Varonis Systems, Inc. bonds VRNS
Who owns Varonis Systems, 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. VRNS 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 |
|---|---|---|---|---|---|---|---|---|---|
| 922280AD4 convertible | 1% fixed | 2029-09-15 | USD | 95.45 | — | — | 7 | $31.1M | Jul 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 | 1 | $31.1M | 95.45 | — | — | 7 |
| Jun 2026 | 1 | $28.4M | 97.03 | — | — | 12 |
| May 2026 | 1 | $5.0M | 94.77 | — | — | 3 |
| Apr 2026 | 1 | $9.5M | 91.19 | — | — | 5 |
| Mar 2026 | 1 | $20.9M | 87.28 | — | — | 9 |
| Feb 2026 | 1 | $3.3M | 89.72 | — | — | 3 |
| Jan 2026 | 1 | $19.1M | 93.35 | — | — | 5 |
| Dec 2025 | 1 | $15.7M | 93.06 | — | — | 6 |
| Nov 2025 | 1 | $9.5M | 92.65 | — | — | 4 |
| Oct 2025 | 1 | $17.1M | 93.58 | — | — | 5 |
| Sep 2025 | 1 | $35.7M | 107.95 | — | — | 8 |
| Aug 2025 | 1 | $20.0M | 108.69 | — | — | 4 |
| Jul 2025 | 2 | $51.3M | 144.02 | — | — | 13 |
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. 7 added, 6 cut, 6 new holders and 1 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $20.0M | $19.1M | new |
| ABSOLUTE CONVERTIBLE ARBITRAGE FUND Unified Series Trust | 2026-06-30 | $13.5M | $13.1M | $3.5M |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $9.4M | $8.9M | $1.8M |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $6.2M | $6.0M | -$100K |
| American Beacon SSI Alternative Income Fund AMERICAN BEACON FUNDS | 2026-06-30 | $5.1M | $4.9M | $1.2M |
| WATER ISLAND CREDIT OPPORTUNITIES FUND ARBITRAGE FUNDS | 2026-05-31 | $5.0M | $4.7M | $2.0M |
| ABSOLUTE FLEXIBLE FUND Unified Series Trust | 2026-06-30 | $1.5M | $1.5M | $500K |
| Calamos Global Convertible Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $1.3M | $1.2M | $0 |
| Strategic Alternatives Fund GuideStone Funds | 2026-06-30 | $1.2M | $1.2M | $0 |
| Morningstar Alternatives Fund Morningstar Funds Trust | 2026-07-31 | $1.2M | $1.1M | $0 |
| JNL Multi-Manager Alternative Fund JNL Series Trust | 2026-06-30 | $967K | $932K | -$19K |
| Lazard Enhanced Opportunities Portfolio LAZARD FUNDS INC | 2026-06-30 | $445K | $432K | -$17K |
| Harbor Ares Systematic Convertible Securities Fund HARBOR FUNDS | 2026-07-31 | $300K | $287K | new |
| Franklin Alternative Strategies Fund Franklin Alternative Strategies Funds | 2026-05-29 | $301K | $286K | -$41K |
| PACE Alternative Strategies Investments PACE SELECT ADVISORS TRUST | 2026-07-31 | $297K | $283K | -$74K |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund Virtus Opportunities Trust | 2026-06-30 | $135K | $131K | new |
| Virtus Newfleet Multi-Sector Bond ETF ETFis Series Trust I | 2026-07-31 | $126K | $120K | $89K |
| Empower Multi-Sector Bond Fund EMPOWER FUNDS, INC. | 2026-06-30 | $105K | $102K | new |
| Virtus Global Allocation Fund Virtus Strategy Trust | 2026-06-30 | $79K | $76K | $32K |
| 1290 VT Convertible Securities Portfolio EQ Advisors Trust | 2026-06-30 | $30K | $29K | -$50K |
| Virtus Global Multi-Sector Income Fund | 2026-05-29 | $19K | $18K | new |
| Virtus Newfleet Multi-Sector Intermediate Bond Series Virtus Variable Insurance Trust | 2026-06-30 | $12K | $12K | new |
| Advent Convertible Bond ETF RBB Fund Trust | 2026-05-31 | $0 | $0 | -$305K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Advent Convertible Bond ETF ($305K).
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.
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.59: safer than 32% of companies (30th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $5.59B |
| Debt barrier (short-term + ½ long-term debt) | $226.6M |
| Equity volatility (1 year) | 85.4% |
| Asset value / asset volatility (solved) | $5.81B / 82.2% |
| 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'' = -0.48 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in VRNS'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 | 28 | $27.5M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 340 | $4.61B | 15 | $55.8M | 17 | $143.7M | 33 |
| 2026-03-31 | 285 | $2.00B | 8 | $6.4M | 13 | $60.1M | 33 |
| 2025-12-31 | 309 | $3.62B | 9 | $20.3M | 13 | $94.5M | 31 |
| 2025-09-30 | 348 | $6.45B | 3 | $1.5M | 11 | $129.7M | 33 |
| 2025-06-30 | 325 | $5.83B | 10 | $10.4M | 12 | $120.7M | 18 |
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.