Payoneer GlobalPAYO

13F holders, Q4 2025 (December 31)
287holders +2
38new positions
38sold out
9famous investors
$5.59avg. 13F price*

At the end of Q4 2025, 287 institutions reported holding Payoneer Global Inc. (PAYO) in their 13F filings, up 2 from Q3 2025. 38 opened new positions and 38 sold out. The largest holders were BlackRock, Inc. ($220.3M), Technology Crossover Management VIII, Ltd. ($192.2M) and Vanguard Group Inc. ($180.8M). 9 famous investors held it, including Jim Simons / Peter Brown (0.0% of Renaissance Technologies's portfolio), Ray Dalio (0.0% of Bridgewater Associates's portfolio) and David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio).

Company
Payoneer Global Inc.
CUSIP
70451X104
Latest filing quarter
Q2 2026

History

Number of 13F holders

0100200300 Q1 2024: 207Q1 2024Q2 2024: 216Q2 2024Q3 2024: 229Q3 2024Q4 2024: 268Q4 2024Q1 2025: 281Q1 2025Q2 2025: 277Q2 2025Q3 2025: 285Q3 2025Q4 2025: 287Q4 2025Q1 2026: 278Q1 2026Q2 2026: 300Q2 2026

Total Exit/New Position Q3 2025 → Q4 2025

InstitutionsTotal Value
New Positions38$21.5M
Exits38$22.9M

All 13F filers, Q3 2025 → Q4 2025: 30,340,836 shares bought and 25,535,104 shares sold, net +4,805,732 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.

Ownership 287 holders

BlackRock, Inc. 0.00% Reduce -0.4% 39,207,161 $220.3M
Technology Crossover Management VIII, Ltd. 46.80% No change 34,197,116 $192.2M
Vanguard Group Inc. 0.00% Add +0.2% 32,173,724 $180.8M
Susquehanna Capital Management, LLC 100.00% Reduce -18.7% 20,546,965 $115.5M
BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.09% Add +518836.2% 13,762,188 $77.3M
State Street Corp. 0.00% Add +1.9% 10,772,088 $60.5M
T. Rowe Price Associates Inc. 0.01% Add +1.8% 10,436,470 $58.7M
American Century Companies Inc. 0.02% Add +4.3% 7,640,519 $42.9M
Temasek Holdings (Private) Ltd 0.14% Reduce -26.2% 7,494,353 $42.1M
Dimensional Fund Advisors LP 0.01% Reduce -0.4% 7,281,390 $40.9M
Greenvale Capital LLP 3.73% No change 7,084,000 $39.8M
Geode Capital Management, LLC 0.00% Reduce -4.8% 6,965,558 $39.2M
Deutsche Bank AG 0.01% Add +0.1% 6,699,861 $37.7M
Morgan Stanley 0.00% Add +6.3% 6,300,854 $35.4M
Nuveen, LLC 0.01% Reduce -1.8% 3,645,411 $20.5M
Ameriprise Financial Inc. 0.00% Add +17.2% 3,525,431 $19.8M
Millennium Management 0.01% Reduce -32.2% 4,676,041 $19.7M
D. E. Shaw & Co. 0.02% Add +100.2% 3,429,485 $19.3M
Bank of America Corp. 0.00% Reduce -5.8% 3,219,304 $18.1M
Jasper Ridge Partners, L.P. 0.39% No change 3,141,320 $17.7M
Renaissance Technologies 0.03% Reduce -15.6% 3,008,607 $16.9M
Battery Global Advisors, LLC 7.53% No change 2,890,975 $16.2M
Goldman Sachs Group Inc. 0.00% Add +3.7% 2,885,575 $16.2M
Northern Trust Corp. 0.00% Reduce -6.1% 2,761,913 $15.5M
Phoenix Financial Ltd. 0.16% No change 2,703,780 $15.2M
Charles Schwab Investment Management Inc. 0.00% Add +0.6% 2,689,584 $15.1M
FMR LLC 0.00% Add +25.1% 2,560,672 $14.4M
Jane Street Group, LLC 0.02% Add +65.8% 2,378,545 $13.4M
Fiera Capital Corp 0.04% Add +29.6% 2,124,742 $11.9M
Two Sigma Advisers, LP 0.02% Reduce -7.5% 2,042,700 $11.5M
Principal Financial Group Inc. 0.01% Add +9.6% 1,923,051 $10.8M
Victory Capital Management Inc. 0.01% Reduce -42.3% 1,840,644 $10.3M
Invesco Ltd. 0.00% Add +0.2% 1,800,305 $10.1M
Two Sigma Investments, LP 0.01% Reduce -9.7% 1,656,192 $9.3M
Bank of New York Mellon Corp 0.00% Reduce -1.6% 1,602,973 $9.0M
Voloridge Investment Management, LLC 0.03% Reduce -17.4% 1,559,024 $8.8M
Jacobs Levy Equity Management, Inc. 0.03% Add +4.2% 1,447,749 $8.1M
Marshall Wace, LLP 0.01% Add +238.6% 1,362,962 $7.7M
Tikvah Management LLC 1.94% No change 1,292,133 $7.3M
Trexquant Investment LP 0.06% Add +14.2% 1,150,722 $6.5M
Voya Investment Management LLC 0.01% Add +22.1% 1,149,014 $6.5M
Healthcare of Ontario Pension Plan Trust Fund 0.01% Add +80.2% 1,126,681 $6.3M
Citadel Advisors 0.00% Add +106.1% 1,095,968 $6.2M
State of Wisconsin Investment Board 0.01% Add +5.2% 1,052,170 $5.9M
Allianz Asset Management GmbH 0.01% Add +14.0% 1,005,525 $5.7M
Public Sector Pension Investment Board 0.02% Reduce -12.2% 999,274 $5.6M
Qube Research & Technologies Ltd 0.01% Reduce -18.6% 997,426 $5.6M
Bridgewater Associates 0.02% Reduce -0.6% 947,846 $5.3M
Alliancebernstein L.P. 0.00% Reduce -38.4% 896,647 $5.0M
HRT Financial LP 0.02% New 874,195 $4.9M
Nordea Investment Management AB 0.00% Reduce -12.6% 795,552 $4.5M
Legal & General Group Plc 0.00% Reduce -2.9% 783,816 $4.4M
Rhumbline Advisers 0.00% Reduce -4.3% 742,696 $4.2M
J. Goldman & Co LP 0.16% Reduce -70.8% 713,285 $4.0M
Blue Owl Capital Holdings LP 1.24% New 832,810 $4.0M
First Manhattan Co. Llc. 0.01% No change 617,574 $3.5M
HSBC Holdings PLC 0.00% Add +372.8% 603,407 $3.4M
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% Reduce -3.9% 601,421 $3.4M
Picton Mahoney Asset Management 0.04% New 597,923 $3.4M
Swiss National Bank 0.00% Add +1.0% 568,400 $3.2M
Point72 Asset Management 0.01% New 562,712 $3.2M
Neo Ivy Capital Management 0.50% Add +3861.3% 561,238 $3.2M
XTX Topco Ltd 0.08% Add +472.9% 533,394 $3.0M
Engineers Gate Manager LP 0.03% Add +92.8% 523,833 $2.9M
Numerai GP LLC 0.34% Add +2670.8% 506,455 $2.8M
Federated Hermes, Inc. 0.00% Add +127.8% 506,040 $2.8M
New York State Common Retirement Fund 0.00% No change 496,507 $2.8M
Great Lakes Advisors, LLC 0.02% No change 485,951 $2.7M
Nantahala Capital Management, LLC 0.16% No change 483,836 $2.7M
Algert Global LLC 0.04% Add +752.5% 464,861 $2.6M
Wells Fargo & Company 0.00% Add +32.3% 445,037 $2.5M
Barclays PLC 0.00% Add +6.0% 434,653 $2.4M
Caption Management, LLC 0.10% Reduce -18.0% 410,000 $2.3M
UBS Group AG 0.00% Add +7.0% 387,602 $2.2M
1492 Capital Management LLC 0.86% Add +43.3% 386,850 $2.2M
OMERS ADMINISTRATION Corp 0.01% Reduce -17.9% 365,641 $2.1M
Walleye Capital LLC 0.01% Add +39.8% 365,059 $2.1M
Verition Fund Management LLC 0.01% Add +98.8% 335,796 $1.9M
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% Reduce -2.4% 334,912 $1.9M
BNP Paribas Financial Markets 0.00% Add +31.6% 292,228 $1.6M
Isthmus Partners, LLC 0.18% New 291,471 $1.6M
Prudential Financial Inc. 0.00% Reduce -6.5% 275,638 $1.5M
California State Teachers Retirement System 0.00% Add +6.3% 272,228 $1.5M
Gsa Capital Partners LLP 0.12% Reduce -36.3% 251,978 $1.4M
Parallel Advisors, LLC 0.03% Reduce -0.7% 251,506 $1.4M
JPMorgan Chase & Co. 0.00% Reduce -63.2% 234,977 $1.3M
Alpha Wave Global, LP 0.15% No change 223,855 $1.3M
Flputnam Investment Management Co. 0.02% No change 214,042 $1.2M
Wellington Management Group LLP 0.00% Reduce -53.7% 348,966 $1.2M
Panagora Asset Management Inc. 0.00% Add +96.8% 204,349 $1.1M
AQR Capital Management 0.00% Add +443.8% 200,800 $1.1M
Teacher Retirement System of Texas 0.00% Add +18.3% 200,344 $1.1M
Thrivent Financial for Lutherans 0.00% Reduce -5.8% 198,378 $1.1M
New York State Teachers Retirement System 0.00% Add +7.8% 195,981 $1.1M
Aspen Capital Management, LLC 0.27% No change 194,222 $1.1M
Tidal Investments LLC 0.00% Reduce -3.1% 193,710 $1.1M
Sphera Management Technology Funds Ltd 0.53% Add +5.9% 180,000 $1.0M
New Age Alpha Advisors, LLC 0.04% New 176,393 $991K
Legion Partners Asset Management, LLC 0.56% No change 169,636 $953K
State of Alaska, Department of Revenue 0.01% Reduce -0.4% 161,993 $909K
Russell Investments Group, Ltd. 0.00% Add +80.5% 159,120 $894K
Illinois Municipal Retirement Fund 0.01% Add +6.5% 156,069 $877K
Janney Montgomery Scott LLC 0.00% New 153,096 $860K
MetLife Investment Management, LLC 0.00% Reduce -5.1% 151,731 $853K
Intech Investment Management LLC 0.01% Reduce -39.0% 149,002 $837K
Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% Add +24.1% 138,879 $781K
Squarepoint Ops LLC 0.00% Reduce -74.9% 133,912 $753K
Manufacturers Life Insurance Company, The 0.00% Reduce -6.0% 132,429 $744K
Louisiana State Employees Retirement System 0.01% Reduce -1.4% 132,300 $744K
