Vault-13

UPWORK INC UPWK 0.25 08.15.26

NOTE 0.250% 8/1 · US DOMESTIC · CUSIP 91688FAB0

23 institutional holders -3 vs Q1 2025
9,940,0009.9m shares reported held*
$335.6mreported value*
0 new 3 added 1 reduced 3 sold out net sold ≈ $1.2m (-6.5m 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 ≈ $33.76.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 46Q4 22: 42Q1 23: 34Q2 23: 34Q3 23: 35Q4 23: 34Q1 24: 35Q2 24: 35Q3 24: 33Q4 24: 27Q1 25: 26Q2 25: 2323Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202246
Q4 202242
Q1 202334
Q2 202334
Q3 202335
Q4 202334
Q1 202435
Q2 202435
Q3 202433
Q4 202427
Q1 202526
Q2 202523

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q3 23: 9 bought or addedQ3 23: 7 cut or sold outQ4 23: 7 bought or addedQ4 23: 12 cut or sold outQ4 23Q1 24: 13 bought or addedQ1 24: 15 cut or sold outQ2 24: 13 bought or addedQ2 24: 10 cut or sold outQ2 24Q3 24: 7 bought or addedQ3 24: 10 cut or sold outQ4 24: 9 bought or addedQ4 24: 15 cut or sold outQ4 24Q1 25: 3 bought or addedQ1 25: 4 cut or sold outQ2 25: 3 bought or addedQ2 25: 4 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 202397
Q4 2023712
Q1 20241315
Q2 20241310
Q3 2024710
Q4 2024915
Q1 202534
Q2 202534

Biggest buyers

OAKTREE CAPITAL MANAGEMENT LP Added +4,156,000+4.2m
ARISTEIA CAPITAL, L.L.C. Added +2,500,000+2.5m
BlackRock, Inc. Added +250,000+250.0k

Biggest sellers

Ewing Morris & Co. Investment Partners Ltd. Sold out -6,500,000-6.5m
Parallax Volatility Advisers, L.P. Reduced -1,000,000-1.0m
JPMORGAN CHASE & CO Sold out -568,000-568.0k
GOLDMAN SACHS GROUP INC Sold out -151,000-151.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 1.02% of their portfolio NEW YORK, NY 79,509,00079.5m $75.4m $75.4m 1.02% Unchanged
2 CAMDEN ASSET MANAGEMENT L P /CA 1.61% of their portfolio Los Angeles, CA 73,023,00073.0m $68.7m $68.7m 1.61% Unchanged
3 STEELHEAD PARTNERS LLC 1.90% of their portfolio SEATTLE, WA 40,000,00040.0m $37.8m $37.8m 1.90% Unchanged
4 Linden Advisors LP 0.20% of their portfolio New York, NY 35,244,00035.2m $33.2m $33.2m 0.20% Unchanged
5 Opti Capital Management, LP 1.21% of their portfolio New York, NY 22,500,00022.5m $21.3m $21.3m 1.21% Unchanged
6 Calamos Advisors LLC 0.08% of their portfolio NAPERVILLE, IL 20,000,00020.0m $18.9m $18.9m 0.08% Unchanged
7 Radcliffe Capital Management, L.P. 1.12% of their portfolio BALA CYNWYD, PA 15,600,00015.6m $14.7m $14.7m 1.12% Unchanged
8 ARISTEIA CAPITAL, L.L.C. 0.35% of their portfolio GREENWICH, CT 13,058,00013.1m $12.4m $12.4m 0.35% Added +2.5m +2,500,000
9 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 13,000,00013.0m $12.3m $12.3m 0.01% Unchanged
10 ABSOLUTE INVESTMENT ADVISERS, LLC 1.15% of their portfolio ROSEMARY BEACH, FL 9,890,0009.9m $9.3m $9.3m 1.15% Unchanged
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 7,325,0007.3m $6.9m $6.9m 0.00% Unchanged
12 OAKTREE CAPITAL MANAGEMENT LP 0.12% of their portfolio LOS ANGELES, CA 6,373,0006.4m $6.0m $6.0m 0.12% Added +4.2m +4,156,000
13 ADVENT CAPITAL MANAGEMENT /DE/ 0.13% of their portfolio NEW YORK, NY 6,057,0006.1m $5.7m $5.7m 0.13% Unchanged
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 3,616,0003.6m $3.4m $3.4m 0.00% Added +250.0k +250,000
15 Parallax Volatility Advisers, L.P. 0.08% of their portfolio San Francisco, CA 2,000,0002.0m $1.9m $1.9m 0.08% Reduced -1.0m -1,000,000
16 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,000,0001.0m $945.1k $945.1k 0.00% Unchanged
17 SSI INVESTMENT MANAGEMENT LLC 0.03% of their portfolio Los Angeles, CA 500,000500.0k $470.5k $470.5k 0.03% Unchanged
18 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 429,000429.0k $403.7k $403.7k 0.00% Unchanged
19 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.00% of their portfolio HARRISBURG, PA 50,00050.0k $47.0k $47.0k 0.00% Unchanged
20 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 26,00026.0k $24.5k $24.5k 0.00% Unchanged
21 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 21,17021.2k $2.0m $2.0m 0.01% Unchanged
22 K2 PRINCIPAL FUND, L.P. 0.69% of their portfolio TORONTO, A6 4,0004.0k $3.8m $3.8m 0.69% Unchanged
23 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged