AKR Acadia Realty Trust Common Stock
$21.17
Price · Aug 19, 2026
Fundamentals as of Jul 29, 2026
52W Range
$19–$23
58% of range
Analyst Rating
STRONG BUY
12 analysts
Price Target
$25
+17% upside
P/E (TTM)
215.7
ROE
0.79%
Net Profit Margin
4.1%
About Acadia Realty Trust Common Stock Company overview from Wikipedia
AKR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$21.17
Market Cap
$2.83B
P/E (TTM)
215.7
EPS (TTM)
$0.10
Revenue (TTM)
$411M
Div Yield
3.6%
ROE
0.79%
Debt/Equity
—
52W Range
$19 – $23
AKR 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
$411M
2023-12-31
→
2025-12-31
EPS
$0.10
2023-12-31
→
2025-12-31
Free Cash Flow
—
Margins
4.1%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
AKR
Peer Median
P/E (TTM)
215.7
31.6
P/S (TTM)
6.9
8.4
P/B
1.3
1.6
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
AKR
Peer Median
Operating Margin
12.0%
—
Net Profit Margin
4.1%
21.5%
ROA
0.37%
3.6%
ROE
0.79%
7.3%
ROIC
2.2%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
AKR
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
AKR
Peer Median
Revenue YoY
14.2%
—
Revenue CAGR 3Y
8.0%
—
Revenue CAGR 5Y
10.4%
—
EPS YoY
-47.4%
—
Net Income YoY
-22.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
AKR
Peer Median
Payout Ratio
599.8%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
3.6%
Payout Ratio
599.8%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 30, 2026 | $0.2000 |
| March 31, 2026 | $0.2000 |
| Dec. 31, 2025 | $0.2000 |
| Sept. 30, 2025 | $0.2000 |
| June 30, 2025 | $0.2000 |
| March 31, 2025 | $0.2000 |
| Dec. 31, 2024 | $0.1900 |
| Sept. 30, 2024 | $0.1900 |
| June 28, 2024 | $0.1800 |
| March 27, 2024 | $0.1800 |
| Dec. 28, 2023 | $0.1800 |
| Sept. 28, 2023 | $0.1800 |
| June 29, 2023 | $0.1800 |
| March 30, 2023 | $0.1800 |
| Dec. 29, 2022 | $0.1800 |
| Sept. 29, 2022 | $0.1800 |
| June 29, 2022 | $0.1800 |
| March 30, 2022 | $0.1800 |
| Dec. 30, 2021 | $0.1500 |
| Sept. 29, 2021 | $0.1500 |
AKR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 6 50.0%
- Buy 3 25.0%
- Hold 3 25.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-16
Median
$25.00
Mean
$24.71
← Below all targets
$21.17
Low
$23.00
High
$26.00
Median target
$25.00
+18.1%
Mean target
$24.71
+16.7%
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 | $0.05 | $0.05 | -0.00% |
| March 31, 2026 | $0.22 | $0.05 | 0.17% |
| Dec. 31, 2025 | $0.04 | $0.09 | -0.05% |
| Sept. 30, 2025 | $0.03 | $0.09 | -0.06% |
| June 30, 2025 | $0.01 | $0.09 | -0.08% |
| March 31, 2025 | $0.01 | $0.07 | -0.06% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AKR | $2.69B | 205.4 | 14.2% | 4.1% | 0.79% | — |
| 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% | — |
| SKT | — | 35.9 | — | — | — | — |
| CURB | $2.45B | 62.7 | 51.3% | 21.8% | 2.1% | — |
| UE | $2.42B | 25.9 | 6.1% | 19.8% | 6.8% | — |
| IVT | $2.19B | 19.9 | 9.2% | 37.2% | 6.2% | — |
| NTST | $1.64B | 220.5 | 19.8% | 3.6% | 0.50% | — |
| GTY | $1.64B | 20.3 | 9.0% | 35.7% | 7.7% | — |
| CBL | $1.12B | 8.5 | 12.2% | 23.5% | 38.9% | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $411M | $360M | $339M | $326M | $292M | $251M | $290M | $260M | $249M | $190M | |
| SG&A Expense | $46M | $41M | $41M | $44M | $40M | $36M | $34M | $34M | $34M | $41M | |
| Operating Expenses | $364M | $293M | $290M | $315M | $272M | $367M | $247M | $232M | $231M | $168M | |
| Operating Income | $49M | $66M | $49M | $68M | $31M | $-115M | $73M | $33M | $66M | $22M | |
| Interest Income | $24M | $25M | $20M | $15M | $9M | $9M | $8M | $13M | $29M | $26M | |
| Other Non-op | · | · | · | · | · | · | · | · | · | $0 | |
| Pretax Income | $-40M | $8M | $-1M | $-65M | $26M | $-65M | $25M | $-15M | $65M | $53M | |
| Income Tax | $412.0K | $212.0K | $301.0K | $12.0K | $93.0K | $269.0K | $1M | $934.0K | $1M | $-105.0K | |
| Net Income | $17M | $22M | $20M | $-65M | $26M | $-66M | $23M | $-16M | $64M | $135M | |
| EPS (Basic) | $0.10 | $0.19 | $0.20 | $-0.38 | $0.26 | $-0.11 | · | · | · | $0.94 | |
| EPS (Diluted) | $0.10 | $0.19 | $0.20 | $-0.40 | $0.26 | $-0.11 | · | · | · | · | |
| Shares (Diluted) | 128,663,000 | 108,258,000 | 95,284,000 | 94,643,000 | 87,654,000 | 86,441,922 | 84,435,826 | 82,080,159 | 83,685,471 | 76,243,550 | |
| EBITDA | $207M | $205M | $185M | $204M | $154M | $34M | $198M | $145M | $122M | $92M |
Balance Sheet 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $39M | $17M | $17M | $17M | $18M | $19M | $14M | $20M | $75M | $72M | |
| Intangibles | $128M | $87M | $101M | $102M | $109M | $100M | $117M | $116M | $128M | $115M | |
| Total Assets | $4.84B | $4.37B | $4.29B | $4.30B | $4.26B | $4.13B | $4.25B | $3.96B | $3.96B | $4.00B | |
| Total Liabilities | $2.21B | $1.84B | $2.16B | $2.05B | $2.11B | $2.08B | $2.12B | $1.88B | $1.74B | $1.82B | |
| Long-term Debt | $1.86B | $1.54B | $1.87B | $1.79B | $1.81B | $1.71B | $1.71B | $1.55B | $1.42B | $1.49B | |
| Common Stock | $131.0K | $120.0K | $95.0K | $95.0K | $89.0K | $86.0K | $87.0K | $82.0K | $84.0K | $84.0K | |
| Retained Earnings | $-501M | $-409M | $-349M | $-300M | $-197M | $-167M | $-133M | $-90M | $-32M | $-6M | |
| AOCI | $16M | $39M | $32M | $47M | $-36M | $-75M | $-31M | $516.0K | $3M | $-798.0K | |
| Stockholders' Equity | $2.23B | $2.07B | $1.64B | $1.69B | $1.52B | $1.44B | $1.54B | $1.46B | $1.57B | $1.59B | |
| Liabilities + Equity | $4.84B | $4.37B | $4.29B | $4.30B | $4.26B | $4.13B | $4.31B | $3.96B | $3.96B | $4.00B | |
| Shares Outstanding | 131,036,560 | 119,658,000 | 95,362,000 | 95,121,000 | 89,304,000 | 86,269,000 | 87,050 | 81,557,000 | 83,708,000 | 83,598,000 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $157M | $139M | $136M | $136M | $123M | $147M | $123M | $118M | $105M | $70M | |
| Stock-based Comp | $12M | $13M | $13M | $11M | $12M | $11M | $10M | $13M | $11M | $14M | |
| Other Non-cash | $-19M | $-19M | $9M | $51M | $-57M | $8M | $-30M | $-19M | $-61M | $-45M | |
| Operating Cash Flow | $167M | $140M | $156M | $133M | $105M | $104M | $131M | $96M | $115M | $110M | |
| Investing Cash Flow | $-450M | $-171M | $-209M | $-124M | $-199M | $-101M | $-411M | $-137M | $4M | $-614M | |
| Stock Issued | $278M | $460M | $0 | $119M | $64M | $-22M | $145M | $-55M | · | · | |
| Stock Repurchased | · | · | · | · | · | · | · | $55M | · | · | |
| Net Stock Activity | $278M | $460M | $0 | $119M | $64M | $-22M | $145M | · | · | · | |
| Dividends Paid | $101M | $76M | $69M | $65M | $39M | $50M | $94M | $89M | $100M | $91M | |
| Financing Cash Flow | $301M | $45M | $46M | $-4M | $91M | $-1M | $274M | $-10M | $-128M | $488M | |
| Net Change in Cash | · | · | · | · | · | · | · | · | $3M | $-971.0K | |
| Taxes Paid | $414.0K | $212.0K | $301.0K | $11.0K | $147.0K | $-329.0K | $730.0K | $1M | $875.0K | $2M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 12.0% | · | 14.5% | 20.9% | 10.5% | -45.2% | 24.6% | 10.5% | · | · | |
| Net Margin | 4.1% | · | -0.52% | -20.0% | 8.9% | -25.9% | 7.2% | -6.0% | · | · | |
| Pretax Margin | -9.6% | · | -0.43% | -20.0% | 8.9% | -25.7% | 7.7% | -7.6% | · | · | |
| EBITDA Margin | 50.4% | · | 54.6% | 62.6% | 52.7% | 13.5% | 67.1% | 55.3% | · | · | |
| ROA | 0.37% | 0.19% | -0.04% | -1.5% | 0.62% | -1.6% | 0.49% | -0.40% | 1.6% | 2.1% | |
| ROE | 0.79% | 0.44% | -0.11% | -4.1% | 1.8% | -4.4% | 1.4% | -1.0% | 4.1% | 5.4% | |
| ROIC | 2.2% | 3.1% | 3.6% | 4.0% | 2.0% | -8.0% | 4.4% | 2.0% | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | · | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | · |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 14.2% | 6.2% | 3.8% | 11.6% | 16.6% | · | · | · | · | · | |
| Revenue CAGR 3Y | 8.0% | 7.1% | 10.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.4% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -47.4% | -5.0% | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | -9.9% | · | · | · | · | · | · | · | · | |
| Net Income YoY | -22.0% | 8.9% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | -6.0% | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 15.1% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $411M | $360M | $339M | $326M | $292M | $251M | $290M | $260M | $249M | $190M | |
| Net Income TTM | $17M | $22M | $20M | $-65M | $26M | $-66M | $23M | $-16M | $64M | $135M | |
| Market Cap | $2.69B | $2.89B | $1.62B | $1.36B | $1.95B | $1.22B | $2.26B | $1.94B | $2.29B | $2.73B | |
| P/E | 205.4 | 127.2 | 85.0 | -35.9 | 84.0 | -129.0 | 41.8 | 62.5 | 38.0 | 34.0 | |
| P/S | 6.6 | 8.0 | 4.8 | 4.2 | 6.7 | 4.9 | 7.8 | 7.5 | 9.2 | 14.4 | |
| P/B | 1.2 | 1.4 | 1.0 | 0.8 | 1.3 | 0.8 | 1.5 | 1.3 | 1.5 | 1.7 | |
| P / Tangible Book | 1.3 | 1.5 | 1.1 | 0.9 | 1.4 | 0.9 | · | · | · | · | |
| P / Cash Flow | 16.1 | 20.6 | 10.4 | 10.2 | 18.6 | 11.9 | 17.7 | 20.2 | 19.1 | 24.4 | |
| Dividend Yield | 3.8% | 2.6% | 4.2% | 4.7% | 2.0% | 4.1% | 4.2% | 4.6% | 4.3% | 3.3% | |
| Earnings Yield | 0.49% | 0.79% | 1.2% | -2.8% | 1.2% | -0.78% | 2.4% | 1.6% | 2.6% | 2.9% | |
| Payout Ratio | 599.8% | 937.7% | -3920.4% | -99.0% | 151.7% | -76.0% | 442.8% | -566.2% | 154.8% | 125.5% | |
| Annual Payout | $101M | $76M | $69M | $65M | $39M | $50M | $94M | $89M | $100M | $91M |
Income Statement 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $95M | $103M | · | · | $101M | $104M | $93M | $88M | $87M | $91M | $86M | $81M | $90M | $82M | · | $80M | |
| SG&A Expense | $12M | $15M | $12M | $11M | $12M | $12M | $10M | $10M | $10M | $10M | $11M | $10M | $11M | $10M | $11M | $10M | |
| Operating Expenses | $77M | $87M | $84M | $91M | $100M | $89M | $77M | $70M | $70M | $76M | $75M | $75M | $70M | $70M | $71M | $103M | |
| Operating Income | $23M | $159M | $21M | $13M | $760.0K | $15M | $16M | $17M | $18M | $14M | $11M | $7M | $20M | $12M | $16M | $-14M | |
| Interest Income | $7M | $5M | $5M | $6M | $6M | $6M | $7M | $8M | $5M | $5M | · | · | · | · | · | · | |
| Pretax Income | $23M | $139M | $4M | $-11M | $-21M | $-12M | $1M | $12M | $2M | $-7M | $-10M | $-16M | $3M | $22M | $-4M | $-90M | |
| Income Tax | $154.0K | $12.0K | $83.0K | $2.0K | $211.0K | $116.0K | $11.0K | $15.0K | $155.0K | $31.0K | $53.0K | $-40.0K | $165.0K | $123.0K | $5.0K | $-17.0K | |
| Net Income | $23M | $139M | $60M | $-11M | $-21M | $-12M | $15M | $12M | $2M | $-7M | $11M | $-16M | $3M | $22M | $-4M | $-90M | |
| EPS (Basic) | $0.05 | $0.22 | $0.05 | $0.03 | $0.01 | $0.01 | $0.08 | $0.07 | $0.01 | $0.03 | $-0.01 | $-0.02 | $0.09 | $0.14 | $0.03 | $-0.59 | |
| EPS (Diluted) | $0.05 | $0.22 | $0.05 | $0.03 | $0.01 | $0.01 | $0.08 | $0.07 | $0.01 | $0.03 | $-0.01 | $-0.02 | $0.09 | $0.14 | $0.03 | $-0.61 | |
| Shares (Diluted) | 133,825,000 | 131,332,000 | -254,669,000 | 131,022,000 | 130,981,000 | 121,329,000 | -205,813,000 | 108,351,000 | 103,592,000 | 102,128,000 | -190,485,000 | 95,320,000 | 95,260,000 | 95,189,000 | -188,888,100 | 95,251,000 | |
| EBITDA | $23M | $199M | · | $13M | $760.0K | $55M | · | $17M | $18M | $49M | · | $7M | $20M | $45M | · | $-14M |
Balance Sheet 11
| 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 | $33M | $31M | $39M | $49M | $43M | $32M | $17M | $46M | $32M | $19M | $17M | $19M | $17M | $17M | $17M | $18M | |
| Intangibles | $100M | $97M | $128M | $138M | $132M | $123M | $87M | $84M | $86M | $94M | · | $90M | $86M | $95M | · | $111M | |
| Total Assets | $4.62B | $4.53B | $4.84B | $4.88B | $4.88B | $4.74B | $4.37B | $4.28B | $4.25B | $4.27B | $4.29B | $4.28B | $4.20B | $4.19B | $4.30B | $4.36B | |
| Total Liabilities | $1.94B | $1.89B | $2.21B | $2.21B | $2.15B | $1.95B | $1.84B | $1.87B | $1.97B | $2.00B | · | $2.10B | $2.01B | $2.00B | · | $2.08B | |
| Long-term Debt | $1.64B | $1.60B | $1.86B | $1.86B | $1.80B | $1.63B | $1.54B | $1.58B | $1.70B | $1.72B | · | $1.82B | $1.76B | $1.75B | · | $1.82B | |
| Common Stock | $137.0K | $134.0K | $131.0K | $131.0K | $131.0K | $131.0K | $120.0K | $114.0K | $105.0K | $103.0K | · | $95.0K | $95.0K | $95.0K | · | $95.0K | |
