PORCH GROUP INC

CUSIP: 733245AD6 Class: DEBT 9.000% 5/1

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (3)

Divisadero Street Capital Management, LP

Value ($000) $14,794 Shares 1,620,351

ADVENT CAPITAL MANAGEMENT /DE/

Value ($000) $3,596 Shares 3,150,000

SG Americas Securities, LLC

Value ($000) $2 Shares 13,500

Institution	Shares	Value ($000)
Divisadero Street Capital Management, LP	1,620,351	$14,794
ADVENT CAPITAL MANAGEMENT /DE/	3,150,000	$3,596
SG Americas Securities, LLC	13,500	$2

Increased Positions (1)

Context Capital Management, LLC

Value ($000) $41,238 (+39.8%) Shares 36,500,000 (+187079.5%)

Institution	Prev Shares	Curr Shares	Change
Context Capital Management, LLC	19,500	36,500,000	+36,480,500 (+187079.5%)

Decreased Positions (3)

SILVERBACK ASSET MANAGEMENT LLC

Value ($000) $19,852 (-32.0%) Shares 17,500,000 (-10.3%)

SUSQUEHANNA ADVISORS GROUP, INC.

Value ($000) $51,066 (-36.6%) Shares 45,400,000 (-15.0%)

DeepCurrents Investment Group LLC

Value ($000) $21,532 (-40.3%) Shares 19,100,000 (-20.7%)

Institution	Prev Shares	Curr Shares	Change
SILVERBACK ASSET MANAGEMENT LLC	19,500,000	17,500,000	-2,000,000 (-10.3%)
SUSQUEHANNA ADVISORS GROUP, INC.	53,400,000	45,400,000	-8,000,000 (-15.0%)
DeepCurrents Investment Group LLC	24,100,000	19,100,000	-5,000,000 (-20.7%)

Exited Positions (3)

Alpine Global Management, LLC

Value ($000) $13,341 Shares 8,000

Warberg Asset Management LLC

Value ($000) $4,492 Shares 3,000,000

Skaana Management L.P.

Value ($000) $2,267 Shares 1,500,000

Institution	Prev Shares	Prev Value ($000)
Alpine Global Management, LLC	8,000	$13,341
Warberg Asset Management LLC	3,000,000	$4,492
Skaana Management L.P.	1,500,000	$2,267