NRG Energy, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,044 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Holdings side. The FY2025 10-K and Q2 2026 10-Q were both searched for 'equity method', 'unconsolidated', 'joint venture', 'noncontrolling interest', 'variable interest entity', 'investment in', 'tax equity' and named entities. 'Tax equity' returns zero hits in either filing: NRG's disclosed structures are all named equity-method joint ventures (Gladstone, Midway-Sunset) or a majority-owned unconsolidated VIE (Ivanpah), not tax-equity financing arrangements, so no tax-equity reasoning was needed. 'Noncontrolling interest' returns only generic ASC 805 business-combination accounting-policy boilerplate in the 10-K and zero hits in the 10-Q; NRG's own balance sheet carries no noncontrolling-interest line, so there is no reverse-direction minority-in-NRG's-own-group holding to report (unlike Vistra, which still carries a small $12-13 million noncontrolling interest in a subsidiary).
• Power purchase agreements, commodity/derivative hedges, and generation assets NRG owns outright are explicitly excluded from holdings: none of these are equity stakes in another company, and NRG's own filings describe hundreds of PPAs and owned plants that are not equity investments. Only the three named equity-method/VIE interests (Ivanpah, Gladstone, Midway-Sunset) are included.
• Ivanpah is the direction-reversed case flagged in the brief: NRG holds a 54.5% MAJORITY economic interest but does NOT consolidate it, because NRG's investment is a variable interest entity for which NRG is not the primary beneficiary (governance/control provisions sit with other parties). This is unusual (most of this project's 'consolidated is not wholly owned' cases run the other way, majority control with a minority partner) and is called out explicitly rather than assumed away. Its carrying value could not be sourced: it is absent from the FY2025 10-K's Note 16 equity-method summary table, which totals only $16 million across Gladstone and Midway-Sunset, so value_usd is null rather than assumed to be $0.
• Vistra Vision-style combined balances were not an issue here: NRG's Note 16 table names each investee individually (Gladstone at $0, Midway-Sunset at $16 million) rather than reporting one bucket covering several unnamed investees, so no pct_of_target or value had to be nulled for that reason.
• Share basis and the LSP Portfolio merger. On 30 Jan 2026, NRG completed the acquisition of the LSP Portfolio (18 natural gas/dual-fuel generation facilities, ~13 GW) from LS Power, pursuant to a Purchase Agreement dated 12 May 2025. Consideration: 24.25 million shares of NRG common stock plus $6.4 billion cash plus $483 million working-capital adjustments (Q2 2026 10-Q, Note 4). This moved the share basis materially: common shares issued rose from 199,828,615 at 31 Dec 2025 to 225,198,900 at 30 Jun 2026, and shares outstanding rose from 190,376,607 (31 Dec 2025) to 210,307,902 (30 Jun 2026) even after ongoing buybacks ($710 million repurchased in H1 2026, per the 10-Q). company.shares_outstanding uses the Q2 2026 10-Q cover page figure, 210,210,483 shares as of 31 Jul 2026 (the filing was submitted 4 Aug 2026), the freshest post-merger denominator located.
• ALL SEVEN institutional 13F rows (Vanguard, BlackRock, FMR, State Street, Franklin Resources, Geode, Invesco) were refreshed from Q1 2026 (31 Mar 2026) to Q2 2026 (30 Jun 2026) 13F-HR filings, filed 7-14 Aug 2026, after an initial draft of this file had left them on the March quarter even though the fresher June quarter was already available. Both quarters postdate the 30 Jan 2026 LSP Portfolio merger, so the March draft was not a basis error, but mixing two measurement dates across rows would have drawn a register that existed on no single day; every institutional row now sits on 30 Jun 2026. Changes from the March to the June figures: Vanguard family -412,493 shares (27,255,593 -> 26,843,100), BlackRock -342,980 (18,001,084 -> 17,658,104), FMR -528,623 (17,409,072 -> 16,880,449), State Street -537,512 (11,772,119 -> 11,234,607), Geode +8,801 (5,967,640 -> 5,976,441), Invesco -10,544 (5,285,629 -> 5,275,085), and Franklin Resources +5,346,886 (7,702,463 -> 13,049,349), by far the largest single-quarter move of the seven. The two non-13F rows, Lightning Power Holdings (10-Q, 30 Jun 2026) and the officers/directors group (proxy, 3 Mar 2026), were already on their own freshest available source and are unchanged.
