President Barack Obama is expected to make gun control a major thrust of his final State of the Union speech Tuesday evening. There will even be a seat left open near the first lady, symbolizing those Americans lost to gun violence. Meanwhile, Hillary Clinton has been depicting her 2016 opponent Sen. Bernie Sanders as too close to the gun industry, and picking up endorsements from gun-safety groups in the process.

But the leading Democrats’ image as staunch opponents of the gun industry isn’t the whole story. Some of Obama’s and Clinton’s biggest political benefactors are firms with a financial stake in the sale of guns and ammunition. And neither Obama nor Clinton has joined the growing push —backed by New York City Mayor Bill de Blasio — to pressure institutional investors to divest from firearms firms.

According to Nasdaq records, campaign finance reports and Securities and Exchange Commission filings reviewed by International Business Times, executives at the financial firms and hedge funds that hold some of the largest ownership stakes in firearms and ammo manufacturers have donated more than $15 million to the Democratic National Committee as well as to Obama and Clinton’s respective reelection campaigns and super PAC. Those firms have also spent $4.1 million on donations to the Clinton Foundation and speaking fees to the Clinton family.

Some of the firms’ executives have been among the biggest donors to the Democrats’ and their political machine:

Some of the firms investing in the guns and ammo industry may be accumulating the stocks on behalf of their clients — BlackRock, for example, told the New York Times in June that the firm owns passive stakes mirroring stock index funds. Others, like hedge funds, may be buying the ownership stakes directly for their own firms. In both cases, however, the firms are funneling crucial investment capital — and making money from — the firearms industry and also delivering campaign cash to key Democrats calling for stricter gun control measures.

While Obama has made gun control a signature issue of his second term, he recently signed legislation allowing the Pentagon to sell surplus handguns to the public, despite warnings from federal officials that the weapons in question are “virtually untraceable” and “popular crime guns.” Clinton has been emphasizing gun control in her 2016 campaign only eight years after the New York Times noted that she “described herself as a pro-gun churchgoer” when pitching her candidacy to voters in 2008.