BFS Saul Centers, Inc. Common Stock
$34.50
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$29–$38
58% of range
Analyst Rating
BUY
6 analysts
Price Target
$44
+26% upside
P/E (TTM)
31.7
ROE
11.7%
Net Profit Margin
12.9%
BFS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$34.50
Market Cap
$849M
P/E (TTM)
31.7
EPS (TTM)
$1.09
Revenue (TTM)
$290M
Div Yield
6.7%
ROE
11.7%
Debt/Equity
—
52W Range
$29 – $38
BFS 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
$290M
2023-12-31
→
2025-12-31
EPS
$1.09
2023-12-31
→
2025-12-31
Free Cash Flow
—
Margins
12.9%
2023-12-31
→
2023-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BFS
Peer Median
P/E (TTM)
31.7
22.9
P/S (TTM)
2.9
7.3
P/B
2.8
1.7
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BFS
Peer Median
Operating Margin
67.4%
—
Net Profit Margin
12.9%
26.0%
ROA
1.8%
3.6%
ROE
11.7%
10.3%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BFS
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BFS
Peer Median
Revenue YoY
7.8%
—
Revenue CAGR 3Y
5.6%
—
Revenue CAGR 5Y
5.2%
—
EPS YoY
-33.1%
—
Net Income YoY
-25.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BFS
Peer Median
Payout Ratio
152.3%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
6.7%
Payout Ratio
152.3%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 15, 2026 | $0.5900 |
| April 15, 2026 | $0.5900 |
| Jan. 15, 2026 | $0.5900 |
| Oct. 15, 2025 | $0.5900 |
| July 15, 2025 | $0.5900 |
| April 15, 2025 | $0.5900 |
| Jan. 15, 2025 | $0.5900 |
| Oct. 15, 2024 | $0.5900 |
| July 15, 2024 | $0.5900 |
| April 12, 2024 | $0.5900 |
| Jan. 12, 2024 | $0.5900 |
| Oct. 13, 2023 | $0.5900 |
| July 14, 2023 | $0.5900 |
| April 14, 2023 | $0.5900 |
| Jan. 13, 2023 | $0.5900 |
| Oct. 14, 2022 | $0.5900 |
| July 14, 2022 | $0.5900 |
| April 13, 2022 | $0.5700 |
| Jan. 13, 2022 | $0.5700 |
| Oct. 14, 2021 | $0.5500 |
BFS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
6 analysts
- Strong Buy 1 16.7%
- Buy 4 66.7%
- Hold 1 16.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-17
Median
$43.50
← Below all targets
$34.50
Low
$40.00
High
$47.00
Median target
$43.50
+26.1%
Mean target
$43.50
+26.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.00%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.24 | $0.14 | 0.10% |
| March 31, 2026 | $0.26 | $0.13 | 0.13% |
| Dec. 31, 2025 | $0.15 | $0.27 | -0.12% |
| Sept. 30, 2025 | $0.32 | $0.23 | 0.09% |
| March 31, 2025 | $0.33 | $0.34 | -0.05% |
| Dec. 31, 2024 | $0.29 | $0.34 | -0.05% |
| Sept. 30, 2024 | $0.22 | $0.30 | -0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BFS | $774M | 28.9 | 7.8% | 12.9% | 11.7% | — |
| 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% | — |
| ALX | $1.11B | 39.6 | -5.8% | 13.2% | 22.2% | — |
| FVR | $326M | -67.1 | — | -5.7% | -1.1% | — |
| SITC | — | 1.9 | -55.4% | 143.8% | 41.8% | — |
| RPT | $126M | -46.1 | 65.7% | 9.6% | 0.55% | — |
| WHLR | $1M | -0.0 | -4.9% | 8.8% | -69.8% | — |
| SPG | — | 13.1 | 6.7% | 84.3% | 131.6% | — |
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 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $290M | $269M | $257M | $246M | $239M | $225M | $232M | $227M | $226M | $217M | $209M | $207M | |
| Cost of Revenue | · | · | $67M | $65M | $62M | $58M | $58M | $56M | $55M | $54M | · | · | |
| Gross Profit | · | · | $190M | $181M | $178M | $167M | $174M | $172M | $172M | $163M | $158M | $158M | |
| SG&A Expense | $27M | $25M | $23M | $22M | $20M | $19M | $21M | $18M | $18M | $17M | $16M | $17M | |
| Operating Expenses | $241M | $201M | $188M | $180M | $178M | $175M | $167M | $165M | $166M | $161M | $156M | $155M | |
| Operating Income | $195M | $204M | $189M | $181M | · | · | · | $63M | $61M | $56M | $53M | $52M | |
| Interest Expense | $71M | $54M | $49M | $44M | $45M | $47M | $42M | $45M | $47M | · | · | · | |
| Interest Income | $159.0K | $159.0K | $295.0K | $76.0K | $7.0K | $140.0K | $248.0K | $272.0K | $80.0K | · | · | · | |
| Net Income | $38M | $51M | $53M | $50M | $48M | $40M | $52M | $51M | $48M | $45M | $42M | $47M | |
| EPS (Basic) | $1.09 | $1.64 | $1.73 | $1.63 | $1.57 | $1.25 | $1.58 | $1.61 | $1.64 | $1.53 | $1.42 | $1.55 | |