Janus Henderson Group PLC 0.00% No change 128,183 $720K
Sei Investments Co. 0.00% Reduce -3.5% 126,255 $710K
Gotham Asset Management 0.00% Add +24.4% 121,992 $686K
STRS Ohio 0.00% No change 119,500 $672K
Group One Trading LLC 0.02% Reduce -37.7% 114,896 $646K
Y-Intercept (Hong Kong) Ltd 0.01% New 112,448 $632K
Man Group plc 0.00% Add +777.0% 112,445 $632K
Envestnet Asset Management Inc. 0.00% Reduce -20.5% 94,682 $532K
Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% Add +149.1% 93,769 $527K
Franklin Resources Inc. 0.00% Reduce -2.6% 91,734 $516K
Citigroup Inc. 0.00% Reduce -72.7% 90,288 $507K
Royal Bank of Canada 0.00% Reduce -20.1% 89,737 $506K
OP Asset Management Ltd 0.01% Add +122.3% 88,593 $498K
Capital Fund Management S.A. 0.00% New 86,973 $489K
PDT Partners, LLC 0.03% Reduce -51.9% 86,107 $484K
Van Eck Associates Corp. 0.00% Add +2.4% 84,678 $476K
Amalgamated Bank 0.00% Add +0.6% 84,380 $474K
Arizona State Retirement System 0.00% Reduce -6.3% 80,440 $452K
Simplex Trading, LLC 0.01% Add +146.7% 79,242 $445K
Police & Firemen's Retirement System of New Jersey 0.00% No change 77,011 $433K
Royce & Associates LP 0.00% Reduce -46.8% 75,964 $427K
State Board of Administration of Florida Retirement System 0.00% No change 75,660 $425K
Twinbeech Capital LP 0.03% Reduce -24.5% 75,500 $424K
Yousif Capital Management, LLC 0.00% Reduce -13.0% 77,387 $413K
Bailard, Inc. 0.01% Add +4.0% 73,100 $411K
SG Americas Securities, LLC 0.00% Add +46.6% 73,010 $410K
Commonwealth of Pennsylvania Public School Empls Retrmt SYS 0.00% Reduce -3.8% 71,477 $402K
Pictet Asset Management Holding SA 0.00% Add +55.7% 69,712 $392K
Ieq Capital, LLC 0.00% Reduce -50.2% 68,885 $387K
Handelsbanken Fonder AB 0.00% No change 68,900 $387K
Angelo Gordon & Co., L.P. 0.04% No change 83,946 $377K
Comerica Bank 0.00% Reduce -19.4% 66,626 $374K
Oregon Public Employees Retirement Fund 0.00% Add +0.5% 66,075 $371K
State of Tennessee, Department of Treasury 0.00% Reduce -45.5% 57,231 $366K
Teachers Retirement System of the State of Kentucky 0.00% No change 64,284 $361K
KLP Kapitalforvaltning As 0.00% Add +4.4% 61,900 $348K
Assetmark, Inc. 0.00% Add +2.3% 60,690 $341K
Brevan Howard Capital Management LP 0.01% Reduce -46.3% 59,709 $336K
VARCOV Co. 0.13% — 57,319 $322K
Quantinno Capital Management LP 0.00% Add +45.3% 56,799 $319K
ProShare Advisors LLC 0.00% Add +4.1% 54,909 $309K
First Trust Advisors LP 0.00% Reduce -83.8% 54,741 $308K
Sheets Smith Wealth Management 0.03% New 48,695 $274K
Inceptionr LLC 0.07% Reduce -51.3% 47,799 $269K
Nisa Investment Advisors, LLC 0.00% Reduce -4.4% 47,611 $268K
Allspring Global Investments Holdings, LLC 0.00% Add +9.6% 46,868 $255K
AlphaQuest LLC 0.01% No change 42,846 $241K
Public Employees Retirement Association of Colorado 0.00% No change 42,719 $240K
LPL Financial LLC 0.00% Add +5.8% 42,211 $237K
Maryland State Retirement & Pension System 0.00% No change 41,958 $236K
Yorktown Management & Research Co Inc 0.18% Reduce -56.1% 40,700 $229K
Orion Porfolio Solutions, LLC 0.00% Reduce -34.9% 34,986 $197K
Mitsubishi UFJ Asset Management Co., Ltd. 0.00% Add +42.1% 35,931 $195K
Mariner, LLC 0.00% Reduce -1.1% 34,220 $192K
Freestone Grove Partners LP 0.00% Reduce -5.3% 34,168 $192K
Amundi 0.00% Reduce -33.7% 33,928 $191K
Covestor Ltd 0.10% Add +43.2% 33,695 $189K
