Cloudflare, Inc. bonds NET
Who owns Cloudflare, Inc.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. NET stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 18915MAC1 convertible | 0% none | 2026-08-15 | USD | 143.49 | — | — | 10 | $165.1M | Jul 2026 |
| 18915MAF4 convertible | 0% none | 2030-06-15 | USD | 138.47 | — | — | 26 | $307.5M | Jul 2026 |
| 18915MAE7 convertible | 0% none | 2030-06-15 | USD | 125.47 | — | — | 11 | $71.1M | May 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Not enough US-dollar bonds with a yield.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 2 | $472.6M | 140.98 | — | — | 26 |
| Jun 2026 | 2 | $199.2M | 127.60 | — | — | 41 |
| May 2026 | 2 | $88.5M | 126.85 | — | — | 11 |
| Apr 2026 | 2 | $386.9M | 115.72 | — | — | 24 |
| Mar 2026 | 2 | $162.7M | 115.31 | — | — | 32 |
| Feb 2026 | 2 | $64.9M | 106.51 | — | — | 11 |
| Jan 2026 | 2 | $355.5M | 107.54 | — | — | 28 |
| Dec 2025 | 2 | $160.8M | 113.12 | — | — | 30 |
| Nov 2025 | 2 | $80.4M | 114.18 | — | — | 10 |
| Oct 2025 | 2 | $418.9M | 132.34 | — | — | 24 |
| Sep 2025 | 2 | $156.4M | 119.12 | — | — | 31 |
| Aug 2025 | 2 | $74.4M | 116.99 | — | — | 9 |
| Jul 2025 | 2 | $375.7M | 117.21 | — | — | 24 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 33 added, 9 cut, 13 new holders and 11 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $63.9M | $89.4M | $8.3M |
| Franklin Convertible Securities Fund Franklin Investors Securities Trust | 2026-07-31 | $50.2M | $72.2M | $0 |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $50.0M | $70.4M | $0 |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $48.8M | $62.2M | $6.8M |
| Virtus Income & Growth Fund Virtus Investment Trust | 2026-06-30 | $24.1M | $30.8M | -$165K |
| Virtus Convertible Fund Virtus Strategy Trust | 2026-06-30 | $23.3M | $29.8M | $160K |
| Fidelity Convertible Securities Fund Fidelity Financial Trust | 2026-05-31 | $23.1M | $29.2M | $670K |
| CALAMOS STRATEGIC TOTAL RETURN FUND | 2026-07-31 | $18.3M | $25.3M | $0 |
| NYLIM MacKay Convertible Fund NYLIM FUNDS | 2026-07-31 | $17.7M | $24.5M | $5.7M |
| CALAMOS CONVERTIBLE & HIGH INCOME FUND | 2026-07-31 | $17.5M | $24.2M | $0 |
| CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND | 2026-07-31 | $16.5M | $22.8M | $0 |
| Calamos Convertible Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $16.5M | $22.8M | $0 |
| Columbia Convertible Securities Fund COLUMBIA FUNDS SERIES TRUST | 2026-05-31 | $16.0M | $20.1M | $1.0M |
| Calamos Growth & Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $14.4M | $19.9M | $0 |
| Calamos Dynamic Convertible & Income Fund | 2026-07-31 | $14.0M | $19.4M | $0 |
| NYLIM VP MacKay Convertible Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $11.6M | $14.7M | $0 |
| ABSOLUTE CONVERTIBLE ARBITRAGE FUND Unified Series Trust | 2026-06-30 | $11.0M | $13.9M | $0 |
| Virtus Artificial Intelligence & Technology Opportunities Fund | 2026-07-31 | $9.5M | $13.6M | $0 |
| Invesco Convertible Securities Fund AIM Growth Series (Invesco Growth Series) | 2026-06-30 | $10.0M | $12.7M | $0 |
| Lord Abbett Convertible Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $9.4M | $11.8M | $4.4M |
| Fidelity Advisor Multi-Asset Income Fund Fidelity School Street Trust | 2026-06-30 | $8.2M | $10.4M | new |
| Fidelity Strategic Dividend and Income Fund Fidelity Salem Street Trust | 2026-05-31 | $8.2M | $10.3M | -$1.4M |
| Virtus Convertible & Income Fund | 2026-07-31 | $6.6M | $9.3M | $2.5M |
| Advent Convertible & Income Fund ADVENT CONVERTIBLE & INCOME FUND | 2026-07-31 | $6.4M | $8.8M | -$1.9M |
| BlackRock Event Driven Equity Fund BlackRock Large Cap Series Funds, Inc. | 2026-05-29 | $6.0M | $7.6M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): THE HARTFORD STRATEGIC INCOME FUND ($6.0M), Fidelity SAI Convertible Arbitrage Fund ($4.5M), Defensive Market Strategies Fund ($2.7M), High Yield Bond Fund ($1.1M), Hartford Strategic Income ETF ($1.1M), Mercer Opportunistic Fixed Income Fund ($880K), Hartford Multi-Asset Income Fund ($500K), 1290 Loomis Sayles Multi-Asset Income Fund ($171K), Opportunistic Fixed Income Fund ($48K), Opportunistic Fixed Income Trust ($28K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 2 | $63.9M | $89.4M | 1.24% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 2 | $48.8M | $62.2M | 1.00% |
| ACVT Advent Convertible Bond ETF | 2026-05-31 | 1 | $505K | $648K | 2.01% |
| FCVT First Trust SSI Strategic Convertible Securities ETF | 2026-07-31 | 1 | $395K | $548K | 0.54% |
| XAGG Eaton Vance Income Opportunities ETF | 2026-06-30 | 1 | $230K | $291K | 0.02% |
| NFLT Virtus Newfleet Multi-Sector Bond ETF | 2026-07-31 | 1 | $42K | $58K | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 5.69: safer than 56% of companies (54th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $106.23B |
| Debt barrier (short-term + ½ long-term debt) | $2.28B |
| Equity volatility (1 year) | 66.2% |
| Asset value / asset volatility (solved) | $108.42B / 64.9% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
No US-dollar bond with a yield to compute it from.
Accounts: Altman Z
Altman Z'' = 1.63 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in NET's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 187 | $598.1M | 1 | $39.3M | 1 | $208K | 2 |
| 2026-06-30 | 1,213 | $68.22B | 50 | $2.71B | 56 | $4.10B | 90 |
| 2026-03-31 | 1,120 | $49.03B | 46 | $1.50B | 46 | $2.75B | 56 |
| 2025-12-31 | 1,079 | $53.65B | 38 | $1.35B | 40 | $2.52B | 44 |
| 2025-09-30 | 1,030 | $58.80B | 39 | $1.51B | 44 | $2.66B | 52 |
| 2025-06-30 | 936 | $53.94B | 43 | $1.28B | 49 | $2.20B | 56 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.