Vault-13

BROOKFIELD RENEWABLE CORP BEPC

CL A EX SUB VTG · Common Stock · CUSIP 11285B108 · ISIN CA11285B1085

Publicly traded limited partnership that owns and operates renewable power assets

368 institutional holders +21 vs Q4 2024
118,008,343118.0m shares reported held*
$3.3bnreported value*
62 new 143 added 110 reduced 38 sold out net bought ≈ $436.7m (+16.0m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($12.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $27.85. Options: 10 managers hold calls ($11.1m notional), 8 hold puts ($6.1m).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q1 24: 1Q2 24: 1Q3 24: 1Q4 24: 347Q1 25: 368368Q1 24Q2 24Q3 24Q4 24Q1 25
Numbers
QuarterHolders
Q1 20241
Q2 20241
Q3 20241
Q4 2024347
Q1 2025368

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
4000400Q2 24: 0 bought or addedQ2 24: 0 cut or sold outQ2 24Q3 24: 1 bought or addedQ3 24: 1 cut or sold outQ3 24Q4 24: 322 bought or addedQ4 24: 1 cut or sold outQ4 24Q1 25: 205 bought or addedQ1 25: 148 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 202400
Q3 202411
Q4 20243221
Q1 2025205148

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5m$10m$15m$20mQ2 24 calls: $0Q2 24 puts: $0Q2 24P/C —Q3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $15.8mQ4 24 puts: $9.0mQ4 24P/C 0.57Q1 25 calls: $11.1mQ1 25 puts: $6.1mQ1 25P/C 0.55
Numbers
QuarterCallsPutsP/C
Q2 2024$0$0—
Q3 2024$0$0—
Q4 2024$15.8m$9.0m0.57
Q1 2025$11.1m$6.1m0.55

Biggest buyers

Brookfield Corp /ON/ Added +10,094,152+10.1m
CIBC Private Wealth Group LLC New +2,902,824+2.9m
FIRST TRUST ADVISORS LP Added +1,459,455+1.5m
ClearBridge Investments Ltd Added +1,337,093+1.3m
CANADA PENSION PLAN INVESTMENT BOARD Added +1,270,946+1.3m
PARNASSUS INVESTMENTS, LLC Added +945,297+945.3k
NORTHERN TRUST CORP Added +843,210+843.2k
BANK OF AMERICA CORP /DE/ Added +815,262+815.3k
Cannell & Spears LLC Added +763,040+763.0k
MORGAN STANLEY Added +280,230+280.2k

Biggest sellers

FMR LLC Reduced -2,421,029-2.4m
Epoch Investment Partners, Inc. Reduced -1,700,446-1.7m
TD Asset Management Inc Reduced -913,768-913.8k
CIBC Asset Management Inc Reduced -714,582-714.6k
MILLENNIUM MANAGEMENT LLC Sold out -408,254-408.3k
DIMENSIONAL FUND ADVISORS LP Reduced -401,347-401.3k
Gotham Asset Management, LLC Reduced -348,722-348.7k
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -318,928-318.9k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Reduced -318,563-318.6k
FIL Ltd Reduced -271,589-271.6k

