NetstreitNTST
13F holders, Q3 2025 (September 30)243holders +17
38new positions
19sold out
7famous investors
$18.04avg. 13F price*
At the end of Q3 2025, 243 institutions reported holding Netstreit Corp. (NTST) in their 13F filings, up 17 from Q2 2025. 38 opened new positions and 19 sold out. The largest holders were BlackRock, Inc. ($176.9M), Vanguard Group Inc. ($161.8M) and Principal Financial Group Inc. ($161.8M). 7 famous investors held it, including Israel Englander (0.1% of Millennium Management's portfolio), David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio) and Jim Simons / Peter Brown (0.0% of Renaissance Technologies's portfolio).
- Company
- Netstreit Corp.
- CUSIP
- 64119V303
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q2 2025 → Q3 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 38 | $93.7M |
| Exits | 19 | $32.7M |
All 13F filers, Q2 2025 → Q3 2025: 25,976,565 shares bought and 10,332,125 shares sold, net +15,644,440 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 243 holders
| BlackRock, Inc. | 0.00% | Add +9.8% | 9,792,904 | $176.9M |
| Vanguard Group Inc. | 0.00% | Add +7.8% | 8,961,288 | $161.8M |
| Principal Financial Group Inc. | 0.08% | Add +11.9% | 8,958,073 | $161.8M |
| Cohen & Steers, Inc. | 0.16% | Reduce -0.8% | 4,845,260 | $87.5M |
| T. Rowe Price Investment Management, Inc. | 0.04% | Reduce -23.6% | 4,001,414 | $72.3M |
| Prudential Financial Inc. | 0.08% | Add +808.4% | 3,913,346 | $70.7M |
| State Street Corp. | 0.00% | Add +6.9% | 3,801,146 | $68.6M |
| Hudson Bay Capital Management LP | 0.48% | Add +35.1% | 3,794,639 | $68.5M |
| Millennium Management | 0.06% | Add +88.8% | 3,790,130 | $68.4M |
| Centersquare Investment Management LLC | 0.64% | Add +37.9% | 3,533,415 | $63.8M |
| Janus Henderson Group PLC | 0.03% | Add +26.5% | 3,304,367 | $59.6M |
| Nuveen, LLC | 0.01% | Add +257.6% | 2,568,723 | $46.4M |
| Geode Capital Management, LLC | 0.00% | Add +7.6% | 2,292,518 | $41.4M |
| Alliancebernstein L.P. | 0.01% | Add +0.2% | 2,177,161 | $39.3M |
| Two Sigma Advisers, LP | 0.06% | Add +26.1% | 1,670,000 | $30.2M |
| Lasalle Investment Management Securities LLC | 1.14% | Reduce -58.1% | 1,606,352 | $29.0M |
| Sumitomo Mitsui Trust Group, Inc. | 0.02% | Reduce -32.7% | 1,513,687 | $27.3M |
| Alyeska Investment Group, L.P. | 0.08% | Add +134.5% | 1,482,730 | $26.8M |
| Macquarie Group Ltd. | 0.03% | Add +7.9% | 1,475,913 | $26.7M |
| Two Sigma Investments, LP | 0.04% | Add +30.8% | 1,469,753 | $26.5M |
| Deprince Race & Zollo Inc. | 0.53% | Reduce -23.4% | 1,457,957 | $26.3M |
| Heitman Real Estate Securities LLC | 1.60% | New | 1,294,755 | $23.4M |
| Charles Schwab Investment Management Inc. | 0.00% | Add +5.8% | 1,242,848 | $22.4M |
| Dimensional Fund Advisors LP | 0.00% | Add +17.2% | 1,239,265 | $22.4M |
| Northern Trust Corp. | 0.00% | Add +10.1% | 1,189,907 | $21.5M |
| William Blair Investment Management, LLC | 0.05% | New | 1,134,969 | $20.5M |
| CBRE Investment Management Listed Real Assets LLC | 0.27% | Add +72.9% | 1,029,440 | $18.6M |
| Silvercrest Asset Management Group LLC | 0.12% | Reduce -4.3% | 1,006,015 | $18.2M |
| Adage Capital Partners Gp, L.L.C. | 0.03% | Reduce -14.0% | 1,000,000 | $18.1M |
| APG Asset Management US Inc. | 0.13% | Add +8.7% | 956,127 | $17.5M |
| MetLife Investment Management, LLC | 0.07% | Add +0.7% | 830,512 | $15.0M |
| Tributary Capital Management, LLC | 1.27% | Reduce -3.7% | 779,962 | $14.1M |
| D. E. Shaw & Co. | 0.01% | Add +636.1% | 773,355 | $14.0M |
| Bank of New York Mellon Corp | 0.00% | Add +22.6% | 760,430 | $13.7M |
| Cubist Systematic Strategies, LLC | 0.19% | Add +590.7% | 757,725 | $13.7M |
| Ameriprise Financial Inc. | 0.00% | Add +1058.1% | 648,318 | $11.7M |
| JPMorgan Chase & Co. | 0.00% | Reduce -21.7% | 615,296 | $11.1M |
| Qube Research & Technologies Ltd | 0.02% | Reduce -8.0% | 614,455 | $11.1M |
| Presima Securities ULC | 2.98% | Reduce -9.5% | 601,213 | $10.9M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Add +669.2% | 581,910 | $10.5M |
| Goldman Sachs Group Inc. | 0.00% | Add +83.5% | 547,386 | $9.9M |
| Russell Investments Group, Ltd. | 0.01% | Reduce -23.9% | 541,367 | $9.8M |
| Morgan Stanley | 0.00% | Add +23.0% | 538,373 | $9.7M |
| DigitalBridge Group, Inc. | 0.79% | Reduce -13.2% | 639,817 | $9.6M |
| Voloridge Investment Management, LLC | 0.03% | New | 511,442 | $9.2M |
| Nordea Investment Management AB | 0.01% | Add +4.0% | 495,518 | $8.9M |
| Franklin Resources Inc. | 0.00% | Add +4.6% | 492,701 | $8.9M |
| Daiwa Securities Group Inc. | 0.03% | Add +1584.4% | 484,948 | $8.8M |
| Burkehill Global Management, LP | 0.48% | New | 450,000 | $8.1M |
| Brookfield Corp | 0.01% | New | 418,024 | $7.5M |
| Victory Capital Management Inc. | 0.00% | Add +637.5% | 412,996 | $7.5M |
| Marshall Wace, LLP | 0.01% | Reduce -41.2% | 409,182 | $7.4M |
| Barclays PLC | 0.00% | Add +7.5% | 408,091 | $7.4M |
| Legal & General Group Plc | 0.00% | Reduce -3.8% | 391,684 | $7.1M |
| Bank of America Corp. | 0.00% | Add +151.4% | 372,590 | $6.7M |
| Renaissance Technologies | 0.01% | Add +14.6% | 346,200 | $6.3M |
| Davis Selected Advisers | 0.03% | Add +55.3% | 342,410 | $6.2M |
| HRT Financial LP | 0.02% | Add +80.0% | 332,755 | $6.0M |
| UBS Group AG | 0.00% | Add +36.8% | 303,619 | $5.5M |
| Zimmer Partners, LP | 0.13% | New | 294,780 | $5.3M |
| Envestnet Asset Management Inc. | 0.00% | Add +20.5% | 279,136 | $5.0M |
| Quantbot Technologies LP | 0.13% | Add +22.3% | 261,114 | $4.7M |
| Invesco Ltd. | 0.00% | Add +4.6% | 257,070 | $4.6M |
| Wells Fargo & Company | 0.00% | Add +6.7% | 247,091 | $4.5M |
| Schonfeld Strategic Advisors LLC | 0.03% | Reduce -75.4% | 234,767 | $4.2M |
| Federated Hermes, Inc. | 0.01% | Add +213.7% | 226,741 | $4.1M |
| Dark Forest Capital Management LP | 0.15% | Reduce -20.3% | 215,026 | $3.9M |
| Y-Intercept (Hong Kong) Ltd | 0.09% | New | 212,831 | $3.8M |
