Vault-13

UPSTART HLDGS INC UPST 0.25 08.15.26

NOTE 0.250% 8/1 · US DOMESTIC · CUSIP 91680MAB3

26 institutional holders +2 vs Q1 2025
20,00020.0k shares reported held*
$260.6mreported value*
4 new 7 added 5 reduced 2 sold out net bought ≈ $18.6m

* 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 ($904.1k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $13076.09.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

02040Q3 22: 39Q4 22: 36Q1 23: 32Q2 23: 34Q3 23: 38Q4 23: 37Q1 24: 34Q2 24: 34Q3 24: 29Q4 24: 22Q1 25: 24Q2 25: 2626Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202239
Q4 202236
Q1 202332
Q2 202334
Q3 202338
Q4 202337
Q1 202434
Q2 202434
Q3 202429
Q4 202422
Q1 202524
Q2 202526

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 15 bought or addedQ3 23: 14 cut or sold outQ4 23: 14 bought or addedQ4 23: 15 cut or sold outQ4 23Q1 24: 11 bought or addedQ1 24: 14 cut or sold outQ2 24: 16 bought or addedQ2 24: 8 cut or sold outQ2 24Q3 24: 12 bought or addedQ3 24: 21 cut or sold outQ4 24: 7 bought or addedQ4 24: 15 cut or sold outQ4 24Q1 25: 11 bought or addedQ1 25: 9 cut or sold outQ2 25: 11 bought or addedQ2 25: 7 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20231514
Q4 20231415
Q1 20241114
Q2 2024168
Q3 20241221
Q4 2024715
Q1 2025119
Q2 2025117

Biggest buyers

TENOR CAPITAL MANAGEMENT Co., L.P. New +14,439,000+14.4m
LAZARD ASSET MANAGEMENT LLC Added +6,080,000+6.1m
ROYAL BANK OF CANADA Added +4,320,000+4.3m
PALISADE CAPITAL MANAGEMENT, LP New +3,500,000+3.5m
OAKTREE CAPITAL MANAGEMENT LP Added +2,138,000+2.1m
DeepCurrents Investment Group LLC Added +2,000,000+2.0m
Universal- Beteiligungs- und Servicegesellschaft mbH Added +800,000+800.0k
UBS Group AG Added +568,000+568.0k
JANE STREET GROUP, LLC New +250,000+250.0k
BlackRock, Inc. Added +150,000+150.0k

Biggest sellers

BARINGS LLC Reduced -5,000,000-5.0m
Jefferies Financial Group Inc. Reduced -4,914,000-4.9m
BANK OF AMERICA CORP /DE/ Sold out -1,840,000-1.8m
Russell Investments Group, Ltd. Reduced -1,531,000-1.5m
CITIGROUP INC Sold out -624,000-624.0k
Linden Advisors LP Reduced -600,000-600.0k
JPMORGAN CHASE & CO Reduced -150,000-150.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.36% of their portfolio New York, NY 62,463,00062.5m $59.2m $59.2m 0.36% Reduced -600.0k -600,000
2 DeepCurrents Investment Group LLC 1.04% of their portfolio NEW YORK, NY 29,965,00030.0m $28.4m $28.4m 1.04% Added +2.0m +2,000,000
3 LAZARD ASSET MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 27,027,00027.0m $25.7m $25.7m 0.04% Added +6.1m +6,080,000
4 TENOR CAPITAL MANAGEMENT Co., L.P. 0.19% of their portfolio NEW YORK, NY 14,439,00014.4m $13.8m $13.8m 0.19% New
5 OAKTREE CAPITAL MANAGEMENT LP 0.22% of their portfolio LOS ANGELES, CA 11,901,00011.9m $11.3m $11.3m 0.22% Added +2.1m +2,138,000
6 UBS Group AG 0.00% of their portfolio ZURICH, V8 10,133,00010.1m $9.6m $9.6m 0.00% Added +568.0k +568,000
7 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 9,000,0009.0m $8.5m $8.5m 0.01% Unchanged
8 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 8,640,0008.6m $8.2m $8.2m 0.00% Added +4.3m +4,320,000
9 WHITEBOX ADVISORS LLC 0.20% of their portfolio MINNEAPOLIS, MN 7,604,0007.6m $7.2m $7.2m 0.20% Unchanged
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 5,800,0005.8m $5.5m $5.5m 0.00% Unchanged
11 BARINGS LLC 0.11% of their portfolio CHARLOTTE, NC 5,000,0005.0m $4.7m $4.7m 0.11% Reduced -5.0m -5,000,000
12 PALISADE CAPITAL MANAGEMENT, LP 0.09% of their portfolio FORT LEE, NJ 3,500,0003.5m $3.3m $3.3m 0.09% New
13 BlackRock, Inc. 0.00% of their portfolio New York, NY 3,100,0003.1m $2.9m $2.9m 0.00% Added +150.0k +150,000
14 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,699,0002.7m $2.5m $2.5m 0.00% Reduced -150.0k -150,000
15 SSI INVESTMENT MANAGEMENT LLC 0.16% of their portfolio Los Angeles, CA 2,417,0002.4m $2.3m $2.3m 0.16% Unchanged
16 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,961,0002.0m $1.9m $1.9m 0.00% Reduced -1.5m -1,531,000
17 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,800,0001.8m $1.7m $1.7m 0.00% Added +800.0k +800,000
18 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 300,000300.0k $279.8k $279.8k 0.00% Reduced -4.9m -4,914,000
19 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 250,000250.0k $236.6k $236.6k 0.00% New
20 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 250,000250.0k $236.9k $236.9k 0.00% Unchanged
21 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 60,00060.0k $56.9k $56.9k 0.00% Unchanged
22 Context Capital Management, LLC 1.83% of their portfolio LAJOLLA, CA 57,05857.1k $54.2m $54.2m 1.83% Unchanged
23 IFG Advisory, LLC 0.00% of their portfolio ATLANTA, GA 20,00020.0k $18.9k $18.9k 0.00% Unchanged
24 K2 PRINCIPAL FUND, L.P. 1.74% of their portfolio TORONTO, A6 10,00010.0k $9.5m $9.5m 1.74% Unchanged
25 Alken Asset Management Ltd 0.58% of their portfolio LONDON, X0 350350 $330.0k $330.0k 0.58% New
26 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged