HniHNI
13F holders, Q1 2025 (March 31)250holders +23
45new positions
23sold out
6famous investors
$44.35avg. 13F price*
At the end of Q1 2025, 250 institutions reported holding Hni Corp. (HNI) in their 13F filings, up 23 from Q4 2024. 45 opened new positions and 23 sold out. The largest holders were BlackRock, Inc. ($327.8M), Vanguard Group Inc. ($247.3M) and State Farm Mutual Automobile Insurance Co. ($134.5M). 6 famous investors held it, including Paul Tudor Jones (0.0% of Tudor Investment Corporation's portfolio), Israel Englander (0.0% of Millennium Management's portfolio) and David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio).
- Company
- Hni Corp.
- CUSIP
- 404251100
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q4 2024 → Q1 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 45 | $56.0M |
| Exits | 23 | $80.1M |
All 13F filers, Q4 2024 → Q1 2025: 2,371,706 shares bought and 5,228,292 shares sold, net −2,856,586 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 250 holders
| BlackRock, Inc. | 0.01% | Reduce -3.6% | 7,391,377 | $327.8M |
| Vanguard Group Inc. | 0.00% | Reduce -2.5% | 5,576,550 | $247.3M |
| State Farm Mutual Automobile Insurance Co. | 0.12% | Reduce -6.9% | 3,033,501 | $134.5M |
| Northern Trust Corp. | 0.01% | Add +0.9% | 2,204,982 | $97.8M |
| FMR LLC | 0.01% | Add +4.3% | 2,044,194 | $90.7M |
| State Street Corp. | 0.00% | Reduce -4.9% | 1,862,749 | $82.6M |
| Dimensional Fund Advisors LP | 0.02% | Add +5.8% | 1,718,599 | $76.2M |
| Geode Capital Management, LLC | 0.00% | Add +4.2% | 1,137,719 | $50.5M |
| Charles Schwab Investment Management Inc. | 0.01% | Reduce -3.0% | 772,273 | $34.3M |
| Franklin Resources Inc. | 0.01% | Reduce -58.5% | 715,603 | $31.7M |
| Morgan Stanley | 0.00% | Reduce -8.9% | 601,455 | $26.7M |
| Bank of New York Mellon Corp | 0.01% | Reduce -6.1% | 590,223 | $26.2M |
| Ameriprise Financial Inc. | 0.01% | Reduce -21.1% | 554,370 | $24.6M |
| Systematic Financial Management LP | 0.60% | Reduce -0.2% | 473,088 | $21.0M |
| SG Capital Management LLC | 1.79% | Add +704.3% | 402,123 | $17.8M |
| Invesco Ltd. | 0.00% | Reduce -52.9% | 285,287 | $12.7M |
| Lone Peak Global Investors LLC | 2.57% | Add +0.0% | 281,502 | $12.5M |
| Qube Research & Technologies Ltd | 0.02% | Add +17.8% | 260,028 | $11.5M |
| Principal Financial Group Inc. | 0.01% | Add +3.1% | 258,055 | $11.4M |
| Adage Capital Partners Gp, L.L.C. | 0.02% | Reduce -43.7% | 250,000 | $11.1M |
| Millennium Management | 0.01% | New | 240,502 | $10.7M |
| Jane Street Group, LLC | 0.02% | New | 232,275 | $10.3M |
| Victory Capital Management Inc. | 0.01% | Add +1.8% | 230,453 | $10.2M |
| Bank of America Corp. | 0.00% | Add +218.1% | 218,962 | $9.7M |
| Nuveen, LLC | 0.00% | — | 187,343 | $8.3M |
| Crawford Investment Counsel Inc. | 0.13% | Add +2.7% | 170,734 | $7.6M |
| ProShare Advisors LLC | 0.02% | Add +11.2% | 168,476 | $7.5M |
| Cerity Partners LLC | 0.02% | Reduce -4.8% | 168,107 | $7.5M |
