UNITED STATES STL CORP X 5 11.01.26

NOTE 5.000%11/0 · US DOMESTIC · CUSIP 912909AT5

34 institutional holders -3 vs Q4 2023

8,459,1348.5m shares reported held*

$1.1bnreported value*

2 new 12 added 8 reduced 5 sold out net sold ≈ $36.6m (-10.7m 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 ($2.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $125.84.

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

Numbers

Quarter	Holders
Q3 2022	35
Q4 2022	38
Q1 2023	40
Q2 2023	39
Q3 2023	40
Q4 2023	37
Q1 2024	34

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	16
Q1 2023	18	15
Q2 2023	14	20
Q3 2023	20	21
Q4 2023	23	21
Q1 2024	14	13

Biggest buyers

Polar Asset Management Partners Inc.	Added	+10,619,000+10.6m
Balyasny Asset Management L.P.	Added	+5,000,000+5.0m
Linden Advisors LP	Added	+1,311,000+1.3m
NOMURA HOLDINGS INC	Added	+1,029,141+1.0m
WELLS FARGO & COMPANY/MN	Added	+603,000+603.0k
MORGAN STANLEY	New	+255,000+255.0k
BlackRock Inc.	Added	+100,000+100.0k
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main	New	+100,000+100.0k
Calamos Advisors LLC	Added	+60,000+60.0k
Elequin Capital, LP	Added	+36,000+36.0k

Biggest sellers

JANE STREET GROUP, LLC	Sold out	-10,739,000-10.7m
Point72 Asset Management, L.P.	Sold out	-9,615,000-9.6m
VICTORY CAPITAL MANAGEMENT INC	Reduced	-4,554,000-4.6m
BANK OF AMERICA CORP /DE/	Sold out	-2,740,000-2.7m
Skaana Management L.P.	Reduced	-1,786,000-1.8m
Thrivent Financial for Lutherans	Reduced	-948,000-948.0k
STATE STREET CORP	Reduced	-400,000-400.0k
CREDIT SUISSE AG/	Reduced	-200,000-200.0k
JPMORGAN CHASE & CO	Reduced	-140,000-140.0k
FMR LLC	Reduced	-100,000-100.0k

