SNAP INC SNAP 0.75 08.01.26

NOTE 0.750% 8/0 · US DOMESTIC · CUSIP 83304AAB2

35 institutional holders -12 vs Q1 2024

3,267,5753.3m shares reported held*

$288.8mreported value*

6 new 5 added 14 reduced 18 sold out net sold ≈ $263.3m (-11.8m 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. Implied quarter-end price ≈ $88.39.

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

Numbers

Quarter	Holders
Q3 2022	65
Q4 2022	67
Q1 2023	57
Q2 2023	64
Q3 2023	53
Q4 2023	50
Q1 2024	47
Q2 2024	35

Buyers vs sellers

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

Bought or addedCut or sold out

Numbers

Quarter	Bought or added	Cut or sold out
Q4 2022	17	31
Q1 2023	26	27
Q2 2023	26	25
Q3 2023	16	37
Q4 2023	21	26
Q1 2024	22	25
Q2 2024	11	32

Biggest buyers

VOYA INVESTMENT MANAGEMENT LLC	Added	+11,250,000+11.2m
CSS LLC/IL	New	+6,246,000+6.2m
JPMORGAN CHASE & CO	Added	+3,452,000+3.5m
Jefferies Financial Group Inc.	Added	+2,497,000+2.5m
Flow State Investments, L.P.	Added	+1,000,000+1.0m
NOMURA HOLDINGS INC	New	+248,575+248.6k
CITIGROUP INC	New	+214,000+214.0k
BARCLAYS PLC	New	+182,000+182.0k
CHOREO, LLC	New	+41,000+41.0k
INSIGNEO ADVISORY SERVICES, LLC	New	+34,000+34.0k

Biggest sellers

ADVENT CAPITAL MANAGEMENT /DE/	Reduced	-73,296,000-73.3m
Invesco Ltd.	Sold out	-40,000,000-40.0m
SHENKMAN CAPITAL MANAGEMENT INC	Sold out	-28,443,000-28.4m
Balyasny Asset Management L.P.	Sold out	-20,000,000-20.0m
LAZARD ASSET MANAGEMENT LLC	Reduced	-17,099,000-17.1m
Calamos Advisors LLC	Reduced	-16,803,000-16.8m
CITADEL ADVISORS LLC	Sold out	-12,500,000-12.5m
STATE STREET CORP	Sold out	-10,753,000-10.8m
NEW YORK STATE COMMON RETIREMENT FUND	Sold out	-8,780,000-8.8m
SSI INVESTMENT MANAGEMENT LLC	Reduced	-8,377,000-8.4m

