Vault-13

PAR TECHNOLOGY CORP PAR 1.5 10.15.27

NOTE 1.500%10/1 · US DOMESTIC · CUSIP 698884AE3

25 institutional holders -5 vs Q1 2025
201,000201.0k shares reported held*
$296.5mreported value*
2 new 4 added 5 reduced 7 sold out net sold ≈ $37.5m (-23.0k 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 ≈ $1475.07.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0102030Q3 22: 18Q4 22: 18Q1 23: 22Q2 23: 23Q3 23: 22Q4 23: 20Q1 24: 22Q2 24: 19Q3 24: 20Q4 24: 22Q1 25: 30Q2 25: 2525Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202218
Q4 202218
Q1 202322
Q2 202323
Q3 202322
Q4 202320
Q1 202422
Q2 202419
Q3 202420
Q4 202422
Q1 202530
Q2 202525

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q3 23: 9 bought or addedQ3 23: 7 cut or sold outQ4 23: 8 bought or addedQ4 23: 6 cut or sold outQ4 23Q1 24: 6 bought or addedQ1 24: 6 cut or sold outQ2 24: 5 bought or addedQ2 24: 3 cut or sold outQ2 24Q3 24: 3 bought or addedQ3 24: 4 cut or sold outQ4 24: 8 bought or addedQ4 24: 9 cut or sold outQ4 24Q1 25: 13 bought or addedQ1 25: 7 cut or sold outQ2 25: 6 bought or addedQ2 25: 12 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202397
Q4 202386
Q1 202466
Q2 202453
Q3 202434
Q4 202489
Q1 2025137
Q2 2025612

Biggest buyers

Opti Capital Management, LP New +22,000,000+22.0m
LAZARD ASSET MANAGEMENT LLC Added +8,513,000+8.5m
Linden Advisors LP Added +1,000,000+1.0m
BlackRock, Inc. Added +275,000+275.0k
GOLDMAN SACHS GROUP INC New +39,000+39.0k
Calamos Advisors LLC Added +3,000+3.0k

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -24,000,000-24.0m
CITADEL ADVISORS LLC Sold out -20,000,000-20.0m
ARISTEIA CAPITAL, L.L.C. Sold out -6,000,000-6.0m
CAPSTONE INVESTMENT ADVISORS, LLC Sold out -5,500,000-5.5m
CAMDEN ASSET MANAGEMENT L P /CA Sold out -5,493,000-5.5m
CSS LLC/IL Sold out -2,500,000-2.5m
WELLINGTON MANAGEMENT GROUP LLP Sold out -674,000-674.0k
SSI INVESTMENT MANAGEMENT LLC Reduced -223,000-223.0k
Central Pacific Bank - Trust Division Reduced -34,000-34.0k
NOMURA HOLDINGS INC Sold out -22,961-23.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio ATLANTA, GA 41,000,00041.0m $47.1m $47.1m 0.05% Reduced -24.0m -24,000,000
2 WOLVERINE ASSET MANAGEMENT LLC 0.73% of their portfolio CHICAGO, IL 38,073,00038.1m $43.7m $43.7m 0.73% Unchanged
3 Linden Advisors LP 0.18% of their portfolio New York, NY 25,720,00025.7m $29.6m $29.6m 0.18% Added +1.0m +1,000,000
4 READYSTATE ASSET MANAGEMENT LP 1.10% of their portfolio CHICAGO, IL 23,000,00023.0m $26.4m $26.4m 1.10% Unchanged
5 Opti Capital Management, LP 1.44% of their portfolio New York, NY 22,000,00022.0m $25.4m $25.4m 1.44% New
6 TENOR CAPITAL MANAGEMENT Co., L.P. 0.32% of their portfolio NEW YORK, NY 20,500,00020.5m $23.7m $23.7m 0.32% Unchanged
7 HBK INVESTMENTS L P 0.41% of their portfolio DALLAS, TX 19,882,00019.9m $22.9m $22.9m 0.41% Unchanged
8 Calamos Advisors LLC 0.06% of their portfolio NAPERVILLE, IL 13,012,00013.0m $15.0m $15.0m 0.06% Added +3.0k +3,000
9 LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 11,836,00011.8m $13.6m $13.6m 0.02% Added +8.5m +8,513,000
10 SILVERBACK ASSET MANAGEMENT LLC 1.33% of their portfolio DURHAM, NC 7,500,0007.5m $8.7m $8.7m 1.33% Unchanged
11 Parallax Volatility Advisers, L.P. 0.25% of their portfolio San Francisco, CA 5,500,0005.5m $6.3m $6.3m 0.25% Unchanged
12 SSI INVESTMENT MANAGEMENT LLC 0.30% of their portfolio Los Angeles, CA 3,727,0003.7m $4.3m $4.3m 0.30% Reduced -223.0k -223,000
13 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,521,0002.5m $2.9m $2.9m 0.00% Added +275.0k +275,000
14 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,503,0002.5m $2.8m $2.8m 0.00% Unchanged
15 OAKTREE CAPITAL MANAGEMENT LP 0.03% of their portfolio LOS ANGELES, CA 1,100,0001.1m $1.3m $1.3m 0.03% Unchanged
16 FMR LLC 0.00% of their portfolio BOSTON, MA 475,000475.0k $543.0k $543.0k 0.00% Unchanged
17 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $224.8k $224.8k 0.00% Unchanged
18 Central Pacific Bank - Trust Division 0.03% of their portfolio HONOLULU, HI 194,000194.0k $221.8k $221.8k 0.03% Reduced -34.0k -34,000
19 Calamos Wealth Management LLC 0.00% of their portfolio NAPERVILLE, IL 60,00060.0k $69.0k $69.0k 0.00% Reduced -15.0k -15,000
20 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 39,00039.0k $44.6k $44.6k 0.00% New
21 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 25,00025.0k $28.6k $28.6k 0.00% Unchanged
22 Context Capital Management, LLC 0.54% of their portfolio LAJOLLA, CA 14,01214.0k $16.1m $16.1m 0.54% Unchanged
23 K2 PRINCIPAL FUND, L.P. 0.84% of their portfolio TORONTO, A6 4,0004.0k $4.6m $4.6m 0.84% Reduced -1.0k -1,000
24 Alpine Global Management, LLC 0.26% of their portfolio NEW YORK, NY 1,0001.0k $1.1m $1.1m 0.26% Unchanged
25 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged