CRBG Corebridge Financial Inc. Common Stock
About Corebridge Financial Inc. Common Stock Company overview from Wikipedia
Corebridge Financial, Inc. is an American financial services company. It provides annuities, life insurance, retirement plans, wealth management, and other financial services through its four core businesses—individual retirement, life insurance, retirement services, and institutional markets.
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Corebridge Financial, Inc. is an American financial services company. It provides annuities, life insurance, retirement plans, wealth management, and other financial services through its four core businesses—individual retirement, life insurance, retirement services, and institutional markets.
Corebridge was formed by an AIG spin-off of the company via IPO in 2022. In 2024, Nippon Life Insurance Company acquired an equity interest in Corebridge Financial from AIG. In 2025, the company joined the Fortune 500.
History
Corebridge Financial was formed when AIG spun off the company in September 2022. In September 2024, the Corebridge brand name replaced AIG on the America Tower of the American General Center, its headquarters. In May 2026, AIG agreed to sell its remaining shares in Corebridge Financial, the culmination of a five-year separation process.
Early history
The American General Insurance Company was formed on May 8, 1926 by Gus Sessions Wortham in Houston, Texas. Wortham worked for the Texas Fire Rating Board in Austin, Texas before moving to Houston in 1912. Before starting American General, he worked at his father's insurance company, John L. Wortham & Son Agency, until his death in 1924. Following his father's death, Wortham began the company in response to a Texas Commissions of Appeal ruling allowing that insurance companies may merge several lines of business.
In 1953, American General hired life insurance veteran Benjamin N. Woodson as president. Woodson previously served at Mutual Trust Life Insurance Company, the National Association of Life Underwriters, and various other roles. Woodson would eventually succeed Wortham as CEO of the company in 1972 where he remained until retiring in 1978.
In 1995, the company was the subject of Unitrin, Inc. v. American General Corp. American General tendered an offer for a controlling block of shares of Unitrin. The Board of Directors of Unitrin, who held 23% of the shares, did not think the price offered was adequate and so initiated a poison pill and offered a buyback to increase their holdings to 28% of the total shares. It became the leading case on a board of directors' ability to use defensive measures, such as poison pills or buybacks, to prevent a hostile takeover.
NLT Corporation
The NLT Corporation was formed in 1900 as the National Sick and Accident Association. The Nashville, Tennessee firm became one of the country's largest life insurance companies. American General (AGC) announced a hostile takeover bid for NLT, which made a counter-offer to buy out AGC. In 1982, AGC, which had owned Nashville rival L&C since the 1960s, prevailed. Having acquired NLT, AGC merged the former rivals over the next decade and spun off the non-core assets of NLT, particularly its entertainment properties. The Grand Ole Opry, Opryland theme park, WSM, and then fledgling cable television network The Nashville Network (TNN) were sold to what became Gaylord Entertainment Company.
Acquisitions
In 1977, American General acquired The Variable Annuity Life Insurance Company (VALIC), a provider of tax-deferred retirement plans for employees in education, healthcare, government, and non-profit organizations. VALIC companies include VALIC Financial Advisors, Inc. and VALIC Retirement Services Company, which operate as Corebridge Financial subsidiaries within Corebridge Retirement Services.
In 1983, American General acquired Gulf United's insurance operations.
AIG agreed to acquire annuity provider SunAmerica Inc. in 1998, with the $18 billion stock transaction then reported as the second-largest in the history of the insurance industry.
In 2001, it was announced that American General would be acquired by Prudential plc in a deal worth $26.6 billion. The deal was later called off after negative Prudential shareholder reaction. After the deal failed to go through, AIG announced plans to acquire American General for $23 billion in stock. American General would continue to operate under AIG as their life insurance and retirement services subsidiary. In 2003, Old Line Life Insurance merged with American General.
IPO and spin-off from AIG
Corebridge was formed as a result of a spin-off of AIG's retirement, life insurance, and wealth management segments. In 2020, AIG announced plans to perform the spin-off with a 2022 IPO. In July 2021, the company announced that Blackstone Group would acquire 9.9% of the new unit for $2.2 billion cash. Blackstone and AIG also entered a long-term asset management agreement for about one quarter of AIG's life and retirement portfolio, set to increase in subsequent years. The new company was launched on September 15, 2022, in the largest IPO of 2022 to date, which raised a total of $1.68 billion.
In September 2023, it was announced Corebridge would sell its subsidiary, the London-headquartered life insurance company AIG Life Limited (AIG Life UK) to the British multinational insurance company, Aviva for £460 million. Corebridge sold subsidiary Irish health insurer Laya Healthcare to AXA, for €650 million, on October 31, 2023.
In 2024, Nippon Life Insurance Company acquired an equity interest in Corebridge Financial from AIG. On December 31, 2025, Nippon became the company's largest shareholder, with a 24.6% stake.
In June 2025, Corebridge entered into an agreement with Venerable Holdings subsidiary Corporate Solutions Life Reinsurance Company to reinsure all variable annuities of its individual retirement business, valued at $51 billion as of March 31, 2025. The transaction was valued at $2.8 billion and closed in stages, in August 2025, and in January 2026.
In March 2026, Corebridge Financial announced a merger with Equitable Holdings through an all-stock merger worth $22 billion, which would create a combined company with $1.5 trillion in assets under management and over 12 million clients.
