BDN Brandywine Realty Trust Common Stock
$3.08
Price · Aug 19, 2026
Fundamentals as of Jul 28, 2026
52W Range
$2–$5
28% of range
Analyst Rating
HOLD
12 analysts
Price Target
$3
P/E (TTM)
-3.0
ROE
-19.5%
Net Profit Margin
-36.8%
About Brandywine Realty Trust Common Stock Company overview from Wikipedia
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
Read more
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
As of December 31, 2022, the company owned interests in 72 properties containing 12.8 million net rentable square feet.
## History
The company was founded in 1994 by Jerry Sweeney.
In 1998, the company acquired a portfolio of 23 properties for $229 million, an office park for $48.5 million, and a property portfolio of 68 smaller properties.
In 2001, the company completed an asset exchange with Prentiss Properties Trust.
In May 2005, the company completed the development of the Cira Centre, designed by César Pelli, next to Philadelphia's 30th Street Station.
In January 2006, the company acquired Prentiss Properties Trust for $3.3 billion.
In 2010, the company completed the renovation of Cira Square, a former U.S. post office building that was leased to the General Services Administration for occupancy by the Internal Revenue Service.
In 2013, the company acquired Commerce Square for $331.8 million.
In 2016, the company sold a portfolio of 58 office properties for $398.1 million.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
BDN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.08
Market Cap
$534M
P/E (TTM)
-3.0
EPS (TTM)
$-1.03
Revenue (TTM)
$484M
Div Yield
—
ROE
-19.5%
Debt/Equity
—
52W Range
$2 – $5
BDN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$484M
2016-12-31
→
2025-12-31
EPS
$-1.03
2016-12-31
→
2025-12-31
Free Cash Flow
—
Margins
-36.8%
2018-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BDN
Peer Median
P/E (TTM)
-3.0
38.1
P/S (TTM)
1.1
1.3
P/B
0.7
0.8
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BDN
Peer Median
Gross Margin
61.8%
58.3%
Operating Margin
5.5%
—
Net Profit Margin
-36.8%
-36.8%
ROA
-5.0%
-5.0%
ROE
-19.5%
-17.2%
ROIC
3.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BDN
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BDN
Peer Median
Revenue YoY
-4.2%
—
Revenue CAGR 3Y
-1.5%
—
Revenue CAGR 5Y
-2.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BDN
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 8, 2026 | $0.0800 |
| April 2, 2026 | $0.0800 |
| Jan. 7, 2026 | $0.0800 |
| Oct. 9, 2025 | $0.0800 |
| July 2, 2025 | $0.1500 |
| April 3, 2025 | $0.1500 |
| Jan. 8, 2025 | $0.1500 |
| Oct. 9, 2024 | $0.1500 |
| July 3, 2024 | $0.1500 |
| April 3, 2024 | $0.1500 |
| Jan. 3, 2024 | $0.1500 |
| Oct. 3, 2023 | $0.1500 |
| July 5, 2023 | $0.1900 |
| April 4, 2023 | $0.1900 |
| Jan. 4, 2023 | $0.1900 |
| Oct. 5, 2022 | $0.1900 |
| July 5, 2022 | $0.1900 |
| April 5, 2022 | $0.1900 |
| Jan. 4, 2022 | $0.1900 |
| Oct. 5, 2021 | $0.1900 |
BDN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
12 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 5 41.7%
- Sell 5 41.7%
- Strong Sell 2 16.7%
12-Month Price Target
3 analysts · 2026-08-17
Median
$3.00
Now
$3.08
Low
$2.50
High
$3.50
Median target
$3.00
-2.4%
Mean target
$3.00
-2.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.18 | $-0.18 | 0.00% |
| March 31, 2026 | $-0.21 | $-0.21 | -0.00% |
| Dec. 31, 2025 | $-0.14 | $-0.23 | 0.09% |
| Sept. 30, 2025 | $-0.15 | $-0.13 | -0.02% |
| June 30, 2025 | $-0.51 | $-0.13 | -0.38% |
| March 31, 2025 | $-0.18 | $-0.18 | -0.00% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BDN | $507M | -2.8 | -4.2% | -36.8% | -19.5% | 61.8% |
| PSTL | — | 34.3 | 25.5% | 14.8% | 5.3% | — |
| ESRT | — | 26.1 | 0.05% | 9.5% | 7.0% | — |
| HPP | $587M | -0.8 | -1.3% | -71.3% | -20.3% | 48.5% |
| JBGS | — | -8.1 | -8.9% | -27.9% | -11.2% | — |
| NLOP | $382M | -2.6 | -16.4% | -122.2% | -33.2% | — |
