Vanguard Capital Management takes 7.49% stake in Realty Income (NYSE: O)

Rhea-AI Filing Summary

Realty Income Corp reports that Vanguard Capital Management beneficially owns 69,885,864 shares of Common Stock, representing 7.49% of the class. The filing states Vanguard Capital Management has sole dispositive power for 69,885,864 shares and sole voting power for 9,762,444 shares. The filing attributes holdings to Vanguard Capital Management and named affiliates in accordance with SEC Release No. 34-39538.

Insights

Institutional Ownership Analyst

Vanguard Capital Management holds a sizeable 7.49% stake in Realty Income.

Vanguard's reported 69,885,864 shares and 7.49% ownership reflect dispositive control across funds and managed accounts listed in the filing. The filing attributes voting/dispositive powers to Vanguard and specific affiliates under SEC guidance.

Timing and trading intent are not disclosed; subsequent filings would show whether this stake changes or triggers regulatory notifications.

Governance Specialist

Filing clarifies voting versus dispositive power across Vanguard entities.

The schedule separates sole voting power (9,762,444 shares) from sole dispositive power (69,885,864 shares), indicating control over disposition while voting control is limited to a subset. This distinction matters for proxy and engagement expectations.

Shareholder engagement or proxy disclosures may reference these numbers in future materials.

Key Figures

Beneficial ownership: 69,885,864 shares Percent of class: 7.49% Sole voting power: 9,762,444 shares

3 metrics

Beneficial ownership 69,885,864 shares Schedule 13G reporting as shown in excerpt

Percent of class 7.49% Percent of outstanding common stock reported in Schedule 13G

Sole voting power 9,762,444 shares Number of shares with sole power to vote reported in Item 4(i)

Key Terms

Schedule 13G, dispositive power, sole voting power

3 terms

Schedule 13G regulatory

"Item 1. (a) Name of issuer: Realty Income Corp"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

dispositive power regulatory

"sole power to dispose or to direct the disposition of: 69885864"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

sole voting power regulatory

"Sole Voting Power 9,762,444.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/30/2026 - 01:06 PM Learn about SEC filing dates

FAQ

What stake does Vanguard Capital Management report in Realty Income (O)?

Vanguard reports beneficial ownership of 69,885,864 shares, or 7.49% of the class. The Schedule 13G states Vanguard has sole dispositive power for 69,885,864 shares and sole voting power for 9,762,444 shares.

Does Vanguard control votes for all the shares it holds in O?

No; the filing shows sole voting power for 9,762,444 shares, not the full position. Dispositive power covers 69,885,864 shares while voting power is limited to the smaller voting figure disclosed.

Are Vanguard's holdings in O held on behalf of clients or funds?

Yes; the filing attributes holdings to Vanguard Capital Management and named affiliates across funds and managed accounts. It follows SEC Release No. 34-39538 describing aggregated holdings by business divisions and affiliates.

Does this Schedule 13G indicate activist intent by Vanguard in Realty Income?

No activist intent is stated. Schedule 13G is typically used by passive investors; the filing does not assert any plans to influence control or disclose engagement activities.

When was the Schedule 13G signed and filed for Realty Income?

The signature block shows the filing was signed on 04/30/2026 by Ashley Grim. The reported ownership figures are tied to the filing information dated 03/31/2026 in the header of the excerpt.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Realty Income Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

756109104

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 756109104

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 9,762,444.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 69,885,864.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

69,885,864.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.49 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Realty Income Corp
(b)	Address of issuer's principal executive offices: 11995 El Camino Real, San Diego, CA, 92130
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 756109104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 69885864
(b)	Percent of class: 7.49 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 9762444
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 69885864
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/30/2026