| EPS (Diluted) | $1.09 | $1.63 | $1.73 | $1.63 | $1.57 | $1.25 | $1.57 | $1.60 | $1.63 | $1.52 | $1.42 | $1.54 | |
| Shares (Basic) | 24,218,000 | 24,124,000 | 24,051,000 | 23,964,000 | 23,655,000 | 23,356,000 | 23,009,000 | 22,383,000 | 21,901,000 | 21,505,000 | 21,127,000 | 20,772,000 | |
| Shares (Diluted) | 24,238,000 | 24,142,000 | 24,053,000 | 23,972,000 | 23,662,000 | 23,357,000 | 23,053,000 | 22,425,000 | 22,008,000 | 21,615,000 | 21,196,000 | 20,821,000 | |
| EBITDA | $254M | $254M | $48M | $49M | $50M | $51M | $46M | $108M | $106M | $100M | $96M | $93M |
Balance Sheet 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9M | $10M | $8M | $13M | $15M | $27M | $14M | $15M | $11M | $8M | $10M | $12M | |
| Total Assets | $2.16B | $2.13B | $1.99B | $1.83B | $1.75B | $1.65B | $1.62B | $1.53B | $1.42B | $1.34B | $1.30B | $1.26B | |
| Total Liabilities | $1.69B | $1.63B | $1.49B | $1.31B | $1.22B | $1.22B | $1.17B | $1.10B | $1.03B | $970M | $942M | $928M | |
| Long-term Debt | $468M | $456M | $332M | $321M | $237M | $268M | $272M | $251M | $285M | $232M | $251M | $255M | |
| Common Stock | $245.0K | $243.0K | $241.0K | $240.0K | $238.0K | $235.0K | $232.0K | $227.0K | $221.0K | $217.0K | $213.0K | $209.0K | |
| Paid-in Capital | $459M | $454M | $450M | $446M | $437M | $421M | $411M | $385M | $353M | $328M | $305M | $288M | |
| Retained Earnings | $-338M | $-307M | $-289M | $-274M | $-256M | $-242M | $-221M | $-209M | $-198M | $-189M | $-180M | $-174M | |
| AOCI | $1M | $3M | $2M | $3M | $0 | · | $0 | $-255.0K | $-696.0K | $-1M | $-2M | $-2M | |
| Stockholders' Equity | $308M | $336M | $348M | $400M | $405M | $364M | $375M | $356M | $334M | $319M | $303M | $293M | |
| Liabilities + Equity | $2.16B | $2.13B | $1.99B | $1.83B | $1.75B | $1.65B | $1.62B | $1.53B | $1.42B | $1.34B | $1.30B | $1.27B | |
| Shares Outstanding | 24,551,168 | 24,302,576 | 24,082,887 | 24,016,009 | 23,840,471 | 23,476,626 | 23,231,240 | 22,739,207 | 22,123,128 | 21,704,359 | 21,266,239 | 20,947,141 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $59M | $51M | $48M | $49M | $50M | $51M | $46M | $46M | $46M | $44M | $43M | $41M | |
| Stock-based Comp | $2M | $2M | $1M | $2M | $2M | $1M | $2M | $2M | $2M | $2M | $1M | $1M | |
| Other Non-cash | $2M | $18M | $15M | $20M | $18M | $-15M | $15M | $12M | $8M | $-2M | $2M | $-3M | |
| Operating Cash Flow | $100M | $121M | $118M | $121M | $118M | $78M | $115M | $110M | $103M | $89M | $89M | $87M | |
| CapEx | · | · | · | $117M | $56M | $56M | $136M | $129M | $120M | $91M | $70M | $90M | |
| Investing Cash Flow | $-96M | $-189M | $-204M | $-117M | $-56M | $-56M | $-136M | $-129M | $-113M | $-86M | $-70M | $-84M | |
| Stock Issued | $3M | $2M | $2M | $8M | $14M | $8M | $25M | $31M | $23M | $22M | $16M | $16M | |
| Net Stock Activity | $3M | $2M | $2M | $8M | $14M | $8M | $25M | $31M | $23M | $22M | $16M | $16M | |
| Dividends Paid | $57M | $57M | $57M | $56M | $51M | $49M | $49M | $46M | $45M | $39M | $36M | $32M | |
| Financing Cash Flow | $-6M | $69M | $81M | $-6M | $-75M | $-9M | $20M | $22M | $12M | $-4M | $-21M | $-8M | |
| Net Change in Cash | $-2M | $2M | $-5M | $-1M | $-12M | $13M | $-673.0K | $4M | $3M | $-2M | $-2M | $-5M | |
| Free Cash Flow | · | · | · | $4M | $63M | $22M | $-20M | $-18M | $-17M | $-2M | $19M | $-4M |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | 73.9% | 73.8% | 74.2% | 74.1% | 75.0% | 75.3% | 75.5% | 75.3% | 75.5% | 76.1% | |
| Operating Margin | 67.4% | 75.8% | · | · | · | · | · | 27.5% | 26.7% | 25.7% | 25.3% | 25.1% | |
| Net Margin | 12.9% | 18.8% | 20.5% | 20.4% | 20.2% | 17.9% | 22.3% | 22.2% | 21.2% | 20.9% | 20.3% | 22.7% | |
| EBITDA Margin | 87.7% | 94.6% | 18.8% | 19.9% | 21.0% | 22.7% | 20.0% | 47.6% | 46.8% | 46.1% | 46.0% | 45.0% | |
| ROA | 1.8% | 2.4% | 2.7% | 2.8% | 2.8% | 2.4% | 3.2% | 3.3% | 3.4% | 3.4% | 3.3% | 3.7% | |
| ROE | 11.7% | 14.8% | 14.1% | 12.5% | 12.6% | 10.9% | 14.1% | 14.6% | 14.8% | 14.6% | 14.2% | 16.5% |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 2.8 | 3.8 | · | · | · | · | · | · | · | · | · | · |
