Vault-13

MIDDLEBY CORP MIDD 1 09.01.25

NOTE 1.000% 9/0 · US DOMESTIC · CUSIP 596278AB7

65 institutional holders +3 vs Q1 2025
48,355,47548.4m shares reported held*
$844.3mreported value*
14 new 13 added 23 reduced 10 sold out net sold ≈ $108.9m (+38.3m 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 ≈ $17.46.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 65Q4 22: 64Q1 23: 67Q2 23: 67Q3 23: 59Q4 23: 64Q1 24: 57Q2 24: 61Q3 24: 62Q4 24: 64Q1 25: 62Q2 25: 6565Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202265
Q4 202264
Q1 202367
Q2 202367
Q3 202359
Q4 202364
Q1 202457
Q2 202461
Q3 202462
Q4 202464
Q1 202562
Q2 202565

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 17 bought or addedQ3 23: 28 cut or sold outQ4 23: 25 bought or addedQ4 23: 20 cut or sold outQ4 23Q1 24: 17 bought or addedQ1 24: 33 cut or sold outQ2 24: 22 bought or addedQ2 24: 26 cut or sold outQ2 24Q3 24: 23 bought or addedQ3 24: 24 cut or sold outQ4 24: 22 bought or addedQ4 24: 24 cut or sold outQ4 24Q1 25: 27 bought or addedQ1 25: 27 cut or sold outQ2 25: 27 bought or addedQ2 25: 33 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20231728
Q4 20232520
Q1 20241733
Q2 20242226
Q3 20242324
Q4 20242224
Q1 20252727
Q2 20252733

