15 added 15 reduced 6 sold out net bought ≈ $16.5m (+30.8m 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 ($4.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $12.14.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q4 23: 53Q1 24: 52Q2 24: 54Q3 24: 46Q4 24: 51Q1 25: 53Q2 25: 56Q3 25: 52Q4 25: 57Q1 26: 6363Q4 23Q2 24Q4 24Q2 25Q4 25Q1 26
Numbers
QuarterHolders
Q4 202353
Q1 202452
Q2 202454
Q3 202446
Q4 202451
Q1 202553
Q2 202556
Q3 202552
Q4 202557
Q1 202663

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: 21 cut or sold outQ3 24: 19 bought or addedQ3 24: 20 cut or sold outQ3 24Q4 24: 21 bought or addedQ4 24: 16 cut or sold outQ1 25: 23 bought or addedQ1 25: 22 cut or sold outQ1 25Q2 25: 24 bought or addedQ2 25: 17 cut or sold outQ3 25: 21 bought or addedQ3 25: 18 cut or sold outQ3 25Q4 25: 25 bought or addedQ4 25: 22 cut or sold outQ1 26: 28 bought or addedQ1 26: 21 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20242421
Q3 20241920
Q4 20242116
Q1 20252322
Q2 20252417
Q3 20252118
Q4 20252522
Q1 20262821

Biggest buyers

OSTERWEIS CAPITAL MANAGEMENT INC New +50,000,000+50.0m
Walleye Capital LLC New +31,459,000+31.5m
TPG GP A, LLC New +31,000,000+31.0m
Context Capital Management, LLC New +25,000,000+25.0m
Fort Baker Capital Management LP New +22,000,000+22.0m
Balyasny Asset Management L.P. Added +13,500,000+13.5m
OAKTREE CAPITAL MANAGEMENT LP Added +11,749,000+11.7m
PIPER SANDLER & CO. New +5,556,000+5.6m
FMR LLC Added +5,500,000+5.5m
SSI INVESTMENT MANAGEMENT LLC New +5,300,000+5.3m

Biggest sellers

Linden Advisors LP Reduced -154,300,000-154.3m
WOLVERINE ASSET MANAGEMENT LLC Reduced -17,500,000-17.5m
Radcliffe Capital Management, L.P. Sold out -9,000,000-9.0m
MORGAN STANLEY Reduced -8,780,000-8.8m
SSI INVESTMENT MANAGEMENT LLC Sold out -5,300,000-5.3m
Lombard Odier Asset Management (Europe) Ltd Reduced -3,300,000-3.3m
JPMORGAN CHASE & CO Reduced -3,029,000-3.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -2,904,000-2.9m
NEW YORK STATE COMMON RETIREMENT FUND Sold out -2,825,000-2.8m
BANK OF AMERICA CORP /DE/ Reduced -2,719,000-2.7m

