Vault-13

UPSTART HLDGS INC UPST 0.25 08.15.26

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

20 institutional holders +2 vs Q3 2025
20,00020.0k shares reported held*
$62.1mreported value*
5 new 2 added 3 reduced 3 sold out net bought ≈ $2.1m (-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 ($1.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $3167.19.

Trends to Q4 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: 18Q4 25: 2020Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 202520

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 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 25Q3 25: 6 bought or addedQ3 25: 15 cut or sold outQ4 25: 7 bought or addedQ4 25: 6 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20241114
Q2 2024168
Q3 20241221
Q4 2024715
Q1 2025119
Q2 2025117
Q3 2025615
Q4 202576

Biggest buyers

PIPER SANDLER & CO. New +5,044,000+5.0m
UBS Group AG New +3,327,000+3.3m
PALISADE CAPITAL MANAGEMENT, LP Added +1,571,000+1.6m
LAZARD ASSET MANAGEMENT LLC New +1,000,000+1.0m
CSS LLC/IL New +350,000+350.0k
CITIGROUP INC New +250,000+250.0k
Russell Investments Group, Ltd. Added +228,000+228.0k

Biggest sellers

OAKTREE CAPITAL MANAGEMENT LP Reduced -4,244,000-4.2m
JPMORGAN CHASE & CO Reduced -1,999,000-2.0m
ROYAL BANK OF CANADA Reduced -1,250,000-1.2m
BNP PARIBAS FINANCIAL MARKETS Sold out -800,000-800.0k
Bank of New York Mellon Corp Sold out -200,000-200.0k
LPL Financial LLC Sold out -60,000-60.0k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 9,000,0009.0m $8.7m $8.7m 0.01% Unchanged
2 WHITEBOX ADVISORS LLC 0.12% of their portfolio MINNEAPOLIS, MN 7,604,0007.6m $7.3m $7.3m 0.12% Unchanged
3 OAKTREE CAPITAL MANAGEMENT LP 0.11% of their portfolio LOS ANGELES, CA 7,199,0007.2m $7.0m $7.0m 0.11% Reduced -4.2m -4,244,000
4 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 6,600,0006.6m $6.3m $6.3m 0.01% Unchanged
5 PALISADE CAPITAL MANAGEMENT, LP 0.17% of their portfolio FORT LEE, NJ 6,071,0006.1m $5.8m $5.8m 0.17% Added +1.6m +1,571,000
6 PIPER SANDLER & CO. 3.41% of their portfolio MINNEAPOLIS, MN 5,044,0005.0m $4.8m $4.8m 3.41% New
7 UBS Group AG 0.00% of their portfolio ZURICH, V8 3,327,0003.3m $3.2m $3.2m 0.00% New
8 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,420,0002.4m $2.3m $2.3m 0.00% Reduced -1.2m -1,250,000
9 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 2,181,0002.2m $2.1m $2.1m 0.00% Added +228.0k +228,000
10 DeepCurrents Investment Group LLC 0.07% of their portfolio NEW YORK, NY 2,000,0002.0m $1.9m $1.9m 0.07% Unchanged
11 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,999,0002.0m $1.9m $1.9m 0.00% Reduced -2.0m -1,999,000
12 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 1,000,0001.0m $9.7k $9.7k 0.00% New
13 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,000,0001.0m $962.3k $962.3k 0.00% Unchanged
14 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 500,000500.0k $475.6k $475.6k 0.00% Unchanged
15 CSS LLC/IL 0.02% of their portfolio CHICAGO, IL 350,000350.0k $337.6k $337.6k 0.02% New
16 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 250,000250.0k $240.6k $240.6k 0.00% New
17 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 250,000250.0k $240.3k $240.3k 0.00% Unchanged
18 IFG Advisory, LLC 0.00% of their portfolio ATLANTA, GA 20,00020.0k $19.1k $19.1k 0.00% Unchanged
19 K2 PRINCIPAL FUND, L.P. 0.99% of their portfolio TORONTO, A6 10,00010.0k $9.6m $9.6m 0.99% Unchanged
20 Alken Asset Management Ltd 0.01% of their portfolio LONDON, X0 350350 $334 $334 0.01% Unchanged