Corebridge was included among the Fortune 500 and the S&P 400 in 2025.
The company was ranked first among annuity providers in the JD Power 2026 Life & Annuity Distribution Partner Experience Study.
PGA of America
The company is the official life insurance and retirement partner of the PGA of America, as originally formed in 2019 under AIG. The Corebridge Financial team is a group of PGA of America golf professionals that qualify to play in the PGA Championship by placing in the Top 20 of the PGA Professional Championship. Michael Block has been a consistent member of this team, including when he famously hit a hole-in-one at the 2023 PGA Championship at Oak Hill.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
CRBG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
CRBG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| June 16, 2026 | $0.2500 |
| March 17, 2026 | $0.2500 |
| Dec. 17, 2025 | $0.2400 |
| Sept. 16, 2025 | $0.2400 |
| June 16, 2025 | $0.2400 |
| March 17, 2025 | $0.2400 |
| Dec. 17, 2024 | $0.2300 |
| Sept. 16, 2024 | $0.2300 |
| June 14, 2024 | $0.2300 |
| March 14, 2024 | $0.2300 |
| Dec. 14, 2023 | $0.2300 |
| Nov. 10, 2023 | $1.1600 |
| Sept. 14, 2023 | $0.2300 |
| June 15, 2023 | $0.8500 |
| March 16, 2023 | $0.2300 |
| Dec. 15, 2022 | $0.2300 |
| Oct. 6, 2022 | $0.2300 |
CRBG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 5 23.8%
- Buy 12 57.1%
- Hold 4 19.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
12 analysts · 2026-08-17Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.12 | $1.11 | 0.01% |
| March 31, 2026 | $1.05 | $1.06 | -0.01% |
| Dec. 31, 2025 | $1.22 | $1.13 | 0.09% |
| Sept. 30, 2025 | $0.96 | $1.11 | -0.15% |
| June 30, 2025 | $1.36 | $1.18 | 0.18% |
| March 31, 2025 | $1.16 | $1.17 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CRBG | — | -44.4 | -1.2% | — | — | — |
| APO | $83.81B | 26.1 | 22.7% | 10.9% | 17.2% | — |
| EQH | — | -9.9 | -6.1% | — | — | — |
| JXN | $7.13B | -444.4 | 104.3% | 0.40% | 0.27% | — |
| VOYA | $6.99B | 11.8 | 1.7% | 8.0% | 14.6% | — |
| ALRS | $572M | 33.1 | 1.1% | 7.8% | 3.3% | — |
| SOR | — | — | — | — | — | — |
| NEWT | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $18.48B | $18.71B | $18.80B | $24.70B | $23.26B | |
| SG&A Expense | $2.00B | $2.02B | $2.28B | $2.32B | $2.10B | |
| Operating Expenses | · | · | · | $773M | $-2.23B | |
| Interest Expense | $552M | $554M | $580M | $534M | $389M | |
| Pretax Income | $-541M | $2.80B | $940M | $10.49B | $11.25B | |
| Income Tax | $-151M | $600M | $-96M | $2.01B | $2.08B | |
| Net Income | $-366M | $2.23B | $1.10B | $8.16B | $8.24B | |
| EPS (Basic) | $-0.68 | $3.73 | $1.72 | $12.63 | · | |
| EPS (Diluted) | $-0.68 | $3.72 | $1.71 | $12.60 | · | |
| Shares (Basic) | 539,300,000 | 598,000,000 | 643,300,000 | 646,100,000 | · | |
| Shares (Diluted) | 539,300,000 | 599,200,000 | 645,200,000 | 647,400,000 | · | |
| EBITDA | · | $193M | $366M | $1.02B | · |
Balance Sheet 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $447M | $806M | $612M | $552M | $537M | |
| PP&E (Net) | · | · | · | $440M | $323M | |
| Goodwill | · | · | $117M | $175M | $192M | |
| Intangibles | · | · | $0 | $12M | $18M | |
| Total Assets | $413.55B | $389.40B | $379.27B | $360.32B | $416.21B | |
| Short-term Debt | $0 | $1.10B | $250M | $1.50B | $8.32B | |
| Total Liabilities | $399.59B | $377.07B | $366.63B | $350.00B | $387.28B | |
| Long-term Debt | · | · | · | $7.87B | $427M | |
| Total Debt | · | $1.10B | $250M | $1.50B | · | |
| Common Stock | · | · | $6M | $6M | · | |
| Retained Earnings | $18.37B | $19.26B | $17.57B | $18.21B | $8.86B | |
| Treasury Stock | $4.38B | $2.28B | $503M | $0 | · | |
| AOCI | $-9.45B | $-13.68B | $-13.46B | $-16.86B | $10.17B | |
| Stockholders' Equity | $13.20B | $11.46B | $11.77B | $9.38B | $27.09B | |
| Liabilities + Equity | $413.55B | $389.40B | $379.27B | $360.32B | $416.21B | |
| Shares Outstanding | 496,373,746 | 561,485,033 | 621,664,326 | 645,000,000 | · |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $556M | $193M | $366M | $585M | $413M | |
| Deferred Tax | $337M | $635M | $-402M | $1.13B | $136M | |
| Amort. of Intangibles | · | · | · | $4M | $7M | |
| Other Non-cash | · | $-907M | $2.29B | $-7.59B | · | |
| Operating Cash Flow | $2.02B | $2.15B | $3.36B | $2.62B | $2.40B | |
| Investing Cash Flow | $-13.33B | $-11.54B | $-5.48B | $-7.25B | $-1.97B | |
| Debt Issued | · | · | · | $7.45B | $0 | |
| Net Debt Issued | · | $-982M | · | $7.45B | · | |
| Stock Issued | $0 | $1M | $0 | $0 | · | |
| Stock Repurchased | $2.12B | $1.79B | $498M | $0 | $0 | |
| Net Stock Activity | · | $-1.79B | $-498M | · | · | |
| Dividends Paid | $511M | $544M | $1.72B | $876M | $0 | |
| Financing Cash Flow | $10.94B | $9.58B | $2.11B | $4.67B | $-753M | |
| Net Change in Cash | $-371M | $196M | $-2M | $32M | $-317M | |
| Taxes Paid | $192M | $252M | $20M | $1.10B | $1.91B |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Net Margin | · | 11.9% | 5.9% | 30.5% | · | |
| Pretax Margin | · | 14.9% | 5.0% | 39.2% | · | |
| EBITDA Margin | · | 1.0% | 1.9% | 3.8% | · | |
| ROA | · | 0.58% | 0.30% | 2.1% | · | |
| ROE | · | 19.2% | 10.4% | 46.2% | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | · | 0.1 | 0.0 | 0.2 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.1 | 0.1 | · |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | -1.2% | -0.49% | -23.9% | 6.2% | 54.4% | |
| Revenue CAGR 3Y | -9.2% | -7.0% | 7.7% | · | · | |
| Revenue CAGR 5Y | 4.2% | · | · | · | · | |
| EPS YoY | · | 117.5% | -86.4% | · | · | |
| Net Income YoY | · | 102.0% | -86.5% | -1.0% | 1184.0% | |
| Net Income CAGR 3Y | · | -35.3% | 19.8% | · | · |
Valuation (TTM) 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $18.48B | $18.71B | $18.80B | $24.70B | · | |
| Net Income TTM | $-366M | $2.23B | $1.10B | $8.16B | · | |
| Market Cap | · | $16.81B | $13.47B | · | · | |
| Enterprise Value | · | $17.10B | $13.10B | · | · | |
| P/E | -44.4 | 8.0 | 12.7 | 1.6 | · | |
| P/S | · | 0.9 | 0.7 | · | · | |
| P/B | · | 1.5 | 1.1 | · | · | |
| P / Tangible Book | 1.1 | 1.5 | 1.2 | · | · | |
| P / Cash Flow | · | 7.8 | 4.0 | · | · | |
| EV / EBITDA | · | 88.6 | 35.8 | · | · | |
| EV / Revenue | · | 0.9 | 0.7 | · | · | |
| Dividend Yield | · | 3.2% | 12.8% | · | · | |
| Earnings Yield | -2.2% | 12.4% | 7.9% | 62.8% | · | |
| Payout Ratio | · | 24.4% | 156.0% | 10.8% | · | |
| Annual Payout | $511M | $544M | $1.72B | $876M | · |
Income Statement 11
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.73B | $5.42B | $2.74B | $3.59B | $6.56B | $2.60B | $3.71B | $5.84B | $3.28B | $5.50B | $5.76B | $4.26B | $4.13B | $6.54B | $6.79B | $7.24B | |
| SG&A Expense | $442M | $481M | $535M | $544M | $437M | $475M | $532M | $572M | $485M | $611M | $604M | $582M | $582M | $578M | $577M | $586M | |
| Interest Expense | $132M | $135M | $137M | $148M | $145M | $133M | $138M | $138M | $139M | $135M | $134M | $172M | $177M | $149M | $127M | $81M | |
| Pretax Income | $971M | $-42M | $-608M | $-862M | $2.92B | $-1.59B | $456M | $1.02B | $-1.76B | $2.46B | $911M | $-669M | $-307M | $3.17B | $3.33B | $4.30B | |
| Income Tax | $173M | $-179M | $60M | $-205M | $703M | $-407M | $115M | $189M | $-432M | $392M | $160M | $-216M | $-139M | $640M | $652M | $859M | |
| Net Income | $814M | $144M | $-660M | $-664M | $2.17B | $-1.18B | $365M | $878M | $-1.31B | $2.10B | $771M | $-459M | $-207M | $2.41B | $2.59B | $3.37B | |
| EPS (Basic) | $1.44 | $0.27 | $-1.20 | $-1.19 | $3.74 | $-2.02 | $0.60 | $1.41 | $-2.05 | $3.29 | $1.18 | $-0.70 | $-0.34 | $3.73 | $4.02 | $5.22 | |
| EPS (Diluted) | $1.44 | $0.27 | $-1.20 | $-1.19 | $3.74 | $-2.02 | $0.59 | $1.41 | $-2.05 | $3.28 | $1.18 | $-0.70 | $-0.36 | $3.72 | $4.02 | $5.22 | |
| Shares (Basic) | -1,108,100,000 | 539,100,000 | 550,300,000 | 558,000,000 | -1,224,700,000 | 587,100,000 | 611,600,000 | 624,000,000 | -1,297,200,000 | 639,000,000 | 650,700,000 | 650,800,000 | -1,289,600,000 | 645,700,000 | 645,000,000 | 645,000,000 | |
| Shares (Diluted) | -1,109,600,000 | 540,600,000 | 550,300,000 | 558,000,000 | -1,225,400,000 | 587,100,000 | 612,600,000 | 624,900,000 | -1,298,800,000 | 641,000,000 | 652,200,000 | 650,800,000 | -1,289,000,000 | 646,400,000 | 645,000,000 | 645,000,000 | |
| EBITDA | · | · | · | $89M | · | · | · | $64M | · | · | · | $105M | · | · | · | · |
Balance Sheet 13
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $447M | $316M | $290M | $393M | $806M | $530M | $637M | $410M | $612M | $569M | $751M | $465M | $552M | $382M | · | · | |
| Total Assets | $413.55B | $411.29B | $399.16B | $390.02B | $389.40B | $399.42B | $382.49B | $385.59B | · | $355.59B | $367.47B | $366.69B | · | $354.60B | · | · | |
| Short-term Debt | $0 | $0 | $101M | $1.10B | $1.10B | $0 | $250M | $250M | · | $1.00B | $1.50B | $1.50B | · | $1.50B | · | · | |
| Total Liabilities | $399.59B | $396.97B | $385.99B | $377.19B | $377.07B | $384.98B | $370.68B | $373.20B | · | $346.34B | $356.00B | $354.23B | · | $346.20B | · | · | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | · | · | · | $7.87B | · | · | |
| Total Debt | · | $0 | $101M | $1.10B | · | $0 | $250M | $250M | · | $1.00B | $1.50B | $1.50B | · | $1.50B | · | · | |
| Common Stock | · | · | · | · | · | · | · | $7M | · | $6M | $6M | $6M | · | $6M | · | · | |
| Retained Earnings | $18.37B | $17.68B | $17.67B | $18.46B | $19.26B | $17.22B | $18.54B | $18.31B | · | $19.77B | $17.81B | $17.59B | · | $16.78B | · | · | |
| Treasury Stock | $4.38B | $3.27B | $2.88B | $2.57B | $2.28B | $1.88B | $1.16B | $717M | · | $249M | $202M | · | · | · | · | · | |
| AOCI | $-9.45B | $-9.03B | $-10.63B | $-12.05B | $-13.68B | $-9.88B | $-14.51B | $-14.14B | · | $-19.29B | $-15.18B | $-14.07B | · | $-17.29B | · | · | |
| Stockholders' Equity | $13.20B | $13.54B | $12.30B | $11.98B | $11.46B | $13.61B | $11.00B | $11.58B | · | $8.37B | $10.56B | $11.55B | · | $7.53B | · | · | |
| Liabilities + Equity | $413.55B | $411.29B | $399.16B | $390.02B | $389.40B | $399.42B | $382.49B | $385.59B | · | $355.59B | $367.47B | $366.69B | · | $354.60B | · | · | |
| Shares Outstanding | 496,373,746 | 532,107,659 | 543,187,030 | 553,103,547 | 561,485,033 | 574,391,645 | 600,327,401 | 615,410,683 | · | 633,484,516 | 635,957,236 | 648,129,652 | · | · | · | · |
Cash Flow 13
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $174M | $199M | $94M | $89M | $61M | $36M | $32M | $64M | $20M | $107M | $134M | $105M | $123M | $139M | $166M | $157M | |
| Other Non-cash | · | · | · | $950M | · | · | · | $-344M | · | · | · | $655M | · | · | · | · | |
| Operating Cash Flow | $1.88B | $24M | $-259M | $375M | $1.48B | $83M | $-9M | $598M | $767M | $1.02B | $1.27B | $301M | $471M | $1.61B | $538M | $-3M | |
| Investing Cash Flow | $-3.47B | $-3.32B | $-2.67B | $-3.87B | $-1.35B | $-6.22B | $-1.32B | $-2.65B | $-2.21B | $-2.38B | $587M | $-1.48B | $-3.92B | $-875M | $-1.21B | $-1.25B | |
| Debt Issued | · | · | $44M | $8M | · | · | $44M | $57M | · | $496M | $107M | $39M | · | $990M | · | · | |
| Net Debt Issued | · | · | · | $-67M | · | · | · | $-65M | · | · | · | · | · | · | · | · | |
| Stock Issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1M | $0 | $0 | $0 | $0 | · | · | · | · | |
| Stock Repurchased | $1.11B | $380M | $311M | $321M | $398M | $715M | $436M | $243M | $252M | $46M | $200M | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | · | · | $-321M | · | · | · | $-242M | · | · | · | · | · | · | · | · | |
| Dividends Paid | $119M | $128M | $131M | $133M | $129M | $133M | $139M | $143M | $876M | $146M | $551M | $149M | $296M | $0 | $290M | $290M | |
| Financing Cash Flow | $1.72B | $3.32B | $2.83B | $3.07B | $146M | $6.03B | $1.56B | $1.84B | $1.45B | $1.19B | $-1.59B | $1.06B | $3.64B | $-820M | $602M | $1.25B | |
| Net Change in Cash | $131M | $26M | $-103M | $-425M | $277M | $-106M | $227M | $-202M | $12M | $-169M | $264M | $-109M | $189M | $-85M | $-71M | $-1M | |
| Taxes Paid | $-27M | $10M | $198M | $11M | $7M | $2M | $241M | $2M | $247M | $8M | $-239M | $4M | $50M | $195M | $338M | $518M |
Profitability 5
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | · | 2.7% | -24.1% | -18.5% | · | -45.3% | 9.8% | 15.0% | · | 38.2% | 13.4% | -10.8% | · | 32.9% | · | · | |
| Pretax Margin | · | -0.78% | -22.2% | -24.0% | · | -60.9% | 12.3% | 17.4% | · | 44.7% | 15.8% | -15.7% | · | 43.4% | · | · | |
| EBITDA Margin | · | · | · | 2.5% | · | · | · | 1.1% | · | · | · | 2.5% | · | · | · | · | |
| ROA | · | 0.04% | -0.17% | -0.17% | · | -0.31% | 0.10% | 0.23% | · | 0.59% | 0.42% | -0.25% | · | 1.3% | · | · | |
| ROE | · | 1.1% | -5.7% | -5.6% | · | -10.8% | 3.4% | 7.6% | · | 26.4% | 14.6% | -7.9% | · | 62.5% | · | · |