| Retained Earnings | $-519M | $-499M | $-501M | $-480M | $-458M | $-434M | $-409M | $-395M | $-382M | $-364M | · | $-331M | $-312M | $-304M | · | $-287M | |
| AOCI | $26M | $20M | $16M | $17M | $20M | $27M | $39M | $17M | $48M | $47M | · | $66M | $50M | $30M | · | $50M | |
| Stockholders' Equity | $2.34B | $2.28B | $2.23B | $2.25B | $2.27B | $2.30B | $2.07B | $1.93B | $1.78B | $1.76B | · | $1.69B | $1.69B | $1.67B | · | $1.70B | |
| Liabilities + Equity | $4.62B | $4.53B | $4.84B | $4.88B | $4.88B | $4.74B | $4.37B | $4.28B | $4.25B | $4.27B | · | $4.28B | $4.20B | $4.19B | · | $4.36B | |
| Shares Outstanding | 137,329,896 | 133,513,864 | 131,036,560 | 131,031,455 | 131,010,546 | 130,955,940 | 119,657,594 | 113,902,348 | 105,266,580 | 103,155,933 | 95,362,000 | 95,310,104 | 95,296,799 | 95,207,514 | 95,121,000 | 94,951,297 |
Cash Flow 11
| 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 | $35M | $40M | $40M | $39M | $39M | $39M | $35M | $34M | $34M | $35M | $35M | $34M | $34M | $33M | $33M | $34M | |
| Stock-based Comp | $3M | $6M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $3M | $3M | $3M | $5M | $3M | $2M | |
| Amort. of Intangibles | $10M | $10M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $-154M | · | · | · | $-4M | · | · | · | $-6M | · | · | · | $-628.0K | · | · | |
| Operating Cash Flow | $58M | $31M | $42M | $34M | $65M | $26M | $38M | $45M | $32M | $26M | $41M | $26M | $30M | $59M | $33M | $36M | |
| Investing Cash Flow | $-99M | $368M | $-20M | $-36M | $-199M | $-196M | $-121M | $-70M | $24M | $-4M | $-118M | $-63M | $-23M | $-4M | $21M | $-3M | |
| Stock Issued | $71M | $56M | $-13.0K | $0 | $0 | $278M | $131M | $187M | $28M | $114M | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | $56M | · | · | · | $278M | · | · | · | $114M | · | · | · | $0 | · | · | |
| Dividends Paid | $27M | $26M | $26M | $26M | $26M | $23M | $22M | $19M | $19M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | |
| Financing Cash Flow | $42M | $-407M | $-40M | $9M | $145M | $187M | $53M | $40M | $-28M | $-21M | $76M | $35M | $-9M | $-57M | $-52M | $-37M | |
| Taxes Paid | $153.0K | $10.0K | $84.0K | $0 | $214.0K | $116.0K | $10.0K | $15.0K | $156.0K | $31.0K | $53.0K | $125.0K | $0 | $123.0K | $5.0K | $-177.0K |
Profitability 7
| 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 | 23.8% | 153.9% | · | · | · | · | · | 19.9% | 20.4% | 15.3% | · | 8.2% | 21.9% | 14.8% | · | -17.4% | |
| Net Margin | 23.9% | 135.1% | · | · | · | · | · | 14.0% | 1.8% | -7.5% | · | -20.0% | 3.1% | 26.9% | · | -112.0% | |
| Pretax Margin | 24.1% | 135.1% | · | · | · | · | · | 14.0% | 2.0% | -7.5% | · | -20.0% | 3.2% | 27.0% | · | -112.0% | |
| EBITDA Margin | 23.8% | 192.9% | · | · | · | · | · | 19.9% | 20.4% | 53.6% | · | 8.2% | 21.9% | 55.3% | · | -17.4% | |
| ROA | 0.48% | 3.0% | · | -0.24% | -0.46% | -0.26% | · | 0.29% | 0.04% | -0.16% | · | -0.38% | 0.06% | 0.51% | · | -2.1% | |
| ROE | 0.99% | 6.1% | · | -0.53% | -1.0% | -0.57% | · | 0.68% | 0.09% | -0.40% | · | -0.96% | 0.16% | 1.3% | · | -5.6% | |
| ROIC | 0.96% | 7.0% | · | 0.56% | 0.03% | 0.67% | · | 0.91% | 0.91% | 0.80% | · | 0.40% | 1.1% | 0.72% | · | -0.82% |
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 |
Valuation (TTM) 10
| 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 | · | · | · | $348M | $348M | $348M | · | $348M | $350M | $345M | · | $333M | $336M | $328M | · | $318M | |
| Net Income TTM | $130M | $96M | · | $-31M | $-19M | $-5M | · | $-9M | $-19M | $2M | · | $-81M | $-81M | $-39M | · | $-30M | |
| Market Cap | $2.87B | $2.55B | · | $2.64B | $2.43B | $2.74B | · | $2.67B | $1.89B | $1.75B | · | $1.37B | $1.37B | $1.33B | · | $1.20B | |
| P/E | 67.5 | 70.8 | · | 167.9 | 185.7 | 174.6 | · | 260.9 | 162.9 | 70.9 | · | -35.9 | -37.9 | -48.1 | · | -42.1 | |
| P/S | · | · | · | 7.6 | 7.0 | 7.9 | · | 7.7 | 5.4 | 5.1 | · | 4.1 | 4.1 | 4.1 | · | 3.8 | |
| P/B | 1.2 | 1.1 | · | 1.2 | 1.1 | 1.2 | · | 1.4 | 1.1 | 1.0 | · | 0.8 | 0.8 | 0.8 | · | 0.7 | |
| P / Tangible Book | 1.3 | 1.2 | · | 1.3 | 1.1 | 1.3 | · | 1.5 | 1.1 | 1.1 | · | 0.9 | 0.9 | 0.8 | · | 0.8 | |
| P / Cash Flow | · | 81.4 | · | · | · | 106.0 | · | · | · | 67.5 | · | · | · | 22.3 | · | · | |
| Earnings Yield | 1.5% | 1.4% | · | 0.60% | 0.54% | 0.57% | · | 0.38% | 0.61% | 1.4% | · | -2.8% | -2.6% | -2.1% | · | -2.4% | |
| Payout Ratio | · | 18.8% | · | · | · | -195.0% | · | · | · | -250.3% | · | · | · | 77.8% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $411M | — | — | $360M | — |
| Operating Margin % | 12.0% | — | — | — | — |
| Net Income | $17M | — | — | $22M | — |
| Diluted EPS | $0.10 | — | — | $0.19 | — |
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Institutional owners (13F) 265 filers · $1.6B 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 |
|---|---|---|---|---|
| 47 (+6 vs prior Q) | 22 (-4 vs prior Q) | 98 (+24 vs prior Q) | 60 (-14 vs prior Q) | +32.2M |
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 | $281,766,390 | 13,475,198 | 17.10% | Shares |
| FMR LLC | $272,724,593 | 13,042,783 | 16.56% | Shares |
| STATE STREET CORP | $159,373,776 | 7,550,636 | 9.67% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $125,428,781 | 5,998,507 | 7.61% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $77,264,123 | 3,695,080 | 4.69% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $68,101,731 | 3,256,173 | 4.13% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $54,164,365 | 2,590,357 | 3.29% | Shares |
| ALLIANCEBERNSTEIN L.P. | $45,294,764 | 2,368,973 | 2.75% | Shares |
| Hudson Bay Capital Management LP | $37,101,303 | 1,774,333 | 2.25% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $35,772,240 | 1,710,772 | 2.17% | Shares |
| Heitman Real Estate Securities LLC | $33,921,624 | 1,622,268 | 2.06% | Shares |
| Qube Research & Technologies Ltd | $33,040,100 | 1,580,110 | 2.01% | Shares |
| GOLDMAN SACHS GROUP INC | $32,283,995 | 1,543,950 | 1.96% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $29,906,926 | 1,430,269 | 1.82% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $18,486,698 | 884,108 | 1.12% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $17,405,691 | 819,477 | 1.06% | Shares |
| VANGUARD GROUP INC | $17,134,386 | 834,196 | 1.04% | Shares |
| TWO SIGMA INVESTMENTS, LP | $14,292,759 | 683,537 | 0.87% | Shares |
| CITADEL ADVISORS LLC | $13,657,450 | 653,154 | 0.83% | Shares |
| MetLife Investment Management, LLC | $12,427,482 | 594,332 | 0.75% | Shares |
| Public Sector Pension Investment Board | $9,590,581 | 458,660 | 0.58% | Shares |
| TUDOR INVESTMENT CORP ET AL | $9,303,758 | 444,943 | 0.56% | Shares |
| D. E. Shaw & Co., Inc. | $8,661,988 | 414,251 | 0.53% | Shares |
| Fisher Asset Management, LLC | $7,618,348 | 364,340 | 0.46% | Shares |
| Jain Global LLC | $7,533,434 | 360,279 | 0.46% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $7,452,157 | 356,392 | 0.45% | Shares |
| RHUMBLINE ADVISERS | $7,355,989 | 351,794 | 0.45% | Shares |
| State of New Jersey Common Pension Fund D | $6,056,875 | 289,664 | 0.37% | Shares |
| Point72 Asset Management, L.P. | $5,902,726 | 282,292 | 0.36% | Shares |
| CITIGROUP INC | $5,770,115 | 275,950 | 0.35% | Shares |
| Swiss National Bank | $5,501,421 | 263,100 | 0.33% | Shares |
| Susquehanna Portfolio Strategies, LLC | $5,494,500 | 262,769 | 0.33% | Shares |
| AMERIPRISE FINANCIAL INC | $5,411,034 | 258,487 | 0.33% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $5,383,049 | 257,439 | 0.33% | Shares |
| TWO SIGMA ADVISERS, LP | $4,952,194 | 241,100 | 0.30% | Shares |
| SOROS FUND MANAGEMENT LLC | $4,781,072 | 228,650 | 0.29% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $4,519,278 | 216,130 | 0.27% | Shares |
| Legal & General Group Plc | $4,286,633 | 205,004 | 0.26% | Shares |
| BANK OF AMERICA CORP /DE/ | $3,985,508 | 190,603 | 0.24% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $3,847,586 | 184,007 | 0.23% | Shares |
| Asset Management One Co., Ltd. | $3,448,521 | 180,362 | 0.21% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $3,438,629 | 164,449 | 0.21% | Shares |
| ALGERT GLOBAL LLC | $3,413,139 | 163,230 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,363,687 | 160,865 | 0.20% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $3,336,462 | 159,563 | 0.20% | Shares |
| Lighthouse Investment Partners, LLC | $3,261,960 | 156,000 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,243,249 | 169,626 | 0.20% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $3,227,835 | 154,368 | 0.20% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $3,210,814 | 153,554 | 0.19% | Shares |
| Russell Investments Group, Ltd. | $3,205,503 | 153,300 | 0.19% | Shares |
| BlackRock, Inc. | $3,019,132 | 144,387 | 0.18% | Shares |
| Advisors Asset Management, Inc. | $2,978,372 | 123,277 | 0.18% | Shares |
| Jump Financial, LLC | $2,944,358 | 140,811 | 0.18% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $2,911,007 | 139,216 | 0.18% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,875,376 | 137,512 | 0.17% | Shares |
| Odyssean, LLC | $2,814,005 | 134,577 | 0.17% | Shares |
| Quantinno Capital Management LP | $2,658,911 | 127,159 | 0.16% | Shares |
| Allianz Asset Management GmbH | $2,643,798 | 126,437 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,585,041 | 123,627 | 0.16% | Shares |
| ExodusPoint Capital Management, LP | $2,533,435 | 121,159 | 0.15% | Shares |
| Squarepoint Ops LLC | $2,532,013 | 121,091 | 0.15% | Shares |
| Vanguard Investments Australia, Ltd. | $2,515,745 | 120,313 | 0.15% | Shares |
| MARSHALL WACE, LLP | $2,513,131 | 120,188 | 0.15% | Shares |
| WELLS FARGO & COMPANY/MN | $2,489,524 | 119,059 | 0.15% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $2,418,200 | 115,648 | 0.15% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $2,185,053 | 104,498 | 0.13% | Shares |
| Burkehill Global Management, LP | $2,091,000 | 100,000 | 0.13% | Shares |
| Amundi | $1,994,019 | 95,362 | 0.12% | Shares |
| Quantbot Technologies LP | $1,976,852 | 94,541 | 0.12% | Shares |
| Monashee Investment Management LLC | $1,785,400 | 85,385 | 0.11% | Shares |
| AlphaQuest LLC | $1,773,588 | 86,348 | 0.11% | Shares |
| MORGAN STANLEY | $1,636,502 | 78,264 | 0.10% | Shares |
| NORGES BANK | $1,618,434 | 77,400 | 0.10% | Shares |
| Corient Private Wealth LP | $1,546,457 | 73,957 | 0.09% | Shares |
| Illinois Municipal Retirement Fund | $1,491,364 | 71,323 | 0.09% | Shares |
| XTX Topco Ltd | $1,359,464 | 65,015 | 0.08% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $1,347,201 | 64,429 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,315,134 | 62,895 | 0.08% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,312,897 | 62,788 | 0.08% | Shares |
| Resona Asset Management Co.,Ltd. | $1,255,539 | 58,669 | 0.08% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,240,130 | 59,308 | 0.08% | Shares |
| Nebula Research & Development LLC | $1,236,632 | 66,593 | 0.08% | Shares |
| Louisiana State Employees Retirement System | $1,223,235 | 58,500 | 0.07% | Shares |
| JANUS HENDERSON GROUP PLC | $1,220,569 | 63,854 | 0.07% | Shares |
| Aberdeen Group plc | $1,218,447 | 58,271 | 0.07% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $1,206,193 | 57,685 | 0.07% | Shares |
| AMERICAN CENTURY COMPANIES INC | $1,180,244 | 56,444 | 0.07% | Shares |
| Invesco Ltd. | $1,137,441 | 54,397 | 0.07% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $1,134,054 | 54,235 | 0.07% | Shares |
| Daiwa Securities Group Inc. | $1,067,936 | 51,073 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $1,054,993 | 50,454 | 0.06% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,029,755 | 49,247 | 0.06% | Shares |
| EntryPoint Capital, LLC | $975,661 | 46,660 | 0.06% | Shares |
| HSBC HOLDINGS PLC | $970,638 | 46,442 | 0.06% | Shares |
| State of Tennessee, Department of Treasury | $945,237 | 45,205 | 0.06% | Shares |
| MACQUARIE GROUP LTD | $930,349 | 44,493 | 0.06% | Shares |
| Police & Firemen's Retirement System of New Jersey | $842,276 | 40,281 | 0.05% | Shares |
| Y-Intercept (Hong Kong) Ltd | $825,380 | 39,473 | 0.05% | Shares |
| New Age Alpha Advisors, LLC | $802,860 | 38,396 | 0.05% | Shares |
| VAN ECK ASSOCIATES CORP | $793,806 | 37,963 | 0.05% | Shares |
Company insiders 30 insiders · 17 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kenneth F Bernstein | President and CEO | Feb. 18, 2026 A | 375,592 | 0 | 0 | $0 |
| John J. Gottfried | Executive VP and CFO | Feb. 18, 2026 A | 7,600 | 0 | 0 | $0 |
| Michael L Nelsen | Chief Financial Officer | March 8, 2006 S | 23,500 | 0 | 0 | $0 |
| Reginald Livingston | EVP and CIO | May 6, 2026 C | 9,426 | 0 | 1 | $-553,000 |
| Jason Blacksberg | EVP and Chief Legal Officer | Feb. 18, 2026 A | 0 | 0 | 0 | $0 |
| Joseph Napolitano | Sr. VP | Feb. 18, 2026 A | 118 | 0 | 0 | $0 |
| David Buell | SVP, Chief Accounting Officer. | Jan. 5, 2026 A | — | 0 | 0 | $0 |
| Richard Hartmann | Sr. VP | Feb. 14, 2025 A | 0 | 0 | 0 | $0 |
| Christopher Conlon | Executive Vice President | Dec. 9, 2021 C | 10,000 | 0 | 0 | $0 |
| Joel L Braun | Executive Vice President | Dec. 31, 2018 A | 201,697 | 0 | 0 | $0 |
| Robert Masters | Senior Vice President | May 6, 2016 S | 11,386 | 0 | 0 | $0 |
| Jonathan William Grisham | Senior Vice President | March 17, 2016 A | 19,176 | 0 | 0 | $0 |
| Michael Nelsen | Senior Vice President | Feb. 22, 2013 A | 9,732 | 0 | 0 | $0 |
| Joseph W Hogan | Sr. Vice President | March 1, 2010 A | 40,023 | 0 | 0 | $0 |
| Numa Jerome | Senior Vice President | April 11, 2008 J | — | 0 | 0 | $0 |
| Robert Scholem | Sr. Vice President | April 1, 2008 A | 25,610 | 0 | 0 | $0 |
| Joseph Povinelli | Sr. Vice President | April 18, 2007 A | 29,961 | 0 | 0 | $0 |
| Kenneth A Mcintyre Jr | Director | May 13, 2026 A | 1,242 | 0 | 0 | $0 |
| Hope B Woodhouse | Director | May 13, 2026 A | 15,533 | 0 | 0 | $0 |
| Mark A Denien | Director | May 13, 2026 A | — | 0 | 0 | $0 |
| William T. Spitz | Director | May 13, 2026 A | 113,248 | 0 | 0 | $0 |
| David C Zoba | Director | May 13, 2026 A | 2,700 | 0 | 0 | $0 |
| Lee S Wielansky | Director | May 13, 2026 A | 70,611 | 0 | 0 | $0 |
| Lynn C Thurber | Director | May 13, 2026 A | 111,573 | 0 | 0 | $0 |
| Douglass Crocker II | Director | Dec. 5, 2023 S | 84,147 | 0 | 0 | $0 |
| Wendy W Luscombe | Director | Dec. 1, 2022 S | 37,614 | 0 | 0 | $0 |
| Lorrence T Kellar | Director | May 5, 2022 A | 45,361 | 0 | 0 | $0 |
| Suzanne M Hopgood | Director | May 13, 2009 A | 11,458 | 0 | 0 | $0 |
| YALE UNIVERSITY | Director | Feb. 29, 2008 P | 2,173,147 | 0 | 0 | $0 |
| Alan S Forman | Director | May 15, 2006 J | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 18 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 |
|---|---|---|---|---|---|
| Yale University | July 10, 2008 | — | Initial filing | Board campaign | SEC |
| Undisclosed reporting person | March 5, 2007 | — | Initial filing | — | SEC |
| Undisclosed reporting person | May 4, 2006 | — | Initial filing | — | SEC |
| Undisclosed reporting person | March 8, 2006 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Aug. 26, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Nov. 29, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Nov. 10, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Nov. 9, 2004 | — | Initial filing | Capital structure | SEC |
| Undisclosed reporting person | March 31, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person | March 26, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person | March 23, 2004 | — | Initial filing | Capital structure | SEC |