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 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 7.8% | 4.5% | 4.6% | 2.8% | 6.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.6% | 4.0% | 4.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -33.1% | -5.8% | 6.1% | 3.8% | 25.6% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -12.6% | 1.3% | 11.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -2.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -25.9% | -3.9% | 5.0% | 3.7% | 19.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -9.2% | 1.5% | 9.3% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -1.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 3.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $290M | $269M | $257M | $246M | $239M | $225M | $232M | $227M | $226M | $217M | $209M | $207M | |
| Net Income TTM | $38M | $51M | $53M | $50M | $48M | $40M | $52M | $51M | $48M | $45M | $42M | $47M | |
| Market Cap | $774M | $943M | $946M | $977M | $1.26B | $744M | $1.23B | $1.07B | $1.37B | $1.45B | $1.09B | $1.20B | |
| P/E | 28.9 | 23.8 | 22.7 | 25.0 | 33.8 | 25.3 | 33.6 | 29.5 | 37.9 | 43.8 | 36.1 | 37.1 | |
| P/S | 2.7 | 3.5 | 3.7 | 4.0 | 5.3 | 3.3 | 5.3 | 4.7 | 6.0 | 6.7 | 5.2 | 5.8 | |
| P/B | 2.5 | 2.8 | 2.7 | 2.4 | 3.1 | 2.0 | 3.3 | 3.0 | 4.1 | 4.5 | 3.6 | 4.1 | |
| P / Tangible Book | 2.5 | 2.8 | 2.7 | 2.4 | 3.1 | 2.0 | · | · | · | · | · | · | |
| P / Cash Flow | 7.8 | 7.8 | 8.0 | 8.1 | 10.7 | 9.5 | 10.6 | 9.7 | 13.2 | 16.2 | 12.3 | 13.8 | |
| P / FCF | · | · | · | 229.2 | 20.2 | 33.5 | -60.5 | -58.6 | -82.6 | -739.5 | 56.6 | -323.8 | |
| Dividend Yield | 7.4% | 6.0% | 6.0% | 5.7% | 4.0% | 6.6% | 4.0% | 4.3% | 3.3% | 2.7% | 3.3% | 2.7% | |
| Earnings Yield | 3.5% | 4.2% | 4.4% | 4.0% | 3.0% | 4.0% | 3.0% | 3.4% | 2.6% | 2.3% | 2.8% | 2.7% | |
| Payout Ratio | 152.3% | 112.3% | 107.7% | 110.6% | 105.3% | 122.3% | 93.9% | 91.6% | 92.4% | 87.2% | 83.9% | 68.9% | |
| Annual Payout | $57M | $57M | $57M | $56M | $51M | $49M | $49M | $46M | $45M | $39M | $36M | $32M |
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 | $77M | $78M | $75M | $72M | $71M | $72M | $68M | $67M | $67M | $67M | $67M | $64M | $64M | $63M | $62M | $61M | |
| Cost of Revenue | · | · | · | · | · | · | · | $18M | $17M | $18M | · | $17M | $16M | $16M | · | $16M | |
| Gross Profit | · | · | · | · | · | · | · | $50M | $50M | $49M | · | $46M | $47M | $47M | · | $45M | |
| SG&A Expense | $7M | $6M | $8M | $7M | $6M | $6M | $8M | $6M | $6M | $6M | $7M | $5M | $6M | $5M | $6M | $6M | |
| Operating Expenses | $65M | $66M | $67M | $58M | $57M | $59M | $58M | $48M | $48M | $48M | $49M | $47M | $47M | $45M | $47M | $46M | |
| Operating Income | $52M | $52M | $49M | $50M | $49M | $48M | $56M | $49M | $50M | $48M | · | · | · | · | · | · | |
| Interest Expense | $20M | $20M | $20M | $17M | $17M | $17M | $17M | $12M | $12M | $12M | $13M | $12M | $12M | $12M | $12M | $11M | |
| Interest Income | $77.0K | $80.0K | $37.0K | $42.0K | $34.0K | $46.0K | $46.0K | $43.0K | $38.0K | $32.0K | $42.0K | $63.0K | $81.0K | $109.0K | $65.0K | $8.0K | |
| Net Income | $9M | $9M | $7M | $10M | $11M | $10M | $8M | $14M | $14M | $14M | $13M | $13M | $13M | $14M | $12M | $12M | |
| EPS (Basic) | $0.24 | $0.26 | $0.15 | $0.32 | $0.33 | $0.29 | $0.23 | $0.48 | $0.48 | $0.45 | $0.43 | $0.42 | $0.43 | $0.45 | $0.38 | $0.38 | |
| EPS (Diluted) | $0.24 | $0.26 | $0.15 | $0.32 | $0.33 | $0.29 | $0.22 | $0.48 | $0.48 | $0.45 | $0.43 | $0.42 | $0.43 | $0.45 | $0.38 | $0.38 | |
| Shares (Basic) | 24,375,000 | 24,315,000 | -48,385,000 | 24,230,000 | 24,199,000 | 24,174,000 | -48,215,000 | 24,133,000 | 24,112,000 | 24,094,000 | -48,077,000 | 24,059,000 | 24,043,000 | 24,026,000 | -47,880,000 | 23,997,000 | |
| Shares (Diluted) | 24,429,000 | 24,357,000 | -48,418,000 | 24,242,000 | 24,219,000 | 24,195,000 | -48,226,000 | 24,155,000 | 24,116,000 | 24,097,000 | -48,079,000 | 24,062,000 | 24,044,000 | 24,026,000 | -47,904,000 | 23,999,000 | |
| EBITDA | $68M | $68M | · | $64M | $63M | $62M | · | $12M | $12M | $12M | · | $12M | $12M | $12M | · | $12M |
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 | $6M | $9M | $9M | $12M | $5M | $6M | $10M | $7M | $7M | $7M | · | $7M | $11M | $12M | · | $10M | |
| Total Assets | $2.16B | $2.16B | $2.16B | $2.17B | $2.14B | $2.13B | $2.13B | $2.11B | $2.07B | $2.03B | $1.99B | $1.96B | $1.91B | $1.87B | $1.83B | $1.81B | |
| Total Liabilities | $1.69B | $1.68B | $1.69B | $1.68B | $1.65B | $1.64B | $1.63B | $1.60B | $1.56B | $1.52B | · | $1.45B | $1.39B | $1.35B | · | $1.28B | |
| Long-term Debt | $1.60B | $1.60B | $468M | $1.59B | $1.56B | $1.54B | · | $1.49B | $1.44B | $1.41B | · | $1.34B | $1.29B | $1.25B | · | $1.19B | |
| Common Stock | $248.0K | $246.0K | $245.0K | $245.0K | $245.0K | $243.0K | $243.0K | $241.0K | $241.0K | $241.0K | · | $241.0K | $240.0K | $240.0K | · | $240.0K | |
| Paid-in Capital | $463M | $461M | $459M | $457M | $456M | $455M | $454M | $453M | $452M | $451M | · | $449M | $448M | $447M | · | $445M | |
| Retained Earnings | $-354M | $-346M | $-338M | $-327M | $-320M | $-314M | $-307M | $-297M | $-295M | $-292M | · | $-285M | $-281M | $-277M | · | $-268M | |
| AOCI | $2M | $1M | $1M | $1M | $1M | $2M | $3M | $1M | $3M | $3M | · | $5M | $3M | $1M | · | $3M | |
| Stockholders' Equity | $296M | $302M | $308M | $317M | $322M | $328M | $336M | $342M | $346M | $347M | · | $394M | $395M | $396M | · | $405M | |
| Liabilities + Equity | $2.16B | $2.16B | $2.16B | $2.17B | $2.14B | $2.13B | $2.13B | $2.11B | $2.07B | $2.03B | · | $1.96B | $1.91B | $1.87B | · | $1.81B | |
| Shares Outstanding | 24,777,583 | 24,595,080 | 24,551,168 | 24,493,115 | 24,471,554 | 24,318,414 | 24,302,576 | 24,279,719 | 24,256,492 | 24,099,077 | 24,082,887 | 24,064,211 | 24,048,626 | 24,029,935 | 24,016,009 | 24,001,546 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $16M | $16M | $16M | $14M | $14M | $15M | $14M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | |
| Stock-based Comp | $627.0K | $549.0K | $554.0K | $521.0K | $480.0K | $428.0K | $393.0K | $606.0K | $505.0K | $219.0K | $287.0K | $291.0K | $553.0K | $290.0K | $301.0K | $312.0K | |
| Other Non-cash | · | $4M | · | · | · | $6M | · | · | · | $8M | · | · | · | $10M | · | · | |
| Operating Cash Flow | $31M | $29M | $22M | $21M | $27M | $30M | $29M | $26M | $32M | $34M | $33M | $16M | $33M | $36M | $29M | $26M | |
| CapEx | · | · | · | · | · | · | · | $55M | $45M | $46M | · | $48M | $56M | $43M | · | $33M | |
| Investing Cash Flow | $-9M | $-7M | $-22M | $-20M | $-30M | $-24M | $-44M | $-55M | $-45M | $-46M | $-56M | $-48M | $-56M | $-43M | $-32M | $-33M | |
| Stock Issued | $2M | $1M | $1M | $641.0K | $531.0K | $598.0K | $621.0K | $623.0K | $559.0K | $603.0K | $596.0K | $555.0K | $544.0K | $543.0K | $544.0K | $648.0K | |
| Net Stock Activity | · | $1M | · | · | · | $598.0K | · | · | · | $603.0K | · | · | · | $543.0K | · | · | |
| Dividends Paid | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | |
| Financing Cash Flow | $-11M | $-22M | $-4M | $5M | $2M | $-10M | $18M | $29M | $12M | $10M | $26M | $27M | $23M | $6M | $6M | $6M | |
| Net Change in Cash | $11M | $585.0K | $-3M | $6M | $-1M | $-4M | $3M | $334.0K | $-216.0K | $-1M | $2M | $-5M | $-339.0K | $-1M | $3M | $-876.0K | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-12M | · | · | · | $-7M | · | · |
Profitability 6
| 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 | · | · | · | · | · | · | · | 73.7% | 74.2% | 72.8% | · | 72.8% | 74.2% | 74.2% | · | 73.7% | |
| Operating Margin | 67.7% | 66.0% | · | 69.1% | 68.7% | 66.5% | · | · | · | · | · | · | · | · | · | · | |
| Net Margin | 11.4% | 11.7% | · | 14.6% | 15.1% | 13.6% | · | 21.5% | 21.6% | 20.4% | · | 20.1% | 20.7% | 21.4% | · | 19.6% | |
| EBITDA Margin | 88.6% | 86.3% | · | 88.7% | 88.6% | 86.7% | · | 17.9% | 17.9% | 18.0% | · | 19.0% | 19.0% | 19.1% | · | 20.0% | |
| ROA | 0.41% | 0.43% | · | 0.49% | 0.51% | 0.47% | · | 0.71% | 0.73% | 0.70% | · | 0.68% | 0.71% | 0.75% | · | 0.67% | |
| ROE | 2.8% | 2.9% | · | 3.2% | 3.2% | 2.9% | · | 3.9% | 3.9% | 3.7% | · | 3.2% | 3.3% | 3.4% | · | 2.8% |
Liquidity & Solvency 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | 2.6 | 2.6 | · | 2.9 | 2.9 | 2.8 | · | · | · | · | · | · | · | · | · | · |
