Vault-13

STARWOOD PPTY TR INC STWD 6.75 07.15.27

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

35 institutional holders +1 vs Q1 2026
38,414,16838.4m shares reported held*
$374.0mreported value*
8 new 11 added 7 reduced 7 sold out net bought ≈ $10.4m (-23.5m 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 ($3.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $9.83.

Trends to Q2 2026

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: 40Q3 25: 34Q4 25: 34Q1 26: 34Q2 26: 3535Q2 23Q1 24Q4 24Q3 25Q2 26
Numbers
QuarterHolders
Q2 202345
Q3 202340
Q4 202339
Q1 202435
Q2 202438
Q3 202443
Q4 202444
Q1 202544
Q2 202540
Q3 202534
Q4 202534
Q1 202634
Q2 202635

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q3 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 25Q3 25: 12 bought or addedQ3 25: 14 cut or sold outQ4 25: 7 bought or addedQ4 25: 11 cut or sold outQ4 25Q1 26: 12 bought or addedQ1 26: 13 cut or sold outQ2 26: 19 bought or addedQ2 26: 14 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20241512
Q4 20241713
Q1 20252014
Q2 20251416
Q3 20251214
Q4 2025711
Q1 20261213
Q2 20261914

Biggest buyers

OAKTREE CAPITAL MANAGEMENT LP New +11,894,933+11.9m
Balyasny Asset Management L.P. New +10,000,000+10.0m
Verition Fund Management LLC Added +8,000,000+8.0m
PIPER SANDLER & CO. New +8,000,000+8.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +8,000,000+8.0m
MORGAN STANLEY Added +7,750,000+7.8m
Russell Investments Group, Ltd. New +5,503,329+5.5m
MILLENNIUM MANAGEMENT LLC Added +5,000,000+5.0m
WELLS FARGO & COMPANY/MN Added +3,985,000+4.0m
STATE STREET CORP Added +2,250,000+2.2m

Biggest sellers

TPG GP A, LLC Reduced -23,000,000-23.0m
Portman Square Capital LLP Sold out -8,000,000-8.0m
TWO SIGMA INVESTMENTS, LP Reduced -6,500,000-6.5m
WOLVERINE ASSET MANAGEMENT LLC Sold out -6,265,000-6.3m
DLD Asset Management, LP Reduced -5,000,000-5.0m
Saba Capital Management, L.P. Sold out -5,000,000-5.0m
Calamos Advisors LLC Sold out -5,000,000-5.0m
ADVENT CAPITAL MANAGEMENT /DE/ Sold out -3,000,000-3.0m
JPMORGAN CHASE & CO Reduced -1,240,000-1.2m
Cutler Capital Management, LLC Reduced -665,000-665.0k

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TWO SIGMA INVESTMENTS, LP 0.04% of their portfolio NEW YORK, NY 47,378,00047.4m $47.9m $47.9m 0.04% Reduced -6.5m -6,500,000
2 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 41,500,00041.5m $42.2m $42.2m 0.03% Added +5.0m +5,000,000
3 Walleye Capital LLC 0.20% of their portfolio NEW YORK, NY 41,020,00041.0m $41.6m $41.6m 0.20% Added +1.0m +1,020,000
4 TENOR CAPITAL MANAGEMENT Co., L.P. 0.57% of their portfolio NEW YORK, NY 38,500,00038.5m $40.4m $40.4m 0.57% Added +8.0m +8,000,000
5 TPG GP A, LLC 0.47% of their portfolio FORT WORTH, TX 23,250,00023.2m $23.5m $23.5m 0.47% Reduced -23.0m -23,000,000
6 DLD Asset Management, LP 1.86% of their portfolio NEW YORK, NY 22,500,00022.5m $22.9m $22.9m 1.86% Reduced -5.0m -5,000,000
7 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 19,933,00019.9m $20.2m $20.2m 0.00% Added +7.8m +7,750,000
8 Verition Fund Management LLC 0.13% of their portfolio GREENWICH, CT 18,000,00018.0m $18.3m $18.3m 0.13% Added +8.0m +8,000,000
9 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 16,914,00016.9m $17.1m $17.1m 0.00% Added +1.8m +1,838,000
10 Ovata Capital Management Ltd 1.15% of their portfolio HONG KONG, K3 15,000,00015.0m $15.3m $15.3m 1.15% Reduced -500.0k -500,000
11 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 13,003,00013.0m $13.5m $13.5m 0.02% Unchanged
12 OAKTREE CAPITAL MANAGEMENT LP 0.23% of their portfolio LOS ANGELES, CA 11,894,93311.9m $12.1m $12.1m 0.23% New
13 Balyasny Asset Management L.P. 0.02% of their portfolio Chicago, IL 10,000,00010.0m $10.2m $10.2m 0.02% New
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 9,800,0009.8m $10.3m $10.3m 0.00% Added +2.2m +2,250,000
15 PIPER SANDLER & CO. 5.98% of their portfolio MINNEAPOLIS, MN 8,000,0008.0m $8.1m $8.1m 5.98% New
16 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 7,885,0007.9m $8.0m $8.0m 0.00% Added +4.0m +3,985,000
17 Skaana Management L.P. 1.81% of their portfolio BROOKLYN, NY 6,665,0006.7m $6.8m $6.8m 1.81% Added +1.0m +1,000,000
18 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 5,503,3295.5m $5.8m $5.8m 0.01% New
19 Daiwa Securities Group Inc. 0.01% of their portfolio CHIYODA-KU,TOKYO, M0 5,000,0005.0m $5.1m $5.1m 0.01% Unchanged
20 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 4,960,0005.0m $50.3k $50.3k 0.00% Unchanged
21 CONNING INC. 0.11% of their portfolio HARTFORD, CT 3,600,0003.6m $3.6m $3.6m 0.11% Unchanged
22 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,120,0001.1m $1.1m $1.1m 0.00% Reduced -1.2m -1,240,000
23 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 400,000400.0k $404.0k $404.0k 0.00% Added +350.0k +350,000
24 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 255,000255.0k $257.8k $257.8k 0.00% Unchanged
25 Cutler Capital Management, LLC 0.06% of their portfolio WORCESTER, MA 245,000245.0k $249.8k $249.8k 0.06% Reduced -665.0k -665,000
26 Virtus Fixed Income Advisers, LLC 0.09% of their portfolio HARTFORD, CT 140,000140.0k $141.5k $141.5k 0.09% New
27 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 129,000129.0k $130.4k $130.4k 0.00% Added +1.0k +1,000
28 Ares Systematic Credit Ltd 0.06% of their portfolio LONDON, X0 100,000100.0k $101.5k $101.5k 0.06% Unchanged
29 VIRTUS ADVISERS, LLC 0.01% of their portfolio HARTFORD, CT 32,00032.0k $32.4k $32.4k 0.01% Unchanged
30 Crestwood Advisors Group, LLC 0.00% of their portfolio BOSTON, MA 25,00025.0k $25.3k $25.3k 0.00% New
31 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 20,22020.2k $20.2k $20.2k 0.00% Reduced -110 -110
32 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 13,00013.0k $13.2k $13.2k 0.00% Unchanged
33 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 10,00010.0k $10.2k $10.2k 0.00% Unchanged
34 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 8,0008.0k $8.1k $8.1k 0.00% New
35 LAFFER TENGLER INVESTMENTS, INC. 0.30% of their portfolio Scottsdale, AZ 2,1682.2k $2.3m $2.3m 0.30% New