| AlphaQuest LLC | 0.23% | Add +100.7% | 193,566 | $3.5M |
| Investment Management Corp of Ontario | 0.05% | Add +12.5% | 184,096 | $3.3M |
| Jupiter Asset Management Ltd. | 0.03% | New | 181,441 | $3.3M |
| Susquehanna Portfolio Strategies, LLC | 0.05% | Add +5.6% | 170,109 | $3.1M |
| Gsa Capital Partners LLP | 0.25% | Add +115.0% | 166,885 | $3.0M |
| VIRGINIA RETIREMENT SYSTEMS ET Al | 0.02% | Add +1042.3% | 162,200 | $2.9M |
| AQR Capital Management | 0.00% | Add +84.4% | 160,095 | $2.9M |
| Swiss National Bank | 0.00% | Add +1.5% | 158,400 | $2.9M |
| First Trust Advisors LP | 0.00% | Add +7.1% | 158,361 | $2.9M |
| Thrivent Financial for Lutherans | 0.01% | Reduce -27.8% | 156,513 | $2.8M |
| HSBC Holdings PLC | 0.00% | Add +25.8% | 154,501 | $2.8M |
| Jump Financial, LLC | 0.04% | Add +36.1% | 148,225 | $2.7M |
| CANADA LIFE ASSURANCE Co | 0.00% | Add +10.7% | 146,005 | $2.6M |
| Rhumbline Advisers | 0.00% | Reduce -6.0% | 141,991 | $2.6M |
| OVERSEA-CHINESE BANKING Corp Ltd | 0.07% | Add +49.4% | 140,422 | $2.5M |
| Wedge Capital Management L L P | 0.04% | Reduce -8.2% | 134,215 | $2.4M |
| GW&K Investment Management, LLC | 0.02% | Reduce -1.3% | 133,120 | $2.4M |
| DekaBank Deutsche Girozentrale | 0.00% | No change | 130,547 | $2.3M |
| Point72 Asset Management | 0.01% | Add +8.8% | 122,114 | $2.2M |
| Nomura Asset Management Co. Ltd. | 0.01% | Add +4.3% | 121,800 | $2.2M |
| Public Employees Retirement System of Ohio | 0.01% | Add +1.4% | 118,005 | $2.1M |
| Asset Management One Co., Ltd. | 0.01% | Reduce -6.9% | 117,051 | $2.1M |
| Polaris Capital Management, LLC | 0.14% | Reduce -7.6% | 116,000 | $2.1M |
| State of New Jersey Common Pension Fund D | 0.01% | Reduce -7.4% | 112,662 | $2.0M |
| Squarepoint Ops LLC | 0.00% | Add +89.4% | 111,307 | $2.0M |
| Citadel Advisors | 0.00% | Reduce -86.2% | 111,217 | $2.0M |
| Balyasny Asset Management L.P. | 0.00% | New | 108,583 | $2.0M |
| Deutsche Bank AG | 0.00% | Add +9.7% | 107,874 | $1.9M |
| Cambiar Investors LLC | 0.08% | No change | 102,978 | $1.9M |
| Ghisallo Capital Management LLC | 0.06% | New | 100,000 | $1.8M |
| Connor, Clark & Lunn Investment Management Ltd. | 0.01% | Reduce -6.8% | 98,370 | $1.8M |
| Exchange Traded Concepts, LLC | 0.02% | Reduce -8.8% | 91,257 | $1.6M |
| Sei Investments Co. | 0.00% | Add +35.9% | 89,558 | $1.6M |
| Prelude Capital Management, LLC | 0.13% | Reduce -15.0% | 89,023 | $1.6M |
| ExodusPoint Capital Management, LP | 0.02% | New | 85,381 | $1.5M |
| California State Teachers Retirement System | 0.00% | Add +12.4% | 80,695 | $1.5M |
| Allianz Asset Management GmbH | 0.00% | Add +76.1% | 79,454 | $1.4M |
| Sterling Capital Management LLC | 0.02% | Add +50.9% | 76,677 | $1.4M |
| Jefferies Financial Group Inc. | 0.01% | New | 72,100 | $1.3M |
| Los Angeles Capital Management LLC | 0.00% | New | 71,459 | $1.3M |
| Greenland Capital Management LP | 0.20% | Add +74.1% | 70,000 | $1.3M |
| Brevan Howard Capital Management LP | 0.02% | Reduce -41.6% | 69,803 | $1.3M |
