OSTERWEIS CAPITAL MANAGEMENT INC

Nine converts maturing together, rolled at once

Last quarter's holdings included nine convertible notes bunched into a narrow maturity window — Airbnb (03/15/26), Bentley Systems (01/15/26), Marriott Vacations (01/15/26), Summit Hotel Properties (02/15/26), Cable One (03/15/26), Enphase Energy (03/01/26), Haemonetics (03/01/26), Vail Resorts (01/01/26), and Alarm.com (01/15/26) — together over $563 million, more than a quarter of the book. This quarter, all nine are gone, replaced by new convertible positions with meaningfully later maturities: a new Marriott Vacations note (12/15/27), JBT Marel (05/15/26), Penn Entertainment (05/15/26), Q2 Holdings (06/01/26), Pebblebrook Hotel (12/15/26), and Ziff Davis (11/01/26), plus a new Affirm note. This is the mechanical behavior of a convertible-arbitrage ladder reaching its maturity wall and rolling forward — not nine independent decisions to exit and nine independent decisions to enter.