CDP COPT Defense Properties Common Shares of Beneficial Interest
$37.06
Price · Aug 19, 2026
Fundamentals as of Aug 3, 2026
52W Range
$27–$39
84% of range
Analyst Rating
BUY
12 analysts
Price Target
$39
+5% upside
P/E (TTM)
27.7
ROE
10.6%
Net Profit Margin
20.9%
About COPT Defense Properties Common Shares of Beneficial Interest Company overview from Wikipedia
COPT Defense Properties is a real estate investment trust that invests in office buildings, mostly in the suburbs of the Washington, D.C. metropolitan area. It primarily leases to the U.S. government or companies in the arms industry. As of December 31, 2024, the company owned 164 office buildings comprising 16.5 million square feet and 31 single-tenant data centers comprising 5.9 million square feet.
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COPT Defense Properties is a real estate investment trust that invests in office buildings, mostly in the suburbs of the Washington, D.C. metropolitan area. It primarily leases to the U.S. government or companies in the arms industry. As of December 31, 2024, the company owned 164 office buildings comprising 16.5 million square feet and 31 single-tenant data centers comprising 5.9 million square feet.
History
The company was founded in 1988 by Clay W. Hamlin III as Royale Investments, Inc. In 1991, the company became a public company via an initial public offering. In 1997, the company merged with Shidler Group, founded by Jay H. Shidler, and changed its name to Corporate Office Properties Trust. In 1998, the company acquired 16 buildings from Constellation Energy in exchange for a 41.5% stake in the company. Constellation sold its stake in the company in 2002. In 2005, Randall M. Griffin became chief executive officer of the company. In September 2023, the Company changed its name from Corporate Office Properties Trust to COPT Defense Properties.
Tenants
The company's largest tenants are as follows:
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
CDP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$37.06
Market Cap
$4.20B
P/E (TTM)
27.7
EPS (TTM)
$1.34
Revenue (TTM)
$764M
Div Yield
3.3%
ROE
10.6%
Debt/Equity
—
52W Range
$27 – $39
CDP 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
$764M
2023-12-31
→
2025-12-31
EPS
$1.34
2023-12-31
→
2025-12-31
Free Cash Flow
—
Margins
20.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CDP
Peer Median
P/E (TTM)
27.7
47.9
P/S (TTM)
5.5
3.9
P/B
2.8
1.0
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CDP
Peer Median
Net Profit Margin
20.9%
5.8%
ROA
3.6%
0.74%
ROE
10.6%
2.4%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CDP
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CDP
Peer Median
Revenue YoY
1.4%
—
Revenue CAGR 3Y
1.1%
—
Revenue CAGR 5Y
5.6%
—
EPS YoY
8.9%
—
Net Income YoY
10.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CDP
Peer Median
Payout Ratio
85.6%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
3.3%
Payout Ratio
85.6%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 30, 2026 | $0.3200 |
| March 31, 2026 | $0.3200 |
| Dec. 31, 2025 | $0.3050 |
| Sept. 30, 2025 | $0.3050 |
| June 30, 2025 | $0.3050 |
| March 31, 2025 | $0.3050 |
| Dec. 31, 2024 | $0.2950 |
| Sept. 30, 2024 | $0.2950 |
| June 28, 2024 | $0.2950 |
| March 27, 2024 | $0.2950 |
| Dec. 28, 2023 | $0.2850 |
| Sept. 28, 2023 | $0.2850 |
| June 29, 2023 | $0.2850 |
| March 30, 2023 | $0.2850 |
| Dec. 29, 2022 | $0.2750 |
| Sept. 29, 2022 | $0.2750 |
| June 29, 2022 | $0.2750 |
| March 30, 2022 | $0.2750 |
| Dec. 31, 2021 | $0.2750 |
| Sept. 29, 2021 | $0.2750 |
CDP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 3 25.0%
- Buy 5 41.7%
- Hold 4 33.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-18
Median
$39.00
Now
$37.06
Low
$34.00
High
$44.00
Median target
$39.00
+5.2%
Mean target
$39.00
+5.2%
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 | $0.35 | $0.33 | 0.02% |
| March 31, 2026 | $0.34 | $0.33 | 0.01% |
| Dec. 31, 2025 | $0.33 | $0.33 | -0.00% |
| Sept. 30, 2025 | $0.34 | $0.35 | -0.01% |
| June 30, 2025 | $0.34 | $0.34 | 0.00% |
| March 31, 2025 | $0.30 | $0.33 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CDP | $3.15B | 20.7 | 1.4% | 20.9% | 10.6% | — |
| BXP | $10.70B | 38.8 | 2.2% | 8.0% | 5.2% | 59.1% |
| VNO | $6.35B | 7.9 | 1.3% | 50.0% | 16.2% | — |
| CUZ | $4.33B | 107.4 | 16.0% | 4.1% | 0.85% | — |
| SLG | $3.26B | -28.5 | 13.2% | -9.7% | -2.5% | — |
| KRC | $4.42B | 16.1 | -2.0% | 27.2% | 5.6% | — |
| HIW | $2.84B | 17.8 | -2.4% | 20.2% | 6.9% | — |
| DEI | $1.84B | 122.1 | 1.8% | 1.6% | 0.82% | 63.3% |
| PDM | $1.04B | -12.4 | -0.93% | -14.8% | -5.4% | — |
| DEA | $981M | 78.5 | 11.3% | 3.9% | 0.98% | — |
| PSTL | — | 34.3 | 25.5% | 14.8% | 5.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $764M | $753M | $685M | $739M | $664M | $582M | $612M | $578M | $613M | $574M | $625M | $586M | |
| Cost of Revenue | · | · | · | · | $104M | $68M | $110M | $58M | $100M | $45M | $103M | $100M | |
| SG&A Expense | $48M | $47M | $43M | $39M | $41M | $33M | $35M | $29M | $31M | $37M | $31M | $32M | |
| Operating Expenses | $534M | $540M | $749M | $558M | $496M | $424M | $460M | $434M | $477M | $522M | $505M | $455M | |
| Operating Income | · | · | · | · | · | · | · | · | $136M | $52M | $120M | $132M | |
| Interest Expense | · | · | $71M | $61M | $65M | $68M | $71M | $75M | · | · | · | · | |
| Other Non-op | $11M | $13M | $13M | $9M | $9M | · | · | · | · | · | · | · | |
| Pretax Income | $158M | $144M | $-73M | $148M | $77M | $99M | $194M | $76M | $75M | $33M | $121M | $35M | |
| Income Tax | $947.0K | $288.0K | $588.0K | $447.0K | $145.0K | $353.0K | $-217.0K | $-363.0K | $1M | $244.0K | $199.0K | $310.0K | |
| Net Income | $160M | $144M | $-74M | $179M | $82M | $103M | $192M | $72M | $69M | $29M | $178M | $40M | |
| EPS (Basic) | $1.35 | $1.23 | $-0.67 | $1.54 | $0.68 | $0.87 | $1.72 | $0.69 | $0.56 | $0.15 | $1.74 | $0.25 | |
| EPS (Diluted) | $1.34 | $1.23 | $-0.67 | $1.53 | $0.68 | $0.87 | $1.71 | $0.69 | $0.56 | $0.15 | $1.74 | $0.25 | |
| Shares (Basic) | 112,516,000 | 112,296,000 | 112,178,000 | 112,073,000 | 111,960,000 | 111,788,000 | 111,196,000 | 103,946,000 | 98,969,000 | 94,502,000 | 93,914,000 | 88,092,000 | |
| Shares (Diluted) | 113,304,000 | 112,899,000 | 112,178,000 | 112,620,000 | 112,418,000 | 112,076,000 | 111,623,000 | 104,125,000 | 99,155,000 | 94,594,000 | 97,667,000 | 88,263,000 | |
| EBITDA | $164M | $156M | $151M | $144M | $151M | $140M | $139M | $139M | $272M | $187M | $262M | $270M |
Balance Sheet 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $275M | $38M | $168M | $12M | $13M | $18M | $15M | $8M | $12M | $210M | $60M | $6M | |
| PP&E (Net) | · | · | · | $8M | $10M | $10M | · | · | $5M | $5M | $6M | $7M | |
| Intangibles | $20M | $11M | $7M | $10M | $15M | $19M | $27M | $43M | $59M | $78M | $98M | $44M | |
| Total Assets | $4.70B | $4.25B | $4.25B | $4.26B | $4.26B | $4.08B | $3.85B | $3.66B | $3.60B | $3.78B | $3.91B | $3.66B | |
| Total Liabilities | $3.11B | $2.69B | $2.70B | $2.51B | $2.58B | $2.36B | $2.11B | $2.00B | $2.10B | $2.16B | $2.27B | $2.12B | |
| Long-term Debt | $2.77B | $2.39B | $2.42B | $2.23B | $2.27B | $2.09B | $1.83B | $1.82B | $1.83B | $1.90B | $2.08B | $1.91B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $985.0K | $945.0K | $933.0K | |
| Paid-in Capital | $2.50B | $2.49B | $2.49B | $2.49B | $2.48B | $2.48B | $2.48B | $2.43B | $2.20B | $2.12B | $2.00B | $1.97B | |
| AOCI | $-61.0K | $988.0K | $2M | $2M | $-3M | $-9M | $-25M | $-238.0K | $2M | $-2M | $-3M | $-1M | |
| Stockholders' Equity | $1.51B | $1.49B | $1.48B | $1.68B | $1.62B | $1.66B | $1.68B | $1.59B | $1.40B | $1.52B | $1.54B | $1.45B | |
| Liabilities + Equity | $4.70B | $4.25B | $4.25B | $4.26B | $4.26B | $4.08B | $3.85B | $3.66B | $3.60B | $3.78B | $3.91B | $3.66B | |
| Shares Outstanding | 113,210,642 | 112,703,460 | 112,555,352 | 112,423,893 | 112,327,533 | 112,181,759 | 112,068,705 | 110,241,868 | 101,292,299 | 98,498,651 | 98,498,651 | 93,255,284 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $164M | $156M | $151M | $144M | $151M | $140M | $139M | $139M | $137M | $135M | $142M | $138M | |
| Stock-based Comp | $12M | $10M | $9M | $9M | $8M | $7M | $7M | $6M | $6M | $7M | $7M | $6M | |
| Amort. of Intangibles | · | · | · | $5M | $5M | $8M | $9M | $16M | $19M | $20M | $18M | $15M | |
| Other Non-cash | $-25M | $21M | $191M | $-65M | · | $-5M | $-109M | $-37M | $18M | $79M | $-123M | $9M | |
| Operating Cash Flow | $310M | $331M | $276M | $266M | $249M | $238M | $229M | $180M | $230M | $234M | $204M | $194M | |
| Investing Cash Flow | $-290M | $-291M | $-170M | $-83M | $-203M | $-326M | $-138M | $-233M | $-89M | $71M | $-308M | $-210M | |
| Stock Issued | · | · | · | · | $0 | $0 | $46M | $202M | $70M | $109M | $29M | $150M | |
| Stock Repurchased | · | · | · | · | · | · | $2M | $2M | $2M | $2M | $2M | $2M | |
| Net Stock Activity | · | · | · | · | $0 | $0 | $44M | $200M | $68M | $107M | $26M | $149M | |
| Dividends Paid | $137M | $132M | $127M | $124M | $124M | $123M | $123M | $114M | $109M | $104M | $104M | $96M | |
| Financing Cash Flow | $217M | $-170M | $46M | $-183M | $-51M | $91M | $-84M | $50M | $-339M | $-155M | $158M | $-32M | |
| Net Change in Cash | $237M | $-130M | $153M | $-807.0K | $-5M | $4M | $6M | $-3M | $-198M | $150M | $54M | $-48M | |
| Taxes Paid | · | · | · | · | · | · | $0 | $21.0K | $31.0K | $5.0K | $8.0K | $-200.0K |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | 22.2% | 9.1% | 19.2% | 22.4% | |
| Net Margin | 20.9% | 19.1% | -10.8% | 24.2% | · | 16.0% | 29.9% | 12.5% | 11.4% | 2.0% | 28.5% | 6.9% | |
| Pretax Margin | 20.6% | 19.1% | -10.7% | 20.0% | 11.6% | 16.6% | 30.9% | 13.1% | 10.5% | -4.6% | 19.3% | 5.9% | |
| EBITDA Margin | 21.4% | 20.7% | 22.1% | 19.4% | 22.7% | 23.0% | 21.7% | 24.1% | 44.4% | 32.6% | 41.9% | 46.1% | |
| ROA | 3.6% | 3.4% | -1.8% | 4.2% | · | 2.4% | 5.0% | 2.0% | 2.0% | 0.31% | 4.6% | 1.1% | |
| ROE | 10.6% | 9.7% | -4.7% | 10.8% | · | 5.8% | 11.7% | 4.8% | 4.8% | 0.75% | 11.9% | 2.8% | |
| ROIC | · | · | · | · | · | · | · | · | 9.6% | 3.5% | 7.8% | 9.0% |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 | 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 | 1.4% | 10.0% | -7.3% | 11.2% | 14.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 1.1% | 4.3% | 5.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.6% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 8.9% | · | · | 125.0% | -21.8% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -4.3% | 21.8% | · | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 9.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 10.8% | · | · | 119.2% | -20.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -3.7% | 20.8% | · | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 9.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 2.1% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $764M | $753M | $685M | $739M | $664M | $582M | $612M | $578M | $613M | $574M | $625M | $586M | |
| Net Income TTM | $160M | $144M | $-74M | $179M | $82M | $103M | $192M | $72M | $69M | $29M | $178M | $40M | |
| Market Cap | $3.15B | $3.49B | $2.88B | $2.92B | $3.14B | $2.93B | $3.29B | $2.32B | $2.96B | $3.08B | $2.06B | $2.65B | |
| P/E | 20.7 | 25.2 | -38.3 | 17.0 | 41.1 | 30.0 | 17.2 | 30.5 | 52.1 | 208.1 | 12.5 | 113.5 | |
| P/S | 4.1 | 4.6 | 4.2 | 3.9 | 4.7 | 5.0 | 5.4 | 4.0 | 4.8 | 5.4 | 3.3 | 4.5 | |
| P/B | 2.1 | 2.3 | 1.9 | 1.7 | 1.9 | 1.8 | 2.0 | 1.5 | 2.1 | 2.0 | 1.3 | 1.8 | |
| P / Tangible Book | 2.1 | 2.4 | 2.0 | 1.7 | 2.0 | 1.8 | · | · | · | · | · | · | |
| P / Cash Flow | 10.2 | 10.5 | 10.4 | 11.0 | 12.6 | 12.3 | 14.4 | 12.8 | 12.8 | 13.2 | 10.1 | 13.6 | |
| Dividend Yield | 4.3% | 3.8% | 4.4% | 4.2% | 3.9% | 4.2% | 3.7% | 4.9% | 3.7% | 3.4% | 5.0% | 3.6% | |
| Earnings Yield | 4.8% | 4.0% | -2.6% | 5.9% | 2.4% | 3.3% | 5.8% | 3.3% | 1.9% | 0.48% | 8.0% | 0.88% | |
| Payout Ratio | 85.6% | 91.6% | -171.1% | 69.1% | · | 126.7% | 64.0% | 158.1% | 155.8% | 910.4% | 58.1% | 239.3% | |
| Annual Payout | $137M | $132M | $127M | $124M | $124M | $123M | $123M | $114M | $109M | $104M | $104M | $96M |
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 | $197M | $201M | $197M | $189M | $190M | $188M | $183M | $189M | $187M | $193M | $180M | $169M | $169M | $168M | $175M | $182M | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $34M | |
| SG&A Expense | $13M | $13M | $12M | $12M | $12M | $12M | $12M | $11M | $12M | $12M | $11M | $11M | $10M | $10M | $12M | $9M | |
| Operating Expenses | $134M | $142M | $139M | $131M | $130M | $133M | $129M | $135M | $133M | $143M | $130M | $374M | $123M | $122M | $130M | $136M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $21M | · | $18M | $17M | $16M | · | $15M | |
| Other Non-op | $3M | $4M | $5M | $3M | $1M | $2M | $2M | $3M | $3M | $4M | $6M | $3M | $2M | $2M | $5M | $597.0K | |
| Pretax Income | $48M | $39M | $39M | $43M | $40M | $36M | $36M | $37M | $36M | $34M | $35M | $-221M | $32M | $81M | $52M | $32M | |
| Income Tax | $34.0K | $124.0K | $115.0K | $612.0K | $117.0K | $103.0K | $-24.0K | $130.0K | $14.0K | $168.0K | $121.0K | $152.0K | $190.0K | $125.0K | $223.0K | $67.0K | |
| Net Income | $49M | $40M | $39M | $44M | $40M | $36M | $36M | $37M | $36M | $34M | $35M | $-221M | $32M | $80M | $52M | $32M | |
| EPS (Basic) | $0.41 | $0.34 | $0.33 | $0.37 | $0.34 | $0.31 | $0.31 | $0.32 | $0.31 | $0.29 | $0.30 | $-1.94 | $0.27 | $0.70 | $0.44 | $0.28 | |
| EPS (Diluted) | $0.40 | $0.34 | $0.32 | $0.37 | $0.34 | $0.31 | $0.31 | $0.32 | $0.31 | $0.29 | $0.30 | $-1.94 | $0.27 | $0.70 | $0.45 | $0.27 | |
| Shares (Basic) | 112,871,000 | 112,806,000 | -224,811,000 | 112,485,000 | 112,459,000 | 112,383,000 | -224,542,000 | 112,314,000 | 112,293,000 | 112,231,000 | -224,333,000 | 112,196,000 | 112,188,000 | 112,127,000 | -224,122,000 | 112,093,000 | |
| Shares (Diluted) | 114,896,000 | 114,309,000 | -226,133,000 | 113,187,000 | 113,224,000 | 113,026,000 | -225,636,000 | 113,010,000 | 112,785,000 | 112,740,000 | -225,322,000 | 112,196,000 | 112,676,000 | 112,628,000 | -225,226,000 | 112,631,000 | |
| EBITDA | · | $43M | · | · | · | $40M | · | · | · | $39M | · | · | · | $38M | · | · |
Balance Sheet 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $24M | $29M | $275M | $24M | $21M | $24M | $38M | $34M | $100M | $123M | $168M | $204M | $14M | $15M | $12M | $13M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $9M | |
| Intangibles | · | · | $20M | · | · | · | $11M | · | · | · | · | · | · | · | · | $12M | |
| Total Assets | $4.52B | $4.46B | $4.70B | $4.35B | $4.29B | $4.25B | $4.25B | $4.23B | $4.22B | $4.23B | · | $4.24B | $4.25B | $4.18B | · | $4.27B | |
| Total Liabilities | $2.91B | $2.87B | $3.11B | $2.77B | $2.72B | $2.69B | $2.69B | $2.68B | $2.67B | $2.68B | · | $2.69B | $2.45B | $2.38B | · | $2.54B | |
| Long-term Debt | $2.59B | $2.55B | $2.77B | $2.44B | $2.44B | $2.41B | $2.39B | $2.39B | $2.39B | $2.42B | · | $2.42B | $2.18B | $2.12B | · | $2.27B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Paid-in Capital | $2.50B | $2.50B | $2.50B | $2.50B | $2.50B | $2.49B | $2.49B | $2.49B | $2.49B | $2.49B | · | $2.49B | $2.49B | $2.48B | · | $2.48B | |
| AOCI | $9.0K | $34.0K | $-61.0K | $79.0K | $342.0K | $403.0K | $988.0K | $58.0K | $4M | $4M | · | $6M | $5M | $1M | · | $3M | |
| Stockholders' Equity | $1.53B | $1.51B | $1.51B | $1.51B | $1.50B | $1.49B | $1.49B | $1.49B | $1.49B | $1.48B | · | $1.49B | $1.73B | $1.73B | · | $1.66B | |
| Liabilities + Equity | $4.52B | $4.46B | $4.70B | $4.35B | $4.29B | $4.25B | $4.25B | $4.23B | $4.22B | $4.23B | · | $4.24B | $4.25B | $4.18B | · | $4.27B | |
| Shares Outstanding | 113,411,882 | 113,377,523 | 113,210,642 | 112,950,359 | 112,929,288 | 112,882,315 | 112,703,460 | 112,693,206 | 112,650,930 | 112,640,861 | 112,555,352 | 112,547,846 | 112,538,555 | 112,513,857 | 112,423,893 | 112,423,263 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $43M | $43M | $43M | $41M | $40M | $40M | $39M | $39M | $39M | $39M | $37M | $38M | $38M | $38M | $38M | $36M | |
| Stock-based Comp | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-cash | · | $10M | · | · | · | $-7M | · | · | · | $-4M | · | · | · | $-61M | · | · | |
| Operating Cash Flow | $91M | $96M | $81M | $69M | $88M | $72M | $101M | $65M | $94M | $71M | $67M | $69M | $82M | $59M | $79M | $48M | |
| Investing Cash Flow | $-103M | $-82M | $-107M | $-35M | $-79M | $-70M | $-62M | $-97M | $-53M | $-79M | $-68M | $-85M | $-102M | $85M | $-1M | $-117M | |
| Dividends Paid | $36M | $35M | $34M | $34M | $34M | $33M | $33M | $33M | $33M | $32M | $32M | $32M | $32M | $31M | $31M | $31M | |
