Vault-13

Q2 HLDGS INC QTWO 0.125 11.15.25

NOTE 0.125%11/1 · US DOMESTIC · CUSIP 74736LAF6

12 institutional holders -1 vs Q1 2025
4,000,0004.0m shares reported held*
$186.9mreported value*
0 new 2 added 2 reduced 1 sold out net bought ≈ $749.0k (-6.9m 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 ≈ $46.73.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0102030Q3 22: 21Q4 22: 20Q1 23: 22Q2 23: 21Q3 23: 19Q4 23: 19Q1 24: 20Q2 24: 17Q3 24: 17Q4 24: 12Q1 25: 13Q2 25: 1212Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202221
Q4 202220
Q1 202322
Q2 202321
Q3 202319
Q4 202319
Q1 202420
Q2 202417
Q3 202417
Q4 202412
Q1 202513
Q2 202512

Buyers vs sellers

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

Bought or addedCut or sold out
10010Q3 23: 3 bought or addedQ3 23: 4 cut or sold outQ4 23: 5 bought or addedQ4 23: 5 cut or sold outQ4 23Q1 24: 8 bought or addedQ1 24: 8 cut or sold outQ2 24: 7 bought or addedQ2 24: 5 cut or sold outQ2 24Q3 24: 1 bought or addedQ3 24: 0 cut or sold outQ4 24: 2 bought or addedQ4 24: 8 cut or sold outQ4 24Q1 25: 1 bought or addedQ1 25: 0 cut or sold outQ2 25: 2 bought or addedQ2 25: 3 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202334
Q4 202355
Q1 202488
Q2 202475
Q3 202410
Q4 202428
Q1 202510
Q2 202523

Biggest buyers

LAZARD ASSET MANAGEMENT LLC Added +9,385,000+9.4m
DeepCurrents Investment Group LLC Added +3,250,000+3.2m

Biggest sellers

Ewing Morris & Co. Investment Partners Ltd. Sold out -5,375,000-5.4m
TENOR CAPITAL MANAGEMENT Co., L.P. Reduced -5,000,000-5.0m
ABSOLUTE INVESTMENT ADVISERS, LLC Reduced -1,500,000-1.5m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 0.60% of their portfolio NEW YORK, NY 45,055,00045.1m $44.6m $44.6m 0.60% Reduced -5.0m -5,000,000
2 Linden Advisors LP 0.24% of their portfolio New York, NY 39,595,00039.6m $39.0m $39.0m 0.24% Unchanged
3 Calamos Advisors LLC 0.13% of their portfolio NAPERVILLE, IL 30,625,00030.6m $30.3m $30.3m 0.13% Unchanged
4 LAZARD ASSET MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 26,516,00026.5m $26.2m $26.2m 0.04% Added +9.4m +9,385,000
5 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 18,403,00018.4m $18.1m $18.1m 0.02% Unchanged
6 DeepCurrents Investment Group LLC 0.66% of their portfolio NEW YORK, NY 18,402,00018.4m $18.1m $18.1m 0.66% Added +3.2m +3,250,000
7 ABSOLUTE INVESTMENT ADVISERS, LLC 0.49% of their portfolio ROSEMARY BEACH, FL 4,000,0004.0m $3.9m $3.9m 0.49% Reduced -1.5m -1,500,000
8 ADVENT CAPITAL MANAGEMENT /DE/ 0.08% of their portfolio NEW YORK, NY 3,712,0003.7m $3.7m $3.7m 0.08% Unchanged
9 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 874,000874.0k $858.3k $858.3k 0.00% Unchanged
10 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 71,00071.0k $70.0k $70.0k 0.00% Unchanged
11 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 20,88020.9k $2.1m $2.1m 0.01% Unchanged
12 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged