Top image: Rep. Nancy Pelosi in her official 2019 portrait as speaker of the House. Photo: John Harrington (public domain) via Wikimedia Commons
No portfolio in Congress draws more attention than the one belonging to Rep. Nancy Pelosi’s husband, Paul Pelosi. President Trump brought it up in his State of the Union address, and the White House returned to it on Sept. 30: “Look no further than Nancy Pelosi as proof that a stock trading ban is necessary,” it said in a release criticizing Senate Democrats for blocking the Stop Insider Trading Act.
So what did the Pelosi household actually trade this year? The answer is on four periodic transaction reports the San Francisco Democrat has filed with the House Clerk since January. Every transaction on them is marked “SP,” for spouse. Reading them together shows a portfolio that, in 2026, has leaned toward companies and buildings close to home.
Federal disclosure rules require trades to be reported in dollar ranges, not exact amounts. By those ranges, the 16 purchase transactions dated in 2026, including option exercises, add up to at least $8.6 million and as much as about $29.4 million. The reports list no stock sales dated in 2026.
The summer buys: Bloom Energy and Intel
The busiest stretch came in late July, according to a report signed Aug. 21.
- July 24: 10,000 shares of San Jose fuel-cell maker Bloom Energy ($1 million to $5 million) and 100 Bloom call options with a $100 strike price expiring in June 2027 ($1 million to $5 million).
- July 24: 10,000 shares of Santa Clara chipmaker Intel ($500,001 to $1 million) and 50 Intel call options with a $50 strike expiring in June 2027 ($250,001 to $500,000).
- July 28: another 5,000 Bloom shares and 100 more Bloom calls (each $500,001 to $1 million).
That followed a May 29 purchase, reported in a June 23 filing, of 200 Intel call options with a $50 strike expiring March 2027 ($1 million to $5 million), and Uber call options valued at $500,001 to $1 million.
A call option gives the holder the right to buy shares at a set price before a deadline. It pays off if the stock rises above that price, and can expire worthless if it doesn’t. The filings do not show what the positions are worth today.
A luxury hotel and 225 Bush Street
The household’s San Francisco bets are not only in the stock market. On July 27 it made what the August report calls an “additional investment” of $500,001 to $1 million in REOF XXV LLC, which it says is “acquiring and restoring a luxury hotel property in San Francisco.” The filing does not name the hotel.
On Sept. 8, according to a report signed Oct. 2, it put another $500,001 to $1 million into REOF XXX LLC, described as acquiring and managing a commercial office property at 225 Bush Street, in the Financial District.
The year-end reshuffle
The first report of the year, signed Jan. 23, covered a late-2025 reshuffle of the household’s large tech holdings. On Dec. 24, 2025, Paul Pelosi sold 45,000 Apple shares ($5 million to $25 million), 20,000 Nvidia shares and 20,000 Amazon shares (each $1 million to $5 million). On Dec. 30, he gave 28,200 Apple shares and 7,704 Alphabet shares to a donor-advised fund, a charitable giving account, sold 5,000 PayPal and 10,000 Disney shares, and bought new long-dated call options on Alphabet, Amazon, Apple and Nvidia expiring in January 2027.
On Jan. 16, he exercised call options bought a year earlier to acquire 5,000 shares each of Alphabet, Amazon, Nvidia, Tempus AI and Vistra, and bought 25,000 units of asset manager AllianceBernstein ($1 million to $5 million).
What Pelosi has said
Pelosi’s office has long said the trades are her husband’s alone. “The Speaker does not own any stocks,” her then-spokesman Drew Hammill told Fox Business in July 2022, adding that “the Speaker has no prior knowledge or subsequent involvement in any transactions.” Asked that month whether her husband had ever traded on information from her, Pelosi answered, “No,” adding, “Absolutely not.”
The South Bay Chronicle did not find a public statement from Pelosi’s office about the 2026 trades. Pelosi, who is not seeking reelection, voted against the Stop Insider Trading Act in July along with every other Bay Area member who voted. Democrats say they objected to a voter-ID provision in the bill and its exemption for the president.
The rest of the delegation
Pelosi is not the only Bay Area member filing trade reports, according to the House Clerk’s disclosure database, though the others are far smaller or less detailed.
- Rep. Sam Liccardo (D-San José) reported selling 100 Nvidia shares from his Roth IRA on July 21 ($15,001 to $50,000), in a single filing.
- Rep. Zoe Lofgren (D-San José) reported a December 2025 sale of California municipal bonds held by a family trust.
- Rep. Ro Khanna (D-Fremont) has filed nine transaction reports this year, from February to October. They were submitted on paper and posted as scanned images that total 310 pages. The South Bay Chronicle has not reviewed their contents in detail.
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