ADC Agree Realty Corporation Common Stock
$75.05
Price · Aug 18, 2026
Fundamentals as of Jul 30, 2026
52W Range
$70–$82
44% of range
Analyst Rating
BUY
25 analysts
Price Target
$85
+13% upside
P/E (TTM)
42.4
ROE
3.5%
Net Profit Margin
28.4%
ADC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$75.05
Market Cap
$9.01B
P/E (TTM)
42.4
EPS (TTM)
$1.77
Revenue (TTM)
$718M
Div Yield
3.8%
ROE
3.5%
Debt/Equity
—
52W Range
$70 – $82
ADC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$718M
2016-12-31
→
2025-12-31
EPS
$1.77
2016-12-31
→
2025-12-31
Free Cash Flow
—
2019-12-31
→
2024-12-31
Margins
28.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ADC
Peer Median
P/E (TTM)
42.4
26.9
P/S (TTM)
12.5
8.7
P/B
1.4
1.9
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ADC
Peer Median
Operating Margin
47.4%
—
Net Profit Margin
28.4%
30.4%
ROA
2.2%
3.6%
ROE
3.5%
7.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ADC
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ADC
Peer Median
Revenue YoY
16.4%
—
Revenue CAGR 3Y
18.7%
—
Revenue CAGR 5Y
23.6%
—
EPS YoY
-0.56%
—
Net Income YoY
8.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ADC
Peer Median
Payout Ratio
166.7%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
3.8%
Payout Ratio
166.7%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 31, 2026 | $0.2670 |
| June 30, 2026 | $0.2670 |
| May 29, 2026 | $0.2670 |
| April 30, 2026 | $0.2670 |
| March 31, 2026 | $0.2620 |
| Feb. 27, 2026 | $0.2620 |
| Jan. 30, 2026 | $0.2620 |
| Dec. 31, 2025 | $0.2620 |
| Nov. 28, 2025 | $0.2620 |
| Oct. 31, 2025 | $0.2620 |
| Sept. 30, 2025 | $0.2560 |
| Aug. 29, 2025 | $0.2560 |
| July 31, 2025 | $0.2560 |
| June 30, 2025 | $0.2560 |
| May 30, 2025 | $0.2560 |
| April 30, 2025 | $0.2560 |
| March 31, 2025 | $0.2530 |
| Feb. 28, 2025 | $0.2530 |
| Jan. 31, 2025 | $0.2530 |
| Dec. 31, 2024 | $0.2530 |
ADC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
25 analysts
- Strong Buy 6 24.0%
- Buy 10 40.0%
- Hold 9 36.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
18 analysts · 2026-08-18
Median
$84.00
← Below all targets
$75.05
Low
$80.00
High
$93.00
Median target
$84.00
+11.9%
Mean target
$84.86
+13.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.44 | $0.48 | -0.04% |
| March 31, 2026 | $0.50 | $0.48 | 0.02% |
| Dec. 31, 2025 | $0.47 | $0.48 | -0.01% |
| Sept. 30, 2025 | $0.45 | $0.46 | -0.01% |
| June 30, 2025 | $0.43 | $0.46 | -0.03% |
| March 31, 2025 | $0.42 | $0.43 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ADC | $8.65B | 40.7 | 16.4% | 28.4% | 3.5% | — |
| SPG | — | 13.1 | 6.7% | 84.3% | 131.6% | — |
| O | $52.65B | 48.2 | 9.1% | 18.4% | 2.7% | — |
| KIM | $13.66B | 9.0 | 5.1% | 27.3% | 5.6% | — |
| REG | $12.63B | 47.3 | 6.9% | 34.0% | 7.7% | — |
| FRT | $8.70B | 21.5 | 6.4% | 32.1% | 12.8% | — |
| BRX | $8.03B | 21.0 | 6.7% | 28.2% | 12.9% | — |
| NNN | $7.53B | 19.1 | 6.6% | 42.1% | 8.9% | — |
| MAC | $4.74B | -23.7 | 10.4% | -19.4% | -7.6% | — |
| PECO | $4.47B | 40.0 | 9.9% | 15.3% | 4.8% | — |
| KRG | $5.01B | 17.5 | 0.82% | 35.4% | 9.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $718M | $617M | $537M | $430M | $339M | $249M | $187M | $137M | $112M | $92M | $70M | $54M | |
| SG&A Expense | $44M | $37M | $35M | $30M | $25M | $21M | $16M | $12M | $9M | $8M | $7M | $7M | |
| Operating Expenses | $383M | $326M | $285M | $217M | $164M | $123M | $86M | $64M | $49M | $40M | $30M | $26M | |
| Operating Income | $340M | $302M | $254M | $218M | $190M | $133M | $114M | $73M | $63M | $52M | $40M | $28M | |
| Interest Expense | · | · | $81M | $63M | $50M | $40M | $33M | $25M | $18M | $15M | $12M | $9M | |
| Other Non-op | $941.0K | $799.0K | $189.0K | $1M | $0 | $23.0K | $0 | $0 | $347.0K | · | · | · | |
| Income Tax | $2M | $4M | $3M | $3M | $2M | $1M | $538.0K | $516.0K | $227.0K | $153.0K | · | · | |
| Net Income | $204M | $189M | $170M | $152M | $122M | $91M | $80M | $58M | $58M | $45M | $39M | $18M | |
| EPS (Basic) | $1.77 | $1.79 | $1.70 | $1.84 | $1.79 | $1.76 | $1.96 | $1.80 | $2.09 | $1.97 | $2.17 | $1.24 | |
| EPS (Diluted) | $1.77 | $1.78 | $1.70 | $1.83 | $1.78 | $1.74 | $1.93 | $1.78 | $2.08 | $1.97 | $2.16 | $1.24 | |
| Shares (Basic) | 110,723,375 | 101,099,252 | 95,191,409 | 78,659,333 | 66,802,242 | 51,838,219 | 40,577,346 | 32,070,255 | 27,625,102 | 22,868,736 | 18,003,122 | 14,882,586 | |
| Shares (Diluted) | 111,200,645 | 101,876,304 | 95,437,412 | 79,164,386 | 67,139,079 | 52,396,734 | 41,223,614 | 32,401,122 | 27,700,347 | 22,959,799 | 18,065,415 | 14,966,895 | |
| EBITDA | $340M | $302M | $254M | $218M | $190M | $125M | $101M | $73M | $62M | $52M | $40M | $28M |
Balance Sheet 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16M | $6M | $11M | $28M | $43M | $6M | $16M | $54M | $51M | $33M | $3M | $5M | |
| PP&E (Net) | · | · | · | · | · | · | · | $1.65B | $1.19B | $943M | $696M | $530M | |
| Intangibles | $941M | $819M | $817M | $763M | $639M | $438M | $317M | $257M | $168M | $113M | $80M | $47M | |
| Total Assets | $9.80B | $8.49B | $7.77B | $6.71B | $5.23B | $3.89B | $2.66B | $2.03B | $1.49B | $1.14B | $790M | $594M | |
| Deferred Tax | · | · | · | · | · | · | · | $475.0K | · | · | · | · | |
| Total Liabilities | $3.53B | $2.98B | $2.57B | $2.08B | $1.81B | $1.36B | $973M | $790M | $583M | $456M | $336M | $238M | |
| Long-term Debt | · | · | · | · | $1.69B | $1.23B | · | $724M | $522M | $404M | $320M | $222M | |
| Common Stock | $12.0K | $10.0K | $10.0K | $9.0K | $7.0K | $6.0K | $5.0K | $4.0K | $3.0K | $3.0K | $2.0K | $1.8K | |
| Paid-in Capital | $6.68B | $5.77B | $5.35B | $4.66B | $3.40B | $2.65B | $1.75B | $1.28B | $936M | $712M | $483M | $388M | |
| Retained Earnings | · | · | · | · | · | · | · | · | · | · | · | $-33M | |
| AOCI | $36M | $40M | $17M | $24M | $-6M | $-36M | $-6M | $1M | $1M | $-536.0K | $-3M | $-2M | |
| Stockholders' Equity | $6.27B | $5.51B | $5.20B | $4.63B | $3.42B | $2.52B | $1.69B | $1.24B | $909M | $683M | $451M | $354M | |
| Liabilities + Equity | $9.80B | $8.49B | $7.77B | $6.71B | $5.23B | $3.89B | $2.66B | $2.03B | $1.49B | $1.14B | $790M | $594M | |
| Shares Outstanding | 120,028,406 | 107,248,705 | 100,519,355 | 90,173,424 | 71,285,311 | 60,021,483 | 45,573,623 | 37,545,790 | 31,004,900 | 26,164,977 | 20,637,301 | 17,539,946 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $239M | $207M | $176M | $134M | $96M | $67M | $46M | $33M | $27M | $23M | $16M | $11M | |
| Stock-based Comp | $13M | $11M | $8M | $6M | $5M | $5M | $4M | $3M | $2M | $2M | $2M | $2M | |
| Operating Cash Flow | $504M | $432M | $392M | $362M | $246M | $143M | $127M | $93M | $82M | $62M | $45M | $35M | |
| CapEx | · | $874M | $1.20B | $1.60B | $1.39B | $1.31B | $703M | $608M | · | · | · | · | |
| Investing Cash Flow | $-1.54B | $-885M | $-1.27B | $-1.62B | $-1.39B | $-1.30B | $-668M | $-568M | $-319M | $-298M | $-203M | $-148M | |
| Stock Issued | $904M | $403M | $690M | $1.26B | $745M | $896M | $473M | $340M | $223M | $228M | $92M | $73M | |
| Stock Repurchased | $4M | $2M | $3M | $2M | $2M | $2M | $1M | $1M | $1M | $712.0K | $0 | $0 | |
| Net Stock Activity | $901M | $401M | $687M | $1.26B | $743M | $894M | $471M | $339M | $222M | $227M | $92M | $73M | |
| Dividends Paid | $341M | $304M | $278M | $220M | $194M | $116M | $90M | $68M | $55M | $42M | $33M | $25M | |
| Financing Cash Flow | $1.05B | $445M | $869M | $1.24B | $1.18B | $1.12B | $529M | $470M | $262M | $267M | $155M | $103M | |
| Net Change in Cash | · | · | · | · | · | · | · | $-5M | $25M | $31M | $-3M | $-9M | |
| Taxes Paid | $2M | $4M | $3M | $2M | $2M | $1M | $666.0K | $452.0K | $257.0K | $153.0K | $155.0K | $0 | |
| Free Cash Flow | · | $-443M | $-808M | $-1.24B | $-1.14B | $-1.17B | $-576M | · | · | · | · | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 47.4% | 49.0% | 47.3% | 50.7% | 56.1% | 50.3% | 53.9% | 49.3% | 53.5% | 56.3% | 57.3% | 52.1% | |
| Net Margin | 28.4% | 30.7% | 31.6% | 35.5% | 36.0% | 36.8% | 42.7% | 39.2% | 49.9% | 49.3% | 55.8% | 34.5% | |
| EBITDA Margin | 47.4% | 49.0% | 47.3% | 50.7% | 56.1% | 50.3% | 53.9% | 49.3% | 53.5% | 56.3% | 57.3% | 52.1% | |
| ROA | 2.2% | 2.3% | 2.4% | 2.5% | 2.7% | 2.8% | 3.4% | 3.3% | 4.4% | 4.7% | 5.6% | 3.5% | |
| ROE | 3.5% | 3.5% | 3.5% | 3.8% | 4.1% | 4.3% | 5.5% | 5.4% | 7.3% | 8.0% | 9.7% | 5.8% |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | 3.1 | 3.4 | 3.8 | 3.1 | 3.1 | 2.9 | 3.4 | 3.4 | 3.3 | 3.2 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 16.4% | 14.8% | 25.1% | 26.7% | 36.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 18.7% | 22.1% | 29.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 23.6% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -0.56% | 4.7% | -7.1% | 2.8% | 2.3% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -1.1% | 0.00% | -0.77% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 0.34% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 8.0% | 11.3% | 11.5% | 24.7% | 33.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 10.3% | 15.7% | 23.0% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 17.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 24.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $718M | $617M | $537M | $430M | $339M | $249M | $187M | $137M | $112M | $92M | $70M | $54M | |
| Net Income TTM | $204M | $189M | $170M | $152M | $122M | $91M | $80M | $58M | $58M | $45M | $39M | $18M | |
| Market Cap | $8.65B | $7.56B | $6.33B | $6.40B | $5.09B | $4.00B | $3.20B | $2.22B | $1.59B | $1.20B | $701M | $545M | |
| P/E | 40.7 | 39.6 | 37.0 | 38.8 | 40.1 | 38.3 | 36.4 | 33.2 | 24.7 | 23.4 | 15.7 | 25.1 | |
| P/S | 12.0 | 12.2 | 11.8 | 14.9 | 15.0 | 16.1 | 17.1 | 16.2 | 14.3 | 13.2 | 10.0 | 10.2 | |
| P/B | 1.4 | 1.4 | 1.2 | 1.4 | 1.5 | 1.6 | 1.9 | 1.8 | 1.8 | 1.8 | 1.6 | 1.5 | |
| P / Tangible Book | 1.6 | 1.6 | 1.4 | 1.7 | 1.8 | 1.9 | · | · | · | · | · | · | |
| P / Cash Flow | 17.1 | 17.5 | 16.2 | 17.7 | 20.7 | 28.0 | 25.2 | 23.8 | 19.4 | 19.5 | 15.7 | 15.5 | |
| P / FCF | · | -17.1 | -7.8 | -5.2 | -4.4 | -3.4 | -5.6 | · | · | · | · | · | |
| Dividend Yield | 3.9% | 4.0% | 4.4% | 3.4% | 3.8% | 2.9% | 2.8% | 3.0% | 3.5% | 3.5% | 4.7% | 4.7% | |
| Earnings Yield | 2.5% | 2.5% | 2.7% | 2.6% | 2.5% | 2.6% | 2.8% | 3.0% | 4.0% | 4.3% | 6.3% | 4.0% | |
| Payout Ratio | 166.7% | 160.5% | 163.4% | 144.5% | 158.9% | 127.1% | 112.7% | 116.3% | 94.9% | 93.2% | 84.6% | 137.4% | |
| Annual Payout | $341M | $304M | $278M | $220M | $194M | $116M | $90M | $68M | $55M | $42M | $33M | $25M |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $205M | $201M | $190M | $183M | $176M | $169M | $161M | $154M | $153M | $149M | $144M | $137M | $130M | $127M | $117M | $110M | |
| SG&A Expense | $12M | $11M | $11M | $11M | $11M | $11M | $9M | $9M | $10M | $10M | $9M | $9M | $8M | $9M | $8M | $7M | |
| Operating Expenses | $112M | $104M | $100M | $97M | $95M | $91M | $86M | $82M | $78M | $81M | $77M | $74M | $69M | $66M | $59M | $56M | |
| Operating Income | $95M | $99M | $92M | $87M | $82M | $79M | $75M | $74M | $82M | $70M | $69M | $63M | $62M | $61M | $57M | $57M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $24M | · | $21M | $20M | $18M | · | $17M | |
| Other Non-op | $150.0K | $148.0K | $398.0K | $456.0K | $46.0K | $41.0K | $212.0K | $104.0K | $366.0K | $117.0K | $4.0K | $94.0K | $43.0K | $48.0K | $1M | $132.0K | |
| Income Tax | $375.0K | $500.0K | $260.0K | $225.0K | $425.0K | $825.0K | $1M | $1M | $1M | $1M | $709.0K | $709.0K | $709.0K | $783.0K | $723.0K | $720.0K | |
| Net Income | $55M | $62M | $56M | $52M | $49M | $47M | $45M | $44M | $55M | $45M | $46M | $42M | $41M | $42M | $41M | $39M | |
| EPS (Basic) | $0.44 | $0.50 | $0.47 | $0.45 | $0.43 | $0.42 | $0.41 | $0.42 | $0.53 | $0.43 | $0.43 | $0.41 | $0.42 | $0.44 | $0.44 | $0.47 | |
| EPS (Diluted) | $0.44 | $0.50 | $0.47 | $0.45 | $0.43 | $0.42 | $0.41 | $0.42 | $0.52 | $0.43 | $0.43 | $0.41 | $0.42 | $0.44 | $0.44 | $0.46 | |
| Shares (Basic) | 119,996,944 | 119,856,418 | -217,360,544 | 111,277,316 | 109,758,046 | 107,048,557 | -199,918,486 | 100,383,207 | 100,349,943 | 100,284,588 | -185,145,859 | 97,255,143 | 93,053,870 | 90,028,255 | -147,308,653 | 79,701,136 | |
| Shares (Diluted) | 120,487,256 | 120,375,633 | -218,235,384 | 111,511,615 | 110,377,221 | 107,547,193 | -200,630,310 | 101,715,311 | 100,454,703 | 100,336,600 | -185,594,618 | 97,349,473 | 93,134,385 | 90,548,172 | -148,331,252 | 80,589,446 | |
| EBITDA | $95M | $99M | · | $87M | $82M | $79M | · | $74M | $82M | $70M | · | $63M | $62M | $61M | · | $57M |
Balance Sheet 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13M | $25M | $16M | $14M | $6M | $8M | $6M | $13M | $10M | $6M | · | $6M | $8M | $12M | · | $250M | |
| Intangibles | $1.01B | $972M | $941M | · | · | · | · | $793M | $801M | $804M | · | $812M | $788M | $767M | · | $726M | |
| Total Assets | $10.59B | $10.18B | $9.80B | $9.48B | $9.08B | $8.80B | $8.49B | $8.18B | $8.00B | $7.87B | · | $7.65B | $7.27B | $6.99B | · | $6.56B | |
| Short-term Debt | · | · | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $4.07B | $3.94B | $3.53B | $3.61B | $3.43B | $3.16B | $2.98B | $2.89B | $2.84B | $2.69B | · | $2.40B | $2.29B | $2.19B | · | $2.01B | |
| Total Debt | · | · | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $12.0K | $12.0K | $12.0K | $11.0K | $11.0K | $11.0K | $10.0K | $10.0K | $10.0K | $10.0K | · | $10.0K | $10.0K | $9.0K | · | $9.0K | |
| Paid-in Capital | $6.99B | $6.68B | $6.68B | $6.25B | $5.99B | $5.95B | $5.77B | $5.53B | $5.36B | $5.35B | · | $5.35B | $5.06B | $4.85B | · | $4.55B | |
| AOCI | $50M | $41M | $36M | $32M | $32M | $29M | $40M | $18M | $31M | $27M | · | $33M | $26M | $23M | · | $24M | |
| Stockholders' Equity | $6.52B | $6.24B | $6.27B | $5.87B | $5.65B | $5.64B | $5.51B | $5.29B | $5.16B | $5.18B | · | $5.24B | $4.98B | $4.80B | · | $4.55B | |
| Liabilities + Equity | $10.59B | $10.18B | $9.80B | $9.48B | $9.08B | $8.80B | $8.49B | $8.18B | $8.00B | $7.87B | · | $7.65B | $7.27B | $6.99B | · | $6.56B | |
| Shares Outstanding | 124,381,214 | 120,103,455 | 120,028,406 | 114,134,251 | 110,666,238 | 110,018,590 | 107,248,705 | 103,522,677 | 100,624,624 | 100,628,975 | · | 100,519,717 | 96,269,336 | 93,198,079 | · | 88,573,248 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $69M | $67M | $63M | $61M | $59M | $56M | $57M | $52M | $50M | $48M | $47M | $46M | $43M | $41M | $38M | $35M | |
| Stock-based Comp | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Amort. of Intangibles | $33M | $32M | · | · | $28M | $26M | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $131M | $145M | $111M | $147M | $120M | $127M | $91M | $140M | $109M | $99M | $98M | $110M | $90M | $94M | $93M | $119M | |
| CapEx | · | · | · | · | · | · | · | $216M | $188M | $128M | · | $400M | $307M | $304M | · | $362M | |
| Investing Cash Flow | $-483M | $-430M | $-373M | $-444M | $-345M | $-381M | $-348M | $-247M | $-176M | $-122M | $-191M | $-420M | $-332M | $-331M | $-432M | $-362M | |
| Stock Issued | $313M | $0 | $428M | $252M | $41M | $183M | $228M | $175M | $0 | $0 | $-90.0K | $290M | $205M | $195M | $106M | $601M | |
| Stock Repurchased | $10.0K | $6M | $25.0K | $61.0K | $9.0K | $4M | $19.0K | $72.0K | $7.0K | $2M | $12.0K | $57.0K | $8.0K | $3M | $25.0K | $66.0K | |
| Net Stock Activity | · | $-6M | · | · | · | $179M | · | · | · | $-2M | · | · | · | $193M | · | · | |
| Dividends Paid | $96M | $95M | $89M | $85M | $84M | $82M | $78M | $75M | $75M | $75M | $74M | $70M | $68M | $65M | $63M | $56M | |
| Financing Cash Flow | $342M | $296M | $265M | $306M | $223M | $259M | $250M | $95M | $76M | $24M | $101M | $305M | $242M | $221M | $117M | $468M | |
| Taxes Paid | $1M | $-36.0K | $330.0K | $-1M | $2M | $759.0K | $16.0K | $-398.0K | $1M | $3M | $21.0K | $25.0K | $3M | $279.0K | $16.0K | $44.0K | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-25M | · | · | · | $-210M | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 46.5% | 49.1% | · | 47.6% | 46.7% | 46.5% | · | 48.2% | 53.7% | 47.2% | · | 46.1% | 47.4% | 47.8% | · | 52.1% | |
| Net Margin | 26.7% | 30.9% | · | 28.4% | 28.0% | 27.8% | · | 28.7% | 35.9% | 30.0% | · | 30.3% | 31.5% | 32.9% | · | 35.8% | |
| EBITDA Margin | 46.5% | 49.1% | · | 47.6% | 46.7% | 46.5% | · | 48.2% | 53.7% | 47.2% | · | 46.1% | 47.4% | 47.8% | · | 52.1% | |
| ROA | 0.56% | 0.65% | · | 0.59% | 0.58% | 0.56% | · | 0.56% | 0.72% | 0.60% | · | 0.58% | 0.61% | 0.66% | · | 0.68% | |
| ROE | 0.90% | 1.0% | · | 0.93% | 0.91% | 0.87% | · | 0.84% | 1.1% | 0.90% | · | 0.85% | 0.91% | 0.98% | · | 1.0% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | · | · | · | · | · | 0.0 | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 2.9 | · | 3.0 | 3.1 | 3.4 | · | 3.3 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $765M | $729M | · | $682M | $652M | $626M | · | $593M | $569M | $543M | · | $503M | $471M | $440M | · | $401M | |
| Net Income TTM | $218M | $210M | · | $193M | $195M | $191M | · | $185M | $182M | $169M | · | $163M | $158M | $153M | · | $148M | |
| Market Cap | $9.42B | $9.05B | · | $8.11B | $8.09B | $8.49B | · | $7.80B | $6.23B | $5.75B | · | $5.55B | $6.30B | $6.39B | · | $5.99B | |
| Enterprise Value | · | · | · | · | · | $8.48B | · | · | · | · | · | · | · | · | · | · | |
| P/E | 41.6 | 41.9 | · | 41.3 | 40.8 | 43.1 | · | 42.3 | 34.8 | 33.6 | · | 31.9 | 36.9 | 37.5 | · | 35.4 | |
| P/S | 12.3 | 12.4 | · | 11.9 | 12.4 | 13.6 | · | 13.1 | 11.0 | 10.6 | · | 11.0 | 13.4 | 14.5 | · | 14.9 | |
| P/B | 1.4 | 1.5 | · | 1.4 | 1.4 | 1.5 | · | 1.5 | 1.2 | 1.1 | · | 1.1 | 1.3 | 1.3 | · | 1.3 | |
| P / Tangible Book | 1.7 | 1.7 | · | 1.4 | 1.4 | 1.5 | · | 1.7 | 1.4 | 1.3 | · | 1.3 | 1.5 | 1.6 | · | 1.6 | |
| P / Cash Flow | · | 62.4 | · | · | · | 67.0 | · | · | · | 55.7 | · | · | · | 67.9 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -228.5 | · | · | · | -30.5 | · | · | |
| EV / EBITDA | · | · | · | · | · | 107.8 | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | · | · | · | · | · | 13.6 | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 2.4% | 2.4% | · | 2.4% | 2.5% | 2.3% | · | 2.4% | 2.9% | 3.0% | · | 3.1% | 2.7% | 2.7% | · | 2.8% | |
| Payout Ratio | · | 153.0% | · | · | · | 174.2% | · | · | · | 166.5% | · | · | · | 156.7% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $718M | $617M | $537M | $430M | $339M |
| Operating Margin % | 47.4% | 49.0% | 47.3% | 50.7% | 56.1% |
| Net Income | $204M | $189M | $170M | $152M | $122M |
| Diluted EPS | $1.77 | $1.78 | $1.70 | $1.83 | $1.78 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $-443M | $-808M | $-1.24B | $-1.14B |
Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 536 filers · $6.4B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 55 (-12 vs prior Q) | 46 (+4 vs prior Q) | 195 (-7 vs prior Q) | 144 (+1 vs prior Q) | +19.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $801,973,823 | 10,588,511 | 12.45% | Shares |
| STATE STREET CORP | $445,281,468 | 5,858,959 | 6.91% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $409,385,607 | 5,405,144 | 6.36% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $269,438,006 | 3,557,407 | 4.18% | Shares |
| TWO SIGMA INVESTMENTS, LP | $267,745,293 | 3,535,058 | 4.16% | Shares |
| Daiwa Securities Group Inc. | $202,008,275 | 2,667,128 | 3.14% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $174,131,766 | 2,298,508 | 2.70% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $166,365,334 | 2,196,532 | 2.58% | Shares |
| TWO SIGMA ADVISERS, LP | $162,664,413 | 2,258,287 | 2.53% | Shares |
| Zimmer Partners, LP | $139,611,542 | 1,843,300 | 2.17% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $126,713,853 | 1,673,011 | 1.97% | Shares |
| MILLENNIUM MANAGEMENT LLC | $119,867,866 | 1,582,623 | 1.86% | Shares |
| NORGES BANK | $117,492,281 | 1,551,258 | 1.82% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $114,987,000 | 1,518,183 | 1.79% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $92,533,073 | 1,221,720 | 1.44% | Shares |
| BANK OF AMERICA CORP /DE/ | $75,393,793 | 995,429 | 1.17% | Shares |
| BlackRock, Inc. | $71,892,938 | 949,207 | 1.12% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $71,423,199 | 943,005 | 1.11% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $71,257,404 | 940,816 | 1.11% | Shares |
| GOLDMAN SACHS GROUP INC | $70,569,079 | 931,728 | 1.10% | Shares |
| LASALLE INVESTMENT MANAGEMENT SECURITIES LLC | $69,302,403 | 915,004 | 1.08% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $69,302,100 | 915,000 | 1.08% | Shares |
| RUSH ISLAND MANAGEMENT, LP | $66,183,808 | 873,829 | 1.03% | Shares |
| JANUS HENDERSON GROUP PLC | $62,975,141 | 835,503 | 0.98% | Shares |
| CINCINNATI INSURANCE CO | $59,796,730 | 789,500 | 0.93% | Shares |
| Holocene Advisors, LP | $59,795,745 | 789,487 | 0.93% | Shares |
| Bahl & Gaynor LLC | $59,400,231 | 784,265 | 0.92% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $57,601,709 | 760,519 | 0.89% | Shares |
| Qube Research & Technologies Ltd | $56,271,866 | 742,961 | 0.87% | Shares |
| TUDOR INVESTMENT CORP ET AL | $55,023,444 | 726,478 | 0.85% | Shares |
| AMERICAN CENTURY COMPANIES INC | $48,579,299 | 641,393 | 0.75% | Shares |
| Heitman Real Estate Securities LLC | $43,779,538 | 578,024 | 0.68% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $41,710,472 | 550,706 | 0.65% | Shares |
| CITADEL ADVISORS LLC | $40,853,020 | 539,385 | 0.63% | Shares |
| Jefferies Financial Group Inc. | $39,665,038 | 523,700 | 0.62% | Shares |
| Bank of New York Mellon Corp | $36,553,715 | 482,621 | 0.57% | Shares |
| Balyasny Asset Management L.P. | $33,992,566 | 448,806 | 0.53% | Shares |
| Nuveen Asset Management, LLC | $33,487,280 | 475,334 | 0.52% | Shares |
| Adelante Capital Management LLC | $32,583,857 | 430,209 | 0.51% | Shares |
| Alyeska Investment Group, L.P. | $30,945,168 | 408,571 | 0.48% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $30,796,490 | 406,608 | 0.48% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $30,037,577 | 396,588 | 0.47% | Shares |
| Leeward Investments, LLC - MA | $28,795,689 | 380,191 | 0.45% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $28,567,765 | 377,182 | 0.44% | Shares |
| D. E. Shaw & Co., Inc. | $28,033,798 | 370,132 | 0.44% | Shares |
| RAYMOND JAMES FINANCIAL INC | $27,870,388 | 367,974 | 0.43% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $27,806,256 | 367,137 | 0.43% | Shares |
| Nuveen, LLC | $27,495,741 | 363,028 | 0.43% | Shares |
| Lighthouse Investment Partners, LLC | $27,031,303 | 356,896 | 0.42% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $25,866,939 | 337,411 | 0.40% | Shares |
| RHUMBLINE ADVISERS | $25,797,744 | 340,610 | 0.40% | Shares |
| MORGAN STANLEY | $25,782,923 | 340,413 | 0.40% | Shares |
| Sophron Capital Management L.P. | $25,076,529 | 331,087 | 0.39% | Shares |
| Apollo Management Holdings, L.P. | $23,919,449 | 315,810 | 0.37% | Shares |
| APG Asset Management US Inc. | $23,083,625 | 302,617 | 0.36% | Shares |
| State of New Jersey Common Pension Fund D | $22,807,738 | 301,132 | 0.35% | Shares |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $22,335,726 | 294,900 | 0.35% | Shares |
| Cubist Systematic Strategies, LLC | $20,964,939 | 295,115 | 0.33% | Shares |
| Gotham Asset Management, LLC | $20,825,546 | 274,961 | 0.32% | Shares |
| NEUBERGER BERMAN GROUP LLC | $20,360,205 | 268,817 | 0.32% | Shares |
| Impax Asset Management Group plc | $19,692,400 | 260,000 | 0.31% | Shares |
| Point72 Asset Management, L.P. | $19,677,025 | 259,797 | 0.31% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $19,652,939 | 259,479 | 0.31% | Shares |
| LOOMIS SAYLES & CO L P | $18,974,294 | 250,519 | 0.29% | Shares |
| AMERIPRISE FINANCIAL INC | $18,815,220 | 248,389 | 0.29% | Shares |
| Swiss National Bank | $18,251,977 | 240,982 | 0.28% | Shares |
| California Public Employees Retirement System | $17,551,685 | 231,736 | 0.27% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $15,901,916 | 209,954 | 0.25% | Shares |
| Vision Capital Corp | $15,852,382 | 209,300 | 0.25% | Shares |
| DEUTSCHE BANK AG\ | $15,837,158 | 209,099 | 0.25% | Shares |
| BARCLAYS PLC | $15,343,259 | 202,578 | 0.24% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $14,905,632 | 196,800 | 0.23% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $14,743,548 | 194,660 | 0.23% | Shares |
| Asset Management One Co., Ltd. | $14,682,290 | 194,777 | 0.23% | Shares |
| Susquehanna Portfolio Strategies, LLC | $14,582,752 | 192,537 | 0.23% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $13,977,438 | 184,545 | 0.22% | Shares |
| Schonfeld Strategic Advisors LLC | $13,952,897 | 184,221 | 0.22% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $13,614,416 | 179,752 | 0.21% | Shares |
| ALLIANCEBERNSTEIN L.P. | $12,484,662 | 165,623 | 0.19% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $12,437,996 | 172,678 | 0.19% | Shares |
| Freestone Grove Partners LP | $12,217,089 | 161,303 | 0.19% | Shares |
| Aristotle Capital Boston, LLC | $11,997,267 | 158,400 | 0.19% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $11,995,789 | 158,336 | 0.19% | Shares |
| LMCG INVESTMENTS, LLC | $11,515,888 | 152,045 | 0.18% | Shares |
| Hudson Bay Capital Management LP | $11,361,000 | 150,000 | 0.18% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $10,567,447 | 140,189 | 0.16% | Shares |
| CITADEL ADVISORS LLC | $10,383,954 | 137,100 | 0.16% | Call option |
| Uniplan Investment Counsel, Inc. | $10,354,657 | 136,713 | 0.16% | Shares |
| PRUDENTIAL FINANCIAL INC | $10,190,060 | 134,540 | 0.16% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $9,749,934 | 128,729 | 0.15% | Shares |
| Caisse de depot et placement du Quebec | $9,427,509 | 124,472 | 0.15% | Shares |
| Retirement Systems of Alabama | $9,393,881 | 124,028 | 0.15% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $8,859,838 | 116,977 | 0.14% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $8,777,433 | 115,889 | 0.14% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $8,570,208 | 113,153 | 0.13% | Shares |
| IBEX WEALTH ADVISORS | $8,552,729 | 112,922 | 0.13% | Shares |
| AXA Investment Managers S.A. | $8,288,592 | 116,675 | 0.13% | Shares |
| Vanguard Investments Australia, Ltd. | $8,093,955 | 106,865 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $8,073,884 | 106,600 | 0.13% | Put option |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $7,963,304 | 105,140 | 0.12% | Shares |
Company insiders 20 insiders · 11 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Brian Robert Dickman | CFO | Jan. 21, 2015 A | 16,497 | 0 | 0 | $0 |
| Alan David Maximiuk | CFO | Jan. 10, 2014 A | 16,500 | 0 | 0 | $0 |
| Kenneth R Howe | Chief Financial Officer | Jan. 8, 2010 A | 78,950 | 0 | 0 | $0 |
| Richard Agree | EXECUTIVE CHAIRMAN OF BOARD | June 4, 2026 P | 90,512 | 2 | 0 | $2,053,130 |
| Laith Hermiz | EVP | March 19, 2015 S | 26,873 | 0 | 0 | $0 |
| Hedley Williams | Chief Investment Officer | Jan. 9, 2012 A | 5,000 | 0 | 0 | $0 |
| Michael James Fitzgerald | VP | Jan. 7, 2011 A | 10,000 | 0 | 0 | $0 |
| David J Prueter | Senior Vice President | Jan. 8, 2010 A | 87,720 | 0 | 0 | $0 |
| Patrick Timothy O'Leary | Vice President | May 11, 2009 A | 6,500 | 0 | 0 | $0 |
| Vicky K Umphryes | Vice President | Jan. 14, 2008 A | 8,000 | 0 | 0 | $0 |
| Nicholas S Coburn | Vice President | Jan. 4, 2005 A | 28,255 | 0 | 0 | $0 |
| Merrie S. Frankel | Director | Oct. 1, 2016 A | 152 | 0 | 0 | $0 |
| William S. Rubenfaer | Director | June 3, 2015 P | 12,000 | 0 | 0 | $0 |
| John Rakolta JR | Director | Nov. 21, 2013 P | 145,571 | 0 | 0 | $0 |
| Leon M Schurgin | Director | Nov. 19, 2008 A | 5,150 | 0 | 0 | $0 |
| Gene Silverman | Director | July 26, 2007 P | 23,200 | 0 | 0 | $0 |
| Jerome R Rossi | — | May 14, 2026 A | 12,351 | 0 | 0 | $0 |
| Karen Dearing | — | May 14, 2026 A | 15,616 | 0 | 0 | $0 |
| Joey Agree | — | May 14, 2026 P | 675,105 | 2 | 0 | $1,251,759 |
| Bruce J Schaefer | — | Jan. 4, 2005 A | 25,675 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Inland American Real Estate Trust, Inc., Inland Investment Advisors, Inc., Inland Real Estate Investment Corporation, The Inland Group, Inc., Daniel L. Goodwin ×2 filings | June 8, 2009 | — | Initial filing | — | SEC |
| Inland American Real Estate Trust, Inc. (I.R.S. Employer Identification No., Inland Investment Advisors, Inc. ×2 filings | Jan. 7, 2008 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | June 22, 2006 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 98 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| NETL · ETF Series Solutions | 7.47% | 49,503 NS | May 31, 2026 | N-PORT |
| LPRE · Exchange Listed Funds Trust | 4.49% | 94,772 NS | May 31, 2026 | N-PORT |
| TMFS · RBB Fund, Inc. | 2.99% | 23,846 NS | May 31, 2026 | N-PORT |
| JRE · Janus Detroit Street Trust | 2.72% | 1,414 NS | April 30, 2026 | N-PORT |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.53% | 151,719 | Aug. 8, 2026 | Daily |
| HSMV · First Trust Exchange-Traded Fund III | 1.41% | 5,562 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 1.38% | 52,521 SH | Aug. 8, 2026 | Daily |
| BLDG · Cambria ETF Trust | 1.26% | 8,368 NS | April 30, 2026 | N-PORT |
| JPRE · J.P. Morgan Exchange-Traded Fund Tr… | 1.10% | 70,372 NS | May 31, 2026 | N-PORT |
| OSCV · ETF Series Solutions | 1.05% | 92,728 NS | April 30, 2026 | N-PORT |
| VRAI · ETFis Series Trust I | 1.04% | 2,486 NS | April 30, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 0.83% | 2,748 NS | May 31, 2026 | N-PORT |
| USRT · iShares Trust | 0.73% | 444,542 SH | Aug. 8, 2026 | Daily |
| DFAR · Dimensional ETF Trust | 0.72% | 157,502 NS | April 30, 2026 | N-PORT |
| IYR · iShares Trust | 0.66% | 393,896 SH | Aug. 8, 2026 | Daily |
| SCHH · SCHWAB STRATEGIC TRUST | 0.63% | 847,742 NS | May 31, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.61% | 100,788 NS | May 31, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.55% | 103,832 NS | April 30, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 0.55% | 30,172 SH | Aug. 8, 2026 | Daily |
| REET · iShares Trust | 0.49% | 323,425 SH | Aug. 8, 2026 | Daily |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.48% | 52,913 NS | May 31, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.48% | 4,571,059 SH | Aug. 8, 2026 | Daily |
| DFGR · Dimensional ETF Trust | 0.46% | 210,642 NS | April 30, 2026 | N-PORT |
| ERET · iShares Trust | 0.37% | 681 SH | Aug. 8, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.29% | 56,634 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.29% | 16,191 SH | Aug. 8, 2026 | Daily |
| IJJ · iShares Trust | 0.29% | 335,488 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.27% | 13,747 NS | April 30, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.27% | 15,643 | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.25% | 4,137,674 SH | Aug. 8, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.25% | 193,887 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.22% | 17,907 NS | April 30, 2026 | N-PORT |
| IJK · iShares Trust | 0.22% | 315,991 SH | Aug. 8, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.21% | 53,246 SH | Aug. 8, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.20% | 60,817 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.19% | 4,141 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.19% | 1,748,758 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.19% | 576,574 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.18% | 1,985 NS | April 30, 2026 | N-PORT |
| CAPE · DoubleLine ETF Trust | 0.17% | 5,948 NS | March 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.17% | 43,870 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.17% | 324,627 NS | May 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 8,943 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.15% | 14,151 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.14% | 15,888 | Aug. 8, 2026 | Daily |
| FDLO · FIDELITY COVINGTON TRUST | 0.14% | 25,935 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.14% | 5,276 SH | Aug. 8, 2026 | Daily |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.14% | 9,097 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.13% | 17,574 SH | Aug. 8, 2026 | Daily |
| UMDD · ProShares Trust | 0.13% | 578 NS | May 31, 2026 | N-PORT |