Papa John's IntlPZZA
13F holders, Q1 2026 (March 31)249holders −18
40new positions
59sold out
4famous investors
$32.43avg. 13F price*
At the end of Q1 2026, 249 institutions reported holding Papa John's Intl Inc. (PZZA) in their 13F filings, down 18 from Q4 2025. 40 opened new positions and 59 sold out. The largest holders were BlackRock, Inc. ($156.2M), Brandes Investment Partners, LP ($85.3M) and Vanguard Portfolio Management LLC ($61.8M). 4 famous investors held it, including Steve Cohen (0.0% of Point72 Asset Management's portfolio), Ken Griffin (0.0% of Citadel Advisors's portfolio) and David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio).
- Company
- Papa John's Intl Inc.
- CUSIP
- 698813102
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q4 2025 → Q1 2026
| Institutions | Total Value | |
|---|---|---|
| New Positions | 40 | $38.6M |
| Exits | 59 | $155.3M |
All 13F filers, Q4 2025 → Q1 2026: 6,615,325 shares bought and 7,677,012 shares sold, net −1,061,687 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 249 holders
| BlackRock, Inc. | 0.00% | Add +1.1% | 4,819,858 | $156.2M |
| Brandes Investment Partners, LP | 0.60% | Add +608.9% | 2,632,804 | $85.3M |
| Vanguard Portfolio Management LLC | 0.00% | — | 1,906,115 | $61.8M |
| Earnest Partners LLC | 0.25% | Reduce -2.3% | 1,902,194 | $61.7M |
| Irth Capital Management LP | 100.00% | No change | 1,628,503 | $52.8M |
| Bank of America Corp. | 0.00% | Reduce -4.6% | 1,479,098 | $47.9M |
| Vanguard Capital Management LLC | 0.00% | — | 1,404,388 | $45.5M |
| State Street Corp. | 0.00% | Add +0.1% | 1,243,472 | $40.3M |
| Sei Investments Co. | 0.03% | Reduce -5.1% | 1,079,272 | $35.0M |
| Quinn Opportunity Partners LLC | 1.83% | Add +224.0% | 1,074,651 | $34.8M |
| Geode Capital Management, LLC | 0.00% | Reduce -0.5% | 836,712 | $27.1M |
| Segall Bryant & Hamill, LLC | 0.38% | Reduce -22.5% | 821,314 | $26.6M |
| Dimensional Fund Advisors LP | 0.00% | Add +8.5% | 626,352 | $20.3M |
| Greenhouse Funds LLLP | 0.84% | New | 546,016 | $17.7M |
| Susquehanna International Group, LLP | 0.02% | Add +239.6% | 519,877 | $16.8M |
| Boothbay Fund Management, LLC | 0.38% | Add +0.9% | 491,683 | $15.9M |
| Charles Schwab Investment Management Inc. | 0.00% | Add +13.5% | 470,943 | $15.3M |
| UBS Group AG | 0.00% | Add +5.6% | 387,607 | $12.6M |
| Shay Capital LLC | 1.74% | Add +221.0% | 378,692 | $12.3M |
| Bank of New York Mellon Corp | 0.00% | Reduce -1.1% | 365,940 | $11.9M |
| Morgan Stanley | 0.00% | Reduce -37.9% | 348,307 | $11.3M |
| Northern Trust Corp. | 0.00% | Add +6.4% | 338,198 | $11.0M |
| Goldman Sachs Group Inc. | 0.00% | Reduce -15.5% | 327,412 | $10.6M |
| Nuveen, LLC | 0.00% | Add +117.5% | 319,348 | $10.4M |
| Long Focus Capital Management, LLC | 0.45% | No change | 310,622 | $10.1M |
| Great Hill Capital LLC | 5.68% | Add +84.7% | 280,431 | $9.1M |
| Alberta Investment Management Corp | 0.06% | No change | 275,702 | $8.9M |
| Woodline Partners LP | 0.03% | Reduce -74.3% | 271,709 | $8.8M |
| Citadel Advisors | 0.01% | Add +179.1% | 254,973 | $8.3M |
| Natixis Advisors, LLC | 0.01% | Add +36.2% | 247,748 | $8.0M |
| Jones Financial Companies LLLP | 0.00% | Add +2609.4% | 247,964 | $7.9M |
| Heartland Advisors Inc. | 0.40% | Add +53.3% | 239,850 | $7.8M |
| Vanguard Fiduciary Trust Co. | 0.00% | — | 212,846 | $6.9M |
| Hudson Bay Capital Management LP | 0.04% | New | 194,400 | $6.3M |
| Ameriprise Financial Inc. | 0.00% | Reduce -12.8% | 168,357 | $5.5M |
| Adage Capital Partners Gp, L.L.C. | 0.01% | Add +62.3% | 162,300 | $5.3M |
| Principal Financial Group Inc. | 0.00% | Add +2.0% | 159,465 | $5.2M |
| Envestnet Asset Management Inc. | 0.00% | Add +9.1% | 159,401 | $5.2M |
| Fiduciary Alliance LLC | 0.30% | Add +2414.9% | 135,581 | $5.0M |
| Invesco Ltd. | 0.00% | Add +8.0% | 150,874 | $4.9M |
| Wells Fargo & Company | 0.00% | Reduce -12.3% | 148,156 | $4.8M |
| Marshall Wace, LLP | 0.00% | Reduce -61.5% | 129,598 | $4.2M |
| Savoir Faire Capital Management, L.P. | 2.44% | Add +27.2% | 124,574 | $4.0M |
| D. E. Shaw & Co. | 0.00% | Add +22.7% | 117,788 | $3.8M |
| Public Sector Pension Investment Board | 0.01% | Add +3.4% | 117,262 | $3.8M |
| Point72 Asset Management | 0.01% | Reduce -54.0% | 116,889 | $3.8M |
| Russell Investments Group, Ltd. | 0.00% | Reduce -72.4% | 116,043 | $3.8M |
| Group One Trading LLC | 0.12% | Add +226.3% | 112,977 | $3.7M |
| Rhumbline Advisers | 0.00% | Reduce -1.1% | 108,055 | $3.5M |
| LPL Financial LLC | 0.00% | Add +17.6% | 97,386 | $3.2M |
| AQR Capital Management | 0.00% | Add +68.3% | 83,507 | $2.7M |
| Arrowstreet Capital, Limited Partnership | 0.00% | Reduce -88.6% | 79,740 | $2.6M |
| State of Wisconsin Investment Board | 0.01% | Add +155.1% | 79,174 | $2.6M |
| Bessemer Group Inc. | 0.00% | Reduce -0.3% | 77,641 | $2.5M |
| Cetera Investment Advisers | 0.00% | Reduce -7.6% | 77,305 | $2.5M |
| Legal & General Group Plc | 0.00% | Reduce -6.6% | 75,500 | $2.4M |
| Anson Funds Management LP | 0.32% | New | 75,000 | $2.4M |
| K2 Principal Fund, L.P. | 0.72% | New | 73,200 | $2.4M |
| Bank of Montreal | 0.00% | Add +6.3% | 71,833 | $2.3M |
| Atom Investors LP | 0.16% | New | 70,747 | $2.3M |
| Swiss National Bank | 0.00% | No change | 64,600 | $2.1M |
| Private Capital Management, LLC | 0.21% | Add +50.8% | 63,000 | $2.0M |
| Balyasny Asset Management L.P. | 0.00% | Reduce -72.8% | 61,617 | $2.0M |
| Royal Bank of Canada | 0.00% | Add +76.8% | 60,624 | $2.0M |
| Cinctive Capital Management LP | 0.13% | Add +1.2% | 60,000 | $1.9M |
| Verition Fund Management LLC | 0.02% | Add +10.9% | 60,000 | $1.9M |
| Barnett & Company, Inc. | 1.46% | Add +15.7% | 58,100 | $1.9M |
| American Century Companies Inc. | 0.00% | Reduce -7.1% | 55,676 | $1.8M |
| Huntington National Bank | 0.01% | Add +5422.0% | 55,275 | $1.8M |
| Alliancebernstein L.P. | 0.00% | Reduce -1.1% | 42,238 | $1.6M |
| LMR Partners LLP | 0.02% | No change | 50,000 | $1.6M |
| California State Teachers Retirement System | 0.00% | Add +22.3% | 47,121 | $1.5M |
| Simplex Trading, LLC | 0.05% | Add +171.0% | 45,762 | $1.5M |
| Barclays PLC | 0.00% | Reduce -58.1% | 44,514 | $1.4M |
| New York State Teachers Retirement System | 0.00% | Reduce -2.2% | 42,704 | $1.4M |
| T. Rowe Price Associates Inc. | 0.00% | Add +14.7% | 42,432 | $1.4M |
| Deutsche Bank AG | 0.00% | Add +7.5% | 42,032 | $1.4M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Reduce -57.2% | 41,617 | $1.3M |
| Moody National Bank Trust Division | 0.13% | Reduce -8.7% | 41,485 | $1.3M |
| Diametric Capital, LP | 0.34% | Add +14.0% | 39,454 | $1.3M |
| Isthmus Partners, LLC | 0.12% | Reduce -54.6% | 36,099 | $1.2M |
| Jefferies Financial Group Inc. | 0.01% | New | 35,330 | $1.1M |
| Prudential Financial Inc. | 0.00% | Add +10.0% | 33,829 | $1.1M |
| First Trust Advisors LP | 0.00% | Reduce -39.8% | 32,825 | $1.1M |
| Mill Road Capital Management LLC | 0.54% | New | 31,900 | $1.0M |
| CANADA LIFE ASSURANCE Co | 0.00% | Add +0.5% | 31,740 | $1.0M |
| Commonwealth Equity Services, LLC | 0.00% | Add +28.5% | 30,538 | $990K |
| PEAK6 LLC | 0.03% | Reduce -2.4% | 30,208 | $979K |
| VANGUARD ASSET MANAGEMENT, Ltd | 0.00% | — | 28,900 | $937K |
| JPMorgan Chase & Co. | 0.00% | Reduce -24.9% | 28,869 | $935K |
| Campbell & CO Investment Adviser LLC | 0.05% | Reduce -35.0% | 27,545 | $893K |
| Jane Street Group, LLC | 0.00% | New | 27,345 | $886K |
| South Dakota Investment Council | 0.02% | No change | 25,554 | $828K |
| Stifel Financial Corp. | 0.00% | Add +162.5% | 23,918 | $775K |
| Fifth Third Bancorp | 0.00% | Add +55.5% | 23,915 | $775K |
| SummitTX Capital, L.P. | 0.02% | Add +49.6% | 23,055 | $747K |
| Thrivent Financial for Lutherans | 0.00% | Reduce -2.9% | 21,886 | $709K |
| Arkadios Wealth Advisors | 0.01% | New | 20,040 | $650K |
| Truist Financial Corp. | 0.00% | Reduce -6.7% | 19,925 | $646K |
| Prelude Capital Management, LLC | 0.05% | Add +1.8% | 19,500 | $632K |
| &partners | 0.00% | Add +38.2% | 19,510 | $626K |
| BNP Paribas Financial Markets | 0.00% | Add +27.9% | 18,740 | $607K |
| Acorn Financial Advisory Services Inc. | 0.08% | Add +0.1% | 18,588 | $602K |
| MetLife Investment Management, LLC | 0.00% | Reduce -1.1% | 18,297 | $593K |
| State of Alaska, Department of Revenue | 0.01% | Reduce -1.9% | 18,293 | $592K |
| Brevan Howard Capital Management LP | 0.01% | Add +132.5% | 18,251 | $592K |
| WINTON GROUP Ltd | 0.02% | Add +46.6% | 17,057 | $553K |
| Hunting Hill Global Capital, LLC | 0.62% | Add +137.3% | 16,000 | $519K |
| State of Tennessee, Department of Treasury | 0.00% | Add +35.9% | 15,885 | $515K |
| Creative Planning | 0.00% | New | 15,754 | $511K |
| Janus Henderson Group PLC | 0.00% | No change | 15,622 | $506K |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Add +1.1% | 15,354 | $498K |
| Raymond James Financial Inc. | 0.00% | Add +62.6% | 14,857 | $482K |
| Sanctuary Advisors, LLC | 0.00% | Add +25.7% | 14,763 | $478K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | Add +14.3% | 14,590 | $473K |
