{"slug":"payment-in-lieu-of-dividends","qid":"borrow_demand","label":"Reported short interest across the same dividend payers","post_title":"Payment in Lieu of Dividends, Explained","post_url":"/blog/payment-in-lieu-of-dividends#q-borrow_demand","columns":["ticker","short_interest_millions","settled_label"],"rows":[{"ticker":"PFE","short_interest_millions":161.5,"settled_label":"Jul 31, 2026"},{"ticker":"AAPL","short_interest_millions":141.6,"settled_label":"Jul 31, 2026"},{"ticker":"MSFT","short_interest_millions":81.3,"settled_label":"Jul 31, 2026"},{"ticker":"KO","short_interest_millions":44.8,"settled_label":"Jul 31, 2026"},{"ticker":"XOM","short_interest_millions":42.3,"settled_label":"Jul 31, 2026"},{"ticker":"PEP","short_interest_millions":29.4,"settled_label":"Jul 31, 2026"},{"ticker":"MRK","short_interest_millions":28.3,"settled_label":"Jul 31, 2026"},{"ticker":"PG","short_interest_millions":27.1,"settled_label":"Jul 31, 2026"},{"ticker":"JNJ","short_interest_millions":25.4,"settled_label":"Jul 31, 2026"},{"ticker":"IBM","short_interest_millions":22.3,"settled_label":"Jul 31, 2026"},{"ticker":"CVX","short_interest_millions":20.3,"settled_label":"Jul 31, 2026"}],"shape":"ranking","sql":"SELECT\n    ticker,\n    round(argMax(short_interest, settlement_date) / 1e6, 1)  AS short_interest_millions,\n    formatDateTime(max(settlement_date), '%b %e, %Y')        AS settled_label\nFROM global_markets.stocks_short_interest\nWHERE ticker IN ('AAPL', 'MSFT', 'JNJ', 'PG', 'KO', 'PEP', 'XOM', 'CVX', 'MRK', 'IBM', 'PFE')\n  AND settlement_date >= today() - 75\nGROUP BY ticker\nORDER BY short_interest_millions DESC","computed_at":"2026-08-22T04:18:11.463695+00:00","elapsed":0.024337062}