BNL Broadstone Net Lease, Inc. Common Stock
$20.93
Price · Aug 19, 2026
Fundamentals as of Jul 29, 2026
52W Range
$17–$23
64% of range
Analyst Rating
BUY
14 analysts
Price Target
$24
+13% upside
P/E (TTM)
41.9
ROE
3.3%
Net Profit Margin
21.2%
BNL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$20.93
Market Cap
$4.01B
P/E (TTM)
41.9
EPS (TTM)
$0.50
Revenue (TTM)
$454M
Div Yield
5.5%
ROE
3.3%
Debt/Equity
—
52W Range
$17 – $23
BNL 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
$454M
2016-12-31
→
2025-12-31
EPS
$0.50
2018-12-31
→
2025-12-31
Free Cash Flow
$270M
2017-12-31
→
2025-12-31
Margins
21.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BNL
Peer Median
P/E (TTM)
41.9
32.5
P/S (TTM)
8.8
4.5
P/B
1.4
1.1
Price / FCF
14.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BNL
Peer Median
Net Profit Margin
21.2%
11.5%
ROA
1.8%
1.3%
ROE
3.3%
3.3%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BNL
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BNL
Peer Median
Revenue YoY
5.2%
—
Revenue CAGR 3Y
3.7%
—
Revenue CAGR 5Y
7.1%
—
EPS YoY
-41.9%
—
Net Income YoY
-40.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BNL
Peer Median
Payout Ratio
226.7%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
5.5%
Payout Ratio
226.7%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 30, 2026 | $0.2930 |
| March 31, 2026 | $0.2930 |
| Dec. 31, 2025 | $0.2900 |
| Sept. 30, 2025 | $0.2900 |
| June 30, 2025 | $0.2900 |
| March 31, 2025 | $0.2900 |
| Dec. 31, 2024 | $0.2900 |
| Sept. 30, 2024 | $0.2900 |
| June 28, 2024 | $0.2900 |
| March 27, 2024 | $0.2850 |
| Dec. 28, 2023 | $0.2850 |
| Sept. 28, 2023 | $0.2800 |
| June 29, 2023 | $0.2800 |
| March 30, 2023 | $0.2750 |
| Dec. 29, 2022 | $0.2750 |
| Sept. 29, 2022 | $0.2700 |
| June 29, 2022 | $0.2700 |
| March 30, 2022 | $0.2650 |
| Dec. 30, 2021 | $0.2650 |
| Sept. 29, 2021 | $0.2550 |
BNL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 3 21.4%
- Buy 7 50.0%
- Hold 4 28.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-18
Median
$24.00
Now
$20.93
Low
$20.00
High
$26.00
Median target
$24.00
+14.7%
Mean target
$23.70
+13.2%
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 | $0.21 | $0.19 | 0.02% |
| March 31, 2026 | $0.24 | $0.16 | 0.08% |
| Dec. 31, 2025 | $0.17 | $0.15 | 0.02% |
| Sept. 30, 2025 | $0.14 | $0.15 | -0.01% |
| June 30, 2025 | $0.10 | $0.17 | -0.07% |
| March 31, 2025 | $0.09 | $0.18 | -0.09% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BNL | $3.33B | 34.7 | 5.2% | 21.2% | 3.3% | — |
| WPC | $14.10B | 19.3 | 8.4% | 27.2% | 5.6% | — |
| EPRT | $6.22B | 23.2 | 24.8% | 45.1% | 6.5% | — |
| GNL | $1.86B | -7.1 | -13.1% | -45.5% | -11.7% | — |
| AAT | $1.16B | 20.6 | -4.7% | — | — | 61.1% |
| CTO | $596M | 230.1 | 20.1% | 6.8% | 1.7% | 74.6% |
| AHRT | $531M | -94.6 | 4.1% | 2.0% | 0.86% | — |
| GOOD | — | — | — | — | — | — |
| PINE | $247M | -76.0 | 15.9% | -4.4% | -1.0% | 86.0% |
| NXDT | $192M | -1.4 | 3.3% | -151.4% | -17.0% | — |
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 | $454M | $432M | $443M | $408M | $383M | $322M | $299M | $237M | $182M | $143M | |
| SG&A Expense | $39M | $38M | $39M | $37M | $36M | $28M | $5M | $6M | $5M | $3M | |
| Operating Expenses | $266M | $268M | $252M | $219M | $215M | $201M | $164M | $128M | $96M | $79M | |
| Operating Income | · | · | · | · | · | · | · | · | $85M | $64M | |
| Interest Expense | · | $74M | $80M | $79M | $64M | $76M | $73M | $53M | $35M | $30M | |
| Interest Income | $389.0K | $994.0K | $512.0K | $44.0K | $17.0K | $24.0K | $9.0K | $179.0K | $467.0K | $88.0K | |
| Other Non-op | $-6M | $6M | $-2M | $5M | $-430.0K | $-7.0K | $-6.0K | $-100.0K | · | · | |
| Income Tax | $1M | $1M | $763.0K | · | · | · | · | · | · | · | |
| Net Income | $96M | $162M | $155M | $122M | $102M | $51M | $79M | $69M | $55M | $36M | |
| EPS (Basic) | $0.51 | $0.86 | $0.83 | $0.72 | $0.67 | $0.44 | $0.83 | $0.86 | · | · | |
| EPS (Diluted) | $0.50 | $0.86 | $0.83 | $0.72 | $0.67 | $0.44 | $0.83 | $0.86 | · | · | |
| Shares (Basic) | 188,123,000 | 187,454,000 | 186,617,000 | 169,840,000 | 153,057,000 | 117,150,000 | 95,917,000 | 80,967,000 | 17,084,000 | 13,178,000 | |
| Shares (Diluted) | 197,573,000 | 196,619,000 | 196,315,000 | 180,201,000 | 163,970,000 | 128,799,000 | 102,865,000 | 87,641,000 | 18,567,000 | 14,597,000 | |
| EBITDA | $160M | $152M | $153M | $150M | $129M | $132M | $105M | $84M | $148M | · |
Balance Sheet 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $31M | $15M | $19M | $22M | $22M | $100M | $12M | $19M | $9M | $22M | |
| Prepaid Expense | · | · | · | $8M | · | · | · | · | · | · | |
| Goodwill | $340M | $340M | $340M | $340M | $340M | $340M | $0 | · | · | · | |
| Intangibles | $268M | $268M | $288M | $330M | $304M | $291M | $332M | $286M | $243M | $168M | |
| Total Assets | $5.72B | $5.22B | $5.27B | $5.46B | $4.62B | $4.26B | $3.92B | $3.10B | $2.58B | $1.95B | |
| Total Liabilities | $2.68B | $2.07B | $2.07B | $2.20B | $1.88B | $1.78B | $2.14B | $1.57B | $1.29B | $954M | |
| Long-term Debt | $2.52B | $1.92B | $1.92B | $2.03B | $1.70B | $1.55B | $1.99B | $1.45B | $1.18B | · | |
| Common Stock | $48.0K | $47.0K | $47.0K | $47.0K | $41.0K | $27.0K | $26.0K | $22.0K | $19.0K | $15.0K | |
| AOCI | $20M | $50M | $49M | $60M | $-28M | $-66M | $-20M | $15M | $5M | $2M | |
| Stockholders' Equity | $2.90B | $3.00B | $3.05B | $3.09B | $2.58B | $2.30B | $1.67B | $1.42B | $1.19B | $912M | |
| Liabilities + Equity | $5.72B | $5.22B | $5.27B | $5.46B | $4.62B | $4.26B | $3.92B | $3.10B | $2.58B | $1.95B | |
| Shares Outstanding | 191,423,000 | 188,626,000 | 187,614,000 | 186,114,000 | 162,383,000 | 108,609,000 | 104,006,000 | 22,014,000 | 18,909,000 | 15,158,000 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $160M | $152M | $153M | $150M | $129M | $132M | $105M | $84M | $63M | $46M | |
| Stock-based Comp | $10M | $7M | $6M | $5M | $5M | $2M | · | · | · | · | |
| Amort. of Intangibles | $5M | $2M | $900.0K | $8M | $4M | $14M | $0 | $0 | · | · | |
| Other Non-cash | $34M | $-45M | $-44M | $-22M | $9M | $-6M | $-37M | $-25M | $-20M | · | |
| Operating Cash Flow | $299M | $276M | $271M | $256M | $245M | $179M | $147M | $128M | $98M | $67M | |
| CapEx | $30M | $17M | $46M | $31M | $2M | $11M | $5M | $5M | $7M | $2M | |
| Investing Cash Flow | $-675M | $-60M | $24M | $-860M | $-582M | $-60M | $-832M | $-510M | $-612M | $-471M | |
| Debt Issued | · | · | · | · | · | · | · | $415M | $515M | $114M | |
| Net Debt Issued | · | · | · | · | · | · | · | $380M | $129M | · | |
| Stock Issued | $38M | $-996.0K | $-180.0K | $496M | $280M | $588M | $330M | $216M | $273M | $246M | |
| Stock Repurchased | · | · | · | · | · | · | $35M | $10M | $9M | $8M | |
| Net Stock Activity | $38M | $-996.0K | $-180.0K | $496M | $280M | $588M | $295M | $206M | $263M | · | |
| Dividends Paid | $219M | $217M | $208M | $181M | $154M | $72M | $62M | $52M | $45M | $36M | |
| Financing Cash Flow | $393M | $-221M | $-335M | $636M | $254M | $-28M | $686M | $391M | $501M | $399M | |
| Free Cash Flow | $270M | $259M | $225M | $225M | $243M | $168M | $142M | $123M | $91M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | 46.8% | · | |
| Net Margin | 21.2% | 37.6% | 35.1% | 30.0% | 26.8% | 15.9% | 26.6% | 29.2% | 30.2% | · | |
| EBITDA Margin | 35.1% | 35.1% | 34.5% | 36.8% | 33.7% | 40.9% | 35.3% | 35.2% | 81.3% | · | |
| ROA | 1.8% | 3.1% | 2.9% | 2.4% | 2.3% | 1.2% | 2.3% | 2.4% | 2.4% | · | |
| ROE | 3.3% | 5.4% | 5.1% | 4.3% | 4.2% | 2.6% | 5.1% | 5.3% | 5.2% | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | · | · | · | · | · | · | 2.4 | · |
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 | 0.1 | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 5.2% | -2.5% | 8.7% | 6.4% | 19.0% | · | · | · | · | · | |
| Revenue CAGR 3Y | 3.7% | 4.1% | 11.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 7.1% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -41.9% | 3.6% | 15.3% | 7.5% | 52.3% | · | · | · | · | · | |
| EPS CAGR 3Y | -11.5% | 8.7% | 23.6% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 2.6% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -40.6% | 4.5% | 27.3% | 19.2% | 100.1% | · | · | · | · | · | |
| Net Income CAGR 3Y | -7.5% | 16.6% | 44.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 13.5% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 25.1% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $454M | $432M | $443M | $408M | $383M | $322M | $299M | $237M | $182M | · | |
| Net Income TTM | $96M | $162M | $155M | $122M | $102M | $51M | $79M | $69M | $55M | · | |
| Market Cap | $3.33B | $2.99B | · | $2.63B | $4.03B | $2.13B | · | · | · | · | |
| P/E | 34.7 | 18.4 | 20.7 | 22.5 | 37.0 | 44.5 | · | · | · | · | |
| P/S | 7.3 | 6.9 | · | 6.5 | 10.5 | 6.6 | · | · | · | · | |
| P/B | 1.1 | 1.0 | · | 0.9 | 1.6 | 0.9 | · | · | · | · | |
| P / Tangible Book | 1.4 | 1.2 | · | 1.1 | 2.1 | 1.3 | · | · | · | · | |
| P / Cash Flow | 11.1 | 10.8 | · | 10.3 | 16.5 | 11.9 | · | · | · | · | |
| P / FCF | 12.3 | 11.5 | · | 11.7 | 16.6 | 12.6 | · | · | · | · | |
| Dividend Yield | 6.6% | 7.2% | · | 6.9% | 3.8% | 3.4% | · | · | · | · | |
| Earnings Yield | 2.9% | 5.4% | 4.8% | 4.4% | 2.7% | 2.2% | · | · | · | · | |
| Payout Ratio | 226.7% | 133.4% | 133.5% | 148.4% | 150.8% | 139.8% | 78.0% | 74.7% | 81.3% | · | |
| Annual Payout | $219M | $217M | $208M | $181M | $154M | $72M | $62M | $52M | $45M | · |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $122M | $121M | $118M | $114M | $113M | $109M | $112M | $108M | $106M | $105M | $105M | $110M | $109M | $119M | $112M | $104M | |
| SG&A Expense | $12M | $10M | $10M | $10M | $10M | $10M | $10M | $9M | $10M | $9M | $9M | $10M | $9M | $10M | $9M | $10M | |
| Operating Expenses | $70M | $58M | $62M | $63M | $69M | $71M | $77M | $55M | $56M | $79M | $84M | $54M | $54M | $60M | $61M | $59M | |
| Interest Expense | · | · | · | · | · | $20M | · | $18M | $18M | $19M | · | $20M | $20M | $21M | $24M | $20M | |
| Interest Income | $135.0K | $49.0K | $-14.0K | $182.0K | $122.0K | $99.0K | $42.0K | $70.0K | $649.0K | $233.0K | $141.0K | $127.0K | $82.0K | $162.0K | $40.0K | $4.0K | |
| Other Non-op | $1M | $1M | $-4M | $1M | $-3M | $-487.0K | $5M | $-942.0K | $748.0K | $2M | $-5M | $1M | $2M | $-18.0K | $-828.0K | $5M | |
| Income Tax | $346.0K | $311.0K | $391.0K | $208.0K | $199.0K | $355.0K | $526.0K | $-291.0K | $531.0K | · | · | · | · | · | · | · | |
| Net Income | $40M | $46M | $33M | $26M | $20M | $17M | $26M | $36M | $35M | $65M | $6M | $50M | $60M | $39M | $35M | $27M | |
| EPS (Basic) | $0.21 | $0.24 | $0.17 | $0.14 | $0.11 | $0.09 | $0.13 | $0.19 | $0.19 | $0.35 | $0.03 | $0.27 | $0.32 | $0.21 | $0.20 | $0.16 | |
| EPS (Diluted) | $0.21 | $0.24 | $0.17 | $0.14 | $0.10 | $0.09 | $0.13 | $0.19 | $0.19 | $0.35 | $0.04 | $0.26 | $0.32 | $0.21 | $0.20 | $0.16 | |
| Shares (Basic) | 190,692,000 | 190,435,000 | -375,882,000 | 188,099,000 | 188,041,000 | 187,865,000 | -374,768,000 | 187,496,000 | 187,436,000 | 187,290,000 | -373,012,000 | 186,766,000 | 186,733,000 | 186,130,000 | -336,102,000 | 172,578,000 | |
| Shares (Diluted) | 200,261,000 | 199,754,000 | -394,095,000 | 197,632,000 | 197,138,000 | 196,898,000 | -393,200,000 | 196,932,000 | 196,470,000 | 196,417,000 | -392,461,000 | 196,372,000 | 196,228,000 | 196,176,000 | -357,314,000 | 182,971,000 | |