Liquidity & Solvency 1
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | · | 0.0 | 0.0 | 0.1 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | · | · |
Efficiency 1
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | · | · |
Valuation (TTM) 13
| Metric | Trend | 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 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $14.35B | $12.64B | $15.73B | · | $17.65B | $20.81B | $21.36B | · | $22.06B | $23.35B | $24.83B | · | $26.09B | · | · | |
| Net Income TTM | · | $-2.36B | $-2.14B | $-605M | · | $2.16B | $4.12B | $3.29B | · | $4.82B | $5.31B | $7.91B | · | $9.79B | · | · | |
| Market Cap | · | $17.05B | $19.28B | $17.46B | · | $16.75B | $17.48B | $17.68B | · | $12.51B | $11.23B | $10.38B | · | · | · | · | |
| Enterprise Value | · | $16.74B | $19.09B | $18.17B | · | $16.22B | $17.09B | $17.52B | · | $12.94B | $11.98B | $11.42B | · | · | · | · | |
| P/E | · | -7.7 | -9.3 | -26.1 | · | 8.9 | 4.5 | 5.6 | · | 2.6 | 2.1 | 1.3 | · | · | · | · | |
| P/S | · | 1.2 | 1.5 | 1.1 | · | 0.9 | 0.8 | 0.8 | · | 0.6 | 0.5 | 0.4 | · | · | · | · | |
| P/B | · | 1.3 | 1.6 | 1.5 | · | 1.2 | 1.6 | 1.5 | · | 1.5 | 1.1 | 0.9 | · | · | · | · | |
| P / Tangible Book | · | 1.3 | 1.6 | 1.5 | · | 1.2 | 1.6 | 1.5 | · | 1.5 | 1.1 | 0.9 | · | · | · | · | |
| P / Cash Flow | · | · | · | 46.6 | · | · | · | 29.6 | · | · | · | 34.5 | · | · | · | · | |
| EV / EBITDA | · | · | · | 204.2 | · | · | · | 273.8 | · | · | · | 108.7 | · | · | · | · | |
| EV / Revenue | · | 1.2 | 1.5 | 1.2 | · | 0.9 | 0.8 | 0.8 | · | 0.6 | 0.5 | 0.5 | · | · | · | · | |
| Earnings Yield | · | -12.9% | -10.8% | -3.8% | · | 11.2% | 22.2% | 18.0% | · | 37.9% | 46.6% | 76.5% | · | · | · | · | |
| Payout Ratio | · | · | · | -20.0% | · | · | · | 16.3% | · | · | · | -32.5% | · | · | · | · |
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 | $18.48B | $18.71B | $18.80B | $24.70B | $23.26B |
| Net Income | $-366M | $2.23B | $1.10B | $8.16B | $8.24B |
| Diluted EPS | $-0.68 | $3.72 | $1.71 | $12.60 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.1 | 0.0 | 0.2 | — |
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Institutional owners (13F) 481 filers · $6.8B 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 80 (-1 vs prior Q) | 50 (-28 vs prior Q) | 142 (0 vs prior Q) | 168 (+4 vs prior Q) | +61.5M |
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 |
|---|---|---|---|---|
| Blackstone Inc. | $1,773,975,581 | 61,962,123 | 25.90% | Shares |
| NORGES BANK | $406,888,959 | 14,211,979 | 5.94% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $333,381,749 | 11,644,490 | 4.87% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $333,202,868 | 11,638,242 | 4.86% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $321,457,525 | 11,227,996 | 4.69% | Shares |
| FMR LLC | $321,298,120 | 11,222,428 | 4.69% | Shares |
| STATE STREET CORP | $300,873,529 | 10,509,030 | 4.39% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $298,721,469 | 10,433,863 | 4.36% | Shares |
| DONALD SMITH & CO., INC. | $168,133,740 | 5,872,642 | 2.45% | Shares |
| Davis Asset Management, L.P. | $166,054,000 | 5,800,000 | 2.42% | Shares |
| Castle Hook Partners LP | $165,688,252 | 5,787,225 | 2.42% | Shares |
| Clearbridge Investments, LLC | $128,538,804 | 4,489,655 | 1.88% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $103,827,544 | 3,639,365 | 1.52% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $96,695,391 | 3,377,415 | 1.41% | Shares |
| TOMS Capital Investment Management LP | $88,037,250 | 3,075,000 | 1.29% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $79,723,871 | 2,784,627 | 1.16% | Shares |
| VIKING GLOBAL INVESTORS LP | $76,710,392 | 2,679,371 | 1.12% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $75,210,323 | 2,626,976 | 1.10% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $62,435,474 | 2,180,771 | 0.91% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $60,893,262 | 2,126,904 | 0.89% | Shares |
| AustralianSuper Pty Ltd | $53,252,659 | 1,860,030 | 0.78% | Shares |
| GOLDMAN SACHS GROUP INC | $52,722,088 | 1,841,498 | 0.77% | Shares |
| Woodline Partners LP | $50,769,808 | 1,773,308 | 0.74% | Shares |
| VANGUARD GROUP INC | $49,224,014 | 1,631,555 | 0.72% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $44,094,094 | 1,540,136 | 0.64% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $43,759,669 | 1,528,455 | 0.64% | Shares |
| MILLENNIUM MANAGEMENT LLC | $36,436,828 | 1,272,680 | 0.53% | Shares |
| AMERICAN CENTURY COMPANIES INC | $35,167,603 | 1,228,348 | 0.51% | Shares |
| FACTORY MUTUAL INSURANCE CO | $33,461,313 | 1,168,750 | 0.49% | Shares |
| BANK OF AMERICA CORP /DE/ | $33,412,784 | 1,167,055 | 0.49% | Shares |
| GOLDMAN SACHS GROUP INC | $32,351,900 | 1,130,000 | 0.47% | Call option |
| BANK OF MONTREAL /CAN/ | $30,210,548 | 1,055,206 | 0.44% | Shares |
| BRUNI J V & CO /CO | $28,926,177 | 1,010,345 | 0.42% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $24,948,354 | 871,406 | 0.36% | Shares |
| Cander Asset Management LP | $24,496,200 | 855,613 | 0.36% | Shares |
| Grantham, Mayo, Van Otterloo & Co. LLC | $23,065,244 | 805,632 | 0.34% | Shares |
| SOROS FUND MANAGEMENT LLC | $21,008,350 | 733,788 | 0.31% | Shares |
| Governors Lane LP | $20,670,860 | 722,000 | 0.30% | Shares |
| RHUMBLINE ADVISERS | $19,982,035 | 697,942 | 0.29% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $19,598,609 | 684,548 | 0.29% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $19,407,000 | 677,865 | 0.28% | Shares |
| Swiss National Bank | $19,355,741 | 676,065 | 0.28% | Shares |
| Point72 Asset Management, L.P. | $19,125,584 | 668,026 | 0.28% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $18,291,449 | 638,891 | 0.27% | Shares |
| SEI INVESTMENTS CO | $16,367,400 | 571,687 | 0.24% | Shares |
| ALGERT GLOBAL LLC | $16,365,337 | 571,615 | 0.24% | Shares |
| Robeco Institutional Asset Management B.V. | $15,829,298 | 552,892 | 0.23% | Shares |
| Sound Income Strategies, LLC | $15,562,243 | 543,564 | 0.23% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,975,609 | 523,074 | 0.22% | Shares |
| PZENA INVESTMENT MANAGEMENT LLC | $14,852,442 | 518,772 | 0.22% | Shares |
| HARRIS ASSOCIATES L P | $14,667,149 | 512,300 | 0.21% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $14,273,315 | 498,544 | 0.21% | Shares |
| California Public Employees Retirement System | $13,560,743 | 473,655 | 0.20% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $13,346,304 | 466,165 | 0.19% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $13,332,123 | 441,900 | 0.19% | Shares |
| Squarepoint Ops LLC | $12,788,162 | 446,670 | 0.19% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $12,095,827 | 506,950 | 0.18% | Shares |
| SEVEN GRAND MANAGERS, LLC | $11,452,000 | 400,000 | 0.17% | Shares |
| Arbiter Partners Capital Management LLC | $11,370,548 | 397,155 | 0.17% | Shares |
| Retirement Systems of Alabama | $10,972,963 | 383,268 | 0.16% | Shares |
| Eurizon Capital SGR S.p.A. | $10,437,878 | 364,555 | 0.15% | Shares |
| Governors Lane LP | $10,335,430 | 361,000 | 0.15% | Put option |
| Caption Management, LLC | $10,335,430 | 361,000 | 0.15% | Call option |
| CITADEL ADVISORS LLC | $10,044,234 | 350,829 | 0.15% | Shares |
| ALPINE ASSOCIATES MANAGEMENT INC. | $9,893,955 | 345,580 | 0.14% | Shares |
| Bridgewater Associates, LP | $9,768,499 | 341,198 | 0.14% | Shares |
| Cambria Investment Management, L.P. | $9,581,774 | 334,676 | 0.14% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $9,414,947 | 328,849 | 0.14% | Shares |
| AMERIPRISE FINANCIAL INC | $9,113,644 | 318,325 | 0.13% | Shares |
| Allianz Asset Management GmbH | $9,034,311 | 315,554 | 0.13% | Shares |
| Interval Partners, LP | $8,847,271 | 309,021 | 0.13% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $8,802,581 | 307,456 | 0.13% | Shares |
| AQR Arbitrage LLC | $8,680,960 | 303,212 | 0.13% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $8,661,434 | 302,530 | 0.13% | Shares |
| BlackRock, Inc. | $8,439,408 | 294,775 | 0.12% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $7,959,112 | 277,999 | 0.12% | Shares |
| Brandywine Global Investment Management, LLC | $7,830,050 | 259,531 | 0.11% | Shares |
| ALLIANCEBERNSTEIN L.P. | $7,626,897 | 319,652 | 0.11% | Shares |
| Jefferies Financial Group Inc. | $6,744,484 | 235,574 | 0.10% | Shares |