| ONL | $127M | -0.9 | -10.4% | -94.3% | -20.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $484M | $506M | $515M | $506M | $487M | $535M | $580M | $544M | $520M | $525M | |
| Cost of Revenue | · | · | · | $194M | $188M | $205M | $226M | $218M | $206M | $209M | |
| Gross Profit | $299M | $318M | $325M | $312M | $299M | $329M | $355M | $326M | $314M | $316M | |
| SG&A Expense | $42M | $43M | $35M | $35M | $30M | $30M | $32M | $28M | $29M | $27M | |
| Operating Expenses | $185M | $187M | $190M | $194M | $188M | $424M | $468M | $494M | $418M | $466M | |
| Operating Income | $27M | $55M | $-22M | $120M | $93M | $400M | $115M | $57M | $135M | $185M | |
| Pretax Income | $-179M | $-196M | $-197M | $54M | $12M | $307M | $35M | $136M | $121M | $41M | |
| Income Tax | $112.0K | $14.0K | $72.0K | $55.0K | $47.0K | $-224.0K | $12.0K | $423.0K | $-628.0K | $0 | |
| Net Income | $-178M | $-196M | $-197M | $54M | $12M | $306M | $34M | $135M | $120M | $40M | |
| EPS (Basic) | $-1.03 | $-1.14 | $-1.15 | $0.31 | $0.07 | $1.77 | $0.19 | $0.75 | $0.65 | $0.19 | |
| EPS (Diluted) | $-1.03 | $-1.14 | $-1.15 | $0.31 | $0.07 | $1.77 | $0.19 | $0.75 | $0.65 | $0.19 | |
| Shares (Basic) | 173,464,402 | 172,526,996 | 171,959,210 | 171,491,369 | 170,878,185 | 171,926,079 | 176,132,941 | 178,519,748 | 175,484,350 | 175,018,163 | |
| Shares (Diluted) | 173,464,402 | 172,526,996 | 171,959,210 | 172,325,646 | 172,273,240 | 172,317,076 | 176,686,813 | 179,641,492 | 176,808,166 | 176,010,814 | |
| EBITDA | $27M | $55M | $-22M | $120M | $93M | $400M | $115M | $59M | $104M | $59M |
Balance Sheet 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $32M | $90M | $58M | $18M | $27M | $46M | $90M | $23M | $202M | $194M | |
| Intangibles | $22M | $6M | $8M | $18M | $29M | $49M | $85M | $131M | $65M | $72M | |
| Total Assets | $3.59B | $3.49B | $3.73B | $3.87B | $3.85B | $3.90B | $4.08B | $4.08B | $4.00B | $4.10B | |
| Total Liabilities | $2.79B | $2.45B | $2.41B | $2.24B | $2.14B | $2.10B | $2.39B | $2.27B | $2.15B | $2.22B | |
| Long-term Debt | $2.56B | $2.21B | $2.14B | $1.97B | · | $1.83B | $2.14B | $2.03B | $1.93B | $2.01B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Paid-in Capital | $3.20B | $3.18B | $3.16B | $3.15B | $3.15B | $3.14B | $3.19B | $3.20B | $3.22B | $3.26B | |
| AOCI | $-1M | $3M | $-668.0K | $4M | $-2M | $-8M | $-2M | $5M | $2M | $-2M | |
| Stockholders' Equity | $793M | $1.04B | $1.32B | $1.63B | $1.69B | $1.79B | $1.68B | $1.80B | $1.83B | $1.87B | |
| Liabilities + Equity | $3.59B | $3.49B | $3.73B | $3.87B | $3.85B | $3.90B | $4.08B | $4.08B | $4.00B | $4.10B | |
| Shares Outstanding | 173,699,039 | 172,665,995 | 172,097,661 | 171,569,807 | 171,126,257 | 170,572,964 | 176,480,095 | 176,873,324 | 178,285,236 | 175,140,760 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $176M | $178M | $189M | $178M | $178M | $188M | $210M | $176M | $180M | $190M | |
| Stock-based Comp | $18M | $17M | $10M | $9M | $7M | $7M | $7M | $6M | $5M | $4M | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | $0 | $100.0K | $300.0K | $-600.0K | $0 | |
| Operating Cash Flow | $117M | $181M | $177M | $209M | $191M | $226M | $234M | $227M | $183M | $174M | |
| Investing Cash Flow | $-206M | $-120M | $-175M | $-191M | $-100M | $18M | $-131M | $-215M | $80M | $501M | |
| Stock Issued | · | · | · | · | · | $0 | $0 | $416.0K | $51M | $0 | |
| Stock Repurchased | · | · | · | $0 | $0 | $60M | $17M | $22M | $0 | $0 | |
| Net Stock Activity | · | · | · | $0 | $0 | $-60M | $-17M | $-21M | $51M | $0 | |
| Dividends Paid | · | · | · | · | · | · | $134M | $129M | $116M | $116M | |
| Financing Cash Flow | $56M | $-32M | $47M | $-29M | $-109M | $-288M | $-36M | $-193M | $-254M | $-537M | |
| Net Change in Cash | $-34M | $29M | $49M | $-10M | $-19M | $-44M | $68M | $-180M | $8M | $137M | |
| Taxes Paid | $112.0K | $571.0K | $550.0K | $902.0K | $785.0K | $688.0K | $1M | $405.0K | $225.0K | $0 |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.8% | 62.9% | 63.1% | 61.6% | 61.3% | 61.6% | 61.1% | 60.0% | · | · | |
| Operating Margin | 5.5% | 10.9% | -4.2% | 23.7% | 19.2% | 74.9% | 19.8% | 10.8% | · | · | |
| Net Margin | -36.8% | -38.8% | -38.2% | 10.6% | 2.5% | 57.1% | 5.9% | 25.0% | · | · | |
| Pretax Margin | -36.9% | -38.9% | -38.3% | 10.7% | 2.5% | 57.4% | 5.9% | 25.3% | · | · | |
| EBITDA Margin | 5.5% | 10.9% | -4.2% | 23.7% | 19.2% | 74.9% | 19.8% | 10.8% | · | · | |
| ROA | -5.0% | -5.4% | -5.2% | 1.4% | 0.32% | 7.7% | 0.84% | 3.4% | 3.0% | 0.93% | |
| ROE | -19.5% | -16.6% | -13.4% | 3.2% | 0.71% | 17.6% | 2.0% | 7.5% | 6.5% | 2.1% | |
| ROIC | 3.4% | 5.3% | -1.6% | 7.4% | 5.5% | 22.3% | 6.8% | 3.2% | 5.7% | · |
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 | 0.1 | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -4.2% | -1.8% | 1.7% | 4.0% | -9.0% | · | · | · | · | · | |
| Revenue CAGR 3Y | -1.5% | 1.3% | -1.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -2.0% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | · | 342.9% | -96.0% | · | · | · | · | · | |
| Net Income YoY | · | · | · | 338.0% | -96.0% | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $484M | $506M | $515M | $506M | $487M | $535M | $580M | $544M | $520M | $525M | |
| Net Income TTM | $-178M | $-196M | $-197M | $54M | $12M | $306M | $34M | $135M | $120M | $40M | |
| Market Cap | $507M | $967M | $929M | $1.06B | · | $2.03B | $2.78B | $2.28B | $3.24B | $2.89B | |
| P/E | -2.8 | -4.9 | -4.7 | 19.8 | 191.7 | 6.7 | 82.9 | 17.2 | 28.0 | 86.9 | |
| P/S | 1.0 | 1.9 | 1.8 | 2.1 | · | 3.8 | 4.8 | 4.2 | 6.2 | 5.5 | |
| P/B | 0.6 | 0.9 | 0.7 | 0.6 | · | 1.1 | 1.7 | 1.3 | 1.8 | 1.5 | |
| P / Tangible Book | 0.7 | 0.9 | 0.7 | 0.7 | · | 1.2 | · | · | · | · | |
| P / Cash Flow | 4.3 | 5.3 | 5.2 | 5.0 | · | 9.0 | 11.9 | 10.0 | 17.8 | 16.8 | |
| Dividend Yield | · | · | · | · | · | · | 4.8% | 5.7% | 3.6% | 4.0% | |
| Earnings Yield | -35.3% | -20.4% | -21.3% | 5.0% | 0.52% | 14.9% | 1.2% | 5.8% | 3.6% | 1.1% | |
| Payout Ratio | · | · | · | · | · | · | 391.5% | 94.5% | 96.2% | 287.9% | |
| Annual Payout | · | · | · | · | · | · | $134M | $129M | $116M | $116M |
Income Statement 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 | $129M | $127M | $121M | $121M | $121M | $122M | $122M | $132M | $125M | $126M | $130M | $129M | $126M | $129M | $129M | $126M | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | · | · | $46M | $46M | $51M | · | $47M | |
| Gross Profit | $76M | $75M | $74M | $76M | $75M | $74M | $75M | $86M | $79M | $79M | $83M | $83M | $80M | $78M | $80M | $78M | |
| SG&A Expense | $9M | $12M | $7M | $8M | $9M | $17M | $10M | $13M | $9M | $11M | $8M | $8M | $9M | $9M | $9M | $8M | |
| Operating Expenses | $53M | $52M | $47M | $45M | $45M | $48M | $47M | $46M | $46M | $47M | $47M | $46M | $46M | $51M | $-109M | $100M | |
| Operating Income | $19M | $2M | $28M | $25M | $-41M | $15M | $22M | $-9M | $19M | $23M | $-79M | $14M | $19M | $24M | $30M | $37M | |
| Pretax Income | $-32M | $-49M | $-37M | $-26M | $-89M | $-27M | $-45M | $-166M | $30M | $-16M | $-158M | $-22M | $-13M | $-5M | $30M | $13M | |
| Income Tax | $22.0K | $2.0K | $27.0K | $0 | $85.0K | $0 | $3.0K | $0 | $9.0K | $2.0K | $37.0K | $-3.0K | $13.0K | $25.0K | $-11.0K | $-9.0K | |
| Net Income | $-31M | $-49M | $-37M | $-26M | $-89M | $-27M | $-44M | $-165M | $30M | $-16M | $-157M | $-22M | $-13M | $-5M | $30M | $13M | |
| EPS (Basic) | $-0.18 | $-0.28 | $-0.21 | $-0.15 | $-0.51 | $-0.16 | $-0.25 | $-0.96 | $0.17 | $-0.10 | $-0.91 | $-0.13 | $-0.08 | $-0.03 | $0.17 | $0.08 | |
| EPS (Diluted) | $-0.18 | $-0.28 | $-0.21 | $-0.15 | $-0.51 | $-0.16 | $-0.25 | $-0.96 | $0.17 | $-0.10 | $-0.91 | $-0.13 | $-0.08 | $-0.03 | $0.17 | $0.08 | |
| Shares (Basic) | 174,384,600 | 173,756,736 | -346,682,975 | 173,699,312 | 173,532,583 | 172,915,482 | -344,911,908 | 172,668,731 | 172,563,136 | 172,207,037 | -343,773,780 | 172,097,661 | 171,962,162 | 171,673,167 | -342,900,418 | 171,569,807 | |