Biggest calls

CITADEL ADVISORS LLC Reduced $2.3m83.8k shares
NATIONAL BANK OF CANADA /FI/ New $1.9m679 shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.9m66.7k shares
WOLVERINE TRADING, LLC Added $1.5m52.7k shares
SIMPLEX TRADING, LLC Reduced $1.1m37.7k shares
GROUP ONE TRADING LLC Added $946.5k33.9k shares
SIG North Trading, ULC Reduced $745.5k26.7k shares
JANE STREET GROUP, LLC Reduced $513.7k18.4k shares
IMC-Chicago, LLC New $312.7k11.2k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CITADEL ADVISORS LLC Reduced $2.1m74.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.4m48.6k shares
SIG North Trading, ULC Reduced $1.3m45.9k shares
WOLVERINE TRADING, LLC Added $553.6k19.8k shares
SIMPLEX TRADING, LLC Reduced $541.0k19.4k shares
JANE STREET GROUP, LLC Reduced $226.2k8.1k shares
GROUP ONE TRADING LLC Reduced $25.1k900 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BROOKFIELD Corp /ON/ 13D · may seek influence -0.8 pts · filed 2026-07-23
Stated purposeItem 4 of the Schedule 13D is hereby supplemented as follows: On July 21, 2026, Brookfield Renewable Partners L.P. ("BEP"), BEPC and Brookfield Renewable Partners Inc. ("BEP Inc.") entered into an arrangement agreement pursuant to which, among other things, the parties agreed to implement an arrangement (the "Transaction") to simplify BEP's and BEPC's corporate structure by converting BEP and BEPC into a single Canadian publicly traded corporate entity, BEP Inc. The Transaction will be implemented pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia), and completion of the Transaction is subject to a number of conditions, including obtaining the approval of the holders of limited partnership units ("L.P. Units") of BEP (the "Unitholders")… Full filing
24.1% -0.8 pts 44.8m≈ $1.7bn 2026-07-23
Clearbridge Investments, LLC 13G · institution new · filed 2026-02-12 5.5% new 8.0m≈ $297.9m 2026-02-12

Insider purchases and sales in Q1 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q1 2025.

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Brookfield Corp /ON/ 0.77% of their portfolio TORONTO, A6 30,282,45630.3m $845.5m $845.5m 0.77% Added +10.1m +10,094,152
2 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 5,717,3975.7m $159.6m $159.6m 0.00% Added +135.8k +135,776
3 PARNASSUS INVESTMENTS, LLC 0.33% of their portfolio San Francisco, CA 4,855,7934.9m $135.6m $135.6m 0.33% Added +945.3k +945,297
4 PRINCIPAL FINANCIAL GROUP INC 0.07% of their portfolio DES MOINES, IA 4,430,9784.4m $123.7m $123.7m 0.07% Added +251.3k +251,310
5 ClearBridge Investments Ltd 3.07% of their portfolio SYDNEY, C3 4,231,9294.2m $118.2m $118.2m 3.07% Added +1.3m +1,337,093
6 Legal & General Group Plc 0.03% of their portfolio London, X0 3,454,2293.5m $96.4m $96.4m 0.03% Added +171.0k +170,966
7 BlackRock, Inc. 0.00% of their portfolio New York, NY 3,155,3063.2m $88.1m $88.1m 0.00% Reduced -20.2k -20,182
8 CIBC Private Wealth Group LLC 0.15% of their portfolio ATLANTA, GA 2,902,8242.9m $71.1m $71.1m 0.15% New
9 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.05% of their portfolio BOSTON, MA 2,170,5392.2m $60.6m $60.6m 0.05% Reduced -318.6k -318,563
10 Robeco Schweiz AG 1.41% of their portfolio ZURICH, V8 2,048,0082.0m $57.2m $57.2m 1.41% Added +35.0k +35,008
11 Baird Financial Group, Inc. 0.11% of their portfolio MILWAUKEE, WI 2,022,2682.0m $56.5m $56.5m 0.11% Added +91.4k +91,367
12 CANADA PENSION PLAN INVESTMENT BOARD 0.05% of their portfolio TORONTO ONTARIO, A6 1,987,3322.0m $55.5m $55.5m 0.05% Added +1.3m +1,270,946
13 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,968,9092.0m $55.0m $55.0m 0.00% Added +815.3k +815,262
14 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 1,783,3041.8m $49.8m $49.8m 0.01% Reduced -401.3k -401,347
15 NORGES BANK 0.01% of their portfolio OSLO, Q8 1,736,7741.7m $48.5m $48.5m 0.01% Added +19.9k +19,894
16 Advisors Capital Management, LLC 0.72% of their portfolio RIDGEWOOD, NJ 1,655,1801.7m $46.2m $46.2m 0.72% Added +136.0k +136,037
17 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,653,6141.7m $46.0m $46.0m 0.00% Added +224.3k +224,324
18 CIBC Asset Management Inc 0.16% of their portfolio TORONTO, Z4 1,651,5811.7m $47.3m $47.3m 0.16% Reduced -714.6k -714,582
19 FIRST TRUST ADVISORS LP 0.04% of their portfolio Wheaton, IL 1,645,7671.6m $45.9m $45.9m 0.04% Added +1.5m +1,459,455
20 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,612,2041.6m $45.0m $45.0m 0.00% Added +280.2k +280,230
21 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 1,599,2751.6m $44.7m $44.7m 0.01% Added +843.2k +843,210
22 TD Waterhouse Canada Inc. 0.35% of their portfolio TORONTO, A6 1,521,5661.5m $42.6m $42.6m 0.35% Added +61.1k +61,122
23 SCOTIA CAPITAL INC. 0.21% of their portfolio TORONTO, A6 1,444,1561.4m $39.8m $39.8m 0.21% Added +57.2k +57,202
24 RENAISSANCE TECHNOLOGIES LLC 0.06% of their portfolio NEW YORK, NY 1,433,7951.4m $40.0m $40.0m 0.06% Reduced -15.7k -15,700
25 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,418,0711.4m $39.6m $39.6m 0.00% Reduced -69.0k -69,050
26 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,060,1981.1m $29.6m $29.6m 0.01% Added +3.6k +3,617
27 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 980,911980.9k $27.4m $27.4m 0.01% Reduced -25.2k -25,211
28 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 946,766946.8k $26.4m $26.4m 0.01% Reduced -125.5k -125,468
29 Cannell & Spears LLC 0.55% of their portfolio NEW YORK, NY 922,744922.7k $25.8m $25.8m 0.55% Added +763.0k +763,040
30 ASR Vermogensbeheer N.V. 0.37% of their portfolio UTRECHT, P7 903,887903.9k $25.2m $25.2m 0.37% First filing
31 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 876,189876.2k $24.5m $24.5m 0.02% Added +90.5k +90,474
32 CIBC WORLD MARKET INC. 0.06% of their portfolio TORONTO, A6 875,006875.0k $24.4m $24.4m 0.06% Added +33.0k +33,006