| Louisiana State Employees Retirement System | 0.01% | Reduce -3.3% | 14,500 | $470K |
| Vanguard Global Advisers, LLC | 0.00% | — | 13,748 | $446K |
| Illinois Municipal Retirement Fund | 0.01% | Reduce -25.0% | 13,521 | $438K |
| Manufacturers Life Insurance Company, The | 0.00% | Reduce -5.9% | 13,503 | $438K |
| Osaic Holdings, Inc. | 0.00% | Add +1.3% | 11,992 | $389K |
| Wolverine Asset Management LLC | 0.02% | New | 11,872 | $385K |
| Two Sigma Investments, LP | 0.00% | No change | 11,785 | $382K |
| AlphaGrep UK Ltd | 0.11% | New | 11,600 | $376K |
| Atria Investments, Inc | 0.00% | Add +73.8% | 11,432 | $371K |
| DRW Securities, LLC | 0.02% | New | 11,084 | $359K |
| Virtu Financial LLC | 0.01% | New | 10,873 | $352K |
| New York State Common Retirement Fund | 0.00% | Reduce -93.8% | 10,473 | $339K |
| TIG Advisors, LLC | 0.02% | New | 10,217 | $331K |
| Federation des caisses Desjardins du Quebec | 0.00% | Reduce -72.6% | 9,823 | $318K |
| Walleye Trading LLC | 0.01% | Reduce -87.2% | 9,711 | $315K |
| Stephens Inc. | 0.00% | New | 9,697 | $314K |
| SG Americas Securities, LLC | 0.00% | Reduce -94.2% | 9,682 | $314K |
| Olympiad Research LP | 0.94% | No change | 9,513 | $308K |
| Amalgamated Bank | 0.00% | Reduce -0.8% | 9,437 | $306K |
| Marble Bar Asset Management LLP | 0.30% | New | 9,294 | $301K |
| State Board of Administration of Florida Retirement System | 0.00% | No change | 9,258 | $300K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | No change | 9,062 | $294K |
| Arizona State Retirement System | 0.00% | Reduce -1.5% | 9,006 | $292K |
| Total Wealth Planning & Management, Inc. | 0.23% | Add +4.7% | 8,900 | $288K |
| Yousif Capital Management, LLC | 0.00% | Reduce -1.6% | 8,742 | $283K |
| Citigroup Inc. | 0.00% | Reduce -31.9% | 8,422 | $273K |
| Destination Wealth Management | 0.01% | Reduce -5.0% | 8,400 | $272K |
| Teachers Retirement System of the State of Kentucky | 0.00% | No change | 8,203 | $266K |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.00% | Reduce -0.1% | 8,109 | $263K |
| Silver Oak Securities, Incorporated | 0.02% | Add +8.2% | 7,953 | $258K |
| Oppenheimer & Co. Inc. | 0.00% | New | 7,920 | $257K |
| HighTower Advisors, LLC | 0.00% | Add +4.3% | 7,832 | $254K |
| CastleKnight Management LP | 0.01% | Reduce -49.7% | 7,600 | $246K |
| Oregon Public Employees Retirement Fund | 0.00% | No change | 7,504 | $243K |
| Janney Montgomery Scott LLC | 0.00% | Reduce -9.0% | 7,467 | $242K |
| Vanguard Investments Australia, Ltd. | 0.00% | — | 7,305 | $237K |
| Intech Investment Management LLC | 0.00% | Reduce -37.3% | 7,193 | $233K |
| Winebrenner Capital Management LLC | 0.15% | No change | 7,103 | $230K |
| Wealth Enhancement Advisory Services, LLC | 0.00% | Add +7.0% | 6,497 | $227K |
| KLP Kapitalforvaltning As | 0.00% | No change | 7,000 | $227K |
| Blue Trust, Inc. | 0.00% | Add +47.0% | 6,831 | $221K |
| Xcelsior Advisor Partners LLC | 0.08% | New | 6,552 | $212K |
| Summit Securities Group LLC | 0.10% | New | 6,500 | $211K |
