The Beneficial Owner Data Dashboard Q3 2025

The third quarter of 2025 delivered exceptional results for beneficial owner lending programs, with revenues reaching $3.47 billion—the strongest quarterly performance of the year so far. This 46% year-on-year increase created significant opportunities for lenders to capture elevated returns.

Asia Pacific markets were a major growth engine, with equity lending revenues surging 112% to nearly $700 million, driven by strong demand for Hong Kong and South Korean equities.

The quarter was also defined by extraordinary specials activity, particularly in the United States. Paramount Skydance (PSKY) and Coreweave Inc. (CRWV) together generated $555 million in revenue, underscoring the impact high-demand securities can have on lending programs. Beneficial owners holding these names likely saw substantial revenue windfalls.

Beyond equities, Exchange Traded Products continued to see strong demand across the Americas and Asia, while fixed income lending achieved its highest quarterly revenues of 2025, led by activity in French and UK government bonds and US sub-10-year Treasuries.

Overall, Q3 highlighted the importance of diversified portfolios across regions and asset classes to capture value from both structural demand and high-value specials—particularly amid concurrent strength in US and Asian markets.

As we move into the final months of the year, beneficial owners are encouraged to review buffer and recall management practices, especially as Asian market activity grows, and concentration risks rise with elevated specials activity. To learn more about how S&P Global Market Intelligence can support your securities lending strategies, please reach out to your regional expert, the details of which can be found on the report.