The Q4 2025 Form 13F deadline is February 17, 2026.
Who Files?
Any institutional investment manager (adviser, bank, insurance company, broker-dealer, pension fund) that crosses the $100 million threshold at any month-end during the calendar year. Once you start filing, you must continue through at least Q3 of the following year, even if assets drop below the threshold.
What's Reportable?
Section 13(f) securities: U.S. exchange-listed equities, ETFs, certain options, warrants, convertible debt, and ADRs. The SEC publishes the official list quarterly. Mutual funds don't count.
The de minimis exemption lets you skip positions with fewer than 10,000 shares and under $200,000 in value. Both conditions must be met.
Common Errors
Market value in dollars instead of thousands — the XML rejects it
Wrong CUSIPs — lists the wrong security entirely
Stale position data — reconciliation lags from prime brokers
Missing the deadline — recent SEC fines have ranged from $30,000 to $750,000
Typical Prep Timeline
T+5: Confirm positions with prime brokers and custodians
T+15: Reconcile against the 13(f) securities list
T+30: Review draft, verify CUSIPs, check market values
T+40: Final sign-off and file
Don't Forget Form N-PX
Since July 2024, all 13F filers must also file Form N-PX annually by August 31, disclosing say-on-pay proxy votes. If you filed a 13F last year, you owe an N-PX this year.