| Carlson Financial, Inc. | 0.12% | Reduce -25.5% | 6,427 | $208K |
| Cwm, LLC | 0.00% | Add +30.4% | 6,297 | $204K |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 0.00% | Reduce -18.5% | 6,291 | $204K |
| Handelsbanken Fonder AB | 0.00% | No change | 6,251 | $203K |
| Tower Research Capital LLC (TRC) | 0.01% | Add +266.4% | 6,009 | $195K |
| Rexford Capital Inc. | 0.11% | No change | 4,758 | $154K |
| IFP Advisors, Inc | 0.00% | Add +184.3% | 4,259 | $138K |
| Public Employees Retirement Association of Colorado | 0.00% | No change | 3,862 | $125K |
| Northwestern Mutual Wealth Management Co. | 0.00% | Add +6.1% | 3,500 | $113K |
| Ensign Peak Advisors, Inc | 0.00% | No change | 3,450 | $112K |
| FMR LLC | 0.00% | Add +108.5% | 3,173 | $103K |
| FNY Investment Advisers, LLC | 0.05% | Add +542.9% | 3,150 | $102K |
| Ameritas Investment Partners, Inc. | 0.00% | No change | 2,734 | $89K |
| Clearstead Advisors, LLC | 0.00% | New | 2,357 | $76K |
| PNC Financial Services Group, Inc. | 0.00% | Add +43.0% | 2,230 | $72K |
| Skylands Capital, LLC | 0.01% | New | 2,000 | $65K |
| Farther Finance Advisors, LLC | 0.00% | Add +52.6% | 1,964 | $64K |
| GAMMA Investing LLC | 0.00% | Add +100.7% | 1,678 | $54K |
| KBC Group NV | 0.00% | No change | 1,407 | $46K |
| Allworth Financial LP | 0.00% | Add +222.8% | 1,162 | $38K |
| Sterling Capital Management LLC | 0.00% | Reduce -42.1% | 1,009 | $33K |
| Pinnacle Wealth Planning Services, Inc. | 0.00% | Add +277.5% | 974 | $32K |
| Bullock Wealth Management Group | 0.01% | No change | 700 | $23K |
| Public Employees Retirement System of Ohio | 0.00% | Add +30.8% | 633 | $21K |
| Park Place Capital Corp | 0.00% | New | 609 | $20K |
| Wilmington Savings Fund Society, FSB | 0.00% | No change | 600 | $19K |
| Hantz Financial Services, Inc. | 0.00% | Add +71.3% | 574 | $19K |
| Princeton Global Asset Management LLC | 0.00% | No change | 575 | $19K |
| Mitsubishi UFJ Asset Management Co., Ltd. | 0.00% | No change | 562 | $18K |
| Nisa Investment Advisors, LLC | 0.00% | Add +172.1% | 547 | $18K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | Add +23.9% | 534 | $17K |
| EverSource Wealth Advisors, LLC | 0.00% | Add +131.9% | 494 | $16K |
| Salomon & Ludwin, LLC | 0.00% | Add +554.7% | 419 | $15K |
| Basepoint Wealth LLC | 0.01% | Add +1.6% | 432 | $14K |
| Sapience Investments, LLC | 1.79% | Reduce -96.9% | 427 | $14K |
| Signaturefd, LLC | 0.00% | Add +131.5% | 412 | $13K |
| Bartlett & Co. Wealth Management LLC | 0.00% | New | 360 | $12K |
| US Bancorp \de | 0.00% | Reduce -17.0% | 381 | $12K |
| Larson Financial Group LLC | 0.00% | Add +2872.7% | 327 | $11K |
| Covestor Ltd | 0.01% | Add +56.5% | 302 | $10K |
| Virginia Estate & Retirement Planning Advisors Inc. | 0.02% | — | 56 | $9K |
| Rockefeller Capital Management L.P. | 0.00% | Reduce -57.6% | 275 | $9K |
| Innovative Asset Advisors Group, LLC | 0.01% | — | 275 | $9K |
| Beaird Harris Wealth Management, LLC | 0.00% | No change | 253 | $8K |
| Harbor Capital Advisors, Inc. | 0.00% | Add +25.4% | 232 | $8K |