| Undisclosed reporting person | March 26, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person | March 12, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Sept. 25, 2002 | — | Initial filing | Board campaign | SEC |
| Undisclosed reporting person | June 28, 2002 | — | Initial filing | — | 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 63 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 |
|---|---|---|---|---|
| PPTY · ETF Series Solutions | 1.28% | 14,370 NS | May 31, 2026 | N-PORT |
| VRAI · ETFis Series Trust I | 1.14% | 9,695 NS | April 30, 2026 | N-PORT |
| XSLV · Invesco Exchange-Traded Fund Trust … | 0.81% | 97,066 | Aug. 8, 2026 | Daily |
| PSCF · Invesco Exchange-Traded Fund Trust … | 0.59% | 7,834 | Aug. 8, 2026 | Daily |
| FPRO · FIDELITY COVINGTON TRUST | 0.40% | 2,732 NS | April 30, 2026 | N-PORT |
| SVAL · iShares Trust | 0.36% | 36,417 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.30% | 283,314 SH | Aug. 8, 2026 | Daily |
| IJS · iShares Trust | 0.30% | 1,189,140 SH | Aug. 8, 2026 | Daily |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.23% | 130,697 NS | May 31, 2026 | N-PORT |
| USRT · iShares Trust | 0.23% | 502,868 SH | Aug. 8, 2026 | Daily |
| DFAR · Dimensional ETF Trust | 0.22% | 170,934 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.20% | 927,647 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 52,487 NS | April 30, 2026 | N-PORT |
| IWN · iShares Trust | 0.18% | 1,265,973 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.18% | 119,483 SH | Aug. 8, 2026 | Daily |
| FREL · FIDELITY COVINGTON TRUST | 0.18% | 117,758 NS | April 30, 2026 | N-PORT |
| XJR · iShares Trust | 0.17% | 15,777 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.17% | 21,522 | Aug. 8, 2026 | Daily |
| HSMV · First Trust Exchange-Traded Fund III | 0.16% | 2,179 NS | April 30, 2026 | N-PORT |
| IJR · iShares Trust | 0.15% | 8,142,922 SH | Aug. 8, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.15% | 4,988,958 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.15% | 466,921 SH | Aug. 8, 2026 | Daily |
| REET · iShares Trust | 0.15% | 366,163 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 50,252 NS | April 30, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.14% | 232,996 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.14% | 737 NS | April 30, 2026 | N-PORT |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.13% | 49,548 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.13% | 4,871 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.13% | 180,669 | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.13% | 1,568 NS | May 31, 2026 | N-PORT |
| ERET · iShares Trust | 0.13% | 862 SH | Aug. 8, 2026 | Daily |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.12% | 59,923 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.09% | 12,589 | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 785,824 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.09% | 3,466,944 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.07% | 6,214 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.06% | 630,904 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.06% | 1,944,407 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.06% | 78,240 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.05% | 195,388 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.05% | 22,917 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 19,421 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.04% | 4,860 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.04% | 5,702 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.04% | 13,464 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.03% | 4,917 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 1,529,830 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.03% | 3,060,567 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.03% | 5,586 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 7,913 SH | Aug. 8, 2026 | Daily |