INNOVATIVE INDL PPTYS INC IIPR
COM · REIT · CUSIP 45781V101 · ISIN US45781V1017
- SectorReal estate
- IndustryReal Estate
- HeadquartersPark City, UT
- FilingsSEC EDGAR
* 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 ($952.2k this quarter). Holder counts are more reliable. Shares outstanding: 27.6m as of 2026-08-04, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $62.12. Options: 9 managers hold calls ($45.6m notional), 11 hold puts ($63.6m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 338 |
| Q4 2022 | 363 |
| Q1 2023 | 348 |
| Q2 2023 | 331 |
| Q3 2023 | 336 |
| Q4 2023 | 369 |
| Q1 2024 | 377 |
| Q2 2024 | 395 |
| Q3 2024 | 415 |
| Q4 2024 | 359 |
| Q1 2025 | 328 |
| Q2 2025 | 315 |
| Q3 2025 | 310 |
| Q4 2025 | 294 |
| Q1 2026 | 301 |
| Q2 2026 | 328 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 194 | 170 |
| Q4 2024 | 159 | 216 |
| Q1 2025 | 159 | 170 |
| Q2 2025 | 152 | 151 |
| Q3 2025 | 150 | 150 |
| Q4 2025 | 133 | 138 |
| Q1 2026 | 141 | 118 |
| Q2 2026 | 195 | 95 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $16.9m | $33.2m | 1.96 |
| Q4 2025 | $12.5m | $38.2m | 3.06 |
| Q1 2026 | $22.7m | $45.3m | 1.99 |
| Q2 2026 | $45.6m | $63.6m | 1.39 |
Biggest buyers
| BlackRock, Inc. | Added | +215.9k |
| HRT FINANCIAL LP | New | +131.2k |
| VANGUARD PORTFOLIO MANAGEMENT LLC | Added | +90.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | Added | +75.0k |
| MORGAN STANLEY | Added | +54.9k |
| VANGUARD CAPITAL MANAGEMENT LLC | Added | +50.4k |
| BESSEMER GROUP INC | Added | +47.7k |
| STATE STREET CORP | Added | +42.2k |
| Edgestream Partners, L.P. | Added | +42.1k |
| JANE STREET GROUP, LLC | New | +38.0k |
Biggest sellers
| GOLDMAN SACHS GROUP INC | Reduced | -179.2k |
| Point72 Asset Management, L.P. | Reduced | -113.4k |
| Balyasny Asset Management L.P. | Sold out | -59.6k |
| D. E. Shaw & Co., Inc. | Reduced | -58.1k |
| MILLENNIUM MANAGEMENT LLC | Sold out | -40.0k |
| Cresset Asset Management, LLC | Sold out | -31.8k |
| VIRGINIA RETIREMENT SYSTEMS ET Al | Reduced | -28.9k |
| SG Americas Securities, LLC | Reduced | -24.9k |
| Pacer Advisors, Inc. | Reduced | -22.8k |
| Quantbot Technologies LP | Reduced | -19.7k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $24.4m392.9k shares |
| CITADEL ADVISORS LLC | Added | $14.0m225.7k shares |
| IMC-Chicago, LLC | Added | $4.1m66.5k shares |
| SIMPLEX TRADING, LLC | Added | $1.3m20.9k shares |
| GROUP ONE TRADING LLC | Reduced | $644.6k10.4k shares |
| D. E. Shaw & Co., Inc. | New | $632.2k10.2k shares |
| HRT FINANCIAL LP | Reduced | $427.0k6.9k shares |
| Walleye Trading LLC | New | $167.3k2.7k shares |
| WOLVERINE ASSET MANAGEMENT LLC | New | $6.2k100 shares |
Biggest puts
| Parallax Volatility Advisers, L.P. | Unchanged | $31.0m500.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $18.7m301.8k shares |
| IMC-Chicago, LLC | Added | $4.9m79.6k shares |
| CITADEL ADVISORS LLC | Added | $3.4m54.4k shares |
| SIMPLEX TRADING, LLC | Added | $2.4m38.1k shares |
| CDC Financial, Inc. | Unchanged | $1.2m20.0k shares |
| SUMMIT SECURITIES GROUP LLC | New | $948.3k15.3k shares |
| JANE STREET GROUP, LLC | Added | $396.7k6.4k shares |
| HRT FINANCIAL LP | Reduced | $396.0k6.4k shares |
| GROUP ONE TRADING LLC | Reduced | $167.3k2.7k 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.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution +1.0 pts · filed 2026-10-27 | 17.7% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution +0.7 pts · filed 2026-09-04 | 10.4% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.2% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales since 1 Apr 2026
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.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 1 | $536.1k | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 2 | $247.1k | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
| Q2 2026 | 0 | — | 0 | — | — |
| Q3 2026 | 1 | $29.9k | 1 | $34.4k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-15 | Shoemaker Scott Director | Sold | $34.4k611 shares |
| 2026-08-31 | Ives Bruce Alan Director | Bought | $29.9k528 shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.00% of their portfolio | 5.0m $309.7m | Added +215.9k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.01% of their portfolio | 2.8m $174.7m | Added +90.0k |
| STATE STREET CORP 0.00% of their portfolio | 1.6m $104.0m | Added +42.2k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 1.3m $80.1m | Added +50.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 648.6k $40.2m | Added +75.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio | 564.3k $35.0m | Added +24.7k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.04% of their portfolio | 524.2k $32.5m | Added +8.1k |
| Invesco Ltd. 0.00% of their portfolio | 497.5k $30.8m | Added +1.4k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 396.0k $24.5m | Added +15.7k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 364.8k $22.6m | Reduced -2.0k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 362.7k $22.5m | Reduced -179.2k |
| Point72 Asset Management, L.P. 0.03% of their portfolio | 351.5k $21.8m | Reduced -113.4k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 304.6k $18.9m | Reduced -58.1k |
| MORGAN STANLEY 0.00% of their portfolio | 262.2k $16.3m | Added +54.9k |
| AlphaCore Capital LLC 0.25% of their portfolio | 217.8k $13.5m | Added +3.3k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 206.4k $12.8m | Added +15.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 190.9k $11.8m | Added +7.1k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 190.1k $11.8m | Added +9.0k |
| Legal & General Group Plc 0.00% of their portfolio | 168.4k $10.4m | Reduced -10.1k |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 136.6k $8.5m | Reduced -16.4k |
| HRT FINANCIAL LP 0.02% of their portfolio | 131.2k $8.1m | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 130.5k $8.3m | Reduced -2.0k |
| LSV ASSET MANAGEMENT 0.01% of their portfolio | 127.2k $7.9m | Added +21.0k |
| Public Sector Pension Investment Board 0.02% of their portfolio | 114.7k $7.1m | Added +14.4k |
| BESSEMER GROUP INC 0.01% of their portfolio | 111.4k $6.9m | Added +47.7k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 109.6k $6.8m | Added +9.3k |
| Pacer Advisors, Inc. 0.02% of their portfolio | 107.4k $6.7m | Reduced -22.8k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 104.6k $6.5m | Added +6.5k |
| Nuveen, LLC 0.00% of their portfolio | 91.7k $5.7m | Added +25.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 91.1k $5.6m | Added +5.9k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 81.9k $5.1m | Reduced -7.2k |
| TrueWealth Advisors, LLC 1.02% of their portfolio | 72.9k $4.5m | Reduced -2.4k |
| Edgestream Partners, L.P. 0.13% of their portfolio | 72.7k $4.5m | Added +42.1k |
| COMPASS FINANCIAL MANAGEMENT LLC 0.55% of their portfolio | 72.2k $4.5m | First filing |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 69.4k $4.3m | Added +1.1k |
| Quinn Opportunity Partners LLC 0.19% of their portfolio | 66.5k $4.1m | Unchanged |
| MML INVESTORS SERVICES, LLC 0.01% of their portfolio | 64.2k $4.0m | Added +25.3k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 63.6k $3.9m | Reduced -2.4k |
| Advisors Asset Management, Inc. 0.06% of their portfolio | 60.3k $3.7m | Added +21.0k |
| US BANCORP \DE\ 0.00% of their portfolio | 59.2k $3.7m | Reduced -93 |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 57.0k $3.5m | Added +426 |
| VIRGINIA RETIREMENT SYSTEMS ET Al 0.02% of their portfolio | 56.7k $3.5m | Reduced -28.9k |
| Swiss National Bank 0.00% of their portfolio | 56.5k $3.5m | Added +1.2k |
| CAPITAL FUND MANAGEMENT S.A. 0.03% of their portfolio | 56.3k $3.5m | Added +31.2k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 55.8k $3.5m | Added +3.9k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 54.9k $3.4m | Added +1.2k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 51.0k $3.2m | Reduced -510 |
| CSM Advisors, LLC 0.07% of their portfolio | 50.6k $3.1m | Added +10.3k |
| NOMURA ASSET MANAGEMENT CO LTD 0.01% of their portfolio | 46.9k $2.9m | Added +2.0k |
| CITIGROUP INC 0.00% of their portfolio | 45.8k $2.8m | Added +5.9k |
| SEGALL BRYANT & HAMILL, LLC 0.03% of their portfolio | 43.2k $2.7m | Reduced -2.7k |
| Quantinno Capital Management LP 0.00% of their portfolio | 42.3k $2.6m | Added +28.0k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 41.3k $2.6m | Added +20.6k |
| PICTON MAHONEY ASSET MANAGEMENT 0.02% of their portfolio | 41.1k $2.5m | Added +6.2k |
| Tidal Investments LLC 0.01% of their portfolio | 41.0k $2.5m | Reduced -7.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 40.4k $2.5m | Added +6.6k |
| Asset Management One Co., Ltd. 0.01% of their portfolio | 39.4k $2.4m | Reduced -66 |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 39.2k $2.4m | Added +5.9k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 38.0k $2.4m | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 36.4k $1.8m | Added +104 |
| EXCHANGE TRADED CONCEPTS, LLC 0.01% of their portfolio | 36.2k $2.2m | Reduced -683 |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 35.2k $2.2m | Reduced -1.2k |
| Aberdeen Group plc 0.00% of their portfolio | 34.3k $2.1m | Added +24.7k |
| MACQUARIE GROUP LTD 0.01% of their portfolio | 33.3k $2.1m | Reduced -4.5k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 32.7k $2.0m | Reduced -8.1k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 32.7k $2.0m | Added +5.2k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio | 32.7k $2.0m | Added +533 |
| MARTINGALE ASSET MANAGEMENT L P 0.05% of their portfolio | 32.5k $2.0m | Reduced -956 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 32.2k $2.0m | Added +6.3k |
| Engineers Gate Manager LP 0.03% of their portfolio | 31.8k $2.0m | Reduced -17.1k |
| Summit Financial, LLC 0.02% of their portfolio | 31.2k $2.0m | Added +5.4k |
| Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio | 31.0k $1.9m | Added +18.2k |
| CWA Asset Management Group, LLC 0.06% of their portfolio | 30.7k $1.9m | New |
| Sumitomo Mitsui Trust Group, Inc. 0.00% of their portfolio | 29.7k $1.8m | Reduced -825 |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio | 29.0k $1.8m | Added +651 |
| NISA INVESTMENT ADVISORS, LLC 0.01% of their portfolio | 28.9k $1.8m | Reduced -794 |
| LPL Financial LLC 0.00% of their portfolio | 28.4k $1.8m | Added +2.8k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.01% of their portfolio | 27.8k $1.7m | Added +8.4k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 27.0k $1.7m | Unchanged |
| Allianz Asset Management GmbH 0.00% of their portfolio | 26.7k $1.7m | Added +290 |
| Vanguard Investments Australia, Ltd. 0.00% of their portfolio | 26.6k $1.7m | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 25.2k $1.6m | Added +12.4k |
| State of Alaska, Department of Revenue 0.02% of their portfolio | 25.2k $1.6m | Reduced -3.8k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 25.1k $1.6m | Added +14.6k |
| OMERS ADMINISTRATION Corp 0.01% of their portfolio | 25.1k $1.6m | Added +6.5k |
| North Star Investment Management Corp. 0.08% of their portfolio | 25.0k $1.6m | Added +10.0k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 24.8k $1.5m | Added +2.7k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio | 24.8k $1.5m | Added +2.6k |
| MACKENZIE FINANCIAL CORP 0.00% of their portfolio | 24.0k $1.5m | Reduced -104 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 23.3k $1.4m | Added +1.4k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 22.9k $1.4m | Added +10.0k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 22.5k $1.4m | Added +11.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 22.3k $1.4m | Reduced -7.1k |
| UHLMANN PRICE SECURITIES, LLC 0.05% of their portfolio | 22.2k $1.4m | New |
| Corient Private Wealth LP 0.00% of their portfolio | 22.0k $1.4m | New |
| Purpose Unlimited Inc. 0.05% of their portfolio | 22.0k $1.4m | New |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio | 21.8k $1.3m | Added +2.6k |
| Penserra Capital Management LLC 0.01% of their portfolio | 21.6k $1.3m | Reduced -2.9k |
| Cetera Investment Advisers 0.00% of their portfolio | 21.4k $1.3m | Added +1.1k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio | 20.1k $1.2m | Unchanged |