33 FMR LLC 0.00% of their portfolio BOSTON, MA 858,075858.1k $24.0m $24.0m 0.00% Reduced -2.4m -2,421,029
34 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.08% of their portfolio JUPITER, FL 745,583745.6k $20.8m $20.8m 0.08% Added +77.5k +77,487
35 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 644,505644.5k $18.0m $18.0m 0.00% Added +158.8k +158,771
36 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 624,205624.2k $17.4m $17.4m 0.00% Added +35.9k +35,943
37 Connor, Clark & Lunn Investment Management Ltd. 0.08% of their portfolio VANCOUVER, A1 622,633622.6k $17.4m $17.4m 0.08% Added +190.4k +190,424
38 NEW SOUTH CAPITAL MANAGEMENT INC 0.83% of their portfolio MEMPHIS, TN 617,219617.2k $17.2m $17.2m 0.83% Added +244.0k +244,015
39 GUARDIAN CAPITAL LP 0.67% of their portfolio TORONTO, A6 607,553607.6k $17.0m $17.0m 0.67% Added +161.4k +161,429
40 BAILLIE GIFFORD & CO 0.01% of their portfolio EDINBURGH, X0 562,266562.3k $15.7m $15.7m 0.01% Reduced -100.8k -100,811
41 Clearbridge Investments, LLC 0.01% of their portfolio NEW YORK, NY 561,190561.2k $15.7m $15.7m 0.01% Added +11.9k +11,950
42 Federation des caisses Desjardins du Quebec 0.08% of their portfolio LEVIS, A8 559,106559.1k $15.4m $15.4m 0.08% Reduced -240.7k -240,685
43 Epoch Investment Partners, Inc. 0.08% of their portfolio New York, NY 551,741551.7k $15.4m $15.4m 0.08% Reduced -1.7m -1,700,446
44 AXA S.A. 0.05% of their portfolio PARIS, I0 492,015492.0k $13.7m $13.7m 0.05% Added +59.9k +59,864
45 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 484,723484.7k $13.5m $13.5m 0.00% Added +7.4k +7,415
46 AGF MANAGEMENT LTD 0.07% of their portfolio TORONTO, A6 480,671480.7k $13.7m $13.7m 0.07% Reduced -42.8k -42,765
47 Gotham Asset Management, LLC 0.11% of their portfolio NEW YORK, NY 464,149464.1k $13.0m $13.0m 0.11% Reduced -348.7k -348,722
48 ArrowMark Colorado Holdings LLC 0.21% of their portfolio Denver, CO 461,800461.8k $12.9m $12.9m 0.21% Unchanged
49 Washington Trust Advisors, Inc. 1.06% of their portfolio WELLESLEY, MA 425,765425.8k $11.9m $11.9m 1.06% Added +3.2k +3,239
50 NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio MONTREAL, A8 413,433413.4k $11.3m $11.3m 0.01% Reduced -40.0k -40,012
51 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 411,428411.4k $11.5m $11.5m 0.00% First filing
52 UBS Group AG 0.00% of their portfolio ZURICH, V8 401,804401.8k $11.2m $11.2m 0.00% Added +255.7k +255,741
53 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 398,772398.8k $11.1m $11.1m 0.00% Reduced -187.8k -187,830
54 Swiss National Bank 0.01% of their portfolio ZURICH, V8 391,850391.9k $10.9m $10.9m 0.01% Added +600 +600
55 Edgestream Partners, L.P. 0.37% of their portfolio Princeton, NJ 386,992387.0k $10.8m $10.8m 0.37% Added +240.1k +240,066
56 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 366,646366.6k $10.2m $10.2m 0.00% Reduced -3.0k -2,999
57 Harvest Portfolios Group Inc. 0.27% of their portfolio Oakville, A6 329,128329.1k $9.2m $9.2m 0.27% Added +16.0k +16,021
58 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 328,324328.3k $9.2m $9.2m 0.00% Reduced -28.3k -28,316
59 Rempart Asset Management Inc. 1.86% of their portfolio MONTREAL, Z4 322,545322.5k $9.0m $9.0m 1.86% Added +16.6k +16,575
60 Amundi 0.00% of their portfolio Paris, I0 292,483292.5k $8.3m $8.3m 0.00% Added +56.9k +56,908
61 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 263,698263.7k $7.4m $7.4m 0.00% Added +260.2k +260,196
62 DAVENPORT & Co LLC 0.04% of their portfolio RICHMOND, VA 263,123263.1k $7.3m $7.3m 0.04% Reduced -8.5k -8,456
63 BECKER CAPITAL MANAGEMENT INC 0.23% of their portfolio Portland, OR 246,735246.7k $6.9m $6.9m 0.23% Added +23.4k +23,440
64 Rockefeller Capital Management L.P. 0.02% of their portfolio NEW YORK, NY 239,764239.8k $6.7m $6.7m 0.02% Added +8.0k +8,001
65 Foresight Group Ltd Liability Partnership 0.89% of their portfolio London, X0 226,733226.7k $6.3m $6.3m 0.89% New