| Rothschild Investment LLC | 0.00% | Add +9.8% | 235 | $8K |
| Essential Partners LLC | 0.00% | Add +66.2% | 221 | $7K |
| National Bank of Canada | 0.00% | Add +162.5% | 189 | $6K |
| Los Angeles Capital Management LLC | 0.00% | No change | 173 | $6K |
| Smartleaf Asset Management LLC | 0.00% | Reduce -59.2% | 171 | $6K |
| Whittier Trust Co. | 0.00% | No change | 150 | $5K |
| Harbor Investment Advisory, LLC | 0.00% | New | 156 | $5K |
| Versant Capital Management, Inc | 0.00% | Add +80.7% | 150 | $5K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | Reduce -29.6% | 150 | $5K |
| Steward Partners Investment Advisory, LLC | 0.00% | Add +689.5% | 150 | $5K |
| Red Tortoise LLC | 0.00% | New | 114 | $4K |
| Physician Wealth Advisors, Inc. | 0.00% | No change | 113 | $4K |
| Activest Wealth Management | 0.00% | Add +1.9% | 108 | $3K |
| NewEdge Advisors, LLC | 0.00% | Add +152.5% | 101 | $3K |
| Hoey Investments, Inc. | 0.00% | No change | 95 | $3K |
| Twin Peaks Wealth Advisors, LLC | 0.00% | New | 94 | $3K |
| UMB Bank, n.a. | 0.00% | Reduce -14.3% | 90 | $3K |
| Frazier Financial Advisors, LLC | 0.00% | No change | 72 | $2K |
| SWAN Capital LLC | 0.00% | No change | 60 | $2K |
| Basecamp Wealth Advisors LLC | 0.00% | No change | 47 | $2K |
| Advisory Services Network, LLC | 0.00% | New | 40 | $1K |
| PFS Partners, LLC | 0.00% | No change | 39 | $1K |
| Quadrant Capital Group LLC | 0.00% | Reduce -85.6% | 34 | $1K |
| Rossby Financial, LCC | 0.00% | New | 31 | $1K |
| Keating Financial Advisory Services, Inc. | 0.00% | New | 26 | $843 |
| Quarry LP | 0.00% | New | 24 | $778 |
| Sunbelt Securities, Inc. | 0.00% | New | 23 | $745 |
| First Command Advisory Services, Inc. | 0.00% | No change | 23 | $745 |
| Root Financial Partners, LLC | 0.00% | New | 20 | $648 |
| Investors Research Corp | 0.00% | New | 19 | $616 |
| Creative Financial Designs Inc. | 0.00% | No change | 17 | $551 |
| Bare Financial Services, Inc | 0.00% | Reduce -83.7% | 16 | $519 |
| Geneos Wealth Management Inc. | 0.00% | Reduce -90.4% | 16 | $513 |
| Farmers & Merchants Investments Inc. | 0.00% | No change | 13 | $421 |
| Parallel Advisors, LLC | 0.00% | No change | 13 | $421 |
| MAI Capital Management | 0.00% | New | 12 | $389 |
| MCF Advisors LLC | 0.00% | New | 10 | $325 |
| Solstein Capital, LLC | 0.00% | No change | 9 | $292 |
| True Wealth Design, LLC | 0.00% | Add +800.0% | 9 | $292 |
| Parkside Financial Bank & Trust | 0.00% | Reduce -73.9% | 6 | $195 |
| Hughes Financial Services, LLC | 0.00% | New | 4 | $130 |
| SBI Securities Co., Ltd. | 0.00% | No change | 2 | $65 |
| Annis Gardner Whiting Capital Advisors, LLC | 0.00% | Reduce -90.5% | 2 | $65 |
| Transamerica Financial Advisors, LLC | 0.00% | New | 2 | $64 |
| Freestone Grove Partners LP | 0.00% | New | 1 | $32 |
| Capital Advisors, Ltd. LLC | 0.00% | Reduce -60.0% | 4 | $0 |
"% of holder's portfolio" is PZZA's weight in each manager's 13F, not the share of Papa John's Intl Inc. the manager owns.