| Financing Cash Flow | $6M | $-260M | $277M | $-33M | $-12M | $-16M | $-35M | $-35M | $-63M | $-36M | $-35M | $206M | $19M | $-144M | $-78M | $60M | |
| Net Change in Cash | $-6M | $-246M | $252M | $1M | $-3M | $-14M | $4M | $-67M | $-22M | $-44M | $-36M | $189M | $-592.0K | $395.0K | $111.0K | $-9M |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 24.6% | 20.0% | · | 23.2% | 21.1% | 19.3% | · | 19.8% | 19.4% | 17.4% | · | -131.2% | 18.7% | 48.0% | · | 17.7% | |
| Pretax Margin | 24.4% | 19.4% | · | 22.5% | 21.0% | 19.1% | · | 19.8% | 19.4% | 17.5% | · | -131.1% | 18.8% | 48.1% | · | 17.6% | |
| EBITDA Margin | · | 21.5% | · | · | · | 21.2% | · | · | · | 20.2% | · | · | · | 22.4% | · | · | |
| ROA | 1.1% | 0.92% | · | 1.0% | 0.94% | 0.85% | · | 0.88% | 0.86% | 0.80% | · | -5.2% | 0.75% | 1.9% | · | 0.77% | |
| ROE | 3.2% | 2.7% | · | 2.9% | 2.7% | 2.4% | · | 2.5% | 2.3% | 2.1% | · | -14.1% | 1.9% | 4.8% | · | 2.0% |
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 | · | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $777M | $767M | · | $756M | $754M | $758M | · | $738M | $718M | $699M | · | $688M | $705M | $731M | · | $750M | |
| Net Income TTM | $173M | $160M | · | $158M | $150M | $144M | · | $-114M | $-119M | $-75M | · | $-77M | $178M | $207M | · | $140M | |
| Market Cap | $4.13B | $3.47B | · | $3.28B | $3.11B | $3.08B | · | $3.42B | $2.82B | $2.72B | · | $2.68B | $2.67B | $2.67B | · | $2.61B | |
| P/E | 25.1 | 22.5 | · | 21.7 | 21.5 | 22.2 | · | -29.7 | -23.4 | -35.5 | · | -34.0 | 15.5 | 13.3 | · | 19.4 | |
| P/S | 5.3 | 4.5 | · | 4.3 | 4.1 | 4.1 | · | 4.6 | 3.9 | 3.9 | · | 3.9 | 3.8 | 3.6 | · | 3.5 | |
| P/B | 2.7 | 2.3 | · | 2.2 | 2.1 | 2.1 | · | 2.3 | 1.9 | 1.8 | · | 1.8 | 1.5 | 1.5 | · | 1.6 | |
| P / Tangible Book | 2.7 | 2.3 | · | 2.2 | 2.1 | 2.1 | · | 2.3 | 1.9 | 1.8 | · | 1.8 | 1.5 | 1.5 | · | 1.6 | |
| P / Cash Flow | · | 36.0 | · | · | · | 42.7 | · | · | · | 38.4 | · | · | · | 45.4 | · | · | |
| Earnings Yield | 4.0% | 4.4% | · | 4.6% | 4.6% | 4.5% | · | -3.4% | -4.3% | -2.8% | · | -2.9% | 6.4% | 7.5% | · | 5.2% | |
| Payout Ratio | · | 86.1% | · | · | · | 91.9% | · | · | · | 95.3% | · | · | · | 38.5% | · | · |
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 | $764M | — | — | $753M | — |
| Net Income | $160M | — | — | $144M | — |
| Diluted EPS | $1.34 | — | — | $1.23 | — |
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Institutional owners (13F) 344 filers · $2.9B 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 |
|---|---|---|---|---|
| 44 (+2 vs prior Q) | 27 (+1 vs prior Q) | 99 (-10 vs prior Q) | 106 (+1 vs prior Q) | +18.7M |
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 | $439,481,848 | 12,076,995 | 15.39% | Shares |
| ALLIANCEBERNSTEIN L.P. | $271,736,660 | 8,880,283 | 9.52% | Shares |
| STATE STREET CORP | $252,138,996 | 6,871,138 | 8.83% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $185,439,692 | 5,095,897 | 6.50% | Shares |
| EARNEST PARTNERS LLC | $160,878,225 | 4,420,946 | 5.64% | Shares |
| Channing Capital Management, LLC | $105,239,662 | 2,891,994 | 3.69% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $105,229,974 | 2,891,231 | 3.69% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $103,372,854 | 2,840,694 | 3.62% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $86,194,810 | 2,368,640 | 3.02% | Shares |
| GRS Advisors, LLC | $70,266,688 | 1,930,934 | 2.46% | Shares |
| TWO SIGMA INVESTMENTS, LP | $62,599,716 | 1,720,245 | 2.19% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $56,554,682 | 1,554,127 | 1.98% | Shares |
| MILLENNIUM MANAGEMENT LLC | $47,195,137 | 1,296,926 | 1.65% | Shares |
| AMERIPRISE FINANCIAL INC | $42,899,380 | 1,178,852 | 1.50% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $35,747,353 | 982,340 | 1.25% | Shares |
| Qube Research & Technologies Ltd | $35,473,336 | 974,810 | 1.24% | Shares |
| NORGES BANK | $33,575,161 | 922,648 | 1.18% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $32,660,716 | 897,519 | 1.14% | Shares |