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) 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $298M | $293M | · | $282M | $277M | $273M | · | $265M | $261M | $257M | · | $252M | $248M | $247M | · | $244M | |
| Net Income TTM | $39M | $40M | · | $45M | $49M | $52M | · | $55M | $54M | $53M | · | $51M | $52M | $52M | · | $51M | |
| Market Cap | $926M | $801M | · | $781M | $835M | $877M | · | $1.02B | $892M | $928M | · | $849M | $886M | $937M | · | $900M | |
| P/E | 32.5 | 27.1 | · | 22.4 | 21.6 | 21.2 | · | 22.9 | 20.7 | 22.0 | · | 21.0 | 21.8 | 22.9 | · | 22.2 | |
| P/S | 3.1 | 2.7 | · | 2.8 | 3.0 | 3.2 | · | 3.8 | 3.4 | 3.6 | · | 3.4 | 3.6 | 3.8 | · | 3.7 | |
| P/B | 3.1 | 2.7 | · | 2.5 | 2.6 | 2.7 | · | 3.0 | 2.6 | 2.7 | · | 2.2 | 2.2 | 2.4 | · | 2.2 | |
| P / Tangible Book | 3.1 | 2.7 | · | 2.5 | 2.6 | 2.7 | · | 3.0 | 2.6 | 2.7 | · | 2.2 | 2.2 | 2.4 | · | 2.2 | |
| P / Cash Flow | · | 27.4 | · | · | · | 28.9 | · | · | · | 27.4 | · | · | · | 26.0 | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -79.0 | · | · | · | -132.8 | · | · | |
| Earnings Yield | 3.1% | 3.7% | · | 4.5% | 4.6% | 4.7% | · | 4.4% | 4.8% | 4.5% | · | 4.8% | 4.6% | 4.4% | · | 4.5% | |
| Payout Ratio | · | 157.1% | · | · | · | 145.5% | · | · | · | 104.2% | · | · | · | 105.0% | · | · |
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 | $290M | — | — | $269M | — |
| Operating Margin % | 67.4% | — | — | 75.8% | — |
| Net Income | $38M | — | — | $51M | — |
| Diluted EPS | $1.09 | — | — | $1.63 | — |
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Institutional owners (13F) 205 filers · $253.5M 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 |
|---|---|---|---|---|
| 38 (+11 vs prior Q) | 15 (-8 vs prior Q) | 64 (+2 vs prior Q) | 43 (-7 vs prior Q) | +2.9M |
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 | $48,710,383 | 1,302,765 | 19.22% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $27,040,373 | 723,198 | 10.67% | Shares |
| STATE STREET CORP | $21,346,474 | 570,914 | 8.42% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $20,587,981 | 550,628 | 8.12% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $14,718,088 | 393,637 | 5.81% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $11,726,025 | 313,568 | 4.63% | Shares |
| AMERIPRISE FINANCIAL INC | $8,806,056 | 235,519 | 3.47% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $6,817,730 | 182,341 | 2.69% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $6,620,797 | 177,074 | 2.61% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,145,313 | 137,612 | 2.03% | Shares |
| CARY STREET PARTNERS FINANCIAL LLC | $3,612,996 | 96,630 | 1.43% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,397,480 | 90,866 | 1.34% | Shares |
| TWO SIGMA INVESTMENTS, LP | $3,384,468 | 90,518 | 1.34% | Shares |
| Man Group plc | $3,341,731 | 89,375 | 1.32% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $3,284,786 | 87,852 | 1.30% | Shares |
| Bank of New York Mellon Corp | $2,966,934 | 79,351 | 1.17% | Shares |
| DENALI ADVISORS LLC | $2,673,385 | 71,500 | 1.05% | Shares |
| DEAN INVESTMENT ASSOCIATES, LLC | $2,470,656 | 66,078 | 0.97% | Shares |
| Nuveen, LLC | $2,380,024 | 63,654 | 0.94% | Shares |
| GOLDMAN SACHS GROUP INC | $2,321,994 | 62,102 | 0.92% | Shares |
| Quantinno Capital Management LP | $2,268,442 | 60,669 | 0.89% | Shares |
| BROWN ADVISORY INC | $1,977,520 | 52,889 | 0.78% | Shares |
| Dean Capital Management | $1,792,177 | 47,932 | 0.71% | Shares |
| Public Sector Pension Investment Board | $1,608,630 | 43,023 | 0.63% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,543,459 | 41,280 | 0.61% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $1,513,958 | 40,491 | 0.60% | Shares |
| AlphaCentric Advisors LLC | $1,308,650 | 35,000 | 0.52% | Shares |
| Crossingbridge Advisors, LLC | $1,308,650 | 35,000 | 0.52% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $1,216,820 | 32,544 | 0.48% | Shares |
| BEACON INVESTMENT ADVISORS LLC | $1,199,964 | 32,093 | 0.47% | Shares |
| RHUMBLINE ADVISERS | $1,180,498 | 31,573 | 0.47% | Shares |
| MORGAN STANLEY | $1,144,509 | 30,610 | 0.45% | Shares |
| NORGES BANK | $1,140,395 | 30,500 | 0.45% | Shares |
| Chevy Chase Trust Holdings, LLC | $1,101,958 | 29,472 | 0.43% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $1,058,361 | 28,306 | 0.42% | Shares |
| Swiss National Bank | $1,008,894 | 26,983 | 0.40% | Shares |
| BlackRock, Inc. | $959,689 | 25,667 | 0.38% | Shares |
| Legato Capital Management LLC | $934,526 | 24,994 | 0.37% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $871,748 | 23,315 | 0.34% | Shares |
| INCEPTIONR LLC | $861,765 | 23,048 | 0.34% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $837,461 | 22,398 | 0.33% | Shares |
| BANK OF AMERICA CORP /DE/ | $834,508 | 22,319 | 0.33% | Shares |
| Sargent Investment Group, LLC | $760,924 | 20,351 | 0.30% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $747,725 | 19,998 | 0.29% | Shares |
| Legal & General Group Plc | $716,280 | 19,157 | 0.28% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $704,054 | 18,830 | 0.28% | Shares |
| Choate Investment Advisors | $621,197 | 16,614 | 0.25% | Shares |
| GUGGENHEIM CAPITAL LLC | $613,794 | 16,416 | 0.24% | Shares |
| JPMORGAN CHASE & CO | $574,327 | 15,218 | 0.23% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $570,085 | 15,247 | 0.22% | Shares |
| Asset Management One Co., Ltd. | $568,651 | 17,454 | 0.22% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $556,027 | 14,871 | 0.22% | Shares |
| Y-Intercept (Hong Kong) Ltd | $549,446 | 14,695 | 0.22% | Shares |
| BARCLAYS PLC | $514,374 | 13,757 | 0.20% | Shares |
| TWO SIGMA ADVISERS, LP | $513,939 | 16,300 | 0.20% | Shares |
| PRUDENTIAL FINANCIAL INC | $505,064 | 13,508 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $502,775 | 15,432 | 0.20% | Shares |
| AlphaQuest LLC | $480,896 | 15,252 | 0.19% | Shares |
| CITIGROUP INC | $477,956 | 12,783 | 0.19% | Shares |
| XTX Topco Ltd | $472,011 | 12,624 | 0.19% | Shares |
| WELLS FARGO & COMPANY/MN | $467,113 | 12,493 | 0.18% | Shares |
| Odyssean, LLC | $444,679 | 11,893 | 0.18% | Shares |
| ALLIANCEBERNSTEIN L.P. | $442,534 | 13,583 | 0.17% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $439,116 | 11,744 | 0.17% | Shares |
| EVERGREEN CAPITAL MANAGEMENT LLC | $430,210 | 11,506 | 0.17% | Shares |
| Sequoia Financial Advisors, LLC | $425,274 | 11,374 | 0.17% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $416,786 | 11,147 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $413,234 | 11,052 | 0.16% | Shares |
| Susquehanna Portfolio Strategies, LLC | $397,792 | 10,639 | 0.16% | Shares |
| MetLife Investment Management, LLC | $332,547 | 8,894 | 0.13% | Shares |
| FIRST TRUST ADVISORS LP | $327,801 | 8,767 | 0.13% | Shares |
| XML Financial, LLC | $292,951 | 7,835 | 0.12% | Shares |
| Squarepoint Ops LLC | $280,836 | 7,511 | 0.11% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $276,873 | 7,405 | 0.11% | Shares |
| Symmetry Partners, LLC | $276,349 | 7,391 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $271,264 | 7,255 | 0.11% | Shares |
| Vanguard Personalized Indexing Management, LLC | $267,077 | 7,143 | 0.11% | Shares |
| Able Wealth Management LLC | $265,731 | 7,107 | 0.10% | Shares |
| WEALTHEDGE INVESTMENT ADVISORS, LLC | $253,691 | 6,785 | 0.10% | Shares |
| ALPS ADVISORS INC | $251,934 | 6,738 | 0.10% | Shares |
| Steward Partners Investment Advisory, LLC | $251,225 | 6,719 | 0.10% | Shares |
| PNC Financial Services Group, Inc. | $248,868 | 6,656 | 0.10% | Shares |
| Illinois Municipal Retirement Fund | $244,269 | 6,533 | 0.10% | Shares |
| Cerity Partners LLC | $239,057 | 6,394 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $229,388 | 6,135 | 0.09% | Shares |
| Stonegate Investment Group, LLC | $222,676 | 6,987 | 0.09% | Shares |
| HighTower Advisors, LLC | $219,800 | 5,879 | 0.09% | Shares |
| VANGUARD GROUP INC | $219,701 | 6,968 | 0.09% | Shares |
| Ballentine Partners, LLC | $215,067 | 5,752 | 0.08% | Shares |
| Cetera Investment Advisers | $212,495 | 5,683 | 0.08% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $208,561 | 5,578 | 0.08% | Shares |