| Cinctive Capital Management LP | $6,165,413 | 215,348 | 0.09% | Shares |
| Lighthouse Investment Partners, LLC | $6,056,133 | 211,531 | 0.09% | Shares |
| MORGAN STANLEY | $5,842,558 | 204,071 | 0.09% | Shares |
| AVIVA PLC | $5,666,163 | 197,910 | 0.08% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,665,877 | 197,900 | 0.08% | Call option |
| STATE OF WISCONSIN INVESTMENT BOARD | $5,643,717 | 197,126 | 0.08% | Shares |
| MACQUARIE GROUP LTD | $5,641,141 | 197,036 | 0.08% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $5,442,706 | 190,105 | 0.08% | Shares |
| BARCLAYS PLC | $5,333,970 | 186,307 | 0.08% | Shares |
| Kerusso Capital Management LLC | $5,146,958 | 179,775 | 0.08% | Shares |
| Legal & General Group Plc | $5,041,770 | 176,101 | 0.07% | Shares |
| Schonfeld Strategic Advisors LLC | $4,588,527 | 160,270 | 0.07% | Shares |
| APG Asset Management N.V. | $4,425,367 | 176,721 | 0.06% | Shares |
| ExodusPoint Capital Management, LP | $4,275,633 | 149,341 | 0.06% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $4,246,860 | 148,336 | 0.06% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $4,212,303 | 147,129 | 0.06% | Shares |
| Engineers Gate Manager LP | $4,185,821 | 146,204 | 0.06% | Shares |
| ASR Vermogensbeheer N.V. | $4,162,703 | 145,409 | 0.06% | Shares |
| PEAK6 LLC | $4,121,861 | 143,970 | 0.06% | Shares |
| CAXTON ASSOCIATES LLP | $4,119,828 | 143,899 | 0.06% | Shares |
| Holocene Advisors, LP | $3,970,952 | 138,699 | 0.06% | Shares |
Company insiders 35 insiders · 22 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kevin T. Hogan | Chief Executive Officer | Feb. 19, 2025 A | 337,084 | 0 | 0 | $0 |
| Elias F. Habayeb | Chief Financial Officer | Feb. 19, 2025 A | 2,511,952 | 0 | 0 | $0 |
| Timothy M Heslin | President of Life Insurance | Feb. 19, 2025 A | 64,887 | 0 | 0 | $0 |
| Todd P Solash | President, IR and Life | March 1, 2023 F | 292,430 | 0 | 0 | $0 |
| Christopher Brian Smith | Chief Operating Officer | Feb. 19, 2025 A | 30,497 | 0 | 0 | $0 |
| Elizabeth B Cropper | EVP & Chief Human Res. Officer | Feb. 19, 2025 A | 44,944 | 0 | 0 | $0 |
| John P Byrne | EVP and PFD | Feb. 19, 2025 A | 25,242 | 0 | 0 | $0 |
| Bryan A Pinsky | Pres of Individual Insurance | Feb. 19, 2025 A | 59,898 | 0 | 0 | $0 |
| Steven Douglas Caldwell JR | Chief Risk Officer | Feb. 19, 2025 A | 24,163 | 0 | 0 | $0 |
| Lisa Longino | Chief Investment Officer | Feb. 19, 2025 A | 109,734 | 0 | 0 | $0 |
| Christopher Filiaggi | Chief Accounting Officer | Feb. 19, 2025 A | 26,610 | 0 | 0 | $0 |
| Elizabeth Palmer | Chief Marketing Officer | Feb. 19, 2025 A | 91,709 | 0 | 0 | $0 |
| Terri N Fiedler | Pres. of Retirement Services | Feb. 19, 2025 A | 175,944 | 0 | 0 | $0 |
| Jonathan J Novak | Pres of Institutional Markets | Feb. 19, 2025 A | 162,506 | 0 | 0 | $0 |
| David Ditillo | Chief Information Officer | Feb. 19, 2025 A | 125,856 | 0 | 0 | $0 |
| Amber Miller | EVP and Chief Auditor | Feb. 19, 2025 A | 46,580 | 0 | 0 | $0 |
| Polly N. Klane | EVP and General Counsel | Feb. 19, 2025 A | 61,965 | 0 | 0 | $0 |
| Christine Nixon | General Counsel and Corp. Sec. | March 4, 2024 F | 113,113 | 0 | 0 | $0 |
| Alan Leonard Smith | Chief Human Resources Officer | March 1, 2024 F | 66,740 | 0 | 0 | $0 |
| Constance Hunter | Head of Strategy | June 20, 2023 A | 35,277 | 0 | 0 | $0 |
| Katherine Ann Anderson | Chief Risk Officer | March 1, 2023 F | 52,872 | 0 | 0 | $0 |
| Robert J Scheinerman | EVP & Pres. Group Retirement | Sept. 14, 2022 A | 202,782 | 0 | 0 | $0 |
| Keith Gubbay | Director | Jan. 13, 2025 A | 2,334 | 0 | 0 | $0 |
| Colin J. Parris | Director | Jan. 13, 2025 A | 2,334 | 0 | 0 | $0 |
| Christina Banthin | Director | Dec. 23, 2024 F | 29,890 | 0 | 0 | $0 |
| Edward Peter Bousa | Director | Aug. 24, 2024 A | 5,292 | 0 | 0 | $0 |
| Deborah R Leone | Director | June 21, 2024 A | 7,576 | 0 | 0 | $0 |
| Amy L. Schioldager | Director | June 21, 2024 A | 23,402 | 0 | 0 | $0 |
| Alan B. Colberg | Director | June 21, 2024 A | 53,402 | 0 | 0 | $0 |
| Christopher S. Lynch | Director | June 21, 2024 A | 23,402 | 0 | 0 | $0 |
| Mia W Tarpey | Director | June 4, 2024 F | 57,993 | 0 | 0 | $0 |
| Sabra R. Purtill | Director | March 4, 2024 F | 106,176 | 0 | 0 | $0 |
| Patricia J Walsh | Director | June 20, 2023 A | 17,839 | 0 | 0 | $0 |
| Marc Costantini | — | Dec. 1, 2025 A | 85,411 | 0 | 0 | $0 |
| Corebridge Financial, Inc. | — | Sept. 9, 2024 J | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| Nippon Life Insurance Company ×2 filings | April 9, 2026 | 26.70% | Amendment | M&A / sale | 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 122 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 |
|---|---|---|---|---|
| DIVY · Tidal Trust I | 3.11% | 32,789 NS | May 31, 2026 | N-PORT |
| LYLD · Cambria ETF Trust | 1.60% | 3,492 NS | April 30, 2026 | N-PORT |
| SYLD · Cambria ETF Trust | 1.08% | 375,579 NS | April 30, 2026 | N-PORT |
| HWSM · HOTCHKIS & WILEY FUNDS /DE/ | 0.69% | 667 NS | June 30, 2026 | N-PORT |
| IQSM · New York Life Investments ETF Trust | 0.45% | 51,977 NS | April 30, 2026 | N-PORT |
| QDF · FlexShares Trust | 0.43% | 330,660 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.32% | 1,587,451 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.28% | 63,030 NS | April 30, 2026 | N-PORT |
| PTMC · Pacer Funds Trust | 0.21% | 29,388 NS | April 30, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.20% | 47,081 NS | May 31, 2026 | N-PORT |
| MVV · ProShares Trust | 0.15% | 8,824 NS | May 31, 2026 | N-PORT |
| AVLV · AMERICAN CENTURY ETF TRUST | 0.14% | 674,489 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.14% | 4,228 NS | April 30, 2026 | N-PORT |
| SCHM · SCHWAB STRATEGIC TRUST | 0.13% | 689,695 NS | May 31, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.10% | 1,232 NS | May 31, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.10% | 9,824 NS | April 30, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.09% | 70,467 NS | April 30, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.08% | 424,916 NS | April 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.08% | 213,202 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.08% | 10,954 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.07% | 10,517 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.07% | 71,622 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.07% | 1,075,485 NS | April 30, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.05% | 95,411 NS | April 30, 2026 | N-PORT |
| AVLC · AMERICAN CENTURY ETF TRUST | 0.04% | 16,788 NS | May 31, 2026 | N-PORT |
| FNDX · SCHWAB STRATEGIC TRUST | 0.03% | 323,945 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.03% | 140,698 NS | April 30, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.03% | 15,570 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.03% | 147,174 NS | May 31, 2026 | N-PORT |
| SCHV · SCHWAB STRATEGIC TRUST | 0.02% | 129,103 NS | May 31, 2026 | N-PORT |
| GVUS · Goldman Sachs ETF Trust | 0.02% | 3,265 NS | May 31, 2026 | N-PORT |
| GLBL · Pacer Funds Trust | 0.02% | 8 NS | April 30, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.02% | 43,739 NS | April 30, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.02% | 2,022 NS | May 29, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.02% | 16,038 NS | April 30, 2026 | N-PORT |
| DFVX · Dimensional ETF Trust | 0.02% | 2,974 NS | April 30, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.01% | 27 NS | April 30, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.01% | 2,928 NS | May 31, 2026 | N-PORT |
| GUSA · Goldman Sachs ETF Trust II | 0.01% | 9,955 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 8,316 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.01% | 81,047 NS | April 30, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.01% | 31,758 NS | April 30, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.01% | 4,181 NS | April 30, 2026 | N-PORT |
| SCHX · SCHWAB STRATEGIC TRUST | 0.01% | 271,524 NS | May 31, 2026 | N-PORT |
| TOV · EA Series Trust | 0.01% | 1,235 NS | April 30, 2026 | N-PORT |
| SCHK · SCHWAB STRATEGIC TRUST | 0.01% | 20,323 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 152,598 NS | May 31, 2026 | N-PORT |
| KOKU · DBX ETF Trust | 0.01% | 2,311 NS | May 29, 2026 | N-PORT |
| EQL · ALPS ETF Trust | 0.01% | 3,400 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 21,267 NS | April 30, 2026 | N-PORT |