Vault-13

MERITAGE HOMES CORP MTH 1.75 05.15.28

NOTE 1.750% 5/1 · US DOMESTIC · CUSIP 59001ABF8

63 institutional holders +1 vs Q3 2025
21,564,55421.6m shares reported held*
$584.1mreported value*
6 new 12 added 23 reduced 7 sold out net sold ≈ $83.6m (-2.1m 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 ($1.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $27.16.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q2 25: 66Q3 25: 62Q4 25: 6363Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q2 202566
Q3 202562
Q4 202563

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 25: 35 bought or addedQ3 25: 25 cut or sold outQ3 25Q4 25: 18 bought or addedQ4 25: 30 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 20253525
Q4 20251830

Biggest buyers

Lombard Odier Asset Management (Europe) Ltd New +5,405,000+5.4m
JONES ROAD CAPITAL MANAGEMENT, L.P. New +5,000,000+5.0m
VICTORY CAPITAL MANAGEMENT INC Added +4,556,000+4.6m
VOYA INVESTMENT MANAGEMENT LLC Added +4,000,000+4.0m
GROUPAMA ASSET MANAGMENT New +1,700,000+1.7m
CITIGROUP INC Added +1,003,000+1.0m
STATE STREET CORP Added +1,000,000+1.0m
BANK OF AMERICA CORP /DE/ Added +633,000+633.0k
PIER 88 INVESTMENT PARTNERS LLC Added +520,000+520.0k
RATIONAL ADVISORS, INC. Added +520,000+520.0k

