Vault-13

UPSTART HLDGS INC UPST 0.25 08.15.26

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

18 institutional holders -8 vs Q2 2025
220,000220.0k shares reported held*
$59.8mreported value*
3 new 3 added 5 reduced 10 sold out net sold ≈ $147.1m (+200.0k 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 ($823.3k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $275.52.

Trends to Q3 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: 26Q3 25: 1818Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 202518

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 23: 14 bought or addedQ4 23: 15 cut or sold outQ1 24: 11 bought or addedQ1 24: 14 cut or sold outQ1 24Q2 24: 16 bought or addedQ2 24: 8 cut or sold outQ3 24: 12 bought or addedQ3 24: 21 cut or sold outQ3 24Q4 24: 7 bought or addedQ4 24: 15 cut or sold outQ1 25: 11 bought or addedQ1 25: 9 cut or sold outQ1 25Q2 25: 11 bought or addedQ2 25: 7 cut or sold outQ3 25: 6 bought or addedQ3 25: 15 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20231415
Q1 20241114
Q2 2024168
Q3 20241221
Q4 2024715
Q1 2025119
Q2 2025117
Q3 2025615

Biggest buyers

TORONTO DOMINION BANK New +6,600,000+6.6m
JPMORGAN CHASE & CO Added +1,299,000+1.3m
PALISADE CAPITAL MANAGEMENT, LP Added +1,000,000+1.0m
BNP PARIBAS FINANCIAL MARKETS New +800,000+800.0k
JANE STREET GROUP, LLC Added +250,000+250.0k
Bank of New York Mellon Corp New +200,000+200.0k

Biggest sellers

Linden Advisors LP Sold out -62,463,000-62.5m
DeepCurrents Investment Group LLC Reduced -27,965,000-28.0m
LAZARD ASSET MANAGEMENT LLC Sold out -27,027,000-27.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Sold out -14,439,000-14.4m
UBS Group AG Sold out -10,133,000-10.1m
STATE STREET CORP Sold out -5,800,000-5.8m
BARINGS LLC Sold out -5,000,000-5.0m
ROYAL BANK OF CANADA Reduced -4,970,000-5.0m
BlackRock, Inc. Sold out -3,100,000-3.1m
SSI INVESTMENT MANAGEMENT LLC Sold out -2,417,000-2.4m

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 OAKTREE CAPITAL MANAGEMENT LP 0.18% of their portfolio LOS ANGELES, CA 11,443,00011.4m $10.9m $10.9m 0.18% Reduced -458.0k -458,000
2 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 9,000,0009.0m $8.6m $8.6m 0.01% Unchanged
3 WHITEBOX ADVISORS LLC 0.13% of their portfolio MINNEAPOLIS, MN 7,604,0007.6m $7.2m $7.2m 0.13% Unchanged
4 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 6,600,0006.6m $6.3m $6.3m 0.01% New
5 PALISADE CAPITAL MANAGEMENT, LP 0.12% of their portfolio FORT LEE, NJ 4,500,0004.5m $4.3m $4.3m 0.12% Added +1.0m +1,000,000
6 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,998,0004.0m $3.8m $3.8m 0.00% Added +1.3m +1,299,000
7 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,670,0003.7m $3.5m $3.5m 0.00% Reduced -5.0m -4,970,000
8 DeepCurrents Investment Group LLC 0.06% of their portfolio NEW YORK, NY 2,000,0002.0m $1.9m $1.9m 0.06% Reduced -28.0m -27,965,000
9 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,953,0002.0m $1.9m $1.9m 0.00% Reduced -8.0k -8,000
10 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,000,0001.0m $956.2k $956.2k 0.00% Reduced -800.0k -800,000
11 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 800,000800.0k $758.0k $758.0k 0.00% New
12 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 500,000500.0k $471.2k $471.2k 0.00% Added +250.0k +250,000
13 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 250,000250.0k $234.9k $234.9k 0.00% Unchanged
14 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $191.6k $191.6k 0.00% New
15 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 60,00060.0k $56.4k $56.4k 0.00% Unchanged
16 IFG Advisory, LLC 0.00% of their portfolio ATLANTA, GA 20,00020.0k $18.8k $18.8k 0.00% Unchanged
17 K2 PRINCIPAL FUND, L.P. 1.00% of their portfolio TORONTO, A6 10,00010.0k $9.6m $9.6m 1.00% Unchanged
18 Alken Asset Management Ltd 0.01% of their portfolio LONDON, X0 350350 $328 $328 0.01% Unchanged