| Balyasny Asset Management L.P. | 0.02% | New | 162,519 | $7.2M |
| Goldman Sachs Group Inc. | 0.00% | Reduce -64.3% | 161,508 | $7.2M |
| Public Sector Pension Investment Board | 0.03% | Add +27.3% | 151,555 | $6.7M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +7.3% | 142,290 | $6.3M |
| Rhumbline Advisers | 0.01% | Reduce -0.6% | 133,708 | $5.9M |
| Legal & General Group Plc | 0.00% | Reduce -1.6% | 128,973 | $5.7M |
| Nordea Investment Management AB | 0.01% | Reduce -1.7% | 117,958 | $5.2M |
| American Century Companies Inc. | 0.00% | Add +5.0% | 115,046 | $5.1M |
| Mariner, LLC | 0.01% | Add +0.3% | 102,549 | $4.5M |
| Swiss National Bank | 0.00% | No change | 92,400 | $4.1M |
| HRT Financial LP | 0.03% | New | 91,133 | $4.0M |
| JPMorgan Chase & Co. | 0.00% | Reduce -52.5% | 90,483 | $4.0M |
| New York State Teachers Retirement System | 0.01% | Reduce -0.1% | 80,540 | $3.6M |
| Norges Bank | 0.00% | Reduce -43.1% | 79,982 | $3.5M |
| First Trust Advisors LP | 0.00% | Reduce -33.7% | 78,334 | $3.5M |
| Tudor Investment Corporation | 0.03% | Add +344.1% | 78,237 | $3.5M |
| D. E. Shaw & Co. | 0.00% | New | 73,313 | $3.3M |
| Barclays PLC | 0.00% | Reduce -25.6% | 72,554 | $3.2M |
| Citigroup Inc. | 0.00% | Add +6.7% | 71,188 | $3.2M |
| Susquehanna International Group, LLP | 0.01% | Add +208.6% | 68,222 | $3.0M |
| Prudential Financial Inc. | 0.00% | Reduce -1.8% | 62,300 | $2.8M |
| Panagora Asset Management Inc. | 0.01% | Reduce -75.0% | 62,012 | $2.8M |
| Allianz Asset Management GmbH | 0.00% | Reduce -15.4% | 60,269 | $2.7M |
| Sapient Capital LLC | 0.05% | No change | 60,125 | $2.7M |
| Martingale Asset Management L P | 0.07% | Reduce -7.4% | 58,277 | $2.6M |
| Schroder Investment Management Group | 0.00% | Reduce -6.5% | 56,785 | $2.5M |
| Voloridge Investment Management, LLC | 0.01% | New | 56,378 | $2.5M |
| Alliancebernstein L.P. | 0.00% | No change | 55,606 | $2.5M |
| Inspire Advisors, LLC | 0.28% | Add +55.3% | 54,913 | $2.4M |
| Two Sigma Investments, LP | 0.01% | New | 54,860 | $2.4M |
| Twinbeech Capital LP | 0.04% | New | 45,768 | $2.0M |
| Lazard Asset Management LLC | 0.00% | Add +22.6% | 45,235 | $2.0M |
| California State Teachers Retirement System | 0.00% | Reduce -2.2% | 43,132 | $1.9M |
| ExodusPoint Capital Management, LP | 0.02% | New | 42,209 | $1.9M |
| State of New Jersey Common Pension Fund D | 0.01% | Add +9.6% | 41,982 | $1.9M |
| O'shaughnessy Asset Management, LLC | 0.01% | Add +18.3% | 41,227 | $1.8M |
| CANADA LIFE ASSURANCE Co | 0.00% | Reduce -17.4% | 41,155 | $1.8M |
| T. Rowe Price Associates Inc. | 0.00% | Add +5.3% | 38,971 | $1.7M |
| Larson Financial Group LLC | 0.08% | Add +35.0% | 38,558 | $1.7M |
| Deutsche Bank AG | 0.00% | Reduce -9.3% | 37,325 | $1.7M |
| Intech Investment Management LLC | 0.02% | Add +23.6% | 36,698 | $1.6M |
| Thrivent Financial for Lutherans | 0.00% | Reduce -5.0% | 35,191 | $1.6M |
| Jupiter Asset Management Ltd. | 0.01% | No change | 35,158 | $1.6M |
| Globeflex Capital L P | 0.14% | No change | 34,893 | $1.5M |
| Oxford Financial Group, LTD. LLC | 0.11% | Add +0.7% | 34,235 | $1.5M |
| UBS Group AG | 0.00% | Reduce -80.8% | 33,886 | $1.5M |
| Grace & White Inc. | 0.29% | No change | 33,429 | $1.5M |
| Russell Investments Group, Ltd. | 0.00% | Reduce -10.9% | 32,433 | $1.4M |
| MIdWestOne Financial Group, Inc. | 0.20% | No change | 32,214 | $1.4M |
| Campbell & CO Investment Adviser LLC | 0.11% | New | 31,835 | $1.4M |
| Fifth Third Bancorp | 0.01% | Add +0.1% | 31,181 | $1.4M |
| Mackenzie Financial Corp. | 0.00% | Reduce -7.3% | 28,882 | $1.3M |
| Wells Fargo & Company | 0.00% | Reduce -17.6% | 28,440 | $1.3M |
| MetLife Investment Management, LLC | 0.01% | Reduce -1.5% | 28,263 | $1.3M |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Add +4.8% | 28,239 | $1.3M |
| Engineers Gate Manager LP | 0.02% | New | 28,039 | $1.2M |
| State of Tennessee, Department of Treasury | 0.00% | Add +26.6% | 27,266 | $1.2M |
| Verition Fund Management LLC | 0.01% | Reduce -14.9% | 26,876 | $1.2M |
| Nisa Investment Advisors, LLC | 0.01% | Add +0.0% | 26,845 | $1.2M |
| State of Alaska, Department of Revenue | 0.01% | Reduce -2.5% | 26,488 | $1.2M |
| Manufacturers Life Insurance Company, The | 0.00% | Add +2.3% | 25,267 | $1.1M |
| Illinois Municipal Retirement Fund | 0.02% | Reduce -3.5% | 25,233 | $1.1M |
| Corebridge Financial, Inc. | 0.01% | Reduce -1.9% | 24,805 | $1.1M |
| Ensign Peak Advisors, Inc | 0.00% | No change | 22,746 | $1.0M |
| Two Sigma Advisers, LP | 0.00% | Add +80.6% | 22,518 | $999K |
| Louisiana State Employees Retirement System | 0.02% | Reduce -2.6% | 22,500 | $998K |
| Voya Investment Management LLC | 0.00% | Reduce -17.6% | 21,355 | $947K |
| Amundi | 0.00% | Reduce -15.6% | 22,097 | $944K |
| Ritholtz Wealth Management | 0.03% | Add +19.4% | 20,761 | $921K |
| Janus Henderson Group PLC | 0.00% | No change | 20,574 | $919K |
| Advisors Asset Management, Inc. | 0.02% | Reduce -32.5% | 20,632 | $915K |
| Brevan Howard Capital Management LP | 0.03% | New | 19,912 | $883K |
| Royce & Associates LP | 0.01% | Add +140.2% | 18,811 | $834K |
| Envestnet Asset Management Inc. | 0.00% | Reduce -11.6% | 18,261 | $810K |
| Yousif Capital Management, LLC | 0.01% | Reduce -2.2% | 17,761 | $788K |
| Hennion & Walsh Asset Management, Inc. | 0.03% | Add +1.0% | 17,082 | $758K |
| Citadel Advisors | 0.00% | Reduce -72.8% | 16,845 | $747K |
| LPL Financial LLC | 0.00% | Reduce -57.6% | 16,668 | $739K |
| SG Americas Securities, LLC | 0.00% | New | 16,575 | $735K |
| New York State Common Retirement Fund | 0.00% | Add +14.0% | 16,276 | $722K |
| Comerica Bank | 0.00% | Reduce -2.4% | 16,231 | $720K |
| Wealthspan Partners, LLC | 0.31% | Reduce -4.5% | 15,059 | $668K |
| STRS Ohio | 0.00% | Reduce -19.9% | 14,900 | $661K |
| Occudo Quantitative Strategies LP | 0.09% | New | 14,793 | $661K |
| OMERS ADMINISTRATION Corp | 0.01% | New | 14,800 | $656K |
| Orion Porfolio Solutions, LLC | 0.01% | Reduce -1.4% | 14,440 | $640K |
