NIO INC

CUSIP: 62914VAK2 Class: NOTE 4.625%10/1

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (2)

HIGHBRIDGE CAPITAL MANAGEMENT LLC

Value ($000) $2,262 Shares 2,500,000

TWO SIGMA INVESTMENTS, LP

Value ($000) $5,280 Shares 6,000,000

Institution	Shares	Value ($000)
HIGHBRIDGE CAPITAL MANAGEMENT LLC	2,500,000	$2,262
TWO SIGMA INVESTMENTS, LP	6,000,000	$5,280

Increased Positions (9)

PenderFund Capital Management Ltd.

Value ($000) $19,822 (+158.5%) Shares 22,150,000 (+209.8%)

NINE MASTS CAPITAL Ltd

Value ($000) $17,036 (+272.6%) Shares 19,250 (+342.5%)

Paloma Partners Management Co

Value ($000) $39,450 (+9.6%) Shares 42,960,000 (+28.2%)

Context Capital Management, LLC

Value ($000) $10,056 (-15.8%) Shares 11,363,000 (+99900.0%)

DeepCurrents Investment Group LLC

Value ($000) $22,315 (-1.2%) Shares 24,732,000 (+15.1%)

DAVIDSON KEMPNER CAPITAL MANAGEMENT LP

Value ($000) $44,919 (-5.6%) Shares 50,000,000 (+9.9%)

BALYASNY ASSET MANAGEMENT L.P.

Value ($000) $27,383 (+53.1%) Shares 30,000,000 (+76.5%)

CITIGROUP INC

Value ($000) $2,676 (+423.2%) Shares 3,041,000 (+521.9%)

STATE STREET CORP

Value ($000) $11,252 (-9.4%) Shares 12,300,000 (+5.6%)

Institution	Prev Shares	Curr Shares	Change
PenderFund Capital Management Ltd.	7,150,000	22,150,000	+15,000,000 (+209.8%)
NINE MASTS CAPITAL Ltd	4,350	19,250	+14,900 (+342.5%)
Paloma Partners Management Co	33,516,000	42,960,000	+9,444,000 (+28.2%)
Context Capital Management, LLC	11,363	11,363,000	+11,351,637 (+99900.0%)
DeepCurrents Investment Group LLC	21,482,000	24,732,000	+3,250,000 (+15.1%)
DAVIDSON KEMPNER CAPITAL MANAGEMENT LP	45,500,000	50,000,000	+4,500,000 (+9.9%)
BALYASNY ASSET MANAGEMENT L.P.	17,000,000	30,000,000	+13,000,000 (+76.5%)
CITIGROUP INC	489,000	3,041,000	+2,552,000 (+521.9%)
STATE STREET CORP	11,650,000	12,300,000	+650,000 (+5.6%)

Decreased Positions (8)

LINDEN ADVISORS LP

Value ($000) $35,988 (-39.3%) Shares 39,748,000 (-29.4%)

Sculptor Capital LP

Value ($000) $9,127 (-54.4%) Shares 10,000,000 (-47.4%)

WHITEBOX ADVISORS LLC

Value ($000) $8,800 (-39.9%) Shares 10,000,000 (-28.6%)

Jefferies Financial Group Inc.

Value ($000) $18,726 (-25.6%) Shares 20,842,000 (-13.0%)

Walleye Capital LLC

Value ($000) $4,425 (-47.4%) Shares 5,000,000 (-37.5%)

MILLENNIUM MANAGEMENT LLC

Value ($000) $11,999 (-27.5%) Shares 13,250,000 (-15.9%)

Man Group plc

Value ($000) $1,187 (-51.0%) Shares 1,300,000 (-43.5%)

BlackRock, Inc.

Value ($000) $6,424 (-28.2%) Shares 7,300,000 (-14.6%)

Institution	Prev Shares	Curr Shares	Change
LINDEN ADVISORS LP	56,282,000	39,748,000	-16,534,000 (-29.4%)
Sculptor Capital LP	19,000,000	10,000,000	-9,000,000 (-47.4%)
WHITEBOX ADVISORS LLC	14,000,000	10,000,000	-4,000,000 (-28.6%)
Jefferies Financial Group Inc.	23,963,000	20,842,000	-3,121,000 (-13.0%)
Walleye Capital LLC	8,000,000	5,000,000	-3,000,000 (-37.5%)
MILLENNIUM MANAGEMENT LLC	15,750,000	13,250,000	-2,500,000 (-15.9%)
Man Group plc	2,300,000	1,300,000	-1,000,000 (-43.5%)
BlackRock, Inc.	8,550,000	7,300,000	-1,250,000 (-14.6%)

Exited Positions (4)

DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt

Value ($000) $13,182 Shares 12,700,000

NATIXIS

Value ($000) $2,121 Shares 2,000

JANE STREET GROUP, LLC

Value ($000) $532 Shares 500,000

BNP PARIBAS ARBITRAGE, SA

Value ($000) $429 Shares 410,000

Institution	Prev Shares	Prev Value ($000)
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt	12,700,000	$13,182
NATIXIS	2,000	$2,121
JANE STREET GROUP, LLC	500,000	$532
BNP PARIBAS ARBITRAGE, SA	410,000	$429