October 2025 144 Market Report
Aggregate 144 Market Volume
The total reported value of Form 144s fell 42% from September to October, accompanied by decreases in the number of shares registered and number of filings. This dip in Form 144 activity between September and October can be seen in prior years, due primarily to pre-earnings blackout periods. On the other hand, when comparing October 2025 to October 2024, the value of 144s rose 71%, driven by a 136% increase in the value of discretionary filings. This year-over-year increase in total value contrasts with the 6% decrease in the number of shares registered, indicating that the rise in value this October is probably driven by the market’s rally to new highs rather than increased share volume.
Top Brokers for October 2025
In October, Morgan Stanley once again took first place in all three categories. JP Morgan advanced to second place for total value brokered, due in part to their role in brokering three of last month’s largest filings. Bank of America rose to third place for value, and also claimed second place for number of shares brokered. Fidelity secured fourth place in value brokered and second for filings. Charles Schwab rounded out October’s Top 5 Brokers.
Top 144 Filers for October 2025
| Filer | Company | Broker | Value(M) | Shares(M) |
| Michael Saul Dell | Dell Technologies - [DELL] | JP Morgan, B of A | $1,424.8 | 8.97 |
| Lilly Endowment Inc. | Eli Lilly & Co. - [LLY] | JP Morgan, Fidelity | $989.6 | 1.21 |
| Buddy Chester Sub LLC | Chewy - [CHWY] | Citigroup | $508.0 | 13.28 |