| BlackRock, Inc. | $27,477,834 | 755,093 | 0.96% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $27,461,568 | 754,646 | 0.96% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $25,422,163 | 698,603 | 0.89% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $24,458,010 | 672,108 | 0.86% | Shares |
| Alpha Wave Global, LP | $20,623,632 | 566,739 | 0.72% | Shares |
| Leeward Investments, LLC - MA | $20,613,807 | 566,469 | 0.72% | Shares |
| Retirement Systems of Alabama | $20,132,149 | 553,233 | 0.71% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $19,051,493 | 524,546 | 0.67% | Shares |
| BARCLAYS PLC | $18,354,061 | 504,371 | 0.64% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $18,221,019 | 500,715 | 0.64% | Shares |
| TWO SIGMA ADVISERS, LP | $17,452,840 | 627,800 | 0.61% | Shares |
| Nuveen Asset Management, LLC | $17,388,855 | 561,837 | 0.61% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $17,363,185 | 477,142 | 0.61% | Shares |
| BANK OF AMERICA CORP /DE/ | $16,841,838 | 462,815 | 0.59% | Shares |
| State of Tennessee, Department of Treasury | $16,827,646 | 462,425 | 0.59% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $15,470,845 | 425,140 | 0.54% | Shares |
| GOLDMAN SACHS GROUP INC | $15,309,791 | 420,714 | 0.54% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $14,098,687 | 387,433 | 0.49% | Shares |
| RHUMBLINE ADVISERS | $13,687,992 | 376,148 | 0.48% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $13,528,055 | 371,752 | 0.47% | Shares |
| Balyasny Asset Management L.P. | $12,903,967 | 354,602 | 0.45% | Shares |
| FMR LLC | $12,130,607 | 333,350 | 0.42% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $11,600,222 | 318,775 | 0.41% | Shares |
| Davis Selected Advisers | $10,651,353 | 292,700 | 0.37% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $10,417,474 | 286,273 | 0.36% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $9,164,931 | 251,853 | 0.32% | Shares |
| Swiss National Bank | $8,278,725 | 227,500 | 0.29% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $8,007,620 | 220,050 | 0.28% | Shares |
| State of New Jersey Common Pension Fund D | $7,519,666 | 206,641 | 0.26% | Shares |
| Nuveen, LLC | $7,021,087 | 192,940 | 0.25% | Shares |
| TUDOR INVESTMENT CORP ET AL | $6,923,452 | 190,257 | 0.24% | Shares |
| Northwest & Ethical Investments L.P. | $6,855,039 | 188,377 | 0.24% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $6,653,548 | 182,840 | 0.23% | Shares |
| UniSuper Management Pty Ltd | $6,514,501 | 179,019 | 0.23% | Shares |
| Hudson Bay Capital Management LP | $6,368,250 | 175,000 | 0.22% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $5,739,686 | 157,727 | 0.20% | Shares |
| Asset Management One Co., Ltd. | $5,556,440 | 181,583 | 0.19% | Shares |
| RAYMOND JAMES FINANCIAL INC | $4,890,890 | 134,402 | 0.17% | Shares |
| Cubist Systematic Strategies, LLC | $4,698,864 | 161,695 | 0.16% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $4,629,208 | 127,211 | 0.16% | Shares |
| MetLife Investment Management, LLC | $4,485,395 | 123,259 | 0.16% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $4,484,740 | 123,241 | 0.16% | Shares |
| Dana Investment Advisors, Inc. | $4,469,129 | 122,812 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $4,409,194 | 121,165 | 0.15% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $4,308,758 | 118,405 | 0.15% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,199,177 | 137,228 | 0.15% | Shares |
| MORGAN STANLEY | $4,164,882 | 114,451 | 0.15% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $4,062,143 | 111,628 | 0.14% | Shares |
| EASTERLY INVESTMENT PARTNERS LLC | $4,016,583 | 110,376 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $3,916,874 | 107,636 | 0.14% | Shares |
| Vanguard Investments Australia, Ltd. | $3,744,349 | 102,895 | 0.13% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $3,736,089 | 102,668 | 0.13% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $3,521,096 | 96,760 | 0.12% | Shares |
| Bank of New York Mellon Corp | $3,126,702 | 85,922 | 0.11% | Shares |
| VANGUARD GROUP INC | $3,074,068 | 110,578 | 0.11% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,963,747 | 81,444 | 0.10% | Shares |
