Vault-13

SNAP INC SNAP 0.125 03.01.28

NOTE 0.125% 3/0 · US DOMESTIC · CUSIP 83304AAH9

34 institutional holders -3 vs Q1 2026
5,005,0005.0m shares reported held*
$465.6mreported value*
2 new 9 added 6 reduced 5 sold out net bought ≈ $25.9m (+1.0m 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 ≈ $93.03.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q1 23: 45Q2 23: 50Q3 23: 48Q4 23: 56Q1 24: 60Q2 24: 57Q3 24: 54Q4 24: 52Q1 25: 49Q2 25: 45Q3 25: 41Q4 25: 37Q1 26: 37Q2 26: 3434Q1 23Q4 23Q3 24Q2 25Q2 26
Numbers
QuarterHolders
Q1 202345
Q2 202350
Q3 202348
Q4 202356
Q1 202460
Q2 202457
Q3 202454
Q4 202452
Q1 202549
Q2 202545
Q3 202541
Q4 202537
Q1 202637
Q2 202634

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 24: 27 bought or addedQ3 24: 28 cut or sold outQ4 24: 19 bought or addedQ4 24: 26 cut or sold outQ4 24Q1 25: 18 bought or addedQ1 25: 29 cut or sold outQ2 25: 12 bought or addedQ2 25: 25 cut or sold outQ2 25Q3 25: 7 bought or addedQ3 25: 28 cut or sold outQ4 25: 12 bought or addedQ4 25: 12 cut or sold outQ4 25Q1 26: 12 bought or addedQ1 26: 9 cut or sold outQ2 26: 11 bought or addedQ2 26: 11 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242728
Q4 20241926
Q1 20251829
Q2 20251225
Q3 2025728
Q4 20251212
Q1 2026129
Q2 20261111

Calls vs puts

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

CallsPuts
$0$25k$50k$75k$100kQ3 25 calls: $0Q3 25 puts: $92.5kQ3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —Q2 26 calls: $0Q2 26 puts: $0Q2 26P/C —
Numbers
QuarterCallsPutsP/C
Q3 2025$0$92.5k—
Q4 2025$0$0—
Q1 2026$0$0—
Q2 2026$0$0—

Biggest buyers

TENOR CAPITAL MANAGEMENT Co., L.P. Added +33,914,000+33.9m
MILLENNIUM MANAGEMENT LLC Added +14,000,000+14.0m
OAKTREE CAPITAL MANAGEMENT LP Added +11,474,000+11.5m
Davidson Kempner Capital Management LP Added +3,500,000+3.5m
STATE STREET CORP Added +3,500,000+3.5m
JPMORGAN CHASE & CO Added +3,004,000+3.0m
BANK OF AMERICA CORP /DE/ New +2,895,000+2.9m
BlackRock, Inc. Added +2,000,000+2.0m
STATE OF WISCONSIN INVESTMENT BOARD Added +1,000,000+1.0m
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC New +280,000+280.0k

Biggest sellers

LAZARD ASSET MANAGEMENT LLC Reduced -25,500,000-25.5m
Calamos Advisors LLC Sold out -20,076,000-20.1m
Verition Fund Management LLC Sold out -18,000,000-18.0m
WELLINGTON MANAGEMENT GROUP LLP Reduced -2,895,000-2.9m
Context Capital Management, LLC Sold out -2,538,000-2.5m
CITIGROUP INC Sold out -1,927,000-1.9m
WELLS FARGO & COMPANY/MN Reduced -1,145,000-1.1m
ZAZOVE ASSOCIATES LLC Reduced -500,000-500.0k
Zurcher Kantonalbank (Zurich Cantonalbank) Reduced -300,000-300.0k
FMR LLC Reduced -60,000-60.0k