| Shares (Diluted) | 174,384,600 | 173,756,736 | -346,682,975 | 173,699,312 | 173,532,583 | 172,915,482 | -347,044,423 | 172,668,731 | 174,695,651 | 172,207,037 | -343,773,780 | 172,097,661 | 171,962,162 | 171,673,167 | -344,976,033 | 172,152,256 | |
| EBITDA | $19M | $2M | · | $25M | $-41M | $15M | · | $-9M | $19M | $23M | · | $14M | $19M | $24M | · | $37M |
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 | $38M | $36M | $32M | $75M | $123M | $29M | $90M | $36M | $30M | $43M | $58M | $48M | $32M | $97M | $18M | $31M | |
| Intangibles | $14M | $21M | $22M | $4M | $4M | $5M | $6M | $6M | $7M | $7M | · | $9M | $12M | $16M | · | $20M | |
| Total Assets | $3.54B | $3.59B | $3.59B | $3.32B | $3.39B | $3.42B | $3.49B | $3.60B | $3.75B | $3.74B | · | $3.92B | $3.95B | $3.99B | · | $3.97B | |
| Total Liabilities | $2.84B | $2.85B | $2.79B | $2.47B | $2.51B | $2.42B | $2.45B | $2.49B | $2.45B | $2.44B | · | $2.41B | $2.40B | $2.39B | · | $2.34B | |
| Long-term Debt | $2.62B | $2.62B | $2.56B | $2.27B | $2.31B | $2.21B | $2.21B | $2.26B | $2.24B | $2.18B | · | $2.13B | $2.13B | $2.13B | · | $2.07B | |
| Common Stock | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $2M | $2M | $2M | · | $2M | |
| Paid-in Capital | $3.20B | $3.20B | $3.20B | $3.20B | $3.20B | $3.19B | $3.18B | $3.18B | $3.17B | $3.17B | · | $3.16B | $3.16B | $3.16B | · | $3.15B | |
| AOCI | $573.0K | $126.0K | $-1M | $-2M | $-1M | $-23.0K | $3M | $-4M | $6M | $5M | · | $8M | $5M | $-1M | · | $5M | |
| Stockholders' Equity | $691M | $734M | $793M | $842M | $880M | $994M | $1.04B | $1.10B | $1.29B | $1.29B | · | $1.51B | $1.55B | $1.59B | · | $1.63B | |
| Liabilities + Equity | $3.54B | $3.59B | $3.59B | $3.32B | $3.39B | $3.42B | $3.49B | $3.60B | $3.75B | $3.74B | · | $3.92B | $3.95B | $3.99B | · | $3.97B | |
| Shares Outstanding | 174,611,856 | 173,711,845 | 173,699,039 | 173,699,039 | 173,702,177 | 173,050,963 | 172,665,995 | 172,665,995 | 172,678,090 | 172,270,907 | 172,097,661 | 172,097,661 | 172,101,929 | 171,727,703 | 171,569,807 | 171,569,807 |
Cash Flow 9
| 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 | $48M | $49M | $45M | $43M | $44M | $44M | $45M | $44M | $44M | $45M | $47M | $49M | $47M | $46M | $45M | $45M | |
| Stock-based Comp | $733.0K | $5M | $2M | $2M | $3M | $11M | $4M | $6M | $2M | $4M | $2M | $2M | $3M | $3M | $2M | $2M | |
| Operating Cash Flow | $36M | $10M | $29M | $47M | $34M | $6M | $57M | $52M | $48M | $24M | $66M | $50M | $56M | $5M | $61M | $70M | |
| Investing Cash Flow | $-44M | $-54M | $-125M | $-25M | $-12M | $-45M | $73M | $-39M | $-99M | $-55M | $-35M | $-2M | $-93M | $-45M | $65M | $-67M | |
| Stock Repurchased | $0 | $2M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-2M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-20M | $48M | $82M | $-70M | $70M | $-26M | $-76M | $-7M | $36M | $15M | $-21M | $-33M | $-33M | $134M | $-140M | $-809.0K | |
| Net Change in Cash | $-28M | $4M | $-14M | $-47M | $92M | $-65M | $53M | $6M | $-15M | $-16M | $9M | $16M | $-70M | $95M | $-14M | $2M | |
| Taxes Paid | $22.0K | $2.0K | $111.0K | $0 | $1.0K | $0 | $571.0K | $0 | $0 | $0 | $0 | $0 | $549.0K | $1.0K | $0 | $0 |
Profitability 8
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.3% | 59.0% | · | 62.6% | 62.4% | 60.8% | · | 64.9% | 63.0% | 62.5% | · | 64.1% | 63.4% | 60.7% | · | 62.2% | |
| Operating Margin | 15.1% | 1.2% | · | 20.8% | -34.3% | 12.5% | · | -7.2% | 15.5% | 18.1% | · | 11.0% | 15.1% | 18.6% | · | 29.5% | |
| Net Margin | -24.4% | -38.3% | · | -21.3% | -73.5% | -22.2% | · | -125.4% | 24.1% | -12.9% | · | -16.7% | -10.1% | -4.1% | · | 10.7% | |
| Pretax Margin | -24.4% | -38.4% | · | -21.4% | -73.7% | -22.3% | · | -125.8% | 24.1% | -13.0% | · | -16.7% | -10.1% | -4.1% | · | 10.7% | |
| EBITDA Margin | 15.1% | 1.2% | · | 20.8% | -34.3% | 12.5% | · | -7.2% | 15.5% | 18.1% | · | 11.0% | 15.1% | 18.6% | · | 29.5% | |
| ROA | -0.91% | -1.4% | · | -0.75% | -2.5% | -0.75% | · | -4.4% | 0.78% | -0.42% | · | -0.55% | -0.32% | -0.13% | · | 0.34% | |
| ROE | -4.0% | -5.6% | · | -2.7% | -8.2% | -2.4% | · | -12.7% | 2.1% | -1.1% | · | -1.4% | -0.80% | -0.32% | · | 0.80% | |