66 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 226,020226.0k $6.3m $6.3m 0.00% Added +4.8k +4,768
67 OPPENHEIMER ASSET MANAGEMENT INC. 0.08% of their portfolio NEW YORK, NY 217,198217.2k $6.1m $6.1m 0.08% Added +33.1k +33,124
68 PFG Investments, LLC 0.37% of their portfolio WOODBURY, NY 209,120209.1k $5.8m $5.8m 0.37% Added +11.1k +11,119
69 OPPENHEIMER & CO INC 0.08% of their portfolio NEW YORK, NY 198,881198.9k $5.6m $5.6m 0.08% Added +916 +916
70 BANK OF NOVA SCOTIA 0.01% of their portfolio TORONTO, A6 198,839198.8k $5.6m $5.6m 0.01% Added +3.8k +3,772
71 TD Asset Management Inc 0.00% of their portfolio Toronto, A6 183,849183.8k $5.1m $5.1m 0.00% Reduced -913.8k -913,768
72 SHELL ASSET MANAGEMENT CO 0.23% of their portfolio THE HAGUE, P7 174,714174.7k $4.9m $4.9m 0.23% Reduced -7.5k -7,509
73 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 163,852163.9k $4.6m $4.6m 0.00% Added +30.8k +30,840
74 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 155,164155.2k $4.3m $4.3m 0.01% Reduced -153.1k -153,076
75 SCS Capital Management LLC 0.05% of their portfolio BOSTON, MA 141,724141.7k $4.0m $4.0m 0.05% New
76 OSSIAM 0.05% of their portfolio PARIS, I0 141,089141.1k $3.9m $3.9m 0.05% Reduced -5.3k -5,302
77 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 135,477135.5k $3.8m $3.8m 0.01% Added +54.9k +54,930
78 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio TALLAHASSEE, FL 130,124130.1k $3.6m $3.6m 0.01% New
79 Green Alpha Advisors, LLC 3.74% of their portfolio NIWOT, CO 125,276125.3k $3.5m $3.5m 3.74% Reduced -13.7k -13,700
80 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 123,616123.6k $3.5m $3.5m 0.00% Added +6.8k +6,814
81 NIA IMPACT ADVISORS, LLC 1.25% of their portfolio OAKLAND, CA 120,201120.2k $3.4m $3.4m 1.25% Reduced -4.5k -4,500
82 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 112,288112.3k $3.1m $3.1m 0.00% Added +11.6k +11,555
83 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 109,163109.2k $3.0m $3.0m 0.00% Added +8.9k +8,941
84 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 104,971105.0k $2.9m $2.9m 0.00% Added +16.0k +16,000
85 FIL Ltd 0.00% of their portfolio HAMILTON, D0 101,163101.2k $2.8m $2.8m 0.00% Reduced -271.6k -271,589
86 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 97,99898.0k $2.7m $2.7m 0.00% Reduced -22.0k -22,031
87 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 95,76895.8k $2.7m $2.7m 0.01% Added +14.4k +14,442
88 STEINBERG ASSET MANAGEMENT LLC 2.16% of their portfolio NEW YORK, NY 94,91394.9k $2.6m $2.6m 2.16% Unchanged
89 NATURAL INVESTMENTS, LLC 0.75% of their portfolio WINDSOR, CA 94,89794.9k $2.6m $2.6m 0.75% Reduced -8.7k -8,681
90 Arjuna Capital 0.71% of their portfolio MANCHESTER, MA 91,46291.5k $2.6m $2.6m 0.71% Added +30.9k +30,851
91 AVIVA PLC 0.01% of their portfolio LONDON, X0 90,36790.4k $2.5m $2.5m 0.01% Added +15.6k +15,555
92 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 89,06689.1k $2.5m $2.5m 0.00% Reduced -78.7k -78,738
93 Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio ZURICH, V8 86,65586.7k $2.4m $2.4m 0.01% Reduced -10.7k -10,669
94 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 81,96882.0k $2.3m $2.3m 0.00% Added +34.5k +34,485
95 Quantbot Technologies LP 0.07% of their portfolio NEW YORK, NY 79,45379.5k $2.2m $2.2m 0.07% Added +77.6k +77,557
96 Robeco Institutional Asset Management B.V. 0.00% of their portfolio ROTTERDAM, P7 78,55978.6k $2.2m $2.2m 0.00% Added +27.6k +27,637
97 INTACT INVESTMENT MANAGEMENT INC. 0.07% of their portfolio MONTREAL, A8 77,20077.2k $2.2m $2.2m 0.07% Added +8.1k +8,100
98 STRS OHIO 0.01% of their portfolio COLUMBUS, OH 75,23775.2k $2.1m $2.1m 0.01% Reduced -9.6k -9,649
99 Illinois Municipal Retirement Fund 0.03% of their portfolio OAK BROOK, IL 75,01075.0k $2.1m $2.1m 0.03% New
100 FIRST MANHATTAN CO. LLC. 0.01% of their portfolio NEW YORK, NY 74,03574.0k $2.1m $2.1m 0.01% Reduced -15.7k -15,738