2023: The year in filings

Ever since I started footnoted 20 years ago, I’ve been noticing a steady increase in the number of filings that are made to the SEC each year. For many years, as I noted in this post at the start of 2020, the number had hovered around 650,000 a year. But in 2020, that number pushed above 700,000 for the first time.

Now, three years later, that number has climbed above 800,000 filings, according to our friends at Hudson Labs, who counted a total of 807,489 filings made to the SEC in 2023. Keep in mind that this includes all filings made by public companies, including very small cap companies, foreign companies, and, of course, Form 4s — none of which we pay much attention to here at footnoted. Still, the fact that the number of filings has grown by nearly 100,000 in three short years is a bit scary, not to mention daunting.

As you might expect, the largest number of those filings were Form 4s — the insider trading disclosures that are easily machine readable. They accounted for 181,394 filings in 2023, or 22% of the filings haul. But 8Ks, which we do pay close attention to were in second place in terms of count, with 70,590 made last year.

There were also 7,119 10-Ks filed and 18,652 10-Qs filed with all of that so-called unstructured data in them. The largest 10-K was filed by Entergy Corp., which was over 500 pages (not including exhibits) and the largest 10-Q was filed by Trinity Capital, based on Hudson Labs’ data. (For careful readers of footnoted, I have, in the past, counted the entire size of the filing, including exhibits, which has led to Ks and Qs that come in at over 1,000 pages).

As for 8Ks, the folks at News Corp. filed the largest number last year: a whopping 213. In December alone, the company filed 27 8-Ks, which is more days than the SEC was open that month. Our favorite one was this onedisclosing some much-needed “retirement treatment” for billionaire Rupert Murdoch.

And, for those who are starting to think about Valentine’s Day: it remains the single busiest day for filings with 11,239 filings made on Feb. 14. Isn’t that romantic?