| Amundi | $2,753,340 | 75,662 | 0.10% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $2,731,500 | 74,509 | 0.10% | Shares |
| WEDGE CAPITAL MANAGEMENT L L P/NC | $2,729,214 | 89,190 | 0.10% | Shares |
| MACQUARIE GROUP LTD | $2,683,799 | 73,751 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $2,672,554 | 73,442 | 0.09% | Shares |
| JENNISON ASSOCIATES LLC | $2,623,100 | 72,083 | 0.09% | Shares |
| Boston Partners | $2,578,160 | 70,848 | 0.09% | Shares |
| Allianz Asset Management GmbH | $2,415,495 | 66,378 | 0.08% | Shares |
| Legal & General Group Plc | $2,401,521 | 65,994 | 0.08% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $2,397,846 | 65,893 | 0.08% | Shares |
| Elo Mutual Pension Insurance Co | $2,309,346 | 63,461 | 0.08% | Shares |
| Hazelview Securities Inc. | $2,184,935 | 58,002 | 0.08% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $2,071,851 | 74,527 | 0.07% | Shares |
| Presima Securities ULC | $2,007,421 | 65,602 | 0.07% | Shares |
| BROWN ADVISORY INC | $1,940,038 | 53,312 | 0.07% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $1,874,085 | 51,500 | 0.07% | Shares |
| Aberdeen Group plc | $1,824,959 | 50,150 | 0.06% | Shares |
| Resona Asset Management Co.,Ltd. | $1,815,259 | 49,569 | 0.06% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $1,599,268 | 43,948 | 0.06% | Shares |
| PRUDENTIAL FINANCIAL INC | $1,587,914 | 43,636 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $1,585,294 | 43,564 | 0.06% | Shares |
| Daiwa Securities Group Inc. | $1,571,975 | 43,198 | 0.06% | Shares |
| JANUS HENDERSON GROUP PLC | $1,569,996 | 51,349 | 0.05% | Shares |
| Squarepoint Ops LLC | $1,502,652 | 41,293 | 0.05% | Shares |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $1,484,275 | 40,788 | 0.05% | Shares |
| HSBC HOLDINGS PLC | $1,426,480 | 39,189 | 0.05% | Shares |
Company insiders 32 insiders · 10 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Stephen E Budorick | PRESIDENT/CEO | March 1, 2026 A | 189,736 | 0 | 0 | $0 |
| Randall M Griffin | CEO & Trustee | March 4, 2012 F | 400,029 | 0 | 0 | $0 |
| Stephen Edward Riffee | EVP and CFO | March 6, 2014 A | 103,980 | 0 | 0 | $0 |
| Roger A Waesche JR | President | March 7, 2016 G | 293,060 | 0 | 0 | $0 |
| Wayne Lingafelter | President of Affiliate | March 6, 2016 F | 46,092 | 0 | 0 | $0 |
| Todd W. Hartman | EVP & COO | March 1, 2022 A | — | 0 | 0 | $0 |
| Paul R Adkins | Executive Vice President &COO | March 1, 2020 A | 35,513 | 0 | 0 | $0 |
| Greg J Thor | SVP--CAO & Controller | March 1, 2022 A | 22,429 | 0 | 0 | $0 |
| Karen M Singer | SVP, General Counsel & Sec | March 6, 2016 F | 57,180 | 0 | 0 | $0 |
| John Harris Gurley | Sr VP, General Counsel, Secret | Sept. 5, 2003 A | 9,636 | 0 | 0 | $0 |
| Taylor C Pickett | Director | May 29, 2026 S | 15,188 | 0 | 1 | $-1,025,486 |
| Steven D Kesler | Director | June 9, 2021 S | 34,568 | 0 | 0 | $0 |
| David M Jacobstein | Director | June 4, 2021 S | 9,567 | 0 | 0 | $0 |
| Lisa G Trimberger | Director | May 13, 2021 A | 15,756 | 0 | 0 | $0 |
| Letitia A Long | Director | May 13, 2021 A | 2,707 | 0 | 0 | $0 |
| Thomas F Brady | Director | May 13, 2021 A | 36,412 | 0 | 0 | $0 |
| Elizabeth Ann Hight | Director | May 16, 2017 A | 20,787 | 0 | 0 | $0 |
| Richard Szafranski | Director | May 16, 2017 A | 22,120 | 0 | 0 | $0 |
| Clay W Hamlin III | Director | April 4, 2014 S | 11,390 | 0 | 0 | $0 |
| OMEGA HEALTHCARE INVESTORS INC | Director | Dec. 12, 2013 P | 11,798 | 0 | 0 | $0 |
| Kenneth D Wethe | Director | May 9, 2013 A | 11,280 | 0 | 0 | $0 |
| Jay H Shidler | Director | May 9, 2013 A | 36,390 | 0 | 0 | $0 |
| Kenneth S Sweet | Director | June 9, 2010 M | 32,000 | 0 | 0 | $0 |
| Douglas M Firstenberg | Director | May 13, 2010 A | 6,600 | 0 | 0 | $0 |
| COHEN BETSY Z | Director | May 13, 2004 A | — | 0 | 0 | $0 |
| CORPORATE OFFICE PROPERTIES TRUST | 10% owner | June 7, 2011 S | 2,568,184 | 0 | 0 | $0 |
| Robert L Denton | — | Aug. 6, 2026 C | 3,803 | 0 | 1 | $-126,994 |
| Raymond Lee Owens | — | May 14, 2026 A | 906 | 0 | 0 | $0 |
| Philip L Hawkins | — | May 14, 2026 A | 15,188 | 0 | 1 | $-181,083 |
| Anthony Mifsud | — | March 1, 2026 A | 67,834 | 0 | 0 | $0 |
