Vault-13

UPSTART HLDGS INC UPST 1 11.15.30

NOTE 1.000%11/1 · US DOMESTIC · CUSIP 91680MAF4

35 institutional holders +0 vs Q1 2026
8,221,1508.2m shares reported held*
$427.9mreported value*
3 new 12 added 6 reduced 4 sold out net bought ≈ $8.8m (+1.0m 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. Holder counts are more reliable. Implied quarter-end price ≈ $52.05.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

02040Q4 25: 36Q1 26: 35Q2 26: 3535Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q4 202536
Q1 202635
Q2 202635

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q1 26: 16 bought or addedQ1 26: 14 cut or sold outQ1 26Q2 26: 15 bought or addedQ2 26: 10 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q1 20261614
Q2 20261510

Biggest buyers

AQR Arbitrage LLC Added +10,050,000+10.1m
Worth Venture Partners, LLC New +10,000,000+10.0m
MILLENNIUM MANAGEMENT LLC Added +6,500,000+6.5m
SHENKMAN CAPITAL MANAGEMENT INC Added +5,553,000+5.6m
WHITEBOX ADVISORS LLC Added +4,781,000+4.8m
Jefferies Financial Group Inc. Added +2,798,000+2.8m
ADVENT CAPITAL MANAGEMENT /DE/ Added +2,467,000+2.5m
BlackRock, Inc. Added +1,650,000+1.6m
BANK OF AMERICA CORP /DE/ Added +1,290,000+1.3m
STATE OF WISCONSIN INVESTMENT BOARD Added +1,000,000+1.0m

Biggest sellers

Jump Financial, LLC Sold out -32,000,000-32.0m
Man Group plc Reduced -1,768,000-1.8m
LuminArx Capital Management LP Sold out -1,500,000-1.5m
ZAZOVE ASSOCIATES LLC Reduced -500,000-500.0k
GOLDMAN SACHS GROUP INC Sold out -413,000-413.0k
WELLINGTON MANAGEMENT GROUP LLP Reduced -269,000-269.0k
FMR LLC Reduced -50,000-50.0k
RAYMOND JAMES FINANCIAL INC Sold out -11,000-11.0k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -4,000-4.0k
Centiva Capital, LP Reduced -1,000-1.0k

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 0.54% of their portfolio New York, NY 126,302,000126.3m $103.8m $103.8m 0.54% Unchanged
2 Context Capital Management, LLC 1.29% of their portfolio LAJOLLA, CA 78,174,00078.2m $64.1m $64.1m 1.29% Unchanged
3 WHITEBOX ADVISORS LLC 0.86% of their portfolio MINNEAPOLIS, MN 65,511,00065.5m $53.4m $53.4m 0.86% Added +4.8m +4,781,000
4 AQR Arbitrage LLC 0.57% of their portfolio Greenwich, CT 48,750,00048.8m $40.0m $40.0m 0.57% Added +10.1m +10,050,000
5 D. E. Shaw & Co., Inc. 0.02% of their portfolio New York, NY 34,374,00034.4m $28.2m $28.2m 0.02% Unchanged
6 MacKay Shields LLC 0.69% of their portfolio New York, NY 25,168,00025.2m $20.6m $20.6m 0.69% Unchanged
7 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 19,425,00019.4m $16.0m $16.0m 0.01% Added +6.5m +6,500,000
8 Jefferies Financial Group Inc. 0.10% of their portfolio NEW YORK, NY 13,633,00013.6m $11.3m $11.3m 0.10% Added +2.8m +2,798,000
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,750,00011.8m $9.5m $9.5m 0.00% Added +600.0k +600,000
10 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 10,799,00010.8m $8.8m $8.8m 0.00% Added +1.3m +1,290,000
11 SHENKMAN CAPITAL MANAGEMENT INC 1.22% of their portfolio NEW YORK, NY 10,553,00010.6m $8.8m $8.8m 1.22% Added +5.6m +5,553,000
12 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 10,387,00010.4m $8.5m $8.5m 0.00% Unchanged
13 Worth Venture Partners, LLC 18.53% of their portfolio FORT LEE, NJ 10,000,00010.0m $8.2m $8.2m 18.53% New
14 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 9,961,00010.0m $8.1m $8.1m 0.00% Added +502.0k +502,000
15 BlackRock, Inc. 0.00% of their portfolio New York, NY 9,661,0009.7m $7.9m $7.9m 0.00% Added +1.6m +1,650,000
16 ADVENT CAPITAL MANAGEMENT /DE/ 0.17% of their portfolio NEW YORK, NY 9,273,0009.3m $7.6m $7.6m 0.17% Added +2.5m +2,467,000
17 FMR LLC 0.00% of their portfolio BOSTON, MA 5,462,0005.5m $4.5m $4.5m 0.00% Reduced -50.0k -50,000
18 ZAZOVE ASSOCIATES LLC 0.30% of their portfolio INCLINE VILLAGE, NV 4,500,0004.5m $3.7m $3.7m 0.30% Reduced -500.0k -500,000
19 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 4,100,0004.1m $3.4m $3.4m 0.01% Unchanged
20 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 4,000,0004.0m $3.3m $3.3m 0.01% Added +1.0m +1,000,000
21 OFI INVEST ASSET MANAGEMENT 0.03% of their portfolio ISSY LES MOULINEAUX, I0 4,000,0004.0m $2.9m $2.9m 0.03% Unchanged
22 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,500,0001.5m $1.2m $1.2m 0.00% Unchanged
23 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 725,000725.0k $594.9k $594.9k 0.00% Reduced -269.0k -269,000
24 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 600,000600.0k $483.4k $483.4k 0.00% Unchanged
25 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $408.8k $408.8k 0.00% Unchanged
26 Man Group plc 0.00% of their portfolio LONDON, X0 352,000352.0k $287.8k $287.8k 0.00% Reduced -1.8m -1,768,000
27 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 221,000221.0k $180.1k $180.1k 0.00% Unchanged
28 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 167,000167.0k $134.7k $134.7k 0.00% Unchanged
29 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 46,00046.0k $37.3k $37.3k 0.00% New
30 INSIGNEO ADVISORY SERVICES, LLC 0.00% of their portfolio MIAMI, FL 28,00028.0k $22.8k $22.8k 0.00% Added +6.0k +6,000
31 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 20,00020.0k $1.6m $1.6m 0.00% New
32 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 15,00015.0k $11.9k $11.9k 0.00% Reduced -4.0k -4,000
33 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 6,2006.2k $5.0k $5.0k 0.00% Unchanged
34 Centiva Capital, LP 0.01% of their portfolio New York, NY 3,0003.0k $245.9k $245.9k 0.01% Reduced -1.0k -1,000
35 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 150150 $122.8k $122.8k 0.01% Not comparable