September 2026 144 Market Report
Aggregate 144 Market Volume
The S&P 500 declined from August to September 2026, marking a sharp reversal from the growth observed in September 2025. In line with this downturn, the total reported value of Form 144s and number of filings both fell 35% month-over-month. While the number of 10b5-1 filings decreased by only 15%, the total value of those filings plummeted 48% over the same period. A similar trend appeared in the year-over-year comparison; from September 2025 to September 2026, the value of planned filings decreased by 35% despite only a 4% decline in the number of filings. The cause of this sharp contraction in value relative to filing volume is unclear.
Top 5 Brokers for September 2026
Morgan Stanley and Bank of America dominated this September, collectively brokering Form 144s valued at over $9 billion, or 67% of the total value brokered. Morgan Stanley claimed first place across the board for value, shares, and filings. Bank of America moved into second for value and shares, driven by their role in brokering several of September’s largest filings. Fidelity dropped to third place for value, while maintaining its second-place position for the number of filings brokered. JPMorgan climbed to fourth for both value and shares, while Goldman Sachs finished in fifth.
| Filer | Company | Broker | Value(M) | Shares(M) |
| SGF FANG Holding LP | Diamondback Energy - [FANG] | Morgan Stanley | $1,920.6 | 9.08 |
| Michael & Susan Dell Foundation | Dell Technologies - [DELL] | Bank of America | $1,248.1 | 2.46 |
| Mark A. Stevens | NVIDIA Corp - [NVDA] | Bank of America | $1,087.2 | 5.00 |