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 OAKTREE CAPITAL MANAGEMENT LP 0.85% of their portfolio LOS ANGELES, CA 52,119,00052.1m $50.2m $50.2m 0.85% Added +11.7m +11,749,000
2 OSTERWEIS CAPITAL MANAGEMENT INC 2.48% of their portfolio SAN FRANCISCO, CA 50,000,00050.0m $48.1m $48.1m 2.48% New
3 ADVENT CAPITAL MANAGEMENT /DE/ 1.13% of their portfolio NEW YORK, NY 39,178,00039.2m $38.1m $38.1m 1.13% Reduced -2.9m -2,904,000
4 Walleye Capital LLC 0.19% of their portfolio NEW YORK, NY 31,459,00031.5m $30.3m $30.3m 0.19% New
5 TPG GP A, LLC 0.81% of their portfolio FORT WORTH, TX 31,000,00031.0m $29.8m $29.8m 0.81% New
6 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 25,000,00025.0m $24.1m $24.1m 0.02% Added +5.0m +5,000,000
7 Context Capital Management, LLC 0.56% of their portfolio LAJOLLA, CA 25,000,00025.0m $24.1m $24.1m 0.56% New
8 Balyasny Asset Management L.P. 0.04% of their portfolio Chicago, IL 23,000,00023.0m $22.1m $22.1m 0.04% Added +13.5m +13,500,000
9 Fort Baker Capital Management LP 1.90% of their portfolio Larkspur, CA 22,000,00022.0m $21.4m $21.4m 1.90% New
10 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 17,500,00017.5m $16.9m $16.9m 0.01% Added +5.0m +5,000,000
11 HBK INVESTMENTS L P 0.20% of their portfolio DALLAS, TX 16,500,00016.5m $15.9m $15.9m 0.20% Unchanged
12 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 14,990,00015.0m $14.5m $14.5m 0.03% Added +175.0k +175,000
13 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 14,056,00014.1m $13.6m $13.6m 0.00% Added +1.9m +1,940,000
14 WOLVERINE ASSET MANAGEMENT LLC 0.19% of their portfolio CHICAGO, IL 12,750,00012.8m $12.3m $12.3m 0.19% Reduced -17.5m -17,500,000
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,225,00012.2m $11.9m $11.9m 0.00% Reduced -1.3m -1,300,000
16 Calamos Advisors LLC 0.04% of their portfolio NAPERVILLE, IL 10,000,00010.0m $9.6m $9.6m 0.04% Unchanged
17 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 9,605,0009.6m $9.2m $9.2m 0.01% Reduced -1.5m -1,521,000
18 BlackRock, Inc. 0.00% of their portfolio New York, NY 9,100,0009.1m $8.7m $8.7m 0.00% Added +1.9m +1,900,000
19 Daiwa Securities Group Inc. 0.03% of their portfolio CHIYODA-KU,TOKYO, M0 9,000,0009.0m $8.7m $8.7m 0.03% Added +1.5m +1,500,000
20 SHENKMAN CAPITAL MANAGEMENT INC 0.99% of their portfolio NEW YORK, NY 8,489,0008.5m $8.3m $8.3m 0.99% Reduced -40.0k -40,000
21 PALISADE CAPITAL MANAGEMENT, LP 0.26% of their portfolio FORT LEE, NJ 8,044,0008.0m $7.7m $7.7m 0.26% Added +3.4m +3,386,000
22 FMR LLC 0.00% of their portfolio BOSTON, MA 8,000,0008.0m $7.7m $7.7m 0.00% Added +5.5m +5,500,000
23 CAMDEN ASSET MANAGEMENT L P /CA 0.26% of their portfolio Los Angeles, CA 8,000,0008.0m $7.7m $7.7m 0.26% Unchanged
24 NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio NEW YORK, NY 7,700,0007.7m $7.4m $7.4m 0.01% Reduced -195.0k -195,000
25 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 6,822,0006.8m $6.6m $6.6m 0.01% Added +1.1m +1,115,000
26 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 6,537,0006.5m $62.9k $62.9k 0.00% Reduced -1.5m -1,463,000
27 KIM, LLC 0.89% of their portfolio WICHITA, KS 6,285,0006.3m $6.1m $6.1m 0.89% Added +4.3m +4,285,000
28 Groupe la Francaise 0.08% of their portfolio PARIS, I0 5,800,0005.8m $5.5m $5.5m 0.08% Unchanged
29 PIPER SANDLER & CO. 5.19% of their portfolio MINNEAPOLIS, MN 5,556,0005.6m $5.3m $5.3m 5.19% New
30 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 5,471,0005.5m $5.3m $5.3m 0.00% Added +1.6m +1,562,000
31 SSI INVESTMENT MANAGEMENT LLC 0.35% of their portfolio Los Angeles, CA 5,300,0005.3m $5.1m $5.1m 0.35% New
32 Linden Advisors LP 0.02% of their portfolio New York, NY 4,151,0004.2m $4.0m $4.0m 0.02% Reduced -154.3m -154,300,000
33 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 3,789,0003.8m $3.6m $3.6m 0.00% Added +1.1m +1,079,000
34 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 3,500,0003.5m $33.5k $33.5k 0.00% Unchanged
35 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $2.9m $2.9m 0.01% Unchanged
36 ARISTEIA CAPITAL, L.L.C. 0.07% of their portfolio GREENWICH, CT 3,000,0003.0m $2.9m $2.9m 0.07% Unchanged
37 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,623,0002.6m $2.5m $2.5m 0.00% Reduced -3.0m -3,029,000
38 CREDIT INDUSTRIEL ET COMMERCIAL 0.40% of their portfolio PARIS FRANCE, I0 2,500,0002.5m $2.5m $2.5m 0.40% Unchanged
39 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,500,0002.5m $2.4m $2.4m 0.00% Unchanged
40 UBS Group AG 0.00% of their portfolio ZURICH, V8 2,000,0002.0m $1.9m $1.9m 0.00% New
41 AVIVA PLC 0.00% of their portfolio LONDON, X0 1,500,0001.5m $1.4m $1.4m 0.00% Reduced -200.0k -200,000
42 Amundi 0.00% of their portfolio Paris, I0 1,500,0001.5m $1.4k $1.4k 0.00% Unchanged
43 Lombard Odier Asset Management (Europe) Ltd 0.08% of their portfolio LONDON, X0 1,500,0001.5m $1.5m $1.5m 0.08% Reduced -3.3m -3,300,000
44 Jefferies Financial Group Inc. 0.02% of their portfolio NEW YORK, NY 1,363,0001.4m $1.3m $1.3m 0.02% New
45 Ares Systematic Credit Ltd 0.99% of their portfolio LONDON, X0 1,300,0001.3m $1.3m $1.3m 0.99% New
46 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 1,000,0001.0m $965.0k $965.0k 0.00% New
47 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 700,000700.0k $672.0k $672.0k 0.00% Reduced -2.7m -2,719,000
48 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 665,000665.0k $638.4k $638.4k 0.00% Reduced -8.8m -8,780,000
49 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $486.2k $486.2k 0.00% Unchanged
50 ZAZOVE ASSOCIATES LLC 0.02% of their portfolio INCLINE VILLAGE, NV 420,000420.0k $404.4k $404.4k 0.02% New
51 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 245,000245.0k $238.1k $238.1k 0.00% Reduced -400.0k -400,000
52 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 236,000236.0k $227.2k $227.2k 0.00% Unchanged
53 Union Bancaire Privee, UBP SA 0.00% of their portfolio GENEVA 1, V8 118,000118.0k $114.7k $114.7k 0.00% Unchanged
54 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 67,00067.0k $64.3k $64.3k 0.00% Unchanged
55 CSS LLC/IL 0.00% of their portfolio CHICAGO, IL 50,00050.0k $48.1k $48.1k 0.00% Unchanged
56 COMMONS CAPITAL, LLC 0.02% of their portfolio NEEDHAM, MA 20,00020.0k $19.2k $19.2k 0.02% Unchanged
57 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 18,00018.0k $17.3k $17.3k 0.00% Reduced -4.0k -4,000
58 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 16,00016.0k $15.4k $15.4k 0.00% Unchanged
59 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 13,00013.0k $12.6k $12.6k 0.00% New
60 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 12,00012.0k $11.5k $11.5k 0.00% Unchanged
61 K2 PRINCIPAL FUND, L.P. 0.91% of their portfolio TORONTO, A6 9,0009.0k $8.7m $8.7m 0.91% Added +6.0k +6,000
62 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 150150 $146.3k $146.3k 0.01% Unchanged
63 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Unchanged