Vault-13

STARWOOD PPTY TR INC STWD 6.75 07.15.27

NOTE 6.750% 7/1 · US DOMESTIC · CUSIP 85571BBA2

40 institutional holders -4 vs Q1 2025
44,391,97044.4m shares reported held*
$390.8mreported value*
5 new 9 added 7 reduced 9 sold out net bought ≈ $711.0k (-23.1k 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 ≈ $8.80.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 23: 45Q3 23: 40Q4 23: 39Q1 24: 35Q2 24: 38Q3 24: 43Q4 24: 44Q1 25: 44Q2 25: 4040Q2 23Q4 23Q2 24Q4 24Q2 25
Numbers
QuarterHolders
Q2 202345
Q3 202340
Q4 202339
Q1 202435
Q2 202438
Q3 202443
Q4 202444
Q1 202544
Q2 202540

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 24 bought or addedQ3 23: 21 cut or sold outQ4 23: 17 bought or addedQ4 23: 15 cut or sold outQ4 23Q1 24: 14 bought or addedQ1 24: 17 cut or sold outQ2 24: 14 bought or addedQ2 24: 12 cut or sold outQ2 24Q3 24: 15 bought or addedQ3 24: 12 cut or sold outQ4 24: 17 bought or addedQ4 24: 13 cut or sold outQ4 24Q1 25: 20 bought or addedQ1 25: 14 cut or sold outQ2 25: 14 bought or addedQ2 25: 16 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232421
Q4 20231715
Q1 20241417
Q2 20241412
Q3 20241512
Q4 20241713
Q1 20252014
Q2 20251416

Biggest buyers

TWO SIGMA INVESTMENTS, LP Added +7,992,000+8.0m
LMR Partners LLP Added +7,500,000+7.5m
Daiwa Securities Group Inc. New +7,500,000+7.5m
Sculptor Capital LP New +6,000,000+6.0m
Walleye Capital LLC Added +5,000,000+5.0m
Jump Financial, LLC New +5,000,000+5.0m
MILLENNIUM MANAGEMENT LLC New +4,000,000+4.0m
Skaana Management L.P. Added +2,000,000+2.0m
Invesco Ltd. Added +2,000,000+2.0m
Thrivent Financial for Lutherans Added +1,080,000+1.1m