| ROIC | 2.8% | 0.21% | · | 3.0% | -4.7% | 1.5% | · | -0.86% | 1.5% | 1.8% | · | 0.95% | 1.2% | 1.5% | · | 2.3% |
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) 9
| 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 | $498M | $491M | · | $495M | $499M | $505M | · | $513M | $507M | $511M | · | $510M | $505M | $506M | · | $498M | |
| Net Income TTM | $-195M | $-190M | · | $-307M | $-251M | $-178M | · | $-173M | $-20M | $-56M | · | $-26M | $123.0K | $19M | · | $25M | |
| Market Cap | $554M | $471M | · | $724M | $745M | $772M | · | $939M | $774M | $827M | · | $781M | $800M | $812M | · | $1.16B | |
| P/E | -2.8 | -2.5 | · | -2.3 | -2.9 | -4.2 | · | -5.3 | -32.0 | -14.1 | · | -28.4 | · | 43.0 | · | 45.0 | |
| P/S | 1.1 | 1.0 | · | 1.5 | 1.5 | 1.5 | · | 1.8 | 1.5 | 1.6 | · | 1.5 | 1.6 | 1.6 | · | 2.3 | |
| P/B | 0.8 | 0.6 | · | 0.9 | 0.8 | 0.8 | · | 0.9 | 0.6 | 0.6 | · | 0.5 | 0.5 | 0.5 | · | 0.7 | |
| P / Tangible Book | 0.8 | 0.7 | · | 0.9 | 0.9 | 0.8 | · | 0.9 | 0.6 | 0.6 | · | 0.5 | 0.5 | 0.5 | · | 0.7 | |
| P / Cash Flow | · | 46.1 | · | · | · | 122.2 | · | · | · | 34.7 | · | · | · | 151.1 | · | · | |
| Earnings Yield | -35.3% | -40.6% | · | -42.7% | -34.0% | -23.5% | · | -18.8% | -3.1% | -7.1% | · | -3.5% | 0.00% | 2.3% | · | 2.2% |
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 | $484M | $506M | $515M | $506M | $487M |
| Gross Margin % | 61.8% | 62.9% | 63.1% | 61.6% | 61.3% |
| Operating Margin % | 5.5% | 10.9% | -4.2% | 23.7% | 19.2% |
| Net Income | $-178M | $-196M | $-197M | $54M | $12M |
| Diluted EPS | $-1.03 | $-1.14 | $-1.15 | $0.31 | $0.07 |
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Institutional owners (13F) 252 filers · $271.4M 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 |
|---|---|---|---|---|
| 32 (-10 vs prior Q) | 19 (-34 vs prior Q) | 98 (+18 vs prior Q) | 66 (-9 vs prior Q) | +19.9M |
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 | $27,409,139 | 8,646,416 | 10.10% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $23,408,951 | 7,384,527 | 8.63% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $21,469,079 | 6,772,580 | 7.91% | Shares |
| STATE STREET CORP | $18,213,102 | 5,745,458 | 6.71% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $16,218,734 | 5,116,320 | 5.98% | Shares |
| Kawa Capital Management, Inc | $15,727,121 | 3,923,145 | 5.80% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $13,668,589 | 4,311,112 | 5.04% | Shares |
| AMERIPRISE FINANCIAL INC | $13,252,621 | 4,180,637 | 4.88% | Shares |
| LM Asset Management Inc. | $10,679,730 | 3,369,000 | 3.94% | Shares |
| TWO SIGMA INVESTMENTS, LP | $10,423,429 | 3,288,148 | 3.84% | Shares |
| BlackRock, Inc. | $9,296,520 | 2,932,656 | 3.43% | Shares |
| Divco West Real Estate Services, LLC | $7,752,533 | 2,445,594 | 2.86% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $6,356,183 | 2,005,105 | 2.34% | Shares |
| Allianz Asset Management GmbH | $5,636,995 | 1,778,232 | 2.08% | Shares |
| TWO SIGMA ADVISERS, LP | $4,325,980 | 1,481,500 | 1.59% | Shares |
| TUDOR INVESTMENT CORP ET AL | $4,245,850 | 1,339,385 | 1.56% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $3,922,222 | 1,237,294 | 1.45% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,663,309 | 1,155,618 | 1.35% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $3,178,459 | 1,002,668 | 1.17% | Shares |
| GOLDMAN SACHS GROUP INC | $2,403,462 | 758,190 | 0.89% | Shares |
| Point72 Asset Management, L.P. | $1,890,242 | 596,291 | 0.70% | Shares |
| HSBC HOLDINGS PLC | $1,871,181 | 586,577 | 0.69% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,649,351 | 520,300 | 0.61% | Put option |
| IEQ CAPITAL, LLC | $1,502,395 | 473,942 | 0.55% | Shares |
| JANE STREET GROUP, LLC | $1,427,895 | 450,440 | 0.53% | Shares |
| CITADEL ADVISORS LLC | $1,350,620 | 426,063 | 0.50% | Shares |
| D. E. Shaw & Co., Inc. | $1,298,350 | 409,574 | 0.48% | Shares |
