Vault-13

SNAP INC SNAP 0.5 05.01.30

NOTE 0.500% 5/0 · US DOMESTIC · CUSIP 83304AAK2

49 institutional holders +7 vs Q4 2025
47,043,00047.0m shares reported held*
$577.7mreported value*
15 new 9 added 10 reduced 8 sold out net sold ≈ $11.4m (+6.8m 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 ≈ $12.28.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q2 25: 37Q3 25: 43Q4 25: 42Q1 26: 4949Q2 25Q3 25Q4 25Q1 26
Numbers
QuarterHolders
Q2 202537
Q3 202543
Q4 202542
Q1 202649

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 25: 28 bought or addedQ3 25: 16 cut or sold outQ3 25Q4 25: 18 bought or addedQ4 25: 19 cut or sold outQ4 25Q1 26: 24 bought or addedQ1 26: 18 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q3 20252816
Q4 20251819
Q1 20262418

Biggest buyers

Context Capital Management, LLC New +107,035,000+107.0m
SOROS FUND MANAGEMENT LLC New +88,000,000+88.0m
BANK OF MONTREAL /CAN/ Added +20,000,000+20.0m
FRANKLIN RESOURCES INC Added +19,000,000+19.0m
MARSHALL WACE, LLP New +10,000,000+10.0m
Jump Financial, LLC New +10,000,000+10.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +10,000,000+10.0m
Walleye Capital LLC New +9,511,000+9.5m
SSI INVESTMENT MANAGEMENT LLC New +6,500,000+6.5m
Man Group plc New +5,000,000+5.0m

Biggest sellers

AQR Arbitrage LLC Sold out -93,425,000-93.4m
Linden Advisors LP Sold out -90,118,000-90.1m
D. E. Shaw & Co., Inc. Reduced -79,444,000-79.4m
BNP PARIBAS FINANCIAL MARKETS Reduced -23,524,000-23.5m
GOLDMAN SACHS GROUP INC Reduced -5,792,000-5.8m
Calamos Advisors LLC Reduced -4,783,000-4.8m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -4,753,000-4.8m
JPMORGAN CHASE & CO Reduced -4,473,000-4.5m
SSI INVESTMENT MANAGEMENT LLC Sold out -4,350,000-4.3m
UBS Group AG Sold out -3,000,000-3.0m