| Tudor Investment Corporation | 0.01% | Reduce -64.1% | 67,288 | $1.2M |
| Mitsubishi UFJ Asset Management Co., Ltd. | 0.00% | Add +8.3% | 62,396 | $1.1M |
| Citigroup Inc. | 0.00% | Reduce -35.3% | 60,663 | $1.1M |
| Graham Capital Management, L.P. | 0.05% | New | 55,520 | $1.0M |
| Quantinno Capital Management LP | 0.00% | Add +33.0% | 54,481 | $984K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Add +11.0% | 53,297 | $963K |
| Verition Fund Management LLC | 0.01% | Reduce -87.3% | 52,800 | $954K |
| Natixis Advisors, LLC | 0.00% | Add +2.4% | 52,415 | $947K |
| T. Rowe Price Associates Inc. | 0.00% | Add +24.1% | 50,825 | $918K |
| Kornitzer Capital Management Inc. | 0.02% | No change | 50,000 | $903K |
| Amundi | 0.00% | Add +22.4% | 48,843 | $898K |
| State of Alaska, Department of Revenue | 0.01% | Add +15.5% | 46,010 | $830K |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Reduce -2.2% | 44,093 | $796K |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 0.00% | Reduce -16.4% | 43,976 | $794K |
| Royal Bank of Canada | 0.00% | Add +6.2% | 42,845 | $774K |
| Ensign Peak Advisors, Inc | 0.00% | Reduce -28.4% | 41,956 | $758K |
| Manufacturers Life Insurance Company, The | 0.00% | Add +3.9% | 40,302 | $728K |
| Resona Asset Management Co.,Ltd. | 0.00% | Add +13.5% | 37,281 | $670K |
| American Century Companies Inc. | 0.00% | Add +44.3% | 37,047 | $669K |
| Comerica Bank | 0.00% | Reduce -0.4% | 36,944 | $667K |
| Corient Private Wealth LP | 0.00% | Reduce -9.6% | 35,947 | $649K |
| State of Wyoming | 0.07% | Add +62.8% | 34,121 | $616K |
| LPL Financial LLC | 0.00% | Add +10.7% | 33,690 | $608K |
| Boston Partners | 0.00% | Reduce -13.0% | 33,479 | $605K |
| Intech Investment Management LLC | 0.01% | Add +1.9% | 32,517 | $587K |
| Aberdeen Group plc | 0.00% | Add +30.2% | 31,978 | $575K |
| Susquehanna Fundamental Investments, LLC | 0.02% | No change | 31,720 | $573K |
| New York State Common Retirement Fund | 0.00% | Reduce -83.1% | 31,184 | $563K |
| Susquehanna International Group, LLP | 0.00% | Reduce -69.2% | 30,969 | $559K |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.00% | Add +16.4% | 30,801 | $556K |
| Engineers Gate Manager LP | 0.01% | New | 28,980 | $523K |
| Captrust Financial Advisors | 0.00% | Add +27.0% | 27,538 | $497K |
| Cetera Investment Advisers | 0.00% | New | 27,235 | $492K |
| SG Americas Securities, LLC | 0.00% | New | 26,854 | $485K |
| Creative Planning | 0.00% | Add +18.6% | 25,325 | $457K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | Add +33.9% | 24,789 | $448K |
| BNP Paribas Financial Markets | 0.00% | Reduce -63.7% | 24,763 | $447K |
| First National Bank of Omaha | 0.03% | Add +2.1% | 24,296 | $439K |
| Arizona State Retirement System | 0.00% | Add +1.4% | 24,177 | $437K |
| Raymond James Financial Inc. | 0.00% | Reduce -8.8% | 23,945 | $432K |
| UniSuper Management Pty Ltd | 0.00% | No change | 23,600 | $426K |