Mutual of America Capital Management LLC 0.00% Add +0.9% 32,998 $185K
Tudor Investment Corporation 0.00% Reduce -97.0% 32,487 $183K
Sequoia Financial Advisors, LLC 0.00% Add +8.1% 31,677 $178K
Alpine Global Management, LLC 0.04% New 31,521 $177K
Aigen Investment Management, LP 0.04% Add +61.7% 28,505 $160K
Susquehanna International Group, LLP 0.00% No change 24,637 $138K
Ameritas Investment Partners, Inc. 0.00% No change 23,275 $131K
Stifel Financial Corp. 0.00% Reduce -25.1% 23,266 $131K
Two Sigma Securities, LLC 0.02% Add +74.3% 22,995 $129K
Virtu Financial LLC 0.01% New 22,912 $129K
Xponance LLC 0.00% Add +0.9% 22,071 $124K
Kemnay Advisory Services Inc. 0.02% New 21,609 $121K
Skaana Management L.P. 0.31% No change 21,200 $119K
Praxis Investment Management Inc. 0.01% No change 20,400 $115K
Profund Advisors LLC 0.00% Add +51.8% 20,348 $114K
Insight Wealth Strategies, LLC 0.01% Reduce -96.9% 19,348 $109K
Tower Research Capital LLC (TRC) 0.00% Reduce -1.8% 18,952 $107K
Gen-Wealth Partners Inc 0.03% Add +33.7% 18,864 $106K
Cibc World Markets Corp. 0.00% — 18,431 $104K
Advisory Services Network, LLC 0.00% Add +25629.6% 18,268 $103K
CIBC Asset Management Inc 0.00% Add +54.8% 18,263 $103K
Bank of Montreal 0.00% Add +1.4% 18,088 $102K
Balyasny Asset Management L.P. 0.00% Reduce -98.1% 18,064 $102K
Cerity Partners LLC 0.00% Add +44.4% 18,039 $101K
Private Advisor Group, LLC 0.00% Reduce -1.0% 17,716 $100K
Mackenzie Financial Corp. 0.00% Reduce -70.9% 17,450 $99K
Wescott Financial Advisory Group, LLC 0.01% No change 17,477 $98K
Semanteon Capital Management, LP 13.16% — 17,475 $98K
Entropy Technologies, LP 0.01% Reduce -79.3% 16,786 $94K
Neuberger Berman Group LLC 0.00% Reduce -0.4% 16,730 $94K
Abel Hall, LLC 0.02% New 16,597 $93K
Inscription Capital, LLC 0.01% New 16,107 $91K
Greenwich Wealth Management LLC 0.00% Add +47.0% 15,999 $90K
PVG Asset Management Corp. 0.19% New 15,986 $90K
Corient Private Wealth LP 0.00% Reduce -1.8% 15,970 $90K
Landscape Capital Management, L.L.C. 0.01% No change 15,388 $86K
Prudent Man Advisors, LLC 0.03% No change 15,192 $85K
Crossmark Global Holdings, Inc. 0.00% No change 14,161 $80K
Oppenheimer Asset Management Inc. 0.00% Reduce -13.5% 13,797 $78K
Advisors Asset Management, Inc. 0.00% Reduce -1.2% 13,643 $77K
Snowden Capital Advisors LLC 0.00% Reduce -9.7% 13,422 $75K
Scientech Research LLC 0.05% New 13,277 $75K
Swiss Life Asset Management Ltd 0.00% No change 13,223 $74K
Jump Financial, LLC 0.00% Reduce -29.4% 13,134 $74K
Vanguard Personalized Indexing Management, LLC 0.00% New 12,359 $69K
Mercer Global Advisors Inc. 0.00% New 12,306 $69K
Shelton Capital Management 0.00% No change 11,882 $67K
Rpo LLC 0.09% New 11,758 $66K
Captrust Financial Advisors 0.00% New 11,569 $65K
Rialto Wealth Management, LLC 0.02% Add +9.6% 11,419 $64K
Empowered Funds, LLC 0.00% New 11,291 $63K
PNC Financial Services Group, Inc. 0.00% Reduce -27.7% 10,710 $60K
Glenmede Trust Co. NA 0.00% — 10,325 $58K
Vident Advisory, LLC 0.00% New 10,319 $58K
KBC Group NV 0.00% No change 9,909 $56K
Cwm, LLC 0.00% Add +178.6% 9,384 $53K
IFP Advisors, Inc 0.00% Add +0.5% 6,205 $35K
MAI Capital Management 0.00% Add +1.5% 5,116 $29K
Orion Capital Management LLC 0.01% Add +20.0% 4,800 $27K
Farther Finance Advisors, LLC 0.00% Reduce -6.3% 4,626 $26K
