UPWORK INC

CUSIP: 91688FAB0 Class: Convertible Debt

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (5)

DeepCurrents Investment Group LLC
Value ($000) $27,446 Shares 28,107,000
Altrafin AG
Value ($000) $582 Shares 6,006
GROUPAMA ASSET MANAGMENT
Value ($000) $685 Shares 700,000
TORONTO DOMINION BANK
Value ($000) $425 Shares 435,000
LAZARD ASSET MANAGEMENT LLC
Value ($000) $337 Shares 34,400,000

Increased Positions (2)

OAKTREE CAPITAL MANAGEMENT LP
Value ($000) $6,885 (+52.7%) Shares 7,038,000 (+51.5%)
BlackRock, Inc.
Value ($000) $4,303 (+23.1%) Shares 4,416,000 (+22.1%)

Decreased Positions (3)

TENOR CAPITAL MANAGEMENT Co., L.P.
Value ($000) $74,476 (-3.3%) Shares 76,000,000 (-4.4%)
ADVENT CAPITAL MANAGEMENT /DE/
Value ($000) $28,313 (-9.3%) Shares 28,914,000 (-10.1%)
NEW YORK STATE COMMON RETIREMENT FUND
Value ($000) $1,097 (-64.4%) Shares 1,126,000 (-64.7%)

Exited Positions (6)

STEELHEAD PARTNERS LLC
Value ($000) $22,810 Shares 23,500,000
Opti Capital Management, LP
Value ($000) $21,825 Shares 22,500,000
Radcliffe Capital Management, L.P.
Value ($000) $10,755 Shares 11,123,000
SSI INVESTMENT MANAGEMENT LLC
Value ($000) $483 Shares 500,000
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS
Value ($000) $39 Shares 40,000
BARCLAYS PLC
Value ($000) $24 Shares 26,000