| EBITDA | · | $41M | · | · | · | $38M | · | · | · | $37M | · | · | · | $39M | · | · |
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 | $11M | $20M | $31M | $82M | $21M | $10M | $15M | $9M | $18M | $222M | $19M | $35M | $21M | $15M | $22M | $76M | |
| Goodwill | $340M | $340M | $340M | $340M | $340M | $340M | $340M | $340M | $340M | $340M | · | $340M | $340M | $340M | · | $340M | |
| Intangibles | $251M | $262M | $268M | $258M | $257M | $264M | $268M | $277M | $283M | $273M | · | $298M | $309M | $317M | · | $322M | |
| Total Assets | $5.87B | $5.85B | $5.72B | $5.52B | $5.33B | $5.24B | $5.22B | $5.26B | $5.26B | $5.27B | · | $5.34B | $5.37B | $5.34B | · | $5.24B | |
| Total Liabilities | $2.86B | $2.82B | $2.68B | $2.51B | $2.29B | $2.16B | $2.07B | $2.12B | $2.07B | $2.05B | · | $2.06B | $2.11B | $2.10B | · | $2.23B | |
| Long-term Debt | $2.69B | $2.65B | $2.52B | $2.35B | $2.12B | $2.00B | · | $1.95B | $1.91B | $1.90B | · | $1.90B | · | $1.94B | · | $2.06B | |
| Common Stock | $48.0K | $48.0K | $48.0K | $47.0K | $47.0K | $47.0K | $47.0K | $47.0K | $47.0K | $47.0K | · | $47.0K | $47.0K | $47.0K | · | $43.0K | |
| AOCI | $25M | $21M | $20M | $19M | $18M | $30M | $50M | $17M | $60M | $57M | · | $84M | $68M | $44M | · | $62M | |
| Stockholders' Equity | $2.88B | $2.89B | $2.90B | $2.88B | $2.91B | $2.95B | $3.00B | $3.00B | $3.05B | $3.07B | · | $3.12B | $3.11B | $3.08B | · | $2.84B | |
| Liabilities + Equity | $5.87B | $5.85B | $5.72B | $5.52B | $5.33B | $5.24B | $5.22B | $5.26B | $5.26B | $5.27B | · | $5.34B | $5.37B | $5.34B | · | $5.24B | |
| Shares Outstanding | 191,808,000 | 191,771,000 | 191,423,000 | 189,216,000 | 189,130,000 | 189,073,000 | 188,626,000 | 188,507,000 | 188,517,000 | 188,435,000 | · | 187,272,000 | 187,273,000 | 187,203,000 | · | 173,115,000 |
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 | $48M | $41M | $41M | $39M | $41M | $38M | $42M | $37M | $36M | $37M | $38M | $37M | $38M | $39M | $44M | $38M | |
| Stock-based Comp | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | |
| Amort. of Intangibles | $1M | $0 | $100.0K | $300.0K | $5M | $200.0K | $2M | $0 | $0 | $0 | $0 | $0 | $0 | $900.0K | $6M | $2M | |
| Other Non-cash | · | $-13M | · | · | · | $14M | · | · | · | $-32M | · | · | · | $-6M | · | · | |
| Operating Cash Flow | $58M | $76M | $85M | $64M | $79M | $71M | $64M | $67M | $74M | $71M | $61M | $74M | $62M | $74M | $60M | $78M | |
| CapEx | $12M | $1M | $7M | $6M | $3M | $14M | $6M | $7M | $172.0K | $3M | $17M | $6M | $8M | $16M | $12M | $882.0K | |
| Investing Cash Flow | $-44M | $-162M | $-285M | $-174M | $-131M | $-85M | $27M | $-66M | $-226M | $204M | $-50M | $43M | $2M | $30M | $-274M | $-205M | |
| Stock Issued | · | · | $38M | $-37.0K | $-32.0K | $-146.0K | $-503.0K | $-32.0K | $-230.0K | $-231.0K | $0 | $0 | $350.0K | $170.0K | $273M | $20M | |
| Net Stock Activity | · | · | · | · | · | $-146.0K | · | · | · | $-231.0K | · | · | · | $-170.0K | · | · | |
| Dividends Paid | $56M | $56M | $55M | $52M | $55M | $56M | $55M | $54M | $54M | $54M | $53M | $51M | $52M | $52M | $47M | $46M | |
| Financing Cash Flow | $-23M | $74M | $150M | $171M | $63M | $9M | $-86M | $-10M | $-51M | $-73M | $-41M | $-102M | $-47M | $-145M | $192M | $181M | |
| Free Cash Flow | · | $75M | · | · | · | $57M | · | · | · | $68M | · | · | · | $59M | · | · |
Profitability 4
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | · | 38.2% | · | 23.2% | 17.8% | 15.4% | · | 32.9% | 33.4% | 61.8% | · | 45.4% | 54.9% | 33.0% | · | 26.2% | |
| EBITDA Margin | · | 33.4% | · | · | · | 35.4% | · | · | · | 34.9% | · | · | · | 32.9% | · | · | |
| ROA | · | 0.84% | · | 0.49% | 0.38% | 0.32% | · | 0.67% | 0.66% | 1.2% | · | 0.94% | 1.2% | 0.77% | · | 0.56% | |
| ROE | · | 1.6% | · | 0.90% | 0.68% | 0.56% | · | 1.2% | 1.1% | 2.1% | · | 1.7% | 2.0% | 1.4% | · | 1.0% |
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 |
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 | $471M | $457M | · | $444M | $436M | $428M | · | $429M | $430M | $443M | · | $441M | $430M | $414M | · | $418M | |
| Net Income TTM | $133M | $110M | · | $99M | $108M | $153M | · | $186M | $210M | $214M | · | $176M | $160M | $127M | · | $116M | |
| Market Cap | · | $3.50B | · | $3.38B | $3.04B | $3.22B | · | $3.57B | $2.99B | $2.95B | · | $2.68B | $2.89B | $3.18B | · | $2.69B | |
| P/E | 30.0 | 32.1 | · | 34.4 | 28.2 | 20.8 | · | 19.1 | 14.2 | 13.7 | · | 15.1 | 17.3 | 23.3 | · | 22.2 | |
| P/S | · | 7.7 | · | 7.6 | 7.0 | 7.5 | · | 8.3 | 7.0 | 6.7 | · | 6.1 | 6.7 | 7.7 | · | 6.4 | |
| P/B | · | 1.2 | · | 1.2 | 1.0 | 1.1 | · | 1.2 | 1.0 | 1.0 | · | 0.9 | 0.9 | 1.0 | · | 0.9 | |
| P / Tangible Book | 1.7 | 1.5 | · | 1.5 | 1.3 | 1.4 | · | 1.5 | 1.2 | 1.2 | · | 1.1 | 1.2 | 1.3 | · | 1.2 | |
| P / Cash Flow | · | 46.0 | · | · | · | 45.1 | · | · | · | 41.7 | · | · | · | 42.8 | · | · | |
| P / FCF | · | 46.9 | · | · | · | 56.4 | · | · | · | 43.6 | · | · | · | 54.2 | · | · | |
| Earnings Yield | 3.3% | 3.1% | · | 2.9% | 3.5% | 4.8% | · | 5.2% | 7.1% | 7.3% | · | 6.6% | 5.8% | 4.3% | · | 4.5% | |
| Payout Ratio | · | 120.1% | · | · | · | 335.6% | · | · | · | 83.6% | · | · | · | 131.9% | · | · |
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 | $454M | $432M | $443M | $408M | $383M |
| Net Income | $96M | $162M | $155M | $122M | $102M |
| Diluted EPS | $0.50 | $0.86 | $0.83 | $0.72 | $0.67 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $270M | $259M | $225M | $225M | $243M |
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Institutional owners (13F) 400 filers · $2.6B 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 |
|---|---|---|---|---|
| 63 (+10 vs prior Q) | 34 (-1 vs prior Q) | 140 (+12 vs prior Q) | 100 (-6 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 | $414,381,370 | 20,047,478 | 16.23% | Shares |
| STATE STREET CORP | $226,734,196 | 10,818,323 | 8.88% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $178,233,627 | 8,622,817 | 6.98% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $101,150,529 | 4,892,654 | 3.96% | Shares |
| ALLIANCEBERNSTEIN L.P. | $81,033,278 | 4,435,319 | 3.17% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $76,950,793 | 3,722,825 | 3.01% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $60,992,750 | 2,950,786 | 2.39% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $54,445,028 | 2,634,012 | 2.13% | Shares |
| GRS Advisors, LLC | $50,022,868 | 2,420,071 | 1.96% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $48,468,256 | 2,344,860 | 1.90% | Shares |
| NORGES BANK | $46,606,613 | 2,254,795 | 1.82% | Shares |
| AEW CAPITAL MANAGEMENT L P | $43,538,855 | 2,106,379 | 1.70% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $43,110,613 | 2,085,661 | 1.69% | Shares |
| Alyeska Investment Group, L.P. | $42,377,593 | 2,050,198 | 1.66% | Shares |
| Nuveen, LLC | $41,253,579 | 1,995,819 | 1.62% | Shares |
| TWO SIGMA INVESTMENTS, LP | $40,431,119 | 1,956,029 | 1.58% | Shares |
| New England Private Wealth Advisors LLC | $35,650,738 | 1,594,398 | 1.40% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $30,205,443 | 1,461,318 | 1.18% | Shares |
| Bank of New York Mellon Corp | $27,895,012 | 1,349,541 | 1.09% | Shares |
| SYSTEMATIC FINANCIAL MANAGEMENT LP | $27,783,064 | 1,344,125 | 1.09% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $26,849,421 | 1,298,956 | 1.05% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $26,340,380 | 1,274,329 | 1.03% | Shares |