| Louisiana State Employees Retirement System | $205,645 | 5,500 | 0.08% | Shares |
| COLDSTREAM CAPITAL MANAGEMENT INC | $204,898 | 5,480 | 0.08% | Shares |
| IEQ CAPITAL, LLC | $203,389 | 5,440 | 0.08% | Shares |
| JANUS HENDERSON GROUP PLC | $201,737 | 6,193 | 0.08% | Shares |
| Resona Asset Management Co.,Ltd. | $201,730 | 5,349 | 0.08% | Shares |
| Invesco Ltd. | $197,644 | 5,286 | 0.08% | Shares |
| State of Tennessee, Department of Treasury | $178,575 | 4,776 | 0.07% | Shares |
| NEUBERGER BERMAN GROUP LLC | $177,680 | 4,752 | 0.07% | Shares |
| Daiwa Securities Group Inc. | $176,817 | 4,729 | 0.07% | Shares |
Company insiders 43 insiders · 25 officers · 23 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| SAUL B FRANCIS II | Chairman & CEO | May 17, 2026 A | 264,292 | 0 | 0 | $0 |
| Carlos Lawrence Heard | Senior Vice President & CFO | March 11, 2026 M | 5,931 | 3 | 0 | $27,967 |
| Scott V Schneider | Executive Vice President-CFO | April 24, 2020 A | 0 | 0 | 0 | $0 |
| David Todd Pearson | President & COO | May 28, 2026 P | 79,321 | 1 | 0 | $90,324 |
| Thomas H Mccormick | President | May 10, 2013 A | 5,718 | 0 | 0 | $0 |
| Francis B Saul III | President | July 2, 2012 A | 25,987 | 0 | 0 | $0 |
| Zachary Maxwell Friedlis | Sr. VP-Director of Leasing | March 11, 2026 M | 5,206 | 0 | 0 | $0 |
| Bettina T. Guevara | Exec. VP /Chf Legal & Adm Off | March 11, 2026 M | 7,305 | 0 | 0 | $0 |
| Lotuff Patricia Saul | Vice Chair | March 11, 2026 M | 21,834 | 0 | 0 | $0 |
| Lori Godby | Senior Vice Pres.-Residential | March 11, 2026 M | 1,416 | 0 | 0 | $0 |
| Judith K. Garland | SVP, Office and Retail | March 11, 2026 M | 3,489 | 0 | 0 | $0 |
| Willoughby B. Laycock | SVP-Res. Design/Mrkt Research | March 11, 2026 M | 4,370 | 0 | 0 | $0 |
| Donald A Hachey | SVP-Chief Construction Officer | March 11, 2026 M | 4,278 | 0 | 0 | $0 |
| Joel Albert Friedman | Exec VP, CAO & Treasurer | March 11, 2026 M | 6,010 | 0 | 0 | $0 |
| Christine Nicolaides Kearns | Exec VP/Chief Legal/Admin Off | May 12, 2023 A | — | 0 | 0 | $0 |
| Charles W Sherren JR | Sr. VP- Property Management | May 12, 2023 A | 684 | 0 | 0 | $0 |
| Christopher Netter | Exec. Vice Pres-Retail Leasing | May 12, 2023 A | 1,561 | 0 | 0 | $0 |
| Debra Noreen Stencel | Senior VP & General Counsel | Jan. 27, 2020 M | 0 | 0 | 0 | $0 |
| Steven N. Corey | Senior VP - Office Leasing | May 3, 2019 A | 0 | 0 | 0 | $0 |
| Benjamin Underwood | Vice President-Residential | May 11, 2018 A | — | 0 | 0 | $0 |
| Patrick T. Connors | Sr Vice President-Finance | May 19, 2014 M | 0 | 0 | 0 | $0 |
| Robert Wulff | Sr Vice Pres-Acquisitions/Dev | July 3, 2012 M | 0 | 0 | 0 | $0 |
| William Hoy | Sr Vice Pres-Construction | April 27, 2007 A | — | 0 | 0 | $0 |
| Kenneth Donald Shoop | Vice President-CAO | April 27, 2007 A | 625 | 0 | 0 | $0 |
| Laurence M Millspaugh III | Vice President-Acquis. & Dev. | March 28, 2006 M | 0 | 0 | 0 | $0 |
| George Patrick Clancy JR | Director | July 1, 2026 A | 22,605 | 0 | 0 | $0 |
| Lasalle D. Leffall III | Director | May 8, 2026 A | 6,000 | 0 | 0 | $0 |
| Earl A Powell III | Director | May 8, 2026 A | 7,200 | 0 | 0 | $0 |
| Andrew M. Saul II | Director | May 8, 2026 A | 10,800 | 0 | 0 | $0 |
| Gregory H. Platts | Director | May 8, 2026 A | 8,900 | 0 | 0 | $0 |
| Mark Sullivan III | Director | May 8, 2026 A | 10,400 | 0 | 0 | $0 |
| Philip D Caraci | Director | May 8, 2026 A | 55,416 | 0 | 0 | $0 |
| John E Chapoton | Director | Oct. 1, 2025 A | 11,466 | 0 | 0 | $0 |
| James Page Lansdale | Director | May 17, 2024 A | 2,576 | 0 | 0 | $0 |
| John R Whitmore | Director | May 13, 2022 A | 1,000 | 0 | 0 | $0 |
| NOONAN PATRICK F | Director | May 11, 2018 A | 10,466 | 0 | 0 | $0 |
| Philip C Jackson JR | Director | May 5, 2017 A | 46,300 | 0 | 0 | $0 |
| James W Symington | Director | Jan. 3, 2017 A | 1,922 | 0 | 0 | $0 |
| Gilbert M Grosvenor | Director | May 6, 2016 A | 200 | 0 | 0 | $0 |
| Charles R Longsworth | Director | Oct. 1, 2015 A | 2,800 | 0 | 0 | $0 |
| Paul X Kelley | Director | July 1, 2013 A | 36,378 | 0 | 0 | $0 |
| David B Kay | Director | July 1, 2011 A | 4,779 | 0 | 0 | $0 |
