Vault-13

VENTAS RLTY LTD PARTNERSHIP VTR 3.75 06.01.26

NOTE 3.750% 6/0 · US DOMESTIC · CUSIP 92277GAZ0

65 institutional holders -4 vs Q3 2025
25,184,85225.2m shares reported held*
$1.9bnreported value*
6 new 15 added 23 reduced 10 sold out net bought ≈ $37.1m (+9.3m 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 ($5.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $75.87.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100Q2 24: 69Q3 24: 70Q4 24: 73Q1 25: 79Q2 25: 77Q3 25: 69Q4 25: 6565Q2 24Q4 24Q2 25Q4 25
Numbers
QuarterHolders
Q2 202469
Q3 202470
Q4 202473
Q1 202579
Q2 202577
Q3 202569
Q4 202565

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 24: 32 bought or addedQ3 24: 37 cut or sold outQ3 24Q4 24: 28 bought or addedQ4 24: 28 cut or sold outQ4 24Q1 25: 39 bought or addedQ1 25: 29 cut or sold outQ1 25Q2 25: 31 bought or addedQ2 25: 34 cut or sold outQ2 25Q3 25: 31 bought or addedQ3 25: 38 cut or sold outQ3 25Q4 25: 21 bought or addedQ4 25: 33 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 20243237
Q4 20242828
Q1 20253929
Q2 20253134
Q3 20253138
Q4 20252133

Biggest buyers

Aequim Alternative Investments LP Added +26,000,000+26.0m
WELLS FARGO & COMPANY/MN Added +23,365,000+23.4m
TWO SIGMA INVESTMENTS, LP Added +20,711,000+20.7m
MIZUHO SECURITIES USA LLC New +9,195,000+9.2m
CSS LLC/IL Added +7,340,000+7.3m
Amundi New +5,000,000+5.0m
Warberg Asset Management LLC Added +3,547,000+3.5m
BANK OF AMERICA CORP /DE/ Added +2,002,000+2.0m
BlackRock, Inc. Added +1,700,000+1.7m
BNP PARIBAS FINANCIAL MARKETS Added +1,229,000+1.2m

Biggest sellers

ADVENT CAPITAL MANAGEMENT /DE/ Reduced -29,298,000-29.3m
ZAZOVE ASSOCIATES LLC Reduced -5,520,000-5.5m
RWC Asset Management LLP Sold out -5,125,000-5.1m
MORGAN STANLEY Reduced -4,130,000-4.1m
Universal- Beteiligungs- und Servicegesellschaft mbH Reduced -3,975,000-4.0m
SHENKMAN CAPITAL MANAGEMENT INC Reduced -3,712,000-3.7m
JPMORGAN CHASE & CO Reduced -3,255,000-3.3m
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Reduced -3,088,000-3.1m
VICTORY CAPITAL MANAGEMENT INC Reduced -2,893,000-2.9m
Man Group plc Sold out -2,630,000-2.6m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Aequim Alternative Investments LP 2.80% of their portfolio MILL VALLEY, CA 100,000,000100.0m $141.4m $141.4m 2.80% Added +26.0m +26,000,000
2 CAMDEN ASSET MANAGEMENT L P /CA 3.04% of their portfolio Los Angeles, CA 85,155,00085.2m $120.2m $120.2m 3.04% Added +1.2m +1,200,000
3 D. E. Shaw & Co., Inc. 0.08% of their portfolio New York, NY 74,954,00075.0m $105.8m $105.8m 0.08% Unchanged
4 ADVENT CAPITAL MANAGEMENT /DE/ 2.41% of their portfolio NEW YORK, NY 73,569,00073.6m $104.3m $104.3m 2.41% Reduced -29.3m -29,298,000
5 TWO SIGMA INVESTMENTS, LP 0.13% of their portfolio NEW YORK, NY 61,997,00062.0m $87.5m $87.5m 0.13% Added +20.7m +20,711,000
6 VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio San Antonio, TX 51,884,00051.9m $73.4m $73.4m 0.04% Reduced -2.9m -2,893,000
7 ZAZOVE ASSOCIATES LLC 5.17% of their portfolio INCLINE VILLAGE, NV 42,175,00042.2m $59.8m $59.8m 5.17% Reduced -5.5m -5,520,000
8 Point72 Asset Management, L.P. 0.08% of their portfolio STAMFORD, CT 35,600,00035.6m $50.4m $50.4m 0.08% Unchanged
9 FMR LLC 0.00% of their portfolio BOSTON, MA 29,173,00029.2m $41.2m $41.2m 0.00% Reduced -2.4m -2,430,000
10 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 28,987,00029.0m $41.0m $41.0m 0.01% Added +23.4m +23,365,000
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 18,576,00018.6m $26.4m $26.4m 0.00% Added +1.1m +1,128,000
12 Calamos Advisors LLC 0.10% of their portfolio NAPERVILLE, IL 17,701,00017.7m $25.1m $25.1m 0.10% Reduced -64.0k -64,000
13 PIER 88 INVESTMENT PARTNERS LLC 5.37% of their portfolio SAN FRANCISCO, CA 17,000,00017.0m $24.0m $24.0m 5.37% Unchanged
14 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio Toronto, A6 16,600,00016.6m $23.4m $23.4m 0.02% Unchanged
15 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio FRANKFURT AM MAIN, 2M 14,150,00014.2m $20.5m $20.5m 0.02% Reduced -3.1m -3,088,000
16 Universal- Beteiligungs- und Servicegesellschaft mbH 0.03% of their portfolio FRANKFURT AM MAIN, 2M 12,899,00012.9m $18.4m $18.4m 0.03% Reduced -4.0m -3,975,000
17 CAPSTONE INVESTMENT ADVISORS, LLC 0.14% of their portfolio NEW YORK, NY 12,500,00012.5m $17.7m $17.7m 0.14% Unchanged
18 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 12,161,00012.2m $17.2m $17.2m 0.01% Reduced -1.8m -1,799,000
19 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 11,593,00011.6m $16.4m $16.4m 0.00% Added +2.0m +2,002,000
20 SSI INVESTMENT MANAGEMENT LLC 1.06% of their portfolio Los Angeles, CA 11,065,00011.1m $15.6m $15.6m 1.06% Reduced -1.0m -1,012,000
21 CSS LLC/IL 0.82% of their portfolio CHICAGO, IL 10,317,00010.3m $14.6m $14.6m 0.82% Added +7.3m +7,340,000
22 Warberg Asset Management LLC 4.36% of their portfolio WINNETKA, IL 10,243,00010.2m $14.5m $14.5m 4.36% Added +3.5m +3,547,000
23 BlackRock, Inc. 0.00% of their portfolio New York, NY 10,225,00010.2m $14.4m $14.4m 0.00% Added +1.7m +1,700,000
24 MIZUHO SECURITIES USA LLC 0.22% of their portfolio NEW YORK, NY 9,195,0009.2m $13.5m $13.5m 0.22% New
25 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 8,257,0008.3m $11.7m $11.7m 0.00% Reduced -3.3m -3,255,000
26 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 7,261,0007.3m $10.3m $10.3m 0.03% Reduced -199.0k -199,000
27 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 7,121,0007.1m $10.1m $10.1m 0.02% Added +187.0k +187,000
28 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 6,653,0006.7m $9.4m $9.4m 0.01% Added +309.0k +309,000
29 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 6,500,0006.5m $9.3m $9.3m 0.00% Reduced -1.3m -1,261,000
30 RATIONAL ADVISORS, INC. 0.91% of their portfolio San Juan, PR 6,310,0006.3m $8.9m $8.9m 0.91% Unchanged
31 INCOME RESEARCH & MANAGEMENT 4.06% of their portfolio Boston, MA 5,475,0005.5m $7.7m $7.7m 4.06% Added +185.0k +185,000
32 Amundi 0.19% of their portfolio Paris, I0 5,000,0005.0m $706.0m $706.0m 0.19% New
33 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 4,055,0004.1m $5.8m $5.8m 0.00% Reduced -1.6m -1,630,000
34 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 4,026,0004.0m $5.7m $5.7m 0.01% Reduced -378.0k -378,000
35 CONNING INC. 0.18% of their portfolio HARTFORD, CT 3,690,0003.7m $5.3m $5.3m 0.18% Unchanged
36 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $4.2m $4.2m 0.01% Unchanged
37 Union Bancaire Privee, UBP SA 0.04% of their portfolio GENEVA 1, V8 2,525,0002.5m $3.1m $3.1m 0.04% Reduced -50.0k -50,000
38 Governors Lane LP 0.33% of their portfolio NEW YORK, NY 2,500,0002.5m $3.5m $3.5m 0.33% Unchanged
39 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 2,221,0002.2m $3.1m $3.1m 0.00% Unchanged
40 SHENKMAN CAPITAL MANAGEMENT INC 0.29% of their portfolio NEW YORK, NY 1,932,0001.9m $2.7m $2.7m 0.29% Reduced -3.7m -3,712,000
41 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 1,834,0001.8m $2.6m $2.6m 0.00% Added +1.2m +1,229,000
42 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,310,0001.3m $1.8m $1.8m 0.00% Reduced -4.1m -4,130,000
43 AEGON USA Investment Management, LLC 0.76% of their portfolio CEDAR RAPIDS, IA 761,000761.0k $1.1m $1.1m 0.76% Unchanged
44 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 580,000580.0k $827.0k $827.0k 0.00% Unchanged
45 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 414,000414.0k $585.6k $585.6k 0.01% Unchanged
46 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 350,000350.0k $495.1k $495.1k 0.00% Reduced -150.0k -150,000
47 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 213,000213.0k $301.3k $301.3k 0.00% Reduced -1.1m -1,057,000
48 Central Pacific Bank - Trust Division 0.04% of their portfolio HONOLULU, HI 209,000209.0k $295.1k $295.1k 0.04% Unchanged
49 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 193,000193.0k $265.5k $265.5k 0.00% Reduced -11.0k -11,000
50 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 125,000125.0k $177.4k $177.4k 0.01% Added +1.0k +1,000
51 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 65,00065.0k $92.5k $92.5k 0.00% Reduced -11.0k -11,000
52 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 57,00057.0k $80.5k $80.5k 0.00% Unchanged
53 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 45,00045.0k $63.5k $63.5k 0.00% New
54 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 32,00032.0k $45.2k $45.2k 0.00% Added +4.0k +4,000
55 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 18,00018.0k $25.4k $25.4k 0.00% New
56 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 16,00016.0k $22.6k $22.6k 0.00% Unchanged
57 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 15,00015.0k $21.4k $21.4k 0.00% New
58 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 12,80012.8k $1.8m $1.8m 0.00% Unchanged
59 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 12,00012.0k $16.9k $16.9k 0.00% Unchanged
60 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 6,0006.0k $8.6k $8.6k 0.00% Unchanged
61 LAFFER TENGLER INVESTMENTS, INC. 0.52% of their portfolio Scottsdale, AZ 2,4272.4k $3.5m $3.5m 0.52% New
62 Candriam S.C.A. 0.01% of their portfolio STRASSEN, N4 1,5001.5k $2.1m $2.1m 0.01% Reduced -400 -400
63 ODDO BHF ASSET MANAGEMENT SAS 0.02% of their portfolio PARIS, I0 425425 $607.9k $607.9k 0.02% Not comparable
64 ABN AMRO INVESTMENT SOLUTIONS 0.00% of their portfolio PARIS CEDEX 008, I0 200200 $283.5k $283.5k 0.00% Reduced -399.8k -399,800
65 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Unchanged