The Beneficial Owner Data Dashboard Q4 2025

The securities lending market concluded 2025 with unprecedented results.  Beneficial owner revenues soared to $11.6B after the market generated $5.7 billion in annual specials revenue, with Q4 contributing $1.33 billion alone. This success occurred amid changing monetary policy expectations, geopolitical uncertainty, and shifting market narratives.

Lending activity flourished particularly in Asian and US equities, propelled by a combination of heightened merger and acquisition transactions, continued momentum in artificial intelligence investments, and significant geopolitical developments. The market demonstrated remarkable adaptability in October when concerns surrounding new tariff policies introduced volatility, a situation that savvy beneficial owners successfully capitalized upon.

Asset managers experienced higher returns in Q4 2025 versus Q4 2024, alongside growth in lendable assets. During a period where market volatility met ever higher market valuations, beneficial owners were able to benefit from a market environment that continued to generate diverse opportunities across numerous asset classes.

The quarter also brought heightened volatility from AI valuation concerns and the US government shutdown, creating additional lending opportunities for all lender types. Changes in interest rates across the globe and subsequent repositioning supported strong lending activity, particularly as investors started to rotate into small caps as market leadership started to broaden out.

Many drivers of 2025's record revenues still persist in early 2026, with expected monetary easing continuing to shape market dynamics. However, growing geopolitical risk remains a significant variable as beneficial owners navigate the evolving landscape.

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.