| 1832 Asset Management L.P. | $25,595,661 | 1,238,300 | 1.00% | Shares |
| GOLDMAN SACHS GROUP INC | $22,205,347 | 1,074,279 | 0.87% | Shares |
| AMERIPRISE FINANCIAL INC | $20,729,698 | 1,002,837 | 0.81% | Shares |
| JANUS HENDERSON GROUP PLC | $20,244,969 | 1,108,099 | 0.79% | Shares |
| Qube Research & Technologies Ltd | $20,124,271 | 973,598 | 0.79% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $19,649,856 | 950,646 | 0.77% | Shares |
| Apollon Wealth Management, LLC | $19,471,678 | 942,026 | 0.76% | Shares |
| AMERICAN CENTURY COMPANIES INC | $19,033,680 | 920,836 | 0.75% | Shares |
| Allianz Asset Management GmbH | $17,109,613 | 827,751 | 0.67% | Shares |
| Columbus Macro, LLC | $16,472,767 | 796,941 | 0.65% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $16,454,330 | 796,085 | 0.64% | Shares |
| Cetera Investment Advisers | $15,714,219 | 760,243 | 0.62% | Shares |
| BlackRock, Inc. | $15,459,341 | 747,912 | 0.61% | Shares |
| SAGE ADVISORS, LLC | $14,978,433 | 862,316 | 0.59% | Shares |
| TritonPoint Partners, LLC | $14,163,283 | 675,646 | 0.55% | Shares |
| Public Sector Pension Investment Board | $13,617,768 | 658,818 | 0.53% | Shares |
| COBBLESTONE CAPITAL ADVISORS LLC /NY/ | $13,304,710 | 744,528 | 0.52% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $13,123,094 | 634,886 | 0.51% | Shares |
| TRITONPOINT WEALTH, LLC | $12,692,770 | 614,067 | 0.50% | Shares |
| Hazelview Securities Inc. | $12,609,963 | 593,410 | 0.49% | Shares |
| UNITED CAPITAL FINANCIAL ADVISORS, LLC | $12,323,681 | 596,211 | 0.48% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $12,114,687 | 586,100 | 0.47% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $10,486,160 | 507,313 | 0.41% | Shares |
| Allspring Global Investments Holdings, LLC | $10,166,781 | 489,258 | 0.40% | Shares |
| Heitman Real Estate Securities LLC | $10,155,481 | 491,315 | 0.40% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $10,113,314 | 489,275 | 0.40% | Shares |
| RHUMBLINE ADVISERS | $10,000,852 | 483,835 | 0.39% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $9,095,373 | 416,646 | 0.36% | Shares |
| Prairiewood Capital, LLC | $8,671,907 | 419,541 | 0.34% | Shares |
| California Public Employees Retirement System | $8,569,141 | 414,569 | 0.34% | Shares |
| Swiss National Bank | $7,945,548 | 384,400 | 0.31% | Shares |
| Verition Fund Management LLC | $7,864,480 | 380,478 | 0.31% | Shares |
| Fisher Asset Management, LLC | $7,707,557 | 372,886 | 0.30% | Shares |
| BANK OF AMERICA CORP /DE/ | $7,554,741 | 365,493 | 0.30% | Shares |
| Susquehanna Portfolio Strategies, LLC | $7,067,982 | 341,944 | 0.28% | Shares |
| JPMORGAN CHASE & CO | $7,056,014 | 333,460 | 0.28% | Shares |
| TWO SIGMA ADVISERS, LP | $6,850,728 | 394,400 | 0.27% | Shares |
| DEAN INVESTMENT ASSOCIATES, LLC | $6,651,730 | 321,806 | 0.26% | Shares |
| Jain Global LLC | $6,461,814 | 312,618 | 0.25% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $6,459,168 | 312,490 | 0.25% | Shares |
| Asset Management One Co., Ltd. | $6,191,191 | 338,872 | 0.24% | Shares |
| Legal & General Group Plc | $6,082,768 | 294,280 | 0.24% | Shares |
| MYCIO WEALTH PARTNERS, LLC | $6,049,406 | 292,666 | 0.24% | Shares |
| Nuveen Asset Management, LLC | $5,511,826 | 347,530 | 0.22% | Shares |
| Post Resch Tallon Group Inc. | $5,236,994 | 253,362 | 0.21% | Shares |
| CITIGROUP INC | $5,175,933 | 250,408 | 0.20% | Shares |
| STRS OHIO | $4,878,120 | 236,000 | 0.19% | Shares |
| Dean Capital Management | $4,831,323 | 233,736 | 0.19% | Shares |
| Tallon Kerry Patrick | $4,669,137 | 297,587 | 0.18% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $4,544,424 | 219,856 | 0.18% | Shares |
| CI INVESTMENTS INC. | $4,405,666 | 213,143 | 0.17% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,323,175 | 236,627 | 0.17% | Shares |