Rockefeller Capital Management L.P. 0.00% Add +208.7% 4,044 $23K
Leonteq Securities AG 0.00% No change 3,776 $21K
GAMMA Investing LLC 0.00% Reduce -48.5% 3,509 $20K
Salomon & Ludwin, LLC 0.00% Add +6.8% 2,683 $15K
Osaic Holdings, Inc. 0.00% Reduce -46.3% 2,529 $14K
Smartleaf Asset Management LLC 0.00% Reduce -7.1% 2,011 $11K
Versant Capital Management, Inc 0.00% Add +23.0% 1,935 $11K
Sterling Capital Management LLC 0.00% Add +174.2% 1,851 $10K
Larson Financial Group LLC 0.00% Add +103.7% 1,764 $10K
Hantz Financial Services, Inc. 0.00% Add +374.3% 1,385 $8K
Los Angeles Capital Management LLC 0.00% Reduce -99.0% 1,300 $7K
Mirae Asset Global Investments Co., Ltd. 0.00% Add +20.3% 1,312 $7K
Fifth Third Bancorp 0.00% Reduce -23.6% 1,275 $7K
UMB Bank, n.a. 0.00% Reduce -0.4% 1,210 $7K
Tidemark, LLC 0.00% Reduce -50.0% 1,156 $6K
Pinnacle Wealth Planning Services, Inc. 0.00% New 1,004 $6K
Activest Wealth Management 0.00% No change 1,000 $6K
Bare Financial Services, Inc 0.00% New 806 $5K
Torren Management, LLC 0.00% — 626 $4K
Essential Partners LLC 0.00% New 598 $3K
Quarry LP 0.00% Reduce -94.7% 559 $3K
SBI Securities Co., Ltd. 0.00% Add +9.9% 553 $3K
EverSource Wealth Advisors, LLC 0.00% Add +429.2% 508 $3K
Rothschild Investment LLC 0.00% Add +60.0% 416 $2K
Allworth Financial LP 0.00% Add +18.0% 386 $2K
Y.D. More Investments Ltd 0.00% Reduce -80.1% 378 $2K
Northwestern Mutual Wealth Management Co. 0.00% New 312 $2K
MassMutual Private Wealth & Trust, FSB 0.00% Add +6.5% 279 $2K
Root Financial Partners, LLC 0.00% Reduce -58.2% 213 $1K
Manchester Capital Management LLC 0.00% New 186 $1K
Zions Bancorporation, National Association 0.00% New 181 $1K
Motiv8 Investments LLC 0.00% New 117 $1K
Avion Wealth 0.00% No change 200 $1K
Bessemer Group Inc. 0.00% Reduce -65.6% 243 $1K
Parkside Financial Bank & Trust 0.00% Reduce -56.1% 164 $923
Farmers & Merchants Investments Inc. 0.00% No change 145 $815
Cape Investment Advisory, Inc. 0.00% No change 119 $669
Whittier Trust Co. of Nevada Inc. 0.00% No change 111 $607
Private Wealth Management Group, LLC 0.00% Reduce -45.8% 96 $540
Cornerstone Financial Management LLC 0.00% — 86 $483
Blue Trust, Inc. 0.00% No change 86 $483
Jones Financial Companies LLLP 0.00% Reduce -41.0% 79 $444
Ankerstar Wealth, LLC 0.00% — 72 $405
CIBC Private Wealth Group LLC 0.00% New 71 $399
Clearstead Advisors, LLC 0.00% New 65 $366
International Assets Investment Management, LLC 0.00% New 64 $360
CoreCap Advisors, LLC 0.00% New 54 $303
JFS Wealth Advisors, LLC 0.00% Reduce -40.7% 51 $287
Sunbelt Securities, Inc. 0.00% New 50 $281
Arax Advisory Partners 0.00% Reduce -84.1% 48 $270
Gilpin Wealth Management, LLC 0.00% — 31 $175
Abound Wealth Management 0.00% No change 16 $90
Lloyd Advisory Services, LLC. 0.00% New 15 $84
True Wealth Design, LLC 0.00% Reduce -94.3% 12 $68
Bay Harbor Wealth Management, LLC 0.00% Add +10.0% 11 $61
Transamerica Financial Advisors, LLC 0.00% New 10 $56
HFM Investment Advisors, LLC 0.00% Reduce -53.3% 7 $40
Dunhill Financial, LLC 0.00% New 6 $36
DiNuzzo Private Wealth, Inc. 0.00% Reduce -94.7% 2 $12
Huntington National Bank 0.00% Reduce -96.8% 1 $6
Keating Financial Advisory Services, Inc. 0.00% — 1 $6

"% of holder's portfolio" is PAYO's weight in each manager's 13F, not the share of Payoneer Global Inc. the manager owns.