Vault-13

UPWORK INC UPWK 0.25 08.15.26

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

19 institutional holders -5 vs Q1 2026
16,972,00317.0m shares reported held*
$346.4mreported value*
1 new 5 added 0 reduced 6 sold out net bought ≈ $29.7m (+8.3m 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 ≈ $20.41.

Trends to Q2 2026

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: 23Q3 25: 21Q4 25: 22Q1 26: 24Q2 26: 1919Q3 22Q3 23Q3 24Q3 25Q2 26
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
Q3 202521
Q4 202522
Q1 202624
Q2 202619

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q3 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 25Q3 25: 5 bought or addedQ3 25: 7 cut or sold outQ4 25: 7 bought or addedQ4 25: 8 cut or sold outQ4 25Q1 26: 8 bought or addedQ1 26: 11 cut or sold outQ2 26: 6 bought or addedQ2 26: 6 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024710
Q4 2024915
Q1 202534
Q2 202534
Q3 202557
Q4 202578
Q1 2026811
Q2 202666

Biggest buyers

ARISTEIA CAPITAL, L.L.C. Added +12,500,000+12.5m
DeepCurrents Investment Group LLC Added +10,000,000+10.0m
Ovata Capital Management Ltd New +8,329,000+8.3m
OAKTREE CAPITAL MANAGEMENT LP Added +1,655,000+1.7m
STATE STREET CORP Added +1,500,000+1.5m
Altrafin AG Added +2+2

Biggest sellers

LAZARD ASSET MANAGEMENT LLC Sold out -31,900,000-31.9m
JANE STREET GROUP, LLC Sold out -1,500,000-1.5m
BANK OF AMERICA CORP /DE/ Sold out -1,429,000-1.4m
GROUPAMA ASSET MANAGMENT Sold out -700,000-700.0k
Ares Systematic Credit Ltd Sold out -100,000-100.0k
Ethic Inc. Sold out -11,010-11.0k

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 CAMDEN ASSET MANAGEMENT L P /CA 2.28% of their portfolio Los Angeles, CA 79,023,00079.0m $78.2m $78.2m 2.28% Unchanged
2 TENOR CAPITAL MANAGEMENT Co., L.P. 1.05% of their portfolio NEW YORK, NY 75,000,00075.0m $74.8m $74.8m 1.05% Unchanged
3 DeepCurrents Investment Group LLC 2.16% of their portfolio NEW YORK, NY 63,286,00063.3m $62.8m $62.8m 2.16% Added +10.0m +10,000,000
4 ARISTEIA CAPITAL, L.L.C. 0.40% of their portfolio GREENWICH, CT 25,558,00025.6m $25.4m $25.4m 0.40% Added +12.5m +12,500,000
5 OSTERWEIS CAPITAL MANAGEMENT INC 0.69% of their portfolio SAN FRANCISCO, CA 14,680,00014.7m $14.6m $14.6m 0.69% Unchanged
6 ADVENT CAPITAL MANAGEMENT /DE/ 0.32% of their portfolio NEW YORK, NY 14,174,00014.2m $14.1m $14.1m 0.32% Unchanged
7 OAKTREE CAPITAL MANAGEMENT LP 0.26% of their portfolio LOS ANGELES, CA 14,154,00014.2m $14.0m $14.0m 0.26% Added +1.7m +1,655,000
8 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 13,000,00013.0m $12.9m $12.9m 0.01% Unchanged
9 Calamos Advisors LLC 0.04% of their portfolio NAPERVILLE, IL 10,000,00010.0m $9.9m $9.9m 0.04% Unchanged
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 9,025,0009.0m $8.9m $8.9m 0.00% Added +1.5m +1,500,000
11 ABSOLUTE INVESTMENT ADVISERS, LLC 0.83% of their portfolio ROSEMARY BEACH, FL 8,640,0008.6m $8.6m $8.6m 0.83% Unchanged
12 Ovata Capital Management Ltd 0.62% of their portfolio HONG KONG, K3 8,329,0008.3m $8.3m $8.3m 0.62% New
13 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,916,0002.9m $2.9m $2.9m 0.00% Unchanged
14 PIPER SANDLER & CO. 1.90% of their portfolio MINNEAPOLIS, MN 2,610,0002.6m $2.6m $2.6m 1.90% Unchanged
15 Parallax Volatility Advisers, L.P. 0.07% of their portfolio San Francisco, CA 2,000,0002.0m $2.0m $2.0m 0.07% Unchanged
16 PALISADE CAPITAL MANAGEMENT, LP 0.05% of their portfolio FORT LEE, NJ 1,140,0001.1m $1.1m $1.1m 0.05% Unchanged
17 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,000,0001.0m $994.3k $994.3k 0.00% Unchanged
18 K2 PRINCIPAL FUND, L.P. 0.37% of their portfolio TORONTO, A6 4,0004.0k $4.0m $4.0m 0.37% Unchanged
19 Altrafin AG 0.12% of their portfolio ZURICH, V8 3,0033.0k $294.2k $294.2k 0.12% Added +2 +2