Biggest sellers

UBS Group AG Sold out -13,750,000-13.8m
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Sold out -7,500,000-7.5m
Nuveen, LLC Reduced -7,000,000-7.0m
JANE STREET GROUP, LLC Sold out -4,650,000-4.7m
CSS LLC/IL Sold out -4,476,000-4.5m
Portman Square Capital LLP Reduced -4,000,000-4.0m
GOLDMAN SACHS GROUP INC Sold out -2,500,000-2.5m
JPMORGAN CHASE & CO Reduced -2,100,000-2.1m
DLD Asset Management, LP Reduced -2,000,000-2.0m
Cutler Capital Management, LLC Reduced -30,000-30.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TWO SIGMA INVESTMENTS, LP 0.11% of their portfolio NEW YORK, NY 57,725,00057.7m $61.7m $61.7m 0.11% Added +8.0m +7,992,000
2 ANGELO GORDON & CO., L.P. 6.29% of their portfolio NEW YORK, NY 44,250,00044.2m $47.3m $47.3m 6.29% Unchanged
3 LMR Partners LLP 0.58% of their portfolio LONDON, X0 35,000,00035.0m $37.1m $37.1m 0.58% Added +7.5m +7,500,000
4 DLD Asset Management, LP 4.39% of their portfolio NEW YORK, NY 34,500,00034.5m $37.1m $37.1m 4.39% Reduced -2.0m -2,000,000
5 Walleye Capital LLC 0.29% of their portfolio NEW YORK, NY 29,100,00029.1m $31.2m $31.2m 0.29% Added +5.0m +5,000,000
6 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 18,000,00018.0m $19.2m $19.2m 0.00% Unchanged
7 WOLVERINE ASSET MANAGEMENT LLC 0.31% of their portfolio CHICAGO, IL 17,415,00017.4m $18.5m $18.5m 0.31% Unchanged
8 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 16,500,00016.5m $17.6m $17.6m 0.00% Reduced -7.0m -7,000,000
9 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 7,948,0007.9m $8.7m $8.7m 0.02% Added +1.1m +1,080,000
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 7,500,0007.5m $8.1m $8.1m 0.00% Unchanged
11 Daiwa Securities Group Inc. 0.03% of their portfolio CHIYODA-KU,TOKYO, M0 7,500,0007.5m $8.0m $8.0m 0.03% New
12 KIM, LLC 0.81% of their portfolio WICHITA, KS 7,276,0007.3m $7.8m $7.8m 0.81% Unchanged
13 Sculptor Capital LP 0.10% of their portfolio New York, NY 6,000,0006.0m $6.4m $6.4m 0.10% New
14 Portman Square Capital LLP 0.69% of their portfolio London, X0 6,000,0006.0m $6.4m $6.4m 0.69% Reduced -4.0m -4,000,000
15 Skaana Management L.P. 2.56% of their portfolio BROOKLYN, NY 5,607,0005.6m $5.9m $5.9m 2.56% Added +2.0m +2,000,000
16 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 5,576,0005.6m $6.0m $6.0m 0.00% Added +576.0k +576,000
17 Calamos Advisors LLC 0.02% of their portfolio NAPERVILLE, IL 5,000,0005.0m $5.3m $5.3m 0.02% Unchanged
18 Saba Capital Management, L.P. 0.15% of their portfolio NEW YORK, NY 5,000,0005.0m $5.4m $5.4m 0.15% Unchanged
19 Jump Financial, LLC 0.07% of their portfolio Chicago, IL 5,000,0005.0m $5.3m $5.3m 0.07% New
20 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 4,960,0005.0m $5.3m $5.3m 0.01% Unchanged
21 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 4,000,0004.0m $4.3m $4.3m 0.00% Added +2.0m +2,000,000
22 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 4,000,0004.0m $4.3m $4.3m 0.00% New
23 CONNING INC. 0.13% of their portfolio HARTFORD, CT 3,600,0003.6m $3.8m $3.8m 0.13% Unchanged
24 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,700,0001.7m $1.8m $1.8m 0.00% Unchanged
25 ADVENT CAPITAL MANAGEMENT /DE/ 0.04% of their portfolio NEW YORK, NY 1,500,0001.5m $1.6m $1.6m 0.04% Unchanged
26 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 1,093,0001.1m $1.2m $1.2m 0.00% Unchanged
27 Cutler Capital Management, LLC 0.35% of their portfolio WORCESTER, MA 945,000945.0k $1.0m $1.0m 0.35% Reduced -30.0k -30,000
28 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 560,000560.0k $598.1k $598.1k 0.00% Unchanged
29 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 400,000400.0k $426.9k $426.9k 0.00% Reduced -2.1m -2,100,000
30 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 255,000255.0k $272.3k $272.3k 0.00% Unchanged
31 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 140,000140.0k $149.5k $149.5k 0.00% Unchanged
32 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 100,000100.0k $106.0k $106.0k 0.00% Added +50.0k +50,000
33 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 88,00088.0k $93.2k $93.2k 0.00% Unchanged
34 VIRTUS ADVISERS, LLC 0.02% of their portfolio HARTFORD, CT 32,00032.0k $34.2k $34.2k 0.02% Unchanged
35 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 21,36021.4k $21.4k $21.4k 0.00% Added +251 +251
36 Context Capital Management, LLC 0.70% of their portfolio LAJOLLA, CA 19,26219.3k $20.6m $20.6m 0.70% Reduced -2.5k -2,500
37 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 13,00013.0k $13.9k $13.9k 0.00% Unchanged
38 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 10,00010.0k $10.8k $10.8k 0.00% New
39 LAFFER TENGLER INVESTMENTS, INC. 0.40% of their portfolio Scottsdale, AZ 1,9702.0k $2.2m $2.2m 0.40% Reduced -56 -56
40 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged