SNAP INC

CUSIP: 83304AAH9 Class: Convertible Debt

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (1)

Value ($000) $2,663 Shares 2,938,000

Institution	Shares	Value ($000)
CITIGROUP INC	2,938,000	$2,663

Increased Positions (10)

Opti Capital Management, LP

Value ($000) $63,377 (+27.5%) Shares 69,454,000 (+25.2%)

Context Capital Management, LLC

Value ($000) $2,304 (+1.7%) Shares 2,538,000 (+99900.0%)

DAVIDSON KEMPNER CAPITAL MANAGEMENT LP

Value ($000) $40,784 (+30.4%) Shares 45,000,000 (+28.2%)

Value ($000) $20,293 (+35.2%) Shares 22,300,000 (+32.7%)

D. E. Shaw & Co., Inc.

Value ($000) $17,757 (+183.6%) Shares 19,500,000 (+178.6%)

STATE STREET CORP

Value ($000) $10,216 (+8.8%) Shares 11,250,000 (+7.1%)

Thrivent Financial for Lutherans

Value ($000) $9 (+84.9%) Shares 10,000,000 (+81.8%)

WELLINGTON MANAGEMENT GROUP LLP

Value ($000) $14,096 (+3.8%) Shares 15,483,000 (+2.0%)

Zurcher Kantonalbank (Zurich Cantonalbank)

Value ($000) $636 (+42.4%) Shares 700,000 (+40.0%)

LAZARD ASSET MANAGEMENT LLC

Value ($000) $182 (+259.6%) Shares 20,039,000 (+253.7%)

Institution	Prev Shares	Curr Shares	Change
Opti Capital Management, LP	55,454,000	69,454,000	+14,000,000 (+25.2%)
Context Capital Management, LLC	2,538	2,538,000	+2,535,462 (+99900.0%)
DAVIDSON KEMPNER CAPITAL MANAGEMENT LP	35,095,000	45,000,000	+9,905,000 (+28.2%)
Man Group plc	16,800,000	22,300,000	+5,500,000 (+32.7%)
D. E. Shaw & Co., Inc.	7,000,000	19,500,000	+12,500,000 (+178.6%)
STATE STREET CORP	10,500,000	11,250,000	+750,000 (+7.1%)
Thrivent Financial for Lutherans	5,500,000	10,000,000	+4,500,000 (+81.8%)
WELLINGTON MANAGEMENT GROUP LLP	15,184,000	15,483,000	+299,000 (+2.0%)
Zurcher Kantonalbank (Zurich Cantonalbank)	500,000	700,000	+200,000 (+40.0%)
LAZARD ASSET MANAGEMENT LLC	5,665,000	20,039,000	+14,374,000 (+253.7%)

Decreased Positions (7)

LINDEN ADVISORS LP

Value ($000) $15,968 (-60.7%) Shares 17,550,000 (-61.3%)

OAKTREE CAPITAL MANAGEMENT LP

Value ($000) $12,184 (-11.0%) Shares 13,422,000 (-12.5%)

Voya Investment Management LLC

Value ($000) $82,061 (-8.5%) Shares 90,395,000 (-10.0%)

SSI INVESTMENT MANAGEMENT LLC

Value ($000) $571 (-14.7%) Shares 630,000 (-16.1%)

BlackRock, Inc.

Value ($000) $15,519 (-30.3%) Shares 17,123,000 (-31.4%)

WELLS FARGO & COMPANY/MN

Value ($000) $966 (-60.1%) Shares 1,063,000 (-60.8%)

JPMORGAN CHASE & CO

Value ($000) $5,014 (-17.9%) Shares 5,586,000 (-21.0%)

Institution	Prev Shares	Curr Shares	Change
LINDEN ADVISORS LP	45,400,000	17,550,000	-27,850,000 (-61.3%)
OAKTREE CAPITAL MANAGEMENT LP	15,339,000	13,422,000	-1,917,000 (-12.5%)
Voya Investment Management LLC	100,395,000	90,395,000	-10,000,000 (-10.0%)
SSI INVESTMENT MANAGEMENT LLC	751,000	630,000	-121,000 (-16.1%)
BlackRock, Inc.	24,973,000	17,123,000	-7,850,000 (-31.4%)
WELLS FARGO & COMPANY/MN	2,712,000	1,063,000	-1,649,000 (-60.8%)
JPMORGAN CHASE & CO	7,074,000	5,586,000	-1,488,000 (-21.0%)

Exited Positions (7)

Ewing Morris & Co. Investment Partners Ltd.

Value ($000) $3,581 Shares 4,000,000

PALISADE CAPITAL MANAGEMENT, LP

Value ($000) $1,794 Shares 2,000,000

OXFORD ASSET MANAGEMENT LLP

Value ($000) $89 Shares 100

ROYAL BANK OF CANADA

Value ($000) $894 Shares 1,000,000

Bank of New York Mellon Corp

Value ($000) $447 Shares 500,000

Value ($000) $202 Shares 253,000

BANK OF AMERICA CORP /DE/

Value ($000) $187 Shares 210,000

Institution	Prev Shares	Prev Value ($000)
Ewing Morris & Co. Investment Partners Ltd.	4,000,000	$3,581
PALISADE CAPITAL MANAGEMENT, LP	2,000,000	$1,794
OXFORD ASSET MANAGEMENT LLP	100	$89
ROYAL BANK OF CANADA	1,000,000	$894
Bank of New York Mellon Corp	500,000	$447
BARCLAYS PLC	253,000	$202
BANK OF AMERICA CORP /DE/	210,000	$187