The SEC’s fails-to-deliver data, per the SEC website, represents the “aggregate net balance of [equity] shares that failed to be delivered as of a particular settlement date.” Further, the SEC website clarifies what these values represent: The figure is not a daily amount of fails, but a combined figure that includes both new fails on the reporting day as well as existing fails. In other words, these numbers reflect aggregate fails as of a specific point in time, and may have little or no relationship to yesterday’s aggregate fails.