Vault-13

UPSTART HLDGS INC UPST 0.25 08.15.26

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

18 institutional holders -2 vs Q4 2025
13,00013.0k shares reported held*
$61.0mreported value*
1 new 2 added 3 reduced 3 sold out net sold ≈ $2.4m (-7.0k 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 ≈ $4790.74.

Trends to Q1 2026

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: 20Q1 26: 1818Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 202618

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 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 25Q4 25: 7 bought or addedQ4 25: 6 cut or sold outQ1 26: 3 bought or addedQ1 26: 6 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024168
Q3 20241221
Q4 2024715
Q1 2025119
Q2 2025117
Q3 2025615
Q4 202576
Q1 202636

Biggest buyers

PIPER SANDLER & CO. Added +3,912,000+3.9m
Russell Investments Group, Ltd. Added +27,000+27.0k
Equitable Holdings, Inc. New +13,000+13.0k

Biggest sellers

UBS Group AG Sold out -3,327,000-3.3m
OAKTREE CAPITAL MANAGEMENT LP Reduced -2,330,000-2.3m
LAZARD ASSET MANAGEMENT LLC Sold out -1,000,000-1.0m
ROYAL BANK OF CANADA Reduced -550,000-550.0k
PALISADE CAPITAL MANAGEMENT, LP Reduced -210,000-210.0k
IFG Advisory, LLC Sold out -20,000-20.0k

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 9,000,0009.0m $8.8m $8.8m 0.01% Unchanged
2 PIPER SANDLER & CO. 8.54% of their portfolio MINNEAPOLIS, MN 8,956,0009.0m $8.7m $8.7m 8.54% Added +3.9m +3,912,000
3 WHITEBOX ADVISORS LLC 0.11% of their portfolio MINNEAPOLIS, MN 7,604,0007.6m $7.5m $7.5m 0.11% Unchanged
4 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 6,600,0006.6m $6.4m $6.4m 0.01% Unchanged
5 PALISADE CAPITAL MANAGEMENT, LP 0.19% of their portfolio FORT LEE, NJ 5,861,0005.9m $5.7m $5.7m 0.19% Reduced -210.0k -210,000
6 OAKTREE CAPITAL MANAGEMENT LP 0.08% of their portfolio LOS ANGELES, CA 4,869,0004.9m $4.8m $4.8m 0.08% Reduced -2.3m -2,330,000
7 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 2,208,0002.2m $2.2m $2.2m 0.00% Added +27.0k +27,000
8 DeepCurrents Investment Group LLC 0.08% of their portfolio NEW YORK, NY 2,000,0002.0m $2.0m $2.0m 0.08% Unchanged
9 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,999,0002.0m $2.0m $2.0m 0.00% Unchanged
10 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,870,0001.9m $1.8m $1.8m 0.00% Reduced -550.0k -550,000
11 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,000,0001.0m $980.2k $980.2k 0.00% Unchanged
12 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 500,000500.0k $488.2k $488.2k 0.00% Unchanged
13 CSS LLC/IL 0.02% of their portfolio CHICAGO, IL 350,000350.0k $343.5k $343.5k 0.02% Unchanged
14 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 250,000250.0k $245.0k $245.0k 0.00% Unchanged
15 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 250,000250.0k $239.7k $239.7k 0.00% Unchanged
16 Equitable Holdings, Inc. 0.00% of their portfolio NEW YORK, NY 13,00013.0k $12.6k $12.6k 0.00% New
17 K2 PRINCIPAL FUND, L.P. 1.03% of their portfolio TORONTO, A6 10,00010.0k $9.8m $9.8m 1.03% Unchanged
18 Alken Asset Management Ltd 0.61% of their portfolio LONDON, X0 350350 $336.0k $336.0k 0.61% Unchanged