Biggest buyers

AQR Arbitrage LLC New +82,530,000+82.5m
JPMORGAN CHASE & CO Added +51,506,000+51.5m
SONA ASSET MANAGEMENT (US) LLC New +40,000,000+40.0m
Point72 Asset Management, L.P. New +34,969,000+35.0m
ANGELO GORDON & CO., L.P. New +32,000,000+32.0m
ZAZOVE ASSOCIATES LLC New +25,305,000+25.3m
TWO SIGMA INVESTMENTS, LP New +25,000,000+25.0m
Worth Venture Partners, LLC Added +18,000,000+18.0m
UBS Group AG New +16,544,000+16.5m
WELLS FARGO & COMPANY/MN Added +15,248,000+15.2m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Sold out -206,680,000-206.7m
Shaolin Capital Management LLC Sold out -95,794,000-95.8m
Man Group plc Reduced -37,269,000-37.3m
LAZARD ASSET MANAGEMENT LLC Reduced -23,213,000-23.2m
MARSHALL WACE, LLP Sold out -21,500,000-21.5m
FMR LLC Reduced -17,775,000-17.8m
JANE STREET GROUP, LLC Reduced -15,766,000-15.8m
Balyasny Asset Management L.P. Sold out -15,500,000-15.5m
Magnetar Financial LLC Sold out -15,000,000-15.0m
Aequim Alternative Investments LP Sold out -10,326,000-10.3m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 AQR Arbitrage LLC 2.17% of their portfolio Greenwich, CT 82,530,00082.5m $92.8m $92.8m 2.17% New
2 DeepCurrents Investment Group LLC 2.90% of their portfolio NEW YORK, NY 70,505,00070.5m $79.2m $79.2m 2.90% Added +5.0m +5,000,000
3 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 57,112,00057.1m $63.6m $63.6m 0.00% Added +51.5m +51,506,000
4 Davidson Kempner Capital Management LP 0.85% of their portfolio New York, NY 50,000,00050.0m $56.1m $56.1m 0.85% Added +5.0m +5,000,000
5 MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio NEW YORK, NY 47,500,00047.5m $53.4m $53.4m 0.05% Reduced -2.5m -2,500,000
6 SONA ASSET MANAGEMENT (US) LLC 1.52% of their portfolio NEW YORK, NY 40,000,00040.0m $45.0m $45.0m 1.52% New
7 Point72 Asset Management, L.P. 0.09% of their portfolio STAMFORD, CT 34,969,00035.0m $39.3m $39.3m 0.09% New
8 ANGELO GORDON & CO., L.P. 4.78% of their portfolio NEW YORK, NY 32,000,00032.0m $35.9m $35.9m 4.78% New
9 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 27,500,00027.5m $30.9m $30.9m 0.03% Added +7.5m +7,500,000
10 ZAZOVE ASSOCIATES LLC 2.32% of their portfolio INCLINE VILLAGE, NV 25,305,00025.3m $28.4m $28.4m 2.32% New
11 TWO SIGMA INVESTMENTS, LP 0.05% of their portfolio NEW YORK, NY 25,000,00025.0m $28.0m $28.0m 0.05% New
12 Worth Venture Partners, LLC 37.04% of their portfolio FORT LEE, NJ 21,500,00021.5m $24.2m $24.2m 37.04% Added +18.0m +18,000,000
13 Calamos Advisors LLC 0.09% of their portfolio NAPERVILLE, IL 19,672,00019.7m $22.1m $22.1m 0.09% Reduced -153.0k -153,000
14 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 19,489,00019.5m $21.9m $21.9m 0.00% Added +15.2m +15,248,000
15 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 18,733,00018.7m $21.0m $21.0m 0.01% Reduced -764.0k -764,000
16 UBS Group AG 0.00% of their portfolio ZURICH, V8 16,544,00016.5m $18.6m $18.6m 0.00% New
17 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,034,00015.0m $17.0m $17.0m 0.00% Reduced -750.0k -750,000
18 BlackRock, Inc. 0.00% of their portfolio New York, NY 12,257,00012.3m $13.7m $13.7m 0.00% Reduced -775.0k -775,000
19 Warberg Asset Management LLC 3.06% of their portfolio WINNETKA, IL 11,113,00011.1m $12.5m $12.5m 3.06% Added +1.8m +1,752,000
20 ABSOLUTE INVESTMENT ADVISERS, LLC 1.47% of their portfolio ROSEMARY BEACH, FL 10,600,00010.6m $11.9m $11.9m 1.47% Added +6.4m +6,425,000
21 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 9,665,0009.7m $10.8m $10.8m 0.01% Added +5.6m +5,617,000
22 FMR LLC 0.00% of their portfolio BOSTON, MA 9,154,0009.2m $10.3m $10.3m 0.00% Reduced -17.8m -17,775,000
23 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 8,156,5008.2m $9.1m $9.1m 0.00% Added +888.0k +888,000
24 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 7,250,0007.2m $8.2m $8.2m 0.01% Reduced -500.0k -500,000
25 Walleye Capital LLC 0.07% of their portfolio NEW YORK, NY 6,500,0006.5m $7.3m $7.3m 0.07% New
26 Mirabaud Asset Management (France) SAS 5.95% of their portfolio PARIS, I0 5,000,0005.0m $6.0m $6.0m 5.95% New
27 ADVENT CAPITAL MANAGEMENT /DE/ 0.10% of their portfolio NEW YORK, NY 4,160,0004.2m $4.7m $4.7m 0.10% Unchanged