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.07% of their portfolio ATLANTA, GA 90,395,00090.4m $83.3m $83.3m 0.07% Unchanged
2 Opti Capital Management, LP 3.92% of their portfolio New York, NY 69,454,00069.5m $64.2m $64.2m 3.92% Unchanged
3 TENOR CAPITAL MANAGEMENT Co., L.P. 0.73% of their portfolio NEW YORK, NY 55,678,00055.7m $51.5m $51.5m 0.73% Added +33.9m +33,914,000
4 Davidson Kempner Capital Management LP 0.81% of their portfolio New York, NY 55,000,00055.0m $50.5m $50.5m 0.81% Added +3.5m +3,500,000
5 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 54,068,00054.1m $50.0m $50.0m 0.03% Unchanged
6 Man Group plc 0.04% of their portfolio LONDON, X0 22,300,00022.3m $20.7m $20.7m 0.04% Unchanged
7 BlackRock, Inc. 0.00% of their portfolio New York, NY 21,023,00021.0m $19.3m $19.3m 0.00% Added +2.0m +2,000,000
8 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 18,285,00018.3m $16.9m $16.9m 0.01% Added +14.0m +14,000,000
9 OAKTREE CAPITAL MANAGEMENT LP 0.30% of their portfolio LOS ANGELES, CA 17,474,00017.5m $16.1m $16.1m 0.30% Added +11.5m +11,474,000
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,025,00015.0m $13.9m $13.9m 0.00% Added +3.5m +3,500,000
11 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 12,588,00012.6m $11.6m $11.6m 0.00% Reduced -2.9m -2,895,000
12 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 11,000,00011.0m $10.2m $10.2m 0.01% Unchanged
13 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 10,264,00010.3m $9.5m $9.5m 0.00% Added +3.0m +3,004,000
14 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 10,000,00010.0m $9.2m $9.2m 0.02% Unchanged
15 SOROS FUND MANAGEMENT LLC 0.12% of their portfolio NEW YORK, NY 10,000,00010.0m $9.3m $9.3m 0.12% Unchanged
16 ADVENT CAPITAL MANAGEMENT /DE/ 0.10% of their portfolio NEW YORK, NY 4,850,0004.8m $4.5m $4.5m 0.10% Unchanged
17 FMR LLC 0.00% of their portfolio BOSTON, MA 4,634,0004.6m $4.3m $4.3m 0.00% Reduced -60.0k -60,000
18 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 4,000,0004.0m $3.7m $3.7m 0.01% Added +1.0m +1,000,000
19 ONTARIO TEACHERS PENSION PLAN BOARD 0.02% of their portfolio Toronto, A6 4,000,0004.0m $3.7m $3.7m 0.02% Unchanged
20 Kohlberg Kravis Roberts & Co. L.P. 0.06% of their portfolio NEW YORK, NY 3,900,0003.9m $3.6m $3.6m 0.06% Unchanged
21 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 3,436,0003.4m $3.2m $3.2m 0.00% Reduced -1.1m -1,145,000
22 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,895,0002.9m $2.7m $2.7m 0.00% New
23 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 2,282,0002.3m $21.0k $21.0k 0.00% Reduced -25.5m -25,500,000
24 PALISADE CAPITAL MANAGEMENT, LP 0.04% of their portfolio FORT LEE, NJ 1,000,0001.0m $922.5k $922.5k 0.04% Unchanged
25 Police & Firemen's Retirement System of New Jersey 0.01% of their portfolio TRENTON, NJ 995,000995.0k $919.7k $919.7k 0.01% Unchanged
26 ZAZOVE ASSOCIATES LLC 0.03% of their portfolio INCLINE VILLAGE, NV 420,000420.0k $388.7k $388.7k 0.03% Reduced -500.0k -500,000
27 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 404,000404.0k $371.0k $371.0k 0.00% Added +197.0k +197,000
28 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 400,000400.0k $370.5k $370.5k 0.00% Reduced -300.0k -300,000
29 FLOSSBACH VON STORCH SE 0.00% of their portfolio COLOGNE, 2M 300,000300.0k $277.7k $277.7k 0.00% Unchanged
30 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 300,000300.0k $277.7k $277.7k 0.00% Unchanged
31 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 280,000280.0k $257.3k $257.3k 0.00% New
32 Ares Systematic Credit Ltd 0.06% of their portfolio LONDON, X0 100,000100.0k $92.1k $92.1k 0.06% Unchanged
33 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 20,00020.0k $18.4k $18.4k 0.00% Unchanged
34 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 10,00010.0k $9.2k $9.2k 0.00% Unchanged