| Cascade Financial Partners, LLC | $4,278,754 | 207,003 | 0.17% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $4,204,712 | 203,421 | 0.16% | Shares |
| PRUDENTIAL FINANCIAL INC | $4,115,087 | 199,085 | 0.16% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $3,872,752 | 187,361 | 0.15% | Shares |
| Prime Capital Investment Advisors, LLC | $3,812,908 | 184,466 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,787,612 | 183,242 | 0.15% | Shares |
| Vanguard Investments Australia, Ltd. | $3,556,852 | 172,078 | 0.14% | Shares |
| HighTower Advisors, LLC | $3,498,739 | 169,267 | 0.14% | Shares |
| Alesco Advisors, LLC, An ESL Co | $3,437,613 | 166,309 | 0.13% | Shares |
| Phocas Financial Corp. | $3,393,249 | 164,163 | 0.13% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $3,388,309 | 163,924 | 0.13% | Shares |
| PROMETHIUM ADVISORS,LLC | $3,264,281 | 155,720 | 0.13% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $3,207,095 | 155,157 | 0.13% | Shares |
| D.A. DAVIDSON & CO. | $3,165,983 | 153,168 | 0.12% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $3,160,443 | 152,900 | 0.12% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $3,019,804 | 146,096 | 0.12% | Shares |
| BARCLAYS PLC | $2,899,856 | 140,293 | 0.11% | Shares |
| LPL Financial LLC | $2,876,411 | 139,159 | 0.11% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,862,857 | 138,503 | 0.11% | Shares |
| FIRST TRUST ADVISORS LP | $2,849,669 | 137,865 | 0.11% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $2,843,190 | 137,552 | 0.11% | Shares |
| GSI Capital Advisors LLC | $2,817,321 | 136,300 | 0.11% | Shares |
| State of New Jersey Common Pension Fund D | $2,638,898 | 127,668 | 0.10% | Shares |
| Glenmede Investment Management, LP | $2,613,719 | 146,263 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,504,067 | 121,145 | 0.10% | Shares |
| MetLife Investment Management, LLC | $2,461,694 | 119,095 | 0.10% | Shares |
Company insiders 30 insiders · 16 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John David Moragne | Chief Executive Officer | May 5, 2025 P | 449,791 | 0 | 0 | $0 |
| Christopher J Czarnecki | CEO & President | Feb. 28, 2023 F | 303,019 | 0 | 0 | $0 |
| Kevin Fennell | EVP, CFO & Treasurer | May 6, 2025 P | 178,429 | 0 | 0 | $0 |
| Ryan M Albano | President & COO | May 7, 2025 P | 318,548 | 0 | 0 | $0 |
| Jennie O'Brien | SVP - Chief Accounting Officer | April 9, 2025 A | 67,966 | 0 | 0 | $0 |
| Michael B. Caruso | SVP, Underwriting & Strategy | March 6, 2025 F | 101,205 | 0 | 0 | $0 |
| John Callan | SVP & General Counsel | March 6, 2025 F | 92,237 | 0 | 0 | $0 |
| Molly Wiegel | SVP - Human Resources & Admin | March 6, 2025 F | 62,261 | 0 | 0 | $0 |
| William D. Garner | SVP, Acquisitions | Feb. 28, 2025 A | 80,008 | 0 | 0 | $0 |
| Roderick Pickney | SVP - Acquisitions | Feb. 28, 2024 F | 56,025 | 0 | 0 | $0 |
| Timothy Dieffenbacher | SVP & Chief Accounting Officer | Feb. 28, 2024 A | 82,447 | 0 | 0 | $0 |
| Andrea T. Wright | SVP, Property Management | Feb. 28, 2023 A | 26,784 | 0 | 0 | $0 |
| Laurier J Lessard Jr | SVP - Asset Management | Feb. 28, 2023 A | 60,822 | 0 | 0 | $0 |
| Kristen Duckles | SVP & Chief Admin. Officer | Feb. 28, 2022 A | 39,066 | 0 | 0 | $0 |
| Sean T Cutt | EVP & Chief Investment Officer | March 1, 2021 A | 127,928 | 0 | 0 | $0 |
| Steve Haupt | SVP - Property Management | Feb. 8, 2021 F | 38,153 | 0 | 0 | $0 |
| Michael A Coke | Director | May 1, 2026 A | 62,950 | 0 | 0 | $0 |
| David M Jacobstein | Director | May 1, 2026 A | 70,620 | 0 | 0 | $0 |
| Laura L. Felice | Director | May 7, 2025 P | 28,650 | 0 | 0 | $0 |
| James H Watters | Director | May 6, 2025 P | 122,362 | 0 | 0 | $0 |