| Abundance Wealth Counselors | $1,245,336 | 392,850 | 0.46% | Shares |
| Bank of New York Mellon Corp | $1,244,412 | 392,559 | 0.46% | Shares |
| Swiss National Bank | $1,049,904 | 331,200 | 0.39% | Shares |
| NATIXIS | $951,000 | 300,000 | 0.35% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $909,473 | 286,900 | 0.34% | Shares |
| Graham Capital Management, L.P. | $884,322 | 278,966 | 0.33% | Shares |
| Verus Financial Partners, Inc. | $863,562 | 272,417 | 0.32% | Shares |
| Hazelview Securities Inc. | $861,821 | 265,994 | 0.32% | Shares |
| XTX Topco Ltd | $820,314 | 258,774 | 0.30% | Shares |
| RHUMBLINE ADVISERS | $777,711 | 245,338 | 0.29% | Shares |
| Pacific Ridge Capital Partners, LLC | $776,660 | 245,003 | 0.29% | Shares |
| Mariner, LLC | $765,176 | 241,341 | 0.28% | Shares |
| Presima Securities ULC | $720,844 | 265,994 | 0.27% | Shares |
| BARCLAYS PLC | $672,636 | 212,188 | 0.25% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $647,977 | 204,409 | 0.24% | Shares |
| Asset Management One Co., Ltd. | $629,742 | 232,377 | 0.23% | Shares |
| CITIGROUP INC | $608,171 | 191,852 | 0.22% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $591,129 | 186,476 | 0.22% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $537,537 | 169,570 | 0.20% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $526,398 | 166,056 | 0.19% | Shares |
| Verition Fund Management LLC | $523,113 | 165,020 | 0.19% | Shares |
| ExodusPoint Capital Management, LP | $522,349 | 164,779 | 0.19% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $508,373 | 160,370 | 0.19% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $493,439 | 155,659 | 0.18% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $479,885 | 169,127 | 0.18% | Shares |
| BANK OF AMERICA CORP /DE/ | $470,767 | 148,507 | 0.17% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $468,979 | 147,943 | 0.17% | Shares |
| FEDERATED HERMES, INC. | $466,133 | 147,045 | 0.17% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $455,475 | 168,072 | 0.17% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $454,578 | 143,400 | 0.17% | Shares |
| WELLS FARGO & COMPANY/MN | $451,164 | 142,323 | 0.17% | Shares |
| Sterling Capital Management LLC | $449,151 | 141,688 | 0.17% | Shares |
| Nebula Research & Development LLC | $446,306 | 104,034 | 0.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $435,633 | 160,750 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $408,455 | 128,850 | 0.15% | Shares |
| Gallagher Fiduciary Advisors, LLC | $370,225 | 116,790 | 0.14% | Shares |
| CAXTON ASSOCIATES LP | $369,141 | 65,918 | 0.14% | Shares |
| Atria Investments, Inc | $368,444 | 116,228 | 0.14% | Shares |
| Squarepoint Ops LLC | $363,371 | 114,628 | 0.13% | Shares |
| Redhawk Wealth Advisors, Inc. | $361,174 | 113,935 | 0.13% | Shares |
| WINTON GROUP Ltd | $347,115 | 109,500 | 0.13% | Shares |
| CWM, LLC | $340,250 | 125,554 | 0.13% | Shares |
| MetLife Investment Management, LLC | $316,509 | 99,845 | 0.12% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $295,641 | 93,262 | 0.11% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $285,052 | 89,922 | 0.11% | Shares |
| Russell Investments Group, Ltd. | $280,247 | 88,406 | 0.10% | Shares |
| Cerity Partners LLC | $257,363 | 81,187 | 0.09% | Shares |
| Resona Asset Management Co.,Ltd. | $253,779 | 78,449 | 0.09% | Shares |
| ALPS ADVISORS INC | $246,902 | 77,887 | 0.09% | Shares |
| FMR LLC | $235,477 | 74,283 | 0.09% | Shares |
| Nuveen, LLC | $229,825 | 72,500 | 0.08% | Shares |
| Vert Asset Management LLC | $229,762 | 72,480 | 0.08% | Shares |
| Arrow Investment Advisors, LLC | $225,701 | 71,199 | 0.08% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $218,920 | 69,060 | 0.08% | Shares |
| Investment Research Partners LLC | $217,684 | 68,670 | 0.08% | Shares |
| SHEETS SMITH WEALTH MANAGEMENT | $217,059 | 68,473 | 0.08% | Shares |
| Invesco Ltd. | $216,641 | 68,341 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $213,626 | 67,390 | 0.08% | Shares |
| Daiwa Securities Group Inc. | $213,604 | 67,383 | 0.08% | Shares |
| MILLENNIUM MANAGEMENT LLC | $211,623 | 66,758 | 0.08% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $208,465 | 65,762 | 0.08% | Shares |
| JANUS HENDERSON GROUP PLC | $202,699 | 74,935 | 0.07% | Shares |
| SIMPLEX TRADING, LLC | $187,052 | 59,007 | 0.07% | Shares |
| LPL Financial LLC | $178,242 | 56,228 | 0.07% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $163,182 | 51,477 | 0.06% | Shares |
| Vident Advisory, LLC | $162,513 | 51,266 | 0.06% | Shares |
| Amundi | $161,137 | 50,832 | 0.06% | Shares |
| CITADEL ADVISORS LLC | $155,964 | 49,200 | 0.06% | Put option |
| Icon Wealth Advisors, LLC | $155,795 | 49,147 | 0.06% | Shares |
| Vanguard Personalized Indexing Management, LLC | $155,752 | 49,133 | 0.06% | Shares |
| Metis Global Partners, LLC | $153,888 | 48,545 | 0.06% | Shares |
| Jump Financial, LLC | $153,621 | 48,461 | 0.06% | Shares |
| Police & Firemen's Retirement System of New Jersey | $150,889 | 47,599 | 0.06% | Shares |
Company insiders 45 insiders · 27 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Gerard H Sweeney | President and CEO | July 6, 2026 F | 4,168,150 | 1 | 0 | $299,130 |
| Tom Wirth | Executive Vice President & CFO | April 15, 2026 F | 936,854 | 0 | 0 | $0 |
| Howard Sipzner | Executive Vice President & CFO | March 1, 2014 F | 433,316 | 0 | 0 | $0 |
| Christopher P Marr | Senior Vice President and CFO | Feb. 10, 2006 A | 40,826 | 0 | 0 | $0 |
| Shawn Neuman | General Counsel & Secretary | April 15, 2026 F | 267,083 | 0 | 0 | $0 |
| Daniel A Palazzo | SVP & Chief Accounting Officer | April 15, 2026 F | 246,751 | 0 | 0 | $0 |
| William D Redd | EVP & Senior Managing Director | April 15, 2026 F | 666,358 | 0 | 0 | $0 |
| Jeffrey H Devuono | EVP & Senior Managing Director | April 15, 2026 F | 770,998 | 0 | 0 | $0 |
| George Johnstone | EVP, Operations | Jan. 23, 2026 F | 574,364 | 0 | 0 | $0 |
| Rice Jennifer Matthews | SVP, General Counsel | April 15, 2019 F | 14,290 | 0 | 0 | $0 |
| Brad A Molotsky | EVP & General Counsel | Feb. 1, 2016 F | 268,722 | 0 | 0 | $0 |
| George D Sowa | EVP & Senior Managing Director | Feb. 1, 2016 F | 144,519 | 0 | 0 | $0 |
| Gabriel J Mainardi | Vice President-CAO | April 15, 2014 F | 30,844 | 0 | 0 | $0 |
| Robert K Wiberg | Executive Vice President | Aug. 8, 2012 M | 140,362 | 0 | 0 | $0 |
| Darryl M Dunn | Chief Accounting Officer | April 8, 2008 A | 1,633 | 0 | 0 | $0 |
| Gregory S Imhoff | Senior Vice President | Nov. 27, 2007 A | 2,000 | 0 | 0 | $0 |
| Anthony S Rimikis | Senior Vice President | Aug. 2, 2007 A | 35,189 | 0 | 0 | $0 |
| Christopher M Hipps | Executive Vice President | March 21, 2007 S | 43,693 | 0 | 0 | $0 |
| Michael J Cooper | Senior Vice President | March 9, 2007 S | 21,631 | 0 | 0 | $0 |
| David Ryder | Senior Vice President | Feb. 9, 2007 A | 9,041 | 0 | 0 | $0 |
| SCHENKEL PHILIP | Vice President | Feb. 9, 2007 A | 9,986 | 0 | 0 | $0 |
| Daniel K Cushing | Senior Vice President | Feb. 9, 2007 A | 345 | 0 | 0 | $0 |
| Timothy M Martin | Vice President | Aug. 28, 2006 A | 4,956 | 0 | 0 | $0 |
| Scott W Fordham | Vice President and CAO | Aug. 7, 2006 S | 9,661 | 0 | 0 | $0 |
| Barbara L Yamarick | Senior Vice President | Nov. 11, 2004 M | 13,546 | 0 | 0 | $0 |
| Anthony A Nichols JR | Senior Vice President | March 11, 2004 A | 29,659 | 0 | 0 | $0 |
| Bradley W Harris | VP and CAO | March 11, 2004 A | 6,328 | 0 | 0 | $0 |
| Joan Lau | Director | May 28, 2026 A | 121,445 | 0 | 0 | $0 |
| Reginald Desroches | Director | May 28, 2026 A | 122,028 | 0 | 0 | $0 |
| Richard H Haverstick JR | Director | May 28, 2026 A | 170,929 | 0 | 0 | $0 |
| James C Diggs | Director | May 28, 2026 A | 166,254 | 0 | 1 | $-80,469 |
| Charles P Pizzi | Director | May 28, 2026 A | 203,772 | 0 | 0 | $0 |
| Terri A Herubin | Director | May 25, 2023 A | 76,329 | 0 | 0 | $0 |
| Michael Joyce | Director | May 18, 2022 A | 95,684 | 0 | 0 | $0 |
| Wyche Fowler | Director | Dec. 14, 2020 S | 75,689 | 0 | 0 | $0 |