| Orion Portfolio Solutions, LLC | 0.01% | Reduce -1.4% | 14,440 | $640K |
| Sei Investments Co. | 0.00% | New | 14,366 | $637K |
| Hantz Financial Services, Inc. | 0.01% | Reduce -61.9% | 14,187 | $629K |
| Marshall Wace, LLP | 0.00% | Add +58.6% | 14,113 | $626K |
| Maryland State Retirement & Pension System | 0.01% | Reduce -13.4% | 13,939 | $618K |
| Arizona State Retirement System | 0.00% | Add +0.2% | 13,712 | $608K |
| Amalgamated Bank | 0.01% | Reduce -2.6% | 13,573 | $602K |
| AQR Capital Management | 0.00% | Add +6.3% | 13,527 | $600K |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 13,184 | $585K |
| Graham Capital Management, L.P. | 0.03% | Reduce -23.6% | 12,893 | $572K |
| Teachers Retirement System of the State of Kentucky | 0.01% | No change | 12,771 | $566K |
| Tidal Investments LLC | 0.00% | Reduce -7.4% | 12,678 | $562K |
| Atom Investors LP | 0.07% | New | 12,144 | $539K |
| Harbor Capital Advisors, Inc. | 0.02% | New | 12,073 | $535K |
| Elo Mutual Pension Insurance Co | 0.01% | New | 12,028 | $533K |
| Quadrant Capital Group LLC | 0.02% | Add +4030.2% | 11,895 | $528K |
| DekaBank Deutsche Girozentrale | 0.00% | No change | 11,514 | $510K |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.00% | Add +12.1% | 11,440 | $507K |
| US Bancorp \de | 0.00% | No change | 11,058 | $490K |
| Bank of Montreal | 0.00% | Add +16.6% | 10,958 | $486K |
| Handelsbanken Fonder AB | 0.00% | No change | 10,926 | $485K |
| Oregon Public Employees Retirement Fund | 0.01% | Reduce -2.7% | 10,911 | $484K |
| Snowden Capital Advisors LLC | 0.02% | Reduce -8.6% | 10,765 | $477K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Reduce -11.3% | 10,757 | $477K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | Add +5.7% | 10,569 | $469K |
| Cibc World Markets Corp. | 0.00% | Add +137.1% | 10,536 | $467K |
| Cetera Investment Advisers | 0.00% | Reduce -22.8% | 10,382 | $460K |
| Valeo Financial Advisors, LLC | 0.01% | Add +0.1% | 10,332 | $458K |
| Teacher Retirement System of Texas | 0.00% | New | 10,258 | $455K |
| Wealthstar Advisors, LLC | 0.20% | Add +22.3% | 10,032 | $445K |
| Diversified Trust Co. | 0.01% | Add +9.2% | 9,447 | $419K |
| Cwm, LLC | 0.00% | Reduce -0.9% | 9,301 | $412K |
| Edgestream Partners, L.P. | 0.01% | Reduce -61.0% | 9,076 | $403K |
| KLP Kapitalforvaltning As | 0.00% | Reduce -12.9% | 8,800 | $390K |
| Royal Bank of Canada | 0.00% | Add +20.5% | 8,642 | $383K |
| Squarepoint Ops LLC | 0.00% | New | 8,471 | $376K |
| Lido Advisors, LLC | 0.00% | Add +0.8% | 8,446 | $375K |
| Jefferies Financial Group Inc. | 0.01% | New | 8,219 | $365K |
| PNC Financial Services Group, Inc. | 0.00% | Reduce -1.1% | 8,088 | $359K |
| Evergreen Capital Management LLC | 0.01% | Add +4.2% | 8,033 | $356K |
| Inspire Investing, LLC | 0.04% | Add +0.7% | 7,996 | $355K |
| Praxis Investment Management Inc. | 0.02% | No change | 7,870 | $349K |
| Beacon Capital Management, LLC | 0.05% | Add +0.7% | 7,848 | $348K |
| Crossmark Global Holdings, Inc. | 0.01% | Reduce -0.8% | 7,823 | $347K |
| HSBC Holdings PLC | 0.00% | Reduce -18.8% | 7,751 | $344K |
| Creative Planning | 0.00% | Add +15.5% | 7,656 | $340K |
| BNP Paribas Financial Markets | 0.00% | Reduce -34.8% | 7,524 | $334K |
| Petrus Trust Company, LTA | 0.03% | New | 7,159 | $318K |
| VIRGINIA RETIREMENT SYSTEMS ET Al | 0.00% | — | 7,000 | $310K |
| Mutual of America Capital Management LLC | 0.00% | Reduce -3.9% | 6,962 | $309K |
| Pictet Asset Management Holding SA | 0.00% | No change | 6,958 | $309K |
| Public Employees Retirement Association of Colorado | 0.00% | No change | 6,637 | $294K |
| Quantessence Capital LLC | 0.07% | New | 6,400 | $284K |
| Centiva Capital, LP | 0.02% | New | 6,219 | $276K |
| Versor Investments LP | 0.04% | New | 6,100 | $271K |
| PharVision Advisers, LLC | 0.37% | New | 5,961 | $264K |
| Equitable Trust Co. | 0.01% | Reduce -10.3% | 5,951 | $264K |
| Flagship Harbor Advisors, LLC | 0.01% | Add +22.2% | 5,771 | $256K |
| waypoint wealth counsel | 0.16% | Add +0.5% | 5,727 | $254K |
| Old National Bancorp | 0.01% | No change | 5,585 | $248K |
| Entropy Technologies, LP | 0.02% | New | 5,395 | $239K |
| Xponance LLC | 0.00% | Add +3.2% | 5,097 | $226K |
| Quantinno Capital Management LP | 0.00% | New | 5,012 | $222K |
| State of Wisconsin Investment Board | 0.00% | Reduce -67.1% | 5,006 | $222K |
| Ameritas Investment Partners, Inc. | 0.01% | No change | 4,967 | $220K |
| Bayesian Capital Management, LP | 0.03% | New | 4,661 | $207K |
| Gotham Asset Management | 0.00% | Reduce -69.1% | 4,595 | $204K |
| Savant Capital, LLC | 0.00% | Reduce -31.1% | 4,552 | $202K |
| Contravisory Investment Management, Inc. | 0.04% | Reduce -0.4% | 4,481 | $199K |
| Meeder Asset Management Inc. | 0.01% | Add +68.0% | 4,026 | $179K |
| Vestcor Inc | 0.01% | No change | 3,493 | $155K |
| Icon Wealth Advisors, LLC | 0.01% | No change | 3,368 | $149K |
| Steward Partners Investment Advisory, LLC | 0.00% | No change | 2,786 | $124K |
| Virtus Advisers, LLC | 0.08% | New | 2,583 | $115K |
| Aquatic Capital Management LLC | 0.00% | New | 2,554 | $113K |
| KBC Group NV | 0.00% | Reduce -74.7% | 2,449 | $109K |
| Harbour Investments, Inc. | 0.00% | New | 2,410 | $107K |
| Parallel Advisors, LLC | 0.00% | No change | 2,197 | $97K |
| Allworth Financial LP | 0.00% | Add +3984.9% | 2,165 | $92K |
| Kestra Advisory Services, LLC | 0.00% | New | 2,052 | $91K |
| Quarry LP | 0.02% | Add +4741.5% | 1,985 | $88K |
| Coldstream Capital Management Inc. | 0.00% | New | 1,259 | $56K |
| Public Employees Retirement System of Ohio | 0.00% | Add +3.6% | 1,217 | $54K |
| State of Wyoming | 0.01% | Reduce -44.7% | 1,126 | $50K |
| Farther Finance Advisors, LLC | 0.00% | Reduce -42.8% | 1,112 | $50K |
| Tower Research Capital LLC (TRC) | 0.00% | Reduce -69.5% | 1,120 | $50K |
| Osaic Holdings, Inc. | 0.00% | Reduce -79.7% | 1,086 | $48K |
| Caitong International Asset Management Co., Ltd | 0.02% | Add +88.5% | 705 | $31K |
| Federated Hermes, Inc. | 0.00% | New | 591 | $26K |