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Context Capital Management, LLC 1.99% of their portfolio LAJOLLA, CA 107,035,000107.0m $86.2m $86.2m 1.99% New
2 SOROS FUND MANAGEMENT LLC 0.98% of their portfolio NEW YORK, NY 88,000,00088.0m $71.1m $71.1m 0.98% New
3 D. E. Shaw & Co., Inc. 0.05% of their portfolio New York, NY 77,386,00077.4m $62.4m $62.4m 0.05% Reduced -79.4m -79,444,000
4 Calamos Advisors LLC 0.18% of their portfolio NAPERVILLE, IL 59,050,00059.0m $47.5m $47.5m 0.18% Reduced -4.8m -4,783,000
5 FRANKLIN RESOURCES INC 0.01% of their portfolio San Mateo, CA 47,000,00047.0m $37.9m $37.9m 0.01% Added +19.0m +19,000,000
6 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 39,915,00039.9m $32.0m $32.0m 0.00% Unchanged
7 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 31,000,00031.0m $24.7m $24.7m 0.01% Added +20.0m +20,000,000
8 Davidson Kempner Capital Management LP 0.43% of their portfolio New York, NY 30,000,00030.0m $24.1m $24.1m 0.43% Not comparable
9 CI INVESTMENTS INC. 0.10% of their portfolio TORONTO, Z4 26,500,00026.5m $21.4m $21.4m 0.10% Added +2.5m +2,500,000
10 ADVENT CAPITAL MANAGEMENT /DE/ 0.54% of their portfolio NEW YORK, NY 22,518,00022.5m $18.2m $18.2m 0.54% Reduced -4.8m -4,753,000
11 TENOR CAPITAL MANAGEMENT Co., L.P. 0.25% of their portfolio NEW YORK, NY 20,000,00020.0m $16.2m $16.2m 0.25% Added +10.0m +10,000,000
12 Thrivent Financial for Lutherans 0.03% of their portfolio Minneapolis, MN 19,940,00019.9m $16.0m $16.0m 0.03% Added +70.0k +70,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,150,00015.2m $12.2m $12.2m 0.00% Reduced -200.0k -200,000
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 11,989,00012.0m $9.6m $9.6m 0.00% Added +2.5m +2,500,000
15 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 10,554,00010.6m $85.0k $85.0k 0.00% Unchanged
16 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 10,000,00010.0m $8.0m $8.0m 0.01% New
17 Jump Financial, LLC 0.12% of their portfolio Chicago, IL 10,000,00010.0m $8.0m $8.0m 0.12% New
18 Walleye Capital LLC 0.05% of their portfolio NEW YORK, NY 9,511,0009.5m $7.7m $7.7m 0.05% New
19 FMR LLC 0.00% of their portfolio BOSTON, MA 8,758,0008.8m $7.0m $7.0m 0.00% Unchanged
20 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,695,0007.7m $6.1m $6.1m 0.00% Reduced -4.5m -4,473,000
21 Maven Securities LTD 0.55% of their portfolio ST HELIER, Y9 7,500,0007.5m $6.0m $6.0m 0.55% Reduced -1.5m -1,500,000
22 SSI INVESTMENT MANAGEMENT LLC 0.36% of their portfolio Los Angeles, CA 6,500,0006.5m $5.2m $5.2m 0.36% New
23 Man Group plc 0.01% of their portfolio LONDON, X0 5,000,0005.0m $4.0m $4.0m 0.01% New
24 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,710,0004.7m $3.8m $3.8m 0.00% Added +1.6m +1,643,000
25 Lombard Odier Asset Management (Europe) Ltd 0.17% of their portfolio LONDON, X0 3,795,0003.8m $3.1m $3.1m 0.17% Unchanged
26 Amundi 0.00% of their portfolio Paris, I0 3,445,0003.4m $2.8k $2.8k 0.00% Unchanged
27 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $2.4m $2.4m 0.01% Unchanged
28 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 3,000,0003.0m $2.4m $2.4m 0.00% New
29 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 2,498,0002.5m $2.0m $2.0m 0.00% New
30 Ares Systematic Credit Ltd 1.49% of their portfolio LONDON, X0 2,400,0002.4m $1.9m $1.9m 1.49% New
31 CSS LLC/IL 0.09% of their portfolio CHICAGO, IL 2,039,0002.0m $1.6m $1.6m 0.09% New
32 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 2,000,0002.0m $1.6m $1.6m 0.00% Unchanged
33 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 1,500,0001.5m $1.2m $1.2m 0.00% New
34 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,048,0001.0m $836.5k $836.5k 0.00% New
35 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 961,000961.0k $770.7k $770.7k 0.00% Reduced -393.0k -393,000
36 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 855,000855.0k $688.9k $688.9k 0.01% Unchanged
37 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 669,000669.0k $536.5k $536.5k 0.00% Reduced -5.8m -5,792,000
38 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 420,000420.0k $336.8k $336.8k 0.00% Unchanged
39 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 349,000349.0k $280.8k $280.8k 0.01% Added +7.0k +7,000
40 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 160,000160.0k $128.0k $128.0k 0.00% New
41 BESSEMER GROUP INC 0.00% of their portfolio WOODBRIDGE, NJ 63,00063.0k $51.0k $51.0k 0.00% Unchanged
42 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 34,00034.0k $0 $0 0.00% Unchanged
43 Squarepoint Ops LLC 0.05% of their portfolio NEW YORK, NY 27,50027.5k $22.2m $22.2m 0.05% Added +7.5k +7,500
44 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 25,00025.0k $20.1k $20.1k 0.00% Reduced -23.5m -23,524,000
45 Syntegra Private Wealth Group, LLC 0.00% of their portfolio Chesterfield, MO 15,00015.0k $12.0k $12.0k 0.00% Unchanged
46 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 10,00010.0k $8.0k $8.0k 0.00% Unchanged
47 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 10,00010.0k $8.0k $8.0k 0.00% Reduced -9.0k -9,000
48 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 9,0009.0k $7.2k $7.2k 0.00% Unchanged
49 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 8,0008.0k $6.4k $6.4k 0.00% New