28 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 4,000,0004.0m $4.5m $4.5m 0.01% Unchanged
29 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 3,675,0003.7m $4.1m $4.1m 0.00% Reduced -4.3m -4,308,000
30 Union Bancaire Privee, UBP SA 0.05% of their portfolio GENEVA 1, V8 3,337,0003.3m $3.2m $3.2m 0.05% Reduced -585.0k -585,000
31 Man Group plc 0.01% of their portfolio LONDON, X0 2,910,0002.9m $3.3m $3.3m 0.01% Reduced -37.3m -37,269,000
32 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 2,200,0002.2m $2.5m $2.5m 0.00% Reduced -500.0k -500,000
33 SHENKMAN CAPITAL MANAGEMENT INC 0.24% of their portfolio NEW YORK, NY 2,095,0002.1m $2.4m $2.4m 0.24% Reduced -2.4m -2,389,000
34 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,050,0002.0m $2.3m $2.3m 0.00% Reduced -2.1m -2,075,000
35 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,793,0001.8m $2.0m $2.0m 0.00% Added +613.0k +613,000
36 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,510,0001.5m $1.7m $1.7m 0.00% Added +505.0k +505,000
37 RWC Asset Management LLP 0.08% of their portfolio LONDON, X0 1,400,0001.4m $1.6m $1.6m 0.08% Unchanged
38 OFI INVEST ASSET MANAGEMENT 0.03% of their portfolio ISSY LES MOULINEAUX, I0 1,200,0001.2m $1.2m $1.2m 0.03% Unchanged
39 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 1,036,0001.0m $1.2m $1.2m 0.00% Reduced -6.7m -6,743,000
40 PALISADE CAPITAL MANAGEMENT, LP 0.03% of their portfolio FORT LEE, NJ 1,032,0001.0m $1.2m $1.2m 0.03% Unchanged
41 Quaero Capital S.A. 1.42% of their portfolio GENEVE, V8 1,000,0001.0m $1.1m $1.1m 1.42% Unchanged
42 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 942,000942.0k $1.1m $1.1m 0.00% Reduced -15.8m -15,766,000
43 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 650,000650.0k $730.1k $730.1k 0.00% Unchanged
44 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 647,000647.0k $730.9k $730.9k 0.01% New
45 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 609,000609.0k $683.0k $683.0k 0.00% Added +350.0k +350,000
46 PROSPECTOR PARTNERS LLC 0.07% of their portfolio GUILFORD, CT 500,000500.0k $560.8k $560.8k 0.07% Unchanged
47 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 400,000400.0k $450.1k $450.1k 0.00% Unchanged
48 SSI INVESTMENT MANAGEMENT LLC 0.03% of their portfolio Los Angeles, CA 338,000338.0k $379.1k $379.1k 0.03% Reduced -5.0k -5,000
49 Calamos Wealth Management LLC 0.00% of their portfolio NAPERVILLE, IL 102,000102.0k $114.4k $114.4k 0.00% Reduced -29.0k -29,000
50 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 99,00099.0k $111.4k $111.4k 0.00% Reduced -101.0k -101,000
51 Fox Hill Wealth Management 0.04% of their portfolio DEDHAM, MA 68,00068.0k $77.0k $77.0k 0.04% Reduced -1.0k -1,000
52 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 66,00066.0k $74.0k $74.0k 0.00% Reduced -23.2m -23,213,000
53 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 45,00045.0k $50.5k $50.5k 0.00% Reduced -4.0k -4,000
54 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 40,00040.0k $44.9k $44.9k 0.00% Reduced -5.0k -5,000
55 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 29,00029.0k $32.5k $32.5k 0.00% Unchanged
56 Boussard & Gavaudan Investment Management LLP 4.07% of their portfolio London, X0 27,70027.7k $31.7m $31.7m 4.07% New
57 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 21,00021.0k $23.6k $23.6k 0.00% New
58 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 19,40019.4k $2.2m $2.2m 0.01% Unchanged
59 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 16,00016.0k $18.1k $18.1k 0.00% Unchanged
60 Colonial Trust Advisors 0.00% of their portfolio SPARTANBURG, SC 16,00016.0k $17.9k $17.9k 0.00% Unchanged
61 HB Wealth Management, LLC 0.00% of their portfolio Atlanta, GA 16,00016.0k $18.1k $18.1k 0.00% New
62 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 6,5706.6k $946.0k $946.0k 0.01% Reduced -164.8k -164,759
63 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 5,0005.0k $5.7k $5.7k 0.00% New
64 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 205205 $231.3k $231.3k 0.01% Unchanged
65 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged