Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, DC 20549
SCHEDULE 13 G-A
Under the Securities Exchange Act of 1934
(Amendment No. )*
SVB Financial Group
| (Name of Issuer) |
|
Common Stock, $0.001 par value per share |
| (Title of Class of Securities) |
78486Q101 |
| (CUSIP Number) |
|
|
| December 31, 2023 |
| (Date of Event Which Requires Filing of this Statement) |
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
o Rule 13d-1(b)
x Rule 13d-1(c)
o Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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CUSIP No. 78486Q101
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SCHEDULE 13G-A
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Page
3 of 11 Pages
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1
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NAME OF REPORTING PERSONS
Ellington Management Group, LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) o
(b) o
|
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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|||
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
5
|
SOLE VOTING POWER
0
|
||
|
6
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SHARED VOTING POWER
5,066,387
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7
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SOLE DISPOSITIVE POWER
0
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|||
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8
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SHARED DISPOSITIVE POWER
5,066,387
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|||
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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|||
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10
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CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|
o
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||
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.56%(1)
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12
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TYPE OF REPORTING PERSON
IA
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CUSIP No. 78486Q1018
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SCHEDULE 13G-A
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Page 4
of 11 Pages
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1
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NAME OF REPORTING PERSONS
EMG Holdings, L.P.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) o
(b) o
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3
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SEC USE ONLY
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|||
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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|||
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
5
|
SOLE VOTING POWER
0
|
||
|
6
|
SHARED VOTING POWER
5,066,387
|
|||
|
7
|
SOLE DISPOSITIVE POWER
0
|
|||
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8
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SHARED DISPOSITIVE POWER
5,066,387
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|||
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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|||
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10
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CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|
o
|
||
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.56%(1)
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12
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TYPE OF REPORTING PERSON
PN, HC
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CUSIP No. 78486Q1018
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SCHEDULE 13G-A
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Page 5
of 11 Pages
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1
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NAME OF REPORTING PERSONS
VC Investments LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) o
(b) o
|
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||
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3
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SEC USE ONLY
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|||
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
|
|||
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
5
|
SOLE VOTING POWER
0
|
||
|
6
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SHARED VOTING POWER
5,066,387
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|||
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7
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SOLE DISPOSITIVE POWER
0
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|||
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8
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SHARED DISPOSITIVE POWER
5,066,387
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|||
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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|||
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10
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CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|
o
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.56%(1)
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12
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TYPE OF REPORTING PERSON
OO, HC
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CUSIP No. 78486Q1018
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SCHEDULE 13G-A
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Page 6
of 11 Pages
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1
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NAME OF REPORTING PERSONS
Michael W. Vranos
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) o
(b) o
|
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3
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SEC USE ONLY
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|||
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
|
|||
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
5
|
SOLE VOTING POWER
0
|
||
|
6
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SHARED VOTING POWER
5,066,387
|
|||
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7
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SOLE DISPOSITIVE POWER
0
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|||
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8
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SHARED DISPOSITIVE POWER
5,066,387
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|||
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|||
|
10
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CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|
o
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.56%(1)
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12
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TYPE OF REPORTING PERSON
IN, HC
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CUSIP
No. 78486Q101
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SCHEDULE 13G-A
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Page 7
of 11 Pages
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| Item 1. | (a) Name of Issuer |
SVB Financial Group (the “Issuer”)
| Item 1. | (b) Address of Issuer’s Principal Executive Offices |
3003 Tasman Drive, Santa Clara, CA 95054
| Item 2. | (a) Name of Person Filing: |
This Statement is filed on behalf of each of the following persons (collectively, the “Reporting Persons”)
(i) Ellington Management Group LLC (“EMG”);
(ii) EMG Holdings, L.P. (“EMGH”);
(iii) VC Investments LLC (“VC”); and
(iv) Michael W. Vranos, a U.S. citizen (“Mr. Vranos”).
This Statement relates to Shares (as defined herein) held for the accounts of Ellington Credit Opportunities, Ltd. ("ECO"), Ellington M Credit Master Fund Ltd. ("EMCM"), Ellington Special Relative Value Fund LLC ("ESRV"), and Ellington Warlander Partners LP ("EWP" and, together with ECO, EMCM and ESRV, the "Ellington Funds").
EMG serves as investment adviser to each of the Ellington Funds. EMGH is the majority member of EMG. VC is the managing member of EMG and the general partner of EMGH. Mr. Vranos serves as Chief Executive Officer of EMG and is the largest limited partner of EMGH and the sole owner and managing member of VC.
| Address of Principal Business Office: |
The address of the principal business office of each of the Reporting Persons is 53 Forest Avenue, Old Greenwich, CT 06870.
| Citizenship: |
i. EMG is a Delaware limited liability company;
ii. EMGH is a Delaware limited partnership;
iii. VC is a Delaware limited liability company; and
iv. Mr. Vranos is a citizen of the United States of America.
| Item 2. | (d) Title of Class of Securities |
Common Stock, $0.001 par value per share
| Item 2. | (e) CUSIP No.: |
78486Q101
|
CUSIP No. 78486Q101
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SCHEDULE 13G-A
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Page 8
of 11 Pages
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Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) | ¨ | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); | |
| (b) | ¨ | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); | |
| (c) | ¨ | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); | |
| (d) | ¨ | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); | |
| (e) | o | An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); | |
| (f) | ¨ | An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); | |
| (g) | ¨ | A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G); | |
| (h) | ¨ | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); | |
| (i) | ¨ | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); | |
| (j) | ¨ | A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J); | |
| (k) | ¨ | A group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution: | |
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CUSIP
No. 78486Q101
|
SCHEDULE 13G-A
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Page
9 of 11 Pages
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Item 4. Ownership
Item 4(a). Amount Beneficially Owned:
As of the date hereof, each of the Reporting Persons may be deemed the beneficial owner of 5,066,387 Shares. This amount consists of: (A) 1,263,577 Shares held for the account of ECO; (B) 633,618 Shares held for the account of EMCM; (C) 887,747 Shares held for the account of ESRV; and (D) 2,664,041 Shares held for the account of EWP.
Item 4(b). Percent of Class:
As of the date hereof, each of the Reporting Persons may be deemed the beneficial owner of approximately 8.56% of Shares outstanding.
(There were 59,200,925 Shares outstanding as of December 31, 2023. The reporting person is relying on reporting information provided by the issuer.)
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Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [].
Item 6. Ownership of More Than Five Percent on Behalf of Another Person
See disclosure in Items 2 and 4 hereof. The Ellington Funds listed in Item 2(a) are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons.
Item 7. Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company or Control Person
See disclosure in Item 2 hereof.
Item 8. Identification and Classification of Members of the Group
Not Applicable.
Item 9. Notice of Dissolution of Group
Not Applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Sec 240.14a-11.
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CUSIP No. 78486Q101
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SCHEDULE 13G-A
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Page
10 of 11 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: January 17, 2024
Ellington Management Group, LLC | |||
| By: | /s/ Daniel Caffarelli | ||
| Daniel Caffarelli, Chief Compliance Officer | |||
| EMG Holdings, L.P. | |||
| By: | /s/ Daniel Caffarelli | ||
Daniel Caffarelli, Authorized Signatory
| |||
| VC Investments LLC | |||
| By: | /s/ Michael W. Vranos | ||
| Michael W. Vranos, Managing Member | |||
| Michael W. Vranos | |||
| By: | /s/ Michael W. Vranos | ||
| Michael W. Vranos | |||
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CUSIP No. 78486Q101
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SCHEDULE 13G-A
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Page 11
of 11 Pages
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Exhibit I
JOINT FILING STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G-A, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G-A, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.
Dated: January 17, 2024
Ellington Management Group LLC | |||
| By: | /s/ Daniel Caffarelli | ||
| Daniel Caffarelli, Chief Compliance Officer | |||
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EMG Holdings, L.P. | |||
| By: | /s/ Daniel Caffarelli | ||
| Daniel Caffarelli, Authorized Signatory | |||
VC Investments LLC | |||
| By: | /s/ Michael W. Vranos | ||
| Michael W. Vranos, Managing Member | |||
Michael W. Vranos | |||
| By: | /s/Michael W. Vranos | ||
Michael W. Vranos
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