Franklin Resources Reports 6.9% Stake in Vornado Realty Trust Following Internal Realignment

Franklin Resources, Inc. (FRI) filed a Schedule 13G/A on April 29, 2026, reporting a 6.9% ownership stake in Vornado Realty Trust (VNO). The filing indicates that FRI, along with its principal shareholders Charles B. Johnson and Rupert H. Johnson, Jr., and various investment management subsidiaries, beneficially own 13,159,589 common shares of the issuer. This position represents a significant increase from the previously reported 0.0% ownership, largely driven by an internal realignment effective March 31, 2026. Under this realignment, subsidiaries such as Franklin Mutual Advisers, Inc. and Brandywine Global Investment Management, LLC, which previously reported holdings on a disaggregated basis, are now aggregated with FRI's reporting. Among the subsidiaries, Putnam Investment Management, LLC holds the largest portion of the shares, with sole voting and dispositive power over 9,961,330 shares (5.2% of the class). The filing confirms that the securities were acquired in the ordinary course of business and not for the purpose of influencing control over the issuer.