Vault-13

VARONIS SYS INC VRNS 1 09.15.29

NOTE 1.000% 9/1 · US DOMESTIC · CUSIP 922280AD4

39 institutional holders +0 vs Q1 2026
15,297,42315.3m shares reported held*
$404.4mreported value*
11 new 15 added 8 reduced 11 sold out net bought ≈ $48.8m (-3.0m 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 ≈ $26.44.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

02040Q3 25: 35Q4 25: 37Q1 26: 39Q2 26: 3939Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q3 202535
Q4 202537
Q1 202639
Q2 202639

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 25: 21 bought or addedQ4 25: 23 cut or sold outQ4 25Q1 26: 24 bought or addedQ1 26: 19 cut or sold outQ1 26Q2 26: 26 bought or addedQ2 26: 19 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q4 20252123
Q1 20262419
Q2 20262619

Biggest buyers

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC New +39,595,000+39.6m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +30,000,000+30.0m
Jump Financial, LLC Added +24,951,000+25.0m
Calamos Advisors LLC Added +19,768,000+19.8m
STEELHEAD PARTNERS LLC Added +19,140,000+19.1m
D. E. Shaw & Co., Inc. New +15,000,000+15.0m
Context Capital Management, LLC New +10,000,000+10.0m
WOLVERINE ASSET MANAGEMENT LLC New +9,696,000+9.7m
Fort Baker Capital Management LP New +8,500,000+8.5m
SSI INVESTMENT MANAGEMENT LLC New +7,500,000+7.5m

Biggest sellers

SOROS FUND MANAGEMENT LLC Sold out -68,055,000-68.1m
ZAZOVE ASSOCIATES LLC Sold out -23,985,000-24.0m
Point72 Asset Management, L.P. Sold out -16,000,000-16.0m
Opti Capital Management, LP Reduced -14,168,000-14.2m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -7,871,000-7.9m
SILVERBACK ASSET MANAGEMENT LLC Reduced -7,000,000-7.0m
SSI INVESTMENT MANAGEMENT LLC Sold out -6,000,000-6.0m
MILLENNIUM MANAGEMENT LLC Sold out -5,000,000-5.0m
WELLS FARGO & COMPANY/MN Sold out -3,874,000-3.9m
TORONTO DOMINION BANK Reduced -3,600,000-3.6m

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 STEELHEAD PARTNERS LLC 4.10% of their portfolio SEATTLE, WA 59,140,00059.1m $57.6m $57.6m 4.10% Added +19.1m +19,140,000
2 TENOR CAPITAL MANAGEMENT Co., L.P. 0.55% of their portfolio NEW YORK, NY 40,000,00040.0m $39.1m $39.1m 0.55% Added +30.0m +30,000,000
3 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 39,595,00039.6m $38.3m $38.3m 0.01% New
4 Jump Financial, LLC 0.27% of their portfolio Chicago, IL 30,951,00031.0m $30.0m $30.0m 0.27% Added +25.0m +24,951,000
5 Aequim Alternative Investments LP 0.42% of their portfolio MILL VALLEY, CA 27,500,00027.5m $26.7m $26.7m 0.42% Unchanged
6 Calamos Advisors LLC 0.09% of their portfolio NAPERVILLE, IL 25,585,00025.6m $24.9m $24.9m 0.09% Added +19.8m +19,768,000
7 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 22,500,00022.5m $218.5k $218.5k 0.00% Reduced -2.5m -2,500,000
8 Opti Capital Management, LP 1.29% of their portfolio New York, NY 21,500,00021.5m $21.1m $21.1m 1.29% Reduced -14.2m -14,168,000
9 SHENKMAN CAPITAL MANAGEMENT INC 2.27% of their portfolio NEW YORK, NY 16,701,00016.7m $16.3m $16.3m 2.27% Reduced -7.9m -7,871,000
10 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 15,000,00015.0m $14.6m $14.6m 0.01% New
11 ABSOLUTE INVESTMENT ADVISERS, LLC 1.40% of their portfolio ROSEMARY BEACH, FL 15,000,00015.0m $14.5m $14.5m 1.40% Added +4.0m +4,000,000
12 KIM, LLC 1.86% of their portfolio WICHITA, KS 14,000,00014.0m $13.7m $13.7m 1.86% Added +2.0m +2,000,000
13 SILVERBACK ASSET MANAGEMENT LLC 1.65% of their portfolio DURHAM, NC 13,455,00013.5m $13.1m $13.1m 1.65% Reduced -7.0m -7,000,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,625,00011.6m $11.3m $11.3m 0.00% Added +1.6m +1,600,000
15 Context Capital Management, LLC 0.20% of their portfolio LAJOLLA, CA 10,000,00010.0m $9.7m $9.7m 0.20% New
16 WOLVERINE ASSET MANAGEMENT LLC 0.12% of their portfolio CHICAGO, IL 9,696,0009.7m $9.5m $9.5m 0.12% New
17 BlackRock, Inc. 0.00% of their portfolio New York, NY 9,375,0009.4m $9.1m $9.1m 0.00% Added +2.2m +2,175,000
18 Fort Baker Capital Management LP 0.66% of their portfolio Larkspur, CA 8,500,0008.5m $8.3m $8.3m 0.66% New
19 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 7,700,0007.7m $7.4m $7.4m 0.00% Added +6.9m +6,881,000
20 SSI INVESTMENT MANAGEMENT LLC 0.42% of their portfolio Los Angeles, CA 7,500,0007.5m $7.3m $7.3m 0.42% New
21 Jefferies Financial Group Inc. 0.05% of their portfolio NEW YORK, NY 5,548,0005.5m $5.4m $5.4m 0.05% Added +5.4m +5,371,000
22 WATER ISLAND CAPITAL LLC 0.51% of their portfolio NEW YORK, NY 5,000,0005.0m $4.9m $4.9m 0.51% Added +2.0m +2,000,000
23 Man Group plc 0.01% of their portfolio LONDON, X0 5,000,0005.0m $4.9m $4.9m 0.01% Unchanged
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 3,554,0003.6m $3.4m $3.4m 0.00% Unchanged
25 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 3,500,0003.5m $3.4m $3.4m 0.01% Reduced -3.6m -3,600,000
26 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,334,0003.3m $3.2m $3.2m 0.00% Added +2.7m +2,694,000
27 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,262,0002.3m $2.1m $2.1m 0.00% Reduced -3.0m -2,963,000
28 Ares Systematic Credit Ltd 0.88% of their portfolio LONDON, X0 1,500,0001.5m $1.5m $1.5m 0.88% New
29 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 868,000868.0k $843.0k $843.0k 0.01% Reduced -1.5m -1,531,000
30 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $488.1k $488.1k 0.00% Unchanged
31 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 489,000489.0k $473.1k $473.1k 0.00% Added +125.0k +125,000
32 Virtus Fixed Income Advisers, LLC 0.20% of their portfolio HARTFORD, CT 332,000332.0k $321.2k $321.2k 0.20% New
33 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $182.0k $182.0k 0.00% Unchanged
34 Calamos Wealth Management LLC 0.00% of their portfolio NAPERVILLE, IL 154,000154.0k $149.9k $149.9k 0.00% Added +3.0k +3,000
35 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 82,00082.0k $79.3k $79.3k 0.00% Reduced -1.0k -1,000
36 VIRTUS ADVISERS, LLC 0.03% of their portfolio HARTFORD, CT 79,00079.0k $76.4k $76.4k 0.03% Added +32.0k +32,000
37 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 10,00010.0k $9.7k $9.7k 0.00% New
38 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 5,0005.0k $4.8k $4.8k 0.00% New
39 LAFFER TENGLER INVESTMENTS, INC. 0.05% of their portfolio Scottsdale, AZ 423423 $414.8k $414.8k 0.05% New