| Anthony A Nichols SR | Director | May 20, 2020 A | 82,498 | 0 | 0 | $0 |
| Carol G Carroll | Director | May 18, 2017 A | 13,538 | 0 | 0 | $0 |
| Walter Dalessio | Director | May 24, 2016 A | 65,810 | 0 | 0 | $0 |
| Pike D Aloian | Director | June 1, 2011 A | 36,146 | 0 | 0 | $0 |
| Donald E Axinn | Director | Sept. 16, 2009 P | 48,754 | 0 | 0 | $0 |
| Thomas F August | Director | May 9, 2007 A | 26,798 | 0 | 0 | $0 |
| Michael V Prentiss | Director | May 9, 2007 A | 298,903 | 0 | 0 | $0 |
| Robert C Larson | Director | May 3, 2004 A | 996 | 0 | 0 | $0 |
| ROTHSCHILD REALTY INVESTORS III LLC | 10% owner | Dec. 30, 2003 S | 1,343,750 | 0 | 0 | $0 |
| FIVE ARROWS REALTY SECURITIES III LLC | — | Dec. 30, 2003 S | 1,343,750 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 6, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Jan. 5, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | April 25, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 13, 2001 | — | 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 41 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 |
|---|---|---|---|---|
| RDOG · ALPS ETF Trust | 2.14% | 77,112 NS | May 31, 2026 | N-PORT |
| RIET · ETF Series Solutions | 1.01% | 342,215 NS | May 31, 2026 | N-PORT |
| SDIV · Global X Funds | 0.92% | 3,883,091 NS | April 30, 2026 | N-PORT |
| GYLD · ARROW ETF TRUST | 0.75% | 79,029 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.16% | 138,320 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 246,236 NS | April 30, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 345,412 NS | May 31, 2026 | N-PORT |
| SMLF · iShares Trust | 0.09% | 1,128,248 SH | Aug. 8, 2026 | Daily |
| EBIT · Harbor ETF Trust | 0.08% | 3,156 NS | April 30, 2026 | N-PORT |
| ERTH · Invesco Exchange-Traded Fund Trust | 0.08% | 32,338 | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.07% | 1,893,880 NS | May 31, 2026 | N-PORT |
| USRT · iShares Trust | 0.04% | 632,002 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 385,738 | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 131,497 NS | May 31, 2026 | N-PORT |
| VSDB · VANGUARD MALVERN FUNDS | 0.04% | 400,000 PA | Aug. 8, 2026 | Daily |
| VGSR · Manager Directed Portfolios | 0.04% | 66,296 NS | March 31, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.04% | 1,232,839 NS | May 31, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.04% | 178,165 NS | April 30, 2026 | N-PORT |
| IWN · iShares Trust | 0.04% | 1,667,463 SH | Aug. 8, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.03% | 6,275,835 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 148,048 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 979,322 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.02% | 4,418,221 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 74,666 NS | April 30, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 0.02% | 85,256 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 8,107 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 831,645 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,970,301 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 6,340 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 12,745 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 6,414 NS | May 31, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 23,800 NS | May 31, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.00% | 56,213 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 7,959 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 161 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 50,391 SH | Aug. 8, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 212,577 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 101,757 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 5,237,949 SH | Aug. 8, 2026 | Daily |
| VPLS · VANGUARD MALVERN FUNDS | 0.00% | 50,000 PA | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 14,082 SH | Aug. 8, 2026 | Daily |