| GAMMA Investing LLC | 0.00% | Reduce -36.8% | 537 | $24K |
| Smartleaf Asset Management LLC | 0.00% | Reduce -8.2% | 515 | $23K |
| Eastern Bank | 0.00% | No change | 500 | $22K |
| Farmers & Merchants Investments Inc. | 0.00% | No change | 486 | $22K |
| Sterling Capital Management LLC | 0.00% | Reduce -44.3% | 451 | $20K |
| Nomura Asset Management Co. Ltd. | 0.00% | No change | 450 | $20K |
| Northwestern Mutual Wealth Management Co. | 0.00% | No change | 390 | $17K |
| High Note Wealth, LLC | 0.00% | No change | 377 | $17K |
| First Horizon Advisors, Inc. | 0.00% | Add +12.9% | 358 | $16K |
| Macquarie Group Ltd. | 0.00% | New | 358 | $16K |
| Versant Capital Management, Inc | 0.00% | Add +272.4% | 283 | $13K |
| Guardian Wealth Management, Inc. | 0.01% | No change | 280 | $12K |
| Signaturefd, LLC | 0.00% | No change | 254 | $11K |
| Huntington National Bank | 0.00% | Reduce -4.3% | 248 | $11K |
| NewEdge Advisors, LLC | 0.00% | Add +0.8% | 238 | $11K |
| Hexagon Capital Partners LLC | 0.00% | Add +4.7% | 222 | $10K |
| CIBC Private Wealth Group LLC | 0.00% | New | 230 | $9K |
| WealthCollab, LLC | 0.01% | No change | 203 | $9K |
| Danske Bank A/S | 0.00% | No change | 200 | $9K |
| Covestor Ltd | 0.01% | Reduce -76.8% | 182 | $8K |
| Optiver Holding B.V. | 0.00% | New | 160 | $7K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | Add +21.3% | 154 | $7K |
| UMB Bank, n.a. | 0.00% | Add +8.2% | 132 | $6K |
| Main Street Group, LTD | 0.00% | No change | 130 | $6K |
| Jones Financial Companies LLLP | 0.00% | No change | 119 | $5K |
| Geneos Wealth Management Inc. | 0.00% | New | 91 | $4K |
| Principal Securities, Inc. | 0.00% | No change | 78 | $4K |
| Rothschild Investment LLC | 0.00% | Add +30.8% | 85 | $4K |
| Bell Investment Advisors, Inc | 0.00% | Reduce -10.5% | 77 | $3K |
| Bessemer Group Inc. | 0.00% | Reduce -58.4% | 72 | $3K |
| Brooklyn Investment Group | 0.00% | New | 50 | $2K |
| EverSource Wealth Advisors, LLC | 0.00% | Add +80.8% | 47 | $2K |
| Simplex Trading, LLC | 0.00% | New | 66 | $2K |
| WPG Advisers, LLC | 0.00% | New | 28 | $1K |
| Assetmark, Inc. | 0.00% | No change | 28 | $1K |
| Parkside Financial Bank & Trust | 0.00% | Add +400.0% | 25 | $1K |
| Picton Mahoney Asset Management | 0.00% | No change | 22 | $1K |
| Stephens Consulting, LLC | 0.00% | New | 20 | $887 |
| Lindbrook Capital, LLC | 0.00% | Reduce -40.0% | 18 | $798 |
| Abound Wealth Management | 0.00% | No change | 4 | $178 |
| Global Financial Private Client, LLC | 0.00% | Add +300.0% | 4 | $177 |
| Private Wealth Asset Management, LLC | 0.00% | — | 4 | $177 |
| SBI Securities Co., Ltd. | 0.00% | Reduce -40.0% | 3 | $133 |
| JFS Wealth Advisors, LLC | 0.00% | No change | 2 | $89 |
| SJS Investment Consulting Inc. | 0.00% | No change | 1 | $45 |
| Bay Harbor Wealth Management, LLC | 0.00% | New | 1 | $44 |
| Hemington Wealth Management | 0.00% | Add +55.6% | 14 | $0 |
"% of holder's portfolio" is HNI's weight in each manager's 13F, not the share of Hni Corp. the manager owns.