| Jessica Duran | Director | May 5, 2025 P | 25,573 | 0 | 0 | $0 |
| Joseph Saffire | Director | May 5, 2025 P | 16,263 | 0 | 0 | $0 |
| Laurie A. Hawkes | Director | May 5, 2025 P | 140,696 | 0 | 0 | $0 |
| Denise Brooks-Williams | Director | May 3, 2024 A | 24,562 | 0 | 0 | $0 |
| Shekar Narasimhan | Director | May 3, 2024 A | 96,086 | 0 | 0 | $0 |
| Geoffrey Rosenberger | Director | July 1, 2022 A | 112,241 | 0 | 0 | $0 |
| Amy L Tait | Director | April 1, 2021 A | 153,364 | 0 | 0 | $0 |
| Agha S Khan | Director | May 20, 2020 J | 3,794 | 0 | 0 | $0 |
| Thomas P Lydon Jr | Director | Dec. 31, 2019 D | 1,669 | 0 | 0 | $0 |
| Richard P Imperiale | — | May 1, 2026 A | 21,250 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 80 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| NETL · ETF Series Solutions | 4.23% | 102,732 NS | May 31, 2026 | N-PORT |
| REIT · ALPS ETF Trust | 2.01% | 51,985 NS | May 31, 2026 | N-PORT |
| RIET · ETF Series Solutions | 1.56% | 80,863 NS | May 31, 2026 | N-PORT |
| BLDG · Cambria ETF Trust | 1.35% | 34,908 NS | April 30, 2026 | N-PORT |
| BYRE · Principal Exchange-Traded Funds | 1.12% | 13,931 NS | June 30, 2026 | N-PORT |
| JPRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.80% | 187,524 NS | May 31, 2026 | N-PORT |
| GYLD · ARROW ETF TRUST | 0.68% | 10,992 NS | April 30, 2026 | N-PORT |
| GQRE · FlexShares Trust | 0.46% | 89,012 NS | April 30, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.36% | 217,555 NS | May 31, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 0.30% | 251,746 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 85,328 NS | April 30, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.28% | 7,726 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.27% | 1,338,560 NS | May 31, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.26% | 23,772 NS | April 30, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.25% | 182,833 NS | April 30, 2026 | N-PORT |
| PSC · Principal Exchange-Traded Funds | 0.22% | 247,855 NS | June 30, 2026 | N-PORT |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.22% | 87,200 NS | May 31, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.20% | 1,135 NS | April 30, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.20% | 347,908 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 66,715 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.17% | 2,257 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.16% | 6,674 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.13% | 158,944 NS | April 30, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 0.13% | 1,614 NS | May 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.12% | 75,792 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.12% | 44,421 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.10% | 8,931 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.09% | 406,206 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.08% | 907,932 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.07% | 33,993 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.06% | 6,986 NS | May 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.05% | 3,698 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.04% | 7,070 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.02% | 177 NS | May 31, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 4,251 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 109,930 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 3,339 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | — | — | July 15, 2026 | Daily |
| BIV · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | — | — | July 30, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VCIT · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |