Vault-13

PAGAYA U S HLDG CO LLC PGY 6.125 10.01.29

NOTE 6.125%10/0 · US DOMESTIC · CUSIP 69549FAB5

13 institutional holders -4 vs Q1 2026
$134.5mprincipal reported held*
$209.0mreported value*
4 new 1 added 5 reduced 8 sold out net sold ≈ $29.7m (-2.8m 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. Holder counts are more reliable.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

01020Q4 25: 15Q1 26: 17Q2 26: 1313Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q4 202515
Q1 202617
Q2 202613

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q1 26: 7 bought or addedQ1 26: 5 cut or sold outQ1 26Q2 26: 5 bought or addedQ2 26: 13 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q1 202675
Q2 2026513

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2.5m$5m$7.5m$10mQ3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $9.3mQ1 26P/C —Q2 26 calls: $0Q2 26 puts: $0Q2 26P/C —
Numbers
QuarterCallsPutsP/C
Q3 2025$0$0—
Q4 2025$0$0—
Q1 2026$0$9.3m—
Q2 2026$0$0—

Biggest buyers

TWO SIGMA INVESTMENTS, LP New +8,000,000+8.0m
Jefferies Financial Group Inc. New +6,360,000+6.4m
SSI INVESTMENT MANAGEMENT LLC New +5,250,000+5.2m
GABELLI FUNDS LLC Added +2,150,000+2.1m
GAMCO INVESTORS, INC. ET AL New +250,000+250.0k

Biggest sellers

DLD Asset Management, LP Sold out -11,000,000-11.0m
Linden Advisors LP Reduced -8,500,000-8.5m
BNP PARIBAS FINANCIAL MARKETS Reduced -5,884,000-5.9m
D. E. Shaw & Co., Inc. Sold out -5,250,000-5.2m
LAZARD ASSET MANAGEMENT LLC Reduced -4,299,000-4.3m
Jump Financial, LLC Sold out -4,000,000-4.0m
SSI INVESTMENT MANAGEMENT LLC Sold out -2,750,000-2.8m
ADVENT CAPITAL MANAGEMENT /DE/ Sold out -1,422,000-1.4m
Context Capital Management, LLC Reduced -1,000,000-1.0m
BANK OF AMERICA CORP /DE/ Sold out -607,000-607.0k

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.32% of their portfolio New York, NY 39,472,00039.5m $62.7m $62.7m 0.32% Reduced -8.5m -8,500,000
2 Context Capital Management, LLC 0.88% of their portfolio LAJOLLA, CA 27,225,00027.2m $43.4m $43.4m 0.88% Reduced -1.0m -1,000,000
3 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 21,943,00021.9m $35.4m $35.4m 0.01% Unchanged
4 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 8,000,0008.0m $12.7m $12.7m 0.01% New
5 DeepCurrents Investment Group LLC 0.44% of their portfolio NEW YORK, NY 8,000,0008.0m $12.7m $12.7m 0.44% Unchanged
6 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 6,603,0006.6m $10.5m $10.5m 0.01% Reduced -5.9m -5,884,000
7 Jefferies Financial Group Inc. 0.09% of their portfolio NEW YORK, NY 6,360,0006.4m $10.1m $10.1m 0.09% New
8 SSI INVESTMENT MANAGEMENT LLC 0.48% of their portfolio Los Angeles, CA 5,250,0005.2m $8.3m $8.3m 0.48% New
9 GABELLI FUNDS LLC 0.05% of their portfolio Rye, NY 4,700,0004.7m $7.4m $7.4m 0.05% Added +2.1m +2,150,000
10 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 3,399,0003.4m $54.2k $54.2k 0.00% Reduced -4.3m -4,299,000
11 FMR LLC 0.00% of their portfolio BOSTON, MA 1,808,0001.8m $2.9m $2.9m 0.00% Reduced -10.0k -10,000
12 CAPSTONE INVESTMENT ADVISORS, LLC 0.02% of their portfolio NEW YORK, NY 1,500,0001.5m $2.4m $2.4m 0.02% Unchanged
13 GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio GREENWICH, CT 250,000250.0k $396.0k $396.0k 0.00% New