• One-basis rule: every register row's pct_of_company divides by the single current 210,210,483 denominator. For the seven 13F rows this is now measured against the same 30 Jun 2026 quarter the shares themselves are reported as of, so unlike the prior draft there is no cross-quarter mismatch left on the institutional side; only the two non-13F rows (Lightning Power Holdings at 30 Jun 2026 via the 10-Q, and the officers group at 3 Mar 2026 via the proxy) sit on different dates from each other and from the 13F rows, each flagged individually in its own row.
• Franklin Resources / Putnam reconciliation: the 2026 proxy's 5%-holder table names 'Putnam Investments, LLC' at 15,189,691 shares (7.1%) from a Schedule 13G/A filed Feb 2024, as of 31 Dec 2023. Putnam Investments was acquired by Franklin Templeton (Franklin Resources, Inc.) in a deal completed in 2024 and is no longer an independent SEC filer; Franklin Resources' own fresh Q2 2026 13F shows 13,049,349 NRG shares (6.21%), up sharply from 7,702,463 (3.66%) just one quarter earlier. Rather than carry both Putnam and Franklin (which would double count assets now inside one filer, or wrongly assert Putnam still exists as a standalone 7.1% holder using a pre-acquisition, pre-merger-dilution, and now badly stale share count), only the current Franklin Resources row is included; the stale, no-longer-independently-filed Putnam figure is recorded here as the disagreement rather than discarded.
• Lightning Power Holdings, LLC (an LS Power affiliate) is the register's one strategic, non-institutional holder, created directly by the LSP Portfolio stock-and-cash merger consideration. Its position is treated here as reduced from the as-issued 24,250,000 shares by a subsequently disclosed 1,829,269-share buyback 'from LS Power' named explicitly in the Q2 2026 10-Q's treasury-stock note, netting to 22,420,731 shares (10.67%). No SC 13D/13G has been filed confirming this reduced figure directly; it is a reconciliation of two individually filed numbers (proxy grant, 10-Q buyback) rather than an independently filed beneficial-ownership figure, and is flagged as such. This row was already correctly dated to its own freshest source (the 30 Jun 2026 10-Q) before this refresh and required no change.
• Self-gate, recomputed on the FINAL file per the chart's own arithmetic (no rows here carry rolls_up_into or is_aggregate-with-members, so every row counts at full value): Vanguard 26,843,100 + BlackRock 17,658,104 + FMR 16,880,449 + State Street 11,234,607 + Franklin Resources 13,049,349 + Lightning Power Holdings 22,420,731 + Geode 5,976,441 + Invesco 5,275,085 + All Directors/Officers 916,128 = 120,253,994 shares of 210,210,483 outstanding = 57.21%. This is 9 register rows and sits above the brief's 55% flag line, up from 55.53% in the pre-refresh draft rather than down, because Franklin Resources' +5,346,886-share increase (from 3.66% to 6.21% of the company, +2.55 points) outweighs the combined declines at Vanguard, BlackRock, FMR and State Street. Two named drivers together explain nearly all of the excess over a normal 25-45% register: Lightning Power Holdings alone contributes 22,420,731 shares (10.67 points), the large, unusual, merger-created strategic block that does not appear in a typical company's register; excluding it, the remaining eight rows sum to 97,833,263 shares (46.54%), just above the normal range on their own. Franklin Resources' one-quarter near-doubling contributes a further 6.21 points on top of an already-heavy institutional base (Vanguard, BlackRock, FMR and State Street alone are 34.55% combined even after this quarter's declines). No double-counted holder or mixed-instrument row was found on inspection; Putnam was deliberately excluded (see above) specifically to avoid inflating this total with a defunct duplicate filer, and the LS Power row uses the more conservative, net-of-buyback share count of the two available figures.
• Institutional holders below the nine listed here were not individually checked within the time budget; Capital Group and T. Rowe Price, which the chunk prompt flags as routinely under-swept multi-entity families, were not found large enough in the pre-existing register snapshot to warrant inclusion in a top-9 list and were not separately re-verified here; see unknowns.