| Dwight S Taylor | — | Dec. 14, 2007 A | 83,095 | 0 | 0 | $0 |
| Michael D Kaiser | — | Dec. 6, 2004 M | 61,414 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| Jay H. Shidler | June 16, 2008 | — | Initial filing | — | SEC |
| Undisclosed reporting person | March 5, 2002 | — | Initial filing | Capital structure | 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 90 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 |
|---|---|---|---|---|
| REAI · Tidal Trust I | 2.87% | 989 NS | April 30, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 1.70% | 13,058 NS | May 31, 2026 | N-PORT |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.61% | 326,169 | Aug. 8, 2026 | Daily |
| EPSB · Harbor ETF Trust | 1.04% | 1,549 NS | April 30, 2026 | N-PORT |
| GSC · Goldman Sachs ETF Trust | 1.01% | 79,315 NS | May 31, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 0.59% | 5,695 NS | April 30, 2026 | N-PORT |
| GQRE · FlexShares Trust | 0.44% | 53,550 NS | April 30, 2026 | N-PORT |
| LOWV · AB Active ETFs, Inc. | 0.43% | 27,693 NS | May 31, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.43% | 25,201 NS | May 31, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.36% | 139,129 NS | May 31, 2026 | N-PORT |
| USRT · iShares Trust | 0.34% | 426,138 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.31% | 23,944 | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.28% | 1,090,889 SH | Aug. 8, 2026 | Daily |
| DFAR · Dimensional ETF Trust | 0.27% | 147,774 NS | April 30, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.27% | 101,140 SH | Aug. 8, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.27% | 50,635 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.26% | 799,223 NS | May 31, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.23% | 107,576 NS | April 30, 2026 | N-PORT |
| REET · iShares Trust | 0.23% | 311,932 SH | Aug. 8, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.22% | 4,315,254 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.20% | 47,182 NS | May 31, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.19% | 712 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.19% | 43,496 NS | April 30, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.18% | 200,490 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.18% | 137,740 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.17% | 135,669 | Aug. 8, 2026 | Daily |
| ERET · iShares Trust | 0.16% | 618 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.16% | 4,097 NS | April 30, 2026 | N-PORT |
| MIDE · DBX ETF Trust | 0.15% | 153 NS | May 29, 2026 | N-PORT |
| RDIV · Invesco Exchange-Traded Fund Trust … | 0.14% | 54,179 | Aug. 8, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.14% | 56,222 SH | Aug. 8, 2026 | Daily |
| IJJ · iShares Trust | 0.14% | 332,389 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.14% | 2,964,085 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.13% | 25,096 SH | Aug. 8, 2026 | Daily |
| XJH · iShares Trust | 0.13% | 15,274 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.13% | 668,274 SH | Aug. 8, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.12% | 94,230 NS | April 30, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.12% | 14,047 | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.12% | 3,891,758 SH | Aug. 8, 2026 | Daily |
| AFMC · First Trust Exchange-Traded Fund VI… | 0.11% | 5,703 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.11% | 313,097 NS | May 31, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.11% | 182,096 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.11% | 49,384 NS | April 30, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.10% | 12,976 NS | April 30, 2026 | N-PORT |
| IJK · iShares Trust | 0.09% | 276,741 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.09% | 5,365 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.09% | 1,650,301 SH | Aug. 8, 2026 | Daily |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.09% | 46,773 SH | Aug. 8, 2026 | Daily |
| SMMV · iShares Trust | 0.09% | 6,834 SH | Aug. 8, 2026 | Daily |
| MVV · ProShares Trust | 0.08% | 3,904 NS | May 31, 2026 | N-PORT |