Holders, Q1 2024

#	Manager	Location	Shares	Value	% of their portfolio	Change	Shares change
1	Linden Advisors LP 1.70% of their portfolio	New York, NY	70,369,00070.4m $215.2m	$215.2m	1.70%	Added +1.3m	+1,311,000
2	Polar Asset Management Partners Inc. 4.93% of their portfolio	TORONTO, A6	60,531,00060.5m $184.7m	$184.7m	4.93%	Added +10.6m	+10,619,000
3	D. E. Shaw & Co., Inc. 0.19% of their portfolio	New York, NY	48,851,00048.9m $149.4m	$149.4m	0.19%	Reduced -26.0k	-26,000
4	TENOR CAPITAL MANAGEMENT Co., L.P. 1.23% of their portfolio	NEW YORK, NY	25,012,00025.0m $77.0m	$77.0m	1.23%	Added +12.0k	+12,000
5	CAPSTONE INVESTMENT ADVISORS, LLC 1.33% of their portfolio	NEW YORK, NY	23,500,00023.5m $71.9m	$71.9m	1.33%	Unchanged
6	Balyasny Asset Management L.P. 0.12% of their portfolio	Chicago, IL	15,000,00015.0m $45.8m	$45.8m	0.12%	Added +5.0m	+5,000,000
7	SONA ASSET MANAGEMENT (US) LLC 3.48% of their portfolio	NEW YORK, NY	13,000,00013.0m $40.0m	$40.0m	3.48%	Unchanged
8	LMR Partners LLP 0.82% of their portfolio	LONDON, X0	10,534,00010.5m $32.2m	$32.2m	0.82%	Unchanged
9	Alberta Investment Management Corp 0.31% of their portfolio	EDMONTON, A0	10,000,00010.0m $30.7m	$30.7m	0.31%	Unchanged
10	MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio	NEW YORK, NY	9,700,0009.7m $29.7m	$29.7m	0.03%	Unchanged
11	STATE STREET CORP 0.00% of their portfolio	BOSTON, MA	7,458,0007.5m $22.9m	$22.9m	0.00%	Reduced -400.0k	-400,000
12	Thrivent Financial for Lutherans 0.04% of their portfolio	Minneapolis, MN	6,757,0006.8m $20.6m	$20.6m	0.04%	Reduced -948.0k	-948,000
13	Warberg Asset Management LLC 4.72% of their portfolio	WINNETKA, IL	6,558,0006.6m $20.0m	$20.0m	4.72%	Added +6.0k	+6,000
14	Elequin Capital, LP 3.11% of their portfolio	NEW YORK, NY	5,286,0005.3m $16.2m	$16.2m	3.11%	Added +36.0k	+36,000
15	FMR LLC 0.00% of their portfolio	BOSTON, MA	2,730,0002.7m $8.3m	$8.3m	0.00%	Reduced -100.0k	-100,000
16	BlackRock Inc. 0.00% of their portfolio	New York, NY	2,632,0002.6m $8.0m	$8.0m	0.00%	Added +100.0k	+100,000
17	Skaana Management L.P. 1.84% of their portfolio	BROOKLYN, NY	2,209,0002.2m $6.8m	$6.8m	1.84%	Reduced -1.8m	-1,786,000
18	NOMURA HOLDINGS INC 0.56% of their portfolio	TOKYO, M0	1,702,1341.7m $69.4m	$69.4m	0.56%	Added +1.0m	+1,029,141
19	WELLS FARGO & COMPANY/MN 0.00% of their portfolio	SAN FRANCISCO, CA	1,104,0001.1m $3.4m	$3.4m	0.00%	Added +603.0k	+603,000
20	Paloma Partners Management Co 0.41% of their portfolio	GREENWICH, CT	910,000910.0k $2.8m	$2.8m	0.41%	Unchanged
21	PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio	BALTIMORE, MD	836,000836.0k $2.6m	$2.6m	0.00%	Unchanged
22	VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio	San Antonio, TX	500,000500.0k $1.5m	$1.5m	0.00%	Reduced -4.6m	-4,554,000
23	JPMORGAN CHASE & CO 0.00% of their portfolio	NEW YORK, NY	274,000274.0k $833.0k	$833.0k	0.00%	Reduced -140.0k	-140,000
24	Sculptor Capital LP 0.02% of their portfolio	New York, NY	260,000260.0k $794.7k	$794.7k	0.02%	Added +10.0k	+10,000
25	BARCLAYS PLC 0.00% of their portfolio	LONDON, X0	256,000256.0k $787.3k	$787.3k	0.00%	Unchanged
26	MORGAN STANLEY 0.00% of their portfolio	NEW YORK, NY	255,000255.0k $779.3k	$779.3k	0.00%	New
27	CREDIT SUISSE AG/ 0.00% of their portfolio	ZURICH, V8	200,000200.0k $311.9k	$311.9k	0.00%	Reduced -200.0k	-200,000
28	BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio	PARIS, I0	200,000200.0k $610.2k	$610.2k	0.00%	Unchanged
29	PALISADE CAPITAL MANAGEMENT, LP 0.01% of their portfolio	FORT LEE, NJ	141,000141.0k $430.9k	$430.9k	0.01%	Unchanged
30	DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio	FRANKFURT AM MAIN, 2M	100,000100.0k $307.5k	$307.5k	0.00%	New
31	Calamos Advisors LLC 0.00% of their portfolio	NAPERVILLE, IL	89,00089.0k $271.6k	$271.6k	0.00%	Added +60.0k	+60,000
32	AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio	KANSAS CITY, MO	62,00062.0k $189.8k	$189.8k	0.00%	Added +7.0k	+7,000
33	CITIGROUP INC 0.00% of their portfolio	NEW YORK, NY	2,0002.0k $6.2k	$6.2k	0.00%	Unchanged
34	CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio	BIRMINGHAM, AL	00 $0	$0	0.00%	Unchanged