Holders, Q2 2024

#	Manager	Location	Shares	Value	% of their portfolio	Change	Shares change
1	VOYA INVESTMENT MANAGEMENT LLC 0.17% of their portfolio	ATLANTA, GA	160,925,000160.9m $172.9m	$172.9m	0.17%	Added +11.2m	+11,250,000
2	JPMORGAN CHASE & CO 0.00% of their portfolio	NEW YORK, NY	35,712,00035.7m $38.4m	$38.4m	0.00%	Added +3.5m	+3,452,000
3	LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio	NEW YORK, NY	14,193,00014.2m $15.2m	$15.2m	0.02%	Reduced -17.1m	-17,099,000
4	Flow State Investments, L.P. 3.74% of their portfolio	CHICAGO, IL	11,000,00011.0m $11.8m	$11.8m	3.74%	Added +1.0m	+1,000,000
5	DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio	FRANKFURT AM MAIN, 2M	9,750,0009.8m $10.5m	$10.5m	0.01%	Reduced -250.0k	-250,000
6	FMR LLC 0.00% of their portfolio	BOSTON, MA	7,703,0007.7m $8.2m	$8.2m	0.00%	Reduced -23.0k	-23,000
7	ADVENT CAPITAL MANAGEMENT /DE/ 0.16% of their portfolio	NEW YORK, NY	6,301,0006.3m $6.8m	$6.8m	0.16%	Reduced -73.3m	-73,296,000
8	CSS LLC/IL 0.49% of their portfolio	CHICAGO, IL	6,246,0006.2m $6.7m	$6.7m	0.49%	New
9	Jefferies Financial Group Inc. 0.08% of their portfolio	NEW YORK, NY	3,651,0003.7m $3.9m	$3.9m	0.08%	Added +2.5m	+2,497,000
10	VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio	San Antonio, TX	2,905,0002.9m $3.1m	$3.1m	0.00%	Reduced -3.0m	-3,000,000
11	MIZUHO SECURITIES USA LLC 0.06% of their portfolio	NEW YORK, NY	2,464,0002.5m $2.6m	$2.6m	0.06%	Reduced -3.2m	-3,184,000
12	Calamos Advisors LLC 0.00% of their portfolio	NAPERVILLE, IL	617,000617.0k $661.1k	$661.1k	0.00%	Reduced -16.8m	-16,803,000
13	SSI INVESTMENT MANAGEMENT LLC 0.05% of their portfolio	Los Angeles, CA	608,000608.0k $650.9k	$650.9k	0.05%	Reduced -8.4m	-8,377,000
14	WELLS FARGO & COMPANY/MN 0.00% of their portfolio	SAN FRANCISCO, CA	569,000569.0k $611.1k	$611.1k	0.00%	Unchanged
15	Bank of New York Mellon Corp 0.00% of their portfolio	NEW YORK, NY	500,000500.0k $537.0k	$537.0k	0.00%	Unchanged
16	BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio	NEW YORK, NY	420,000420.0k $448.6k	$448.6k	0.01%	Reduced -419.0k	-419,000
17	ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio	PARIS CEDEX 008, I0	300,000300.0k $322.3k	$322.3k	0.01%	Unchanged
18	NOMURA HOLDINGS INC 0.03% of their portfolio	TOKYO, M0	248,575248.6k $4.1m	$4.1m	0.03%	New
19	CITIGROUP INC 0.00% of their portfolio	NEW YORK, NY	214,000214.0k $229.1k	$229.1k	0.00%	New
20	BARCLAYS PLC 0.00% of their portfolio	LONDON, X0	182,000182.0k $195.5k	$195.5k	0.00%	New
21	Calamos Wealth Management LLC 0.01% of their portfolio	NAPERVILLE, IL	118,000118.0k $126.4k	$126.4k	0.01%	Added +4.0k	+4,000
22	BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio	PARIS, I0	110,000110.0k $117.9k	$117.9k	0.00%	Reduced -5.5m	-5,512,000
23	AQR Arbitrage LLC 0.00% of their portfolio	Greenwich, CT	60,00060.0k $64.5k	$64.5k	0.00%	Reduced -75.0k	-75,000
24	CHOREO, LLC 0.00% of their portfolio	ROCKFORD, IL	41,00041.0k $43.5k	$43.5k	0.00%	New
25	INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio	MIAMI, FL	34,00034.0k $32.2k	$32.2k	0.00%	New
26	STIFEL FINANCIAL CORP 0.00% of their portfolio	ST. LOUIS, MO	32,00032.0k $34.4k	$34.4k	0.00%	Unchanged
27	ROYAL BANK OF CANADA 0.00% of their portfolio	TORONTO, A6	29,00029.0k $31.0k	$31.0k	0.00%	Reduced -40.0k	-40,000
28	Argent Trust Co 0.00% of their portfolio	NASHVILLE, TN	21,00021.0k $22.5k	$22.5k	0.00%	Unchanged
29	US BANCORP \DE\ 0.00% of their portfolio	MINNEAPOLIS, MN	20,00020.0k $21.4k	$21.4k	0.00%	Unchanged
30	Marcum Wealth, LLC 0.00% of their portfolio	CLEVELAND, OH	14,00014.0k $15.0k	$15.0k	0.00%	Reduced -16.0k	-16,000
31	PATRON PARTNERS, LLC 0.01% of their portfolio	HOUSTON, TX	10,00010.0k $10.7k	$10.7k	0.01%	Unchanged
32	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio	MILWAUKEE, WI	4,0004.0k $4.3k	$4.3k	0.00%	Unchanged
33	MORGAN STANLEY 0.00% of their portfolio	NEW YORK, NY	1,0001.0k $1.1k	$1.1k	0.00%	Reduced -287.0k	-287,000
34	Candriam S.C.A. 0.00% of their portfolio	STRASSEN, N4	400400 $430.8k	$430.8k	0.00%	Unchanged
35	CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio	BIRMINGHAM, AL	00 $0	$0	0.00%	Unchanged