| John F Collich | — | May 17, 2026 A | 53,134 | 1 | 0 | $59,980 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 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 |
|---|---|---|---|---|---|
| B. Francis Saul II, B.F. Saul Company, B.F. Saul Real Estate Investment Trust, Dearborn, L.L.C., SHLP Unit Acquisition Corp. ×20 filings | Nov. 26, 2019 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | April 30, 2003 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 6, 2002 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 20, 2002 | — | Initial filing | — | SEC |
| Franklin Property Company | April 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 51 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 | 2.10% | 6,763 NS | May 31, 2026 | N-PORT |
| XSHD · Invesco Exchange-Traded Fund Trust … | 2.03% | 43,740 | Aug. 8, 2026 | Daily |
| RIET · ETF Series Solutions | 1.27% | 38,261 NS | May 31, 2026 | N-PORT |
| XSLV · Invesco Exchange-Traded Fund Trust … | 0.98% | 71,533 | Aug. 8, 2026 | Daily |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.43% | 23,666 NS | May 31, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 33,911 NS | May 31, 2026 | N-PORT |
| PSCF · Invesco Exchange-Traded Fund Trust … | 0.09% | 733 | Aug. 8, 2026 | Daily |
| EBIT · Harbor ETF Trust | 0.08% | 269 NS | April 30, 2026 | N-PORT |
| PFF · iShares Trust | 0.04% | 270,175 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.04% | 46,360 SH | Aug. 8, 2026 | Daily |
| USRT · iShares Trust | 0.04% | 49,650 SH | Aug. 8, 2026 | Daily |
| FREL · FIDELITY COVINGTON TRUST | 0.03% | 14,641 NS | April 30, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 0.03% | 16,236 NS | April 30, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.03% | 511,664 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.03% | 43,582 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.03% | 8,341 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.03% | 13,459 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.03% | 1,490 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.03% | 115,088 SH | Aug. 8, 2026 | Daily |
| IJT · iShares Trust | 0.03% | 64,039 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.02% | 765,433 SH | Aug. 8, 2026 | Daily |
| DFGR · Dimensional ETF Trust | 0.02% | 22,962 NS | April 30, 2026 | N-PORT |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.02% | 11,683 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 76,636 SH | Aug. 8, 2026 | Daily |
| IJS · iShares Trust | 0.02% | 47,766 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.02% | 150 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.02% | 1,521 | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.02% | 10,029 | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 327,414 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.01% | 2,814 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 5,427 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 578 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 9,103 | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 143,452 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 280,652 SH | Aug. 8, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.01% | 178,259 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 59,089 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.01% | 634 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 453 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 1,242 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 3,498 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 458 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.00% | 11,097 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.00% | 12 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 393 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 30,139 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 7,449 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 3,258 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 392,926 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.00% | 611 SH | Aug. 8, 2026 | Daily |