{
  "researchSlug": "sec-ownership-evidence-funnel",
  "title": "SEC Ownership Evidence Funnel Across 20,834 Form 3/4/5 Candidates",
  "version": "1.0",
  "dataAsOf": "2026-09-10",
  "sourceMeasurement": {
    "sourceFamily": "SEC Forms 3, 4 and 5 retained billionaire ownership evidence",
    "catchupAsOfDate": "2026-09-09",
    "extractionAsOfDate": "2026-09-10"
  },
  "scope": "Frozen September 9-10, 2026 aggregate analysis of a selected-profile SEC ownership catch-up and its Forms 3/4/5 extraction. The release publishes funnel counts and aggregate candidate-assessment states only. It does not redistribute filing bodies, candidate ids, profile identities or issuer identities, and a simple-direct candidate is not a verified current holding.",
  "summary": {
    "currentRosterProfiles": 3409,
    "plannedCatchupProfiles": 2881,
    "exactResolvedProfiles": 212,
    "reviewReadyProfiles": 211,
    "stillIdentityUnresolvedProfiles": 2669,
    "relevantOwnershipFilingMetadataRows": 7966,
    "formsEligibleProfiles": 198,
    "formsFilingMetadataRows": 7375,
    "nonFormsOnlyReviewReadyProfiles": 13,
    "excludedNonFormsFilingMetadataRows": 591,
    "profilesWithParsedFilings": 198,
    "profilesWithPositionCandidates": 187,
    "profilesWithSimpleDirectPositionCandidates": 121,
    "parsedFormsFilings": 7359,
    "explicitFetchParseFailures": 16,
    "positionCandidates": 20834,
    "simpleDirectPositionCandidates": 1503,
    "uniqueIssuerCiks": 373,
    "traversalComplete": true,
    "parseComplete": false,
    "exactResolvedPercentOfPlanned": 7.4,
    "reviewReadyPercentOfResolved": 99.5,
    "formsEligiblePercentOfReviewReady": 93.8,
    "positionCandidateProfilePercent": 94.4,
    "simpleDirectProfilePercentOfFormsEligible": 61.1,
    "parseSuccessPercent": 99.8,
    "simpleDirectPositionPercent": 7.2
  },
  "candidateAssessments": [
    {
      "id": "footnote-review",
      "label": "Footnote review",
      "candidates": 10537,
      "percentOfPositionCandidates": 50.6
    },
    {
      "id": "conflicting-balances",
      "label": "Conflicting balances",
      "candidates": 5737,
      "percentOfPositionCandidates": 27.5
    },
    {
      "id": "indirect-holder-review",
      "label": "Indirect-holder review",
      "candidates": 2583,
      "percentOfPositionCandidates": 12.4
    },
    {
      "id": "numeric-review",
      "label": "Numeric review",
      "candidates": 399,
      "percentOfPositionCandidates": 1.9
    },
    {
      "id": "simple-direct-position",
      "label": "Simple direct non-zero position",
      "candidates": 1503,
      "percentOfPositionCandidates": 7.2
    },
    {
      "id": "simple-direct-zero-balance",
      "label": "Simple direct zero balance",
      "candidates": 75,
      "percentOfPositionCandidates": 0.4
    }
  ],
  "limitations": [
    "The catch-up cohort was selected from gaps in a 3,409-profile current billionaire roster and is not a representative sample of all billionaires, all SEC filers or all Forms 3/4/5 filings.",
    "Only the 198 Forms 3/4/5-eligible review-ready profiles entered this extractor. Thirteen review-ready profiles and 591 filing-metadata rows belonged to other ownership source families, principally Schedule 13D/G, and were intentionally excluded from the Forms parser.",
    "The extractor traversed all 7,375 eligible filing rows but retained 16 explicit fetch-or-parse failures. Traversal was complete while parse completeness was false.",
    "A simple-direct-position assessment is still review evidence. Legal-security identity, whole-issuer companion semantics, evidence of a current position, market equivalence and publication as a verified holding remain separate gates.",
    "A zero-balance candidate is a statement about that extracted row, not proof that the person has zero public holdings or no position in another security, issuer or source family."
  ]
}