| Van Eck Associates Corp. | 0.00% | Add +27.9% | 23,098 | $417K |
| State of Wisconsin Investment Board | 0.00% | New | 21,922 | $396K |
| Ballentine Partners, LLC | 0.01% | Add +1.1% | 20,690 | $374K |
| Sumitomo Mitsui DS Asset Management Company, Ltd | 0.00% | No change | 20,434 | $369K |
| Mariner, LLC | 0.00% | Add +23.5% | 20,003 | $361K |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 19,262 | $348K |
| Metis Global Partners, LLC | 0.01% | Add +36.6% | 18,426 | $333K |
| Public Employees Retirement Association of Colorado | 0.00% | No change | 18,190 | $329K |
| Pitcairn Co. | 0.02% | Reduce -7.2% | 17,490 | $316K |
| Bridgefront Capital, LLC | 0.09% | Reduce -20.4% | 17,307 | $313K |
| STRS Ohio | 0.00% | Reduce -85.4% | 17,200 | $311K |
| Alps Advisors Inc. | 0.00% | Add +9.5% | 17,061 | $308K |
| Stifel Financial Corp. | 0.00% | Reduce -11.5% | 16,981 | $305K |
| Versor Investments LP | 0.05% | Reduce -11.8% | 16,419 | $297K |
| ProShare Advisors LLC | 0.00% | Reduce -3.8% | 16,230 | $293K |
| KLP Kapitalforvaltning As | 0.00% | No change | 16,000 | $289K |
| Ieq Capital, LLC | 0.00% | Add +39.4% | 15,798 | $285K |
| Sanctuary Advisors, LLC | 0.00% | New | 15,679 | $283K |
| IFM Investors Pty Ltd | 0.00% | Add +16.2% | 15,290 | $275K |
| Voya Investment Management LLC | 0.00% | Reduce -32.8% | 15,145 | $274K |
| Nisa Investment Advisors, LLC | 0.00% | Reduce -1.0% | 14,127 | $255K |
| Centiva Capital, LP | 0.02% | New | 14,119 | $255K |
| XTX Topco Ltd | 0.01% | Reduce -3.5% | 13,939 | $252K |
| Janney Montgomery Scott LLC | 0.00% | Reduce -0.3% | 13,307 | $240K |
| M&G PLC | 0.00% | New | 12,082 | $217K |
| Nissay Asset Management Corp. /Japan | 0.00% | No change | 11,903 | $215K |
| Longboard Asset Management, LP | 0.35% | New | 11,827 | $214K |
| Teacher Retirement System of Texas | 0.00% | Reduce -6.6% | 11,566 | $209K |
| Corton Capital Inc. | 0.51% | Reduce -39.0% | 11,563 | $209K |
| US Bancorp \de | 0.00% | Reduce -5.4% | 11,470 | $207K |
| Pictet Asset Management Holding SA | 0.00% | No change | 11,261 | $203K |
| Heritage Family Offices, LLP | 0.09% | Add +5.2% | 11,118 | $201K |
| Boothbay Fund Management, LLC | 0.01% | New | 10,857 | $196K |
| Cerity Partners LLC | 0.00% | New | 10,584 | $191K |
| Entropy Technologies, LP | 0.01% | Reduce -19.8% | 10,220 | $185K |
| CIBC Bancorp USA Inc. | 0.00% | — | 10,117 | $183K |
| Quadrant Capital Group LLC | 0.01% | New | 8,827 | $159K |
| Ameritas Investment Partners, Inc. | 0.00% | No change | 8,398 | $152K |
| FMR LLC | 0.00% | Add +5.3% | 8,287 | $150K |
| CIBC Private Wealth Group LLC | 0.00% | Add +39.1% | 7,299 | $132K |
| Tower Research Capital LLC (TRC) | 0.00% | Reduce -40.7% | 7,094 | $128K |
| Cwm, LLC | 0.00% | Add +33.0% | 6,233 | $113K |
| Federation des caisses Desjardins du Quebec | 0.00% | Add +25.4% | 5,949 | $107K |
| PNC Financial Services Group, Inc. | 0.00% | Add +8.3% | 4,418 | $80K |
| Point72 Hong Kong Ltd | 0.00% | New | 4,088 | $74K |
| Simplex Trading, LLC | 0.00% | New | 3,428 | $61K |
| Point72 (DIFC) Ltd | 0.00% | Reduce -75.2% | 3,232 | $58K |
| Amalgamated Bank | 0.00% | No change | 2,826 | $51K |
| Assetmark, Inc. | 0.00% | Add +13.8% | 2,526 | $46K |
| Signaturefd, LLC | 0.00% | Add +7.5% | 2,147 | $39K |
| Arax Advisory Partners | 0.00% | Add +2111.6% | 2,101 | $38K |
| Mirae Asset Global Investments Co., Ltd. | 0.00% | Add +5.8% | 1,790 | $32K |
| EverSource Wealth Advisors, LLC | 0.00% | Reduce -0.6% | 1,775 | $32K |
| GF Fund Management Co. LTD. | 0.00% | Reduce -6.0% | 1,354 | $24K |
| Osaic Holdings, Inc. | 0.00% | Add +7.5% | 1,340 | $24K |
| Principal Securities, Inc. | 0.00% | Add +4.5% | 1,245 | $22K |
| Parallel Advisors, LLC | 0.00% | Add +0.8% | 1,205 | $22K |
| GAMMA Investing LLC | 0.00% | Add +26.7% | 1,186 | $21K |
| Larson Financial Group LLC | 0.00% | No change | 1,116 | $20K |
| Trust Co. of Vermont | 0.00% | No change | 1,100 | $20K |
| Rise Advisors, LLC | 0.01% | Add +1.2% | 930 | $17K |
| UMB Bank, n.a. | 0.00% | No change | 755 | $14K |
| Sound Income Strategies, LLC | 0.00% | New | 638 | $12K |
| Spire Wealth Management | 0.00% | No change | 600 | $11K |
| Danske Bank A/S | 0.00% | No change | 600 | $11K |
| Allworth Financial LP | 0.00% | Add +105.7% | 543 | $10K |
| Richardson Capital Management LLC | 0.00% | No change | 520 | $9K |
| IFP Advisors, Inc | 0.00% | Add +80.0% | 459 | $8K |
| Private Trust Co. NA | 0.00% | Add +55.5% | 440 | $8K |
| Point72 Europe (London) LLP | 0.00% | New | 371 | $7K |
| Rothschild Investment LLC | 0.00% | Add +2.9% | 355 | $6K |
| Optiver Holding B.V. | 0.00% | New | 334 | $6K |
| Smartleaf Asset Management LLC | 0.00% | Add +98.8% | 334 | $6K |
| Harbor Capital Advisors, Inc. | 0.00% | Reduce -1.4% | 354 | $6K |
| Global Retirement Partners, LLC | 0.00% | Add +34.7% | 194 | $4K |
| Caitong International Asset Management Co., Ltd | 0.00% | New | 176 | $3K |
| Rockefeller Capital Management L.P. | 0.00% | New | 162 | $3K |
| Essential Partners LLC | 0.00% | Add +1450.0% | 155 | $3K |
| Loomis Sayles & Co. L P | 0.00% | New | 139 | $3K |
| Covestor Ltd | 0.00% | Reduce -1.7% | 116 | $2K |
| Jones Financial Companies LLLP | 0.00% | No change | 95 | $2K |
| Quarry LP | 0.00% | New | 79 | $1K |
| Farther Finance Advisors, LLC | 0.00% | Add +55.3% | 73 | $1K |
| Parkside Financial Bank & Trust | 0.00% | No change | 65 | $1K |
| Bessemer Group Inc. | 0.00% | Reduce -43.8% | 68 | $1K |
| Clearstead Advisors, LLC | 0.00% | New | 36 | $651 |
| True Wealth Design, LLC | 0.00% | Add +14.8% | 31 | $560 |
| Bare Financial Services, Inc | 0.00% | New | 29 | $524 |
| Fortitude Family Office, LLC | 0.00% | New | 28 | $506 |
| Cornerstone Planning Group LLC | 0.00% | Reduce -97.7% | 3 | $414 |
| Advisory Services Network, LLC | 0.00% | New | 20 | $361 |
| Motco | 0.00% | No change | 19 | $343 |
"% of holder's portfolio" is NTST's weight in each manager's 13F, not the share of Netstreit Corp. the manager owns.