Biggest sellers

JPMORGAN CHASE & CO Reduced -32,648,000-32.6m
OAKTREE CAPITAL MANAGEMENT LP Sold out -12,695,000-12.7m
LORD, ABBETT & CO. LLC Reduced -11,884,000-11.9m
UBS Group AG Reduced -7,096,000-7.1m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -6,569,000-6.6m
ZAZOVE ASSOCIATES LLC Reduced -6,500,000-6.5m
MACQUARIE GROUP LTD Sold out -6,010,000-6.0m
SHENKMAN CAPITAL MANAGEMENT INC Sold out -5,918,000-5.9m
Wellesley Asset Management Reduced -3,715,000-3.7m
FMR LLC Reduced -3,587,000-3.6m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ADVENT CAPITAL MANAGEMENT /DE/ 2.41% of their portfolio NEW YORK, NY 105,126,000105.1m $104.2m $104.2m 2.41% Reduced -6.6m -6,569,000
2 VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio San Antonio, TX 70,123,00070.1m $69.0m $69.0m 0.04% Added +4.6m +4,556,000
3 BlackRock, Inc. 0.00% of their portfolio New York, NY 52,351,00052.4m $51.5m $51.5m 0.00% Added +230.0k +230,000
4 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 43,895,00043.9m $43.3m $43.3m 0.01% Reduced -1.7m -1,742,000
5 MacKay Shields LLC 1.26% of their portfolio New York, NY 36,370,00036.4m $35.9m $35.9m 1.26% Reduced -654.0k -654,000
6 Wellesley Asset Management 3.51% of their portfolio PORTSMOUTH, NH 34,144,00034.1m $33.7m $33.7m 3.51% Reduced -3.7m -3,715,000
7 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 28,250,00028.2m $27.9m $27.9m 0.00% Reduced -32.6m -32,648,000
8 VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio ATLANTA, GA 23,400,00023.4m $23.1m $23.1m 0.02% Added +4.0m +4,000,000
9 LORD, ABBETT & CO. LLC 0.06% of their portfolio JERSEY CITY, NJ 19,950,00019.9m $19.7m $19.7m 0.06% Reduced -11.9m -11,884,000
10 PIER 88 INVESTMENT PARTNERS LLC 4.07% of their portfolio SAN FRANCISCO, CA 18,489,00018.5m $18.2m $18.2m 4.07% Added +520.0k +520,000
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,450,00012.4m $12.2m $12.2m 0.00% Added +1.0m +1,000,000
12 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 11,500,00011.5m $11.3m $11.3m 0.01% Reduced -500.0k -500,000
13 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 8,876,0008.9m $8.8m $8.8m 0.00% Reduced -707.0k -707,000
14 Calamos Advisors LLC 0.03% of their portfolio NAPERVILLE, IL 8,629,0008.6m $8.5m $8.5m 0.03% Unchanged
15 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 7,820,0007.8m $7.7m $7.7m 0.00% Added +633.0k +633,000
16 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,657,0007.7m $7.5m $7.5m 0.00% Reduced -651.0k -651,000
17 RATIONAL ADVISORS, INC. 0.76% of their portfolio San Juan, PR 7,542,0007.5m $7.4m $7.4m 0.76% Added +520.0k +520,000
18 FMR LLC 0.00% of their portfolio BOSTON, MA 7,481,0007.5m $7.4m $7.4m 0.00% Reduced -3.6m -3,587,000
19 INCOME RESEARCH & MANAGEMENT 3.21% of their portfolio Boston, MA 6,215,0006.2m $6.1m $6.1m 3.21% Added +490.0k +490,000
20 WESTWOOD HOLDINGS GROUP INC 0.05% of their portfolio DALLAS, TX 6,140,0006.1m $6.1m $6.1m 0.05% Unchanged
21 CONNING INC. 0.19% of their portfolio HARTFORD, CT 5,940,0005.9m $5.8m $5.8m 0.19% Unchanged
22 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 5,900,0005.9m $5.8m $5.8m 0.01% Reduced -2.3m -2,315,000
23 Lombard Odier Asset Management (Europe) Ltd 0.27% of their portfolio LONDON, X0 5,405,0005.4m $5.3m $5.3m 0.27% New
24 NOMURA ASSET MANAGEMENT CO LTD 0.01% of their portfolio TOKYO, M0 5,000,0005.0m $4.9m $4.9m 0.01% Unchanged
25 JONES ROAD CAPITAL MANAGEMENT, L.P. 5.35% of their portfolio NEW YORK, NY 5,000,0005.0m $4.9m $4.9m 5.35% New
26 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 4,429,0004.4m $4.4m $4.4m 0.00% Added +1.0m +1,003,000
27 PALISADE CAPITAL MANAGEMENT, LP 0.12% of their portfolio FORT LEE, NJ 4,156,0004.2m $4.1m $4.1m 0.12% Reduced -94.0k -94,000
28 ZAZOVE ASSOCIATES LLC 0.35% of their portfolio INCLINE VILLAGE, NV 4,150,0004.2m $4.1m $4.1m 0.35% Reduced -6.5m -6,500,000
29 SSI INVESTMENT MANAGEMENT LLC 0.26% of their portfolio Los Angeles, CA 3,834,0003.8m $3.8m $3.8m 0.26% Reduced -408.0k -408,000
30 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 3,514,0003.5m $3.5m $3.5m 0.01% Unchanged
31 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 3,034,0003.0m $3.0m $3.0m 0.00% Reduced -3.2m -3,206,000
32 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $3.0m $3.0m 0.01% Unchanged
33 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio PHILADELPHIA, PA 2,960,0003.0m $2.9m $2.9m 0.00% First filing
34 Kohlberg Kravis Roberts & Co. L.P. 0.04% of their portfolio NEW YORK, NY 2,648,0002.6m $2.6m $2.6m 0.04% Unchanged
35 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 2,561,0002.6m $2.5m $2.5m 0.00% Reduced -2.0k -2,000
36 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 2,275,0002.3m $2.2m $2.2m 0.01% Reduced -725.0k -725,000
37 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,960,0002.0m $1.9m $1.9m 0.00% Unchanged
38 Man Group plc 0.00% of their portfolio LONDON, X0 1,720,0001.7m $1.7m $1.7m 0.00% Reduced -250.0k -250,000
39 GROUPAMA ASSET MANAGMENT 0.02% of their portfolio PARIS, I0 1,700,0001.7m $1.7m $1.7m 0.02% New
40 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 1,056,0001.1m $1.1m $1.1m 0.01% Added +348.0k +348,000
41 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 1,000,0001.0m $975.0k $975.0k 0.00% Unchanged
42 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 600,000600.0k $586.5k $586.5k 0.00% Unchanged
43 AEGON USA Investment Management, LLC 0.33% of their portfolio CEDAR RAPIDS, IA 475,000475.0k $467.2k $467.2k 0.33% Unchanged
44 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 238,000238.0k $234.1k $234.1k 0.00% Unchanged
45 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 193,000193.0k $189.8k $189.8k 0.00% Reduced -1.0k -1,000
46 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 147,000147.0k $144.6k $144.6k 0.00% Reduced -2.0k -2,000
47 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 111,000111.0k $1.1k $1.1k 0.00% Unchanged
48 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 59,00059.0k $58.0k $58.0k 0.00% Unchanged
49 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 54,00054.0k $53.1k $53.1k 0.00% New
50 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 43,00043.0k $42.3k $42.3k 0.00% Unchanged
51 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 34,00034.0k $33.1k $33.1k 0.00% Reduced -8.0k -8,000
52 Balboa Wealth Partners 0.01% of their portfolio SCOTTSDALE, AZ 34,00034.0k $33.1k $33.1k 0.01% Reduced -1.0k -1,000
53 CHOREO, LLC 0.00% of their portfolio ROCKFORD, IL 28,00028.0k $27.6k $27.6k 0.00% Unchanged
54 UBS Group AG 0.00% of their portfolio ZURICH, V8 20,00020.0k $19.7k $19.7k 0.00% Reduced -7.1m -7,096,000
55 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 16,00016.0k $15.7k $15.7k 0.00% Added +3.0k +3,000
56 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 14,75014.8k $1.5m $1.5m 0.00% Unchanged
57 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 11,00011.0k $10.8k $10.8k 0.00% Added +1.0k +1,000
58 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 5,0005.0k $4.9k $4.9k 0.00% New
59 COMERICA BANK 0.00% of their portfolio DALLAS, TX 4,0004.0k $3.9k $3.9k 0.00% Unchanged
60 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 2,0002.0k $2.0k $2.0k 0.00% Unchanged
61 LAFFER TENGLER INVESTMENTS, INC. 0.30% of their portfolio Scottsdale, AZ 1,9982.0k $2.0m $2.0m 0.30% New
62 ODDO BHF ASSET MANAGEMENT SAS 0.02% of their portfolio PARIS, I0 556556 $549.6k $549.6k 0.02% Not comparable
63 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Unchanged