Vault-13

MICROSTRATEGY INC MSTR 0.75 12.15.25

NOTE 0.750%12/1 · US DOMESTIC · CUSIP 594972AC5

15 institutional holders -29 vs Q1 2024
2,335,0002.3m shares reported held*
$505.3mreported value*
3 new 2 added 6 reduced 30 sold out net sold ≈ $1.7bn (-17.6m 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 ≈ $216.42.

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 39Q4 22: 34Q1 23: 38Q2 23: 38Q3 23: 44Q4 23: 50Q1 24: 44Q2 24: 1515Q3 22Q1 23Q3 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 202239
Q4 202234
Q1 202338
Q2 202338
Q3 202344
Q4 202350
Q1 202444
Q2 202415

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 10 bought or addedQ4 22: 17 cut or sold outQ4 22Q1 23: 22 bought or addedQ1 23: 15 cut or sold outQ2 23: 16 bought or addedQ2 23: 16 cut or sold outQ2 23Q3 23: 20 bought or addedQ3 23: 12 cut or sold outQ4 23: 19 bought or addedQ4 23: 23 cut or sold outQ4 23Q1 24: 27 bought or addedQ1 24: 29 cut or sold outQ2 24: 5 bought or addedQ2 24: 36 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 20221017
Q1 20232215
Q2 20231616
Q3 20232012
Q4 20231923
Q1 20242729
Q2 2024536

Biggest buyers

Elequin Capital, LP New +19,310,000+19.3m
FMR LLC Added +11,453,000+11.5m
Shaolin Capital Management LLC Added +9,522,000+9.5m
Pinnacle Holdings, LLC New +500,000+500.0k
BANK OF AMERICA CORP /DE/ New +42,000+42.0k

Biggest sellers

Linden Advisors LP Sold out -152,976,000-153.0m
WHITEBOX ADVISORS LLC Sold out -56,600,000-56.6m
Graham Capital Management, L.P. Sold out -56,366,000-56.4m
CITADEL ADVISORS LLC Sold out -36,000,000-36.0m
DLD Asset Management, LP Sold out -31,750,000-31.8m
SOROS FUND MANAGEMENT LLC Sold out -31,292,000-31.3m
MILLENNIUM MANAGEMENT LLC Sold out -31,014,000-31.0m
LMR Partners LLP Sold out -23,500,000-23.5m
Balyasny Asset Management L.P. Sold out -21,500,000-21.5m
JANUS HENDERSON GROUP PLC Sold out -15,814,000-15.8m

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Shaolin Capital Management LLC 6.42% of their portfolio Miami, FL 60,372,00060.4m $208.8m $208.8m 6.42% Added +9.5m +9,522,000
2 FMR LLC 0.01% of their portfolio BOSTON, MA 33,133,00033.1m $114.6m $114.6m 0.01% Added +11.5m +11,453,000
3 Elliott Investment Management L.P. 0.91% of their portfolio WEST PALM BEACH, FL 27,500,00027.5m $95.2m $95.2m 0.91% Reduced -14.4m -14,400,000
4 Elequin Capital, LP 17.72% of their portfolio NEW YORK, NY 19,310,00019.3m $67.0m $67.0m 17.72% New
5 LORD, ABBETT & CO. LLC 0.01% of their portfolio JERSEY CITY, NJ 2,316,0002.3m $8.0m $8.0m 0.01% Reduced -134.0k -134,000
6 Miller Value Partners, LLC 4.42% of their portfolio SARASOTA, FL 2,000,0002.0m $6.9m $6.9m 4.42% Reduced -650.0k -650,000
7 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 684,000684.0k $2.4m $2.4m 0.00% Reduced -6.7m -6,724,000
8 Pinnacle Holdings, LLC 0.70% of their portfolio TULSA, OK 500,000500.0k $1.7m $1.7m 0.70% New
9 SSI INVESTMENT MANAGEMENT LLC 0.03% of their portfolio Los Angeles, CA 102,000102.0k $352.8k $352.8k 0.03% Reduced -195.0k -195,000
10 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 42,00042.0k $145.3k $145.3k 0.00% New
11 J.W. COLE ADVISORS, INC. 0.00% of their portfolio TAMPA, FL 19,00019.0k $65.7k $65.7k 0.00% Unchanged
12 AdvisorNet Financial, Inc 0.01% of their portfolio MINNETONKA, MN 19,00019.0k $65.7k $65.7k 0.01% Unchanged
13 Virtus Investment Advisers, LLC 0.02% of their portfolio HARTFORD, CT 8,0008.0k $27.7k $27.7k 0.02% Unchanged
14 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,0001.0k $3.6k $3.6k 0.00% Reduced -198.0k -198,000
15 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged