ESRT Empire State Realty Trust, Inc. Class A Common Stock
$4.87
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$5–$8
8% of range
Analyst Rating
BUY
12 analysts
Price Target
$6
+25% upside
P/E (TTM)
26.1
ROE
7.0%
Net Profit Margin
9.5%
About Empire State Realty Trust, Inc. Class A Common Stock Company overview from Wikipedia
ESRT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.87
Market Cap
—
P/E (TTM)
26.1
EPS (TTM)
$0.25
Revenue (TTM)
$768M
Div Yield
—
ROE
7.0%
Debt/Equity
—
52W Range
$5 – $8
ESRT 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
$768M
2023-12-31
→
2025-12-31
EPS
$0.25
2023-12-31
→
2025-12-31
Free Cash Flow
—
2023-12-31
→
2023-12-31
Margins
9.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ESRT
Peer Median
P/E (TTM)
26.1
42.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ESRT
Peer Median
Operating Margin
17.7%
—
Net Profit Margin
9.5%
-2.6%
ROA
1.6%
-0.28%
ROE
7.0%
-1.4%
ROIC
12.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ESRT
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ESRT
Peer Median
Revenue YoY
0.05%
—
Revenue CAGR 3Y
1.9%
—
Revenue CAGR 5Y
4.8%
—
EPS YoY
-10.7%
—
Net Income YoY
-9.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ESRT
Peer Median
Payout Ratio
32.5%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
32.5%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 15, 2026 | $0.0350 |
| March 13, 2026 | $0.0350 |
| Dec. 15, 2025 | $0.0350 |
| Sept. 15, 2025 | $0.0350 |
| June 13, 2025 | $0.0350 |
| March 14, 2025 | $0.0350 |
| Dec. 16, 2024 | $0.0350 |
| Sept. 16, 2024 | $0.0350 |
| June 14, 2024 | $0.0350 |
| March 14, 2024 | $0.0350 |
| Dec. 15, 2023 | $0.0350 |
| Sept. 14, 2023 | $0.0350 |
| June 14, 2023 | $0.0350 |
| March 14, 2023 | $0.0350 |
| Dec. 16, 2022 | $0.0350 |
| Sept. 14, 2022 | $0.0350 |
| June 14, 2022 | $0.0350 |
| March 14, 2022 | $0.0350 |
| Dec. 17, 2021 | $0.0350 |
| Sept. 14, 2021 | $0.0350 |
ESRT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 3 25.0%
- Buy 4 33.3%
- Hold 4 33.3%
- Sell 1 8.3%
- Strong Sell 0 0.0%
12-Month Price Target
5 analysts · 2026-08-13
Median
$6.00
← Below all targets
$4.87
Low
$5.00
High
$7.00
Median target
$6.00
+23.2%
Mean target
$6.10
+25.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.18%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.21 | — | — |
| March 31, 2026 | $0.20 | — | — |
| Dec. 31, 2025 | $0.23 | — | — |
| Sept. 30, 2025 | $0.23 | — | — |
| June 30, 2025 | $0.22 | — | — |
| March 31, 2025 | $0.19 | $0.01 | 0.18% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ESRT | — | 26.1 | 0.05% | 9.5% | 7.0% | — |
| 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% | — |
| HPP | $587M | -0.8 | -1.3% | -71.3% | -20.3% | 48.5% |
| PSTL | — | 34.3 | 25.5% | 14.8% | 5.3% | — |
| JBGS | — | -8.1 | -8.9% | -27.9% | -11.2% | — |
| BDN | $507M | -2.8 | -4.2% | -36.8% | -19.5% | 61.8% |
| BXP | $10.70B | 38.8 | 2.2% | 8.0% | 5.2% | 59.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $768M | $768M | $740M | $727M | $624M | $609M | $731M | $732M | $710M | $677M | $658M | $635M | |
| SG&A Expense | $73M | $70M | $64M | $62M | $56M | $62M | $61M | $53M | $50M | $49M | $38M | $39M | |
| Operating Expenses | $633M | $609M | $593M | $600M | $545M | $551M | $577M | $541M | $517M | $493M | $506M | $494M | |
| Operating Income | $136M | $159M | $147M | $127M | $79M | $59M | $155M | $191M | $193M | $184M | $151M | $141M | |
| Interest Expense | · | · | $101M | $101M | $94M | $90M | $79M | $80M | $68M | $71M | $66M | $66M | |
| Pretax Income | $76M | $83M | $87M | $65M | $-15M | $-30M | $87M | $122M | $125M | $113M | $84M | $75M | |
| Income Tax | $3M | $3M | $3M | $2M | $-2M | $-7M | $2M | $5M | $7M | $6M | $4M | $5M | |
| Net Income | $73M | $80M | $84M | $63M | $-13M | $-23M | $84M | · | · | · | · | · | |
| EPS (Basic) | $0.26 | $0.29 | $0.30 | $0.22 | $-0.06 | $-0.10 | $0.28 | $0.39 | $0.40 | $0.38 | $0.30 | $0.27 | |
| EPS (Diluted) | $0.25 | $0.28 | $0.30 | $0.22 | $-0.06 | $-0.10 | $0.28 | $0.39 | $0.39 | $0.38 | $0.29 | $0.27 | |
| Shares (Basic) | 168,539,000 | 164,902,000 | 161,122,000 | 165,039,000 | 172,445,000 | 175,169,000 | 178,340,000 | 167,571,000 | 158,380,000 | 133,881,000 | 114,245,000 | 97,941,000 | |
| Shares (Diluted) | 270,040,000 | 269,019,000 | 265,633,000 | 269,948,000 | 277,420,000 | 283,837,000 | 297,798,000 | 297,259,000 | 298,049,000 | 277,568,000 | 266,621,000 | 254,506,000 | |
| EBITDA | $330M | $344M | $337M | $344M | $281M | $250M | $336M | $359M | $357M | $340M | $323M | · |
Balance Sheet 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $133M | $385M | $347M | $264M | $424M | $527M | $234M | $205M | $464M | $554M | $47M | $46M | |
| Short-term Investments | · | · | · | · | · | · | $0 | $400M | $0 | · | · | · | |
| Goodwill | $491M | $491M | $491M | $491M | $491M | $491M | $491M | $491M | $491M | $491M | $491M | $491M | |
| Intangibles | · | · | · | · | · | · | · | · | · | · | · | $290M | |
| Total Assets | $4.47B | $4.51B | $4.22B | $4.16B | $4.28B | $4.15B | $3.93B | $4.20B | $3.93B | $3.89B | $3.30B | $3.28B | |
| Total Liabilities | $2.65B | $2.73B | $2.49B | $2.48B | $2.60B | $2.42B | $1.98B | $2.20B | $1.95B | $1.91B | $1.93B | $1.90B | |
| Long-term Debt | · | · | · | · | · | · | · | $609M | $717M | $759M | $748M | $899M | |
| Paid-in Capital | $1.09B | $1.08B | $1.06B | $1.06B | $1.15B | $1.15B | $1.23B | $1.20B | $1.13B | $1.10B | $469M | $407M | |
| Retained Earnings | $-40M | $-59M | $-83M | $-109M | $-134M | $-66M | $16M | $42M | $47M | $51M | $55M | $61M | |
| AOCI | $7M | $10M | $6M | $7M | $-21M | $-28M | $-21M | $-9M | $-9M | $-3M | $-883.0K | $0 | |
| Stockholders' Equity | $1.06B | $1.03B | $986M | $954M | $998M | $1.06B | $1.23B | $1.24B | $1.17B | $1.15B | $525M | $469M | |
| Liabilities + Equity | $4.47B | $4.51B | $4.22B | $4.16B | $4.28B | $4.15B | $3.93B | $4.20B | $3.93B | $3.89B | $3.30B | $3.28B |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $195M | $185M | $190M | $217M | $202M | $191M | $182M | $169M | $161M | $155M | $171M | $145M | |
| Stock-based Comp | $25M | $22M | $20M | $21M | $20M | $25M | $21M | $19M | $14M | $10M | $5M | $4M | |
| Deferred Tax | $384.0K | $276.0K | $1M | $1M | $-2M | $660.0K | $480.0K | $0 | $446.0K | $459.0K | $-267.0K | $-390.0K | |
| Amort. of Intangibles | $6M | $5M | $7M | $12M | · | · | · | · | · | · | · | · | |
| Other Non-cash | $-44M | $-26M | $-63M | $-91M | $6M | · | · | · | · | · | · | · | |
| Operating Cash Flow | $249M | $261M | $232M | $211M | $212M | $182M | $233M | $279M | $194M | $215M | $203M | $139M | |
| CapEx | · | · | $169M | $86M | $398M | $104M | $256M | $256M | $228M | $198M | $157M | $498M | |
| Investing Cash Flow | $-550M | $-397M | $-77M | $-231M | $-213M | $-143M | $150M | $-643M | $-223M | $-182M | $-142M | $-299M | |
| Debt Issued | · | · | · | · | · | · | · | $160M | $315M | $50M | $0 | $191M | |
| Net Debt Issued | · | · | · | · | · | · | · | $-107M | $-32M | $18M | $-147M | · | |
| Stock Issued | · | · | · | · | · | $0 | $0 | $5M | $0 | $611M | $0 | $0 | |
| Stock Repurchased | $8M | $0 | $13M | $90M | $47M | $144M | $0 | $0 | · | · | · | · | |
| Net Stock Activity | $-8M | $0 | $-13M | $-90M | $-47M | $-144M | $0 | $5M | $0 | $611M | $0 | · | |
| Dividends Paid | $24M | $23M | $23M | $23M | $18M | $37M | $75M | $71M | $67M | $56M | $39M | $34M | |
| Financing Cash Flow | $38M | $159M | $-63M | $-140M | $-93M | $257M | $-382M | $105M | $-57M | $471M | $-60M | $145M | |
| Net Change in Cash | $-263M | $22M | $92M | $-160M | $-93M | $296M | $784.0K | $-259M | $-86M | $503M | $953.0K | $-15M | |
| Free Cash Flow | · | · | $63M | $125M | $-186M | $78M | $-23M | $23M | $-37M | $21M | $46M | · | |
| Levered FCF | · | · | $-35M | $26M | $-269M | $9M | $-100M | $-54M | $-102M | $-46M | $-18M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 17.7% | 20.7% | 19.8% | 17.5% | 12.7% | 9.6% | 21.1% | 26.1% | 27.5% | 27.2% | 23.0% | · | |
| Net Margin | 9.5% | 10.5% | 11.4% | 8.7% | -2.1% | · | · | · | · | · | · | · | |
| Pretax Margin | 9.8% | 10.8% | 11.8% | 8.9% | -2.4% | -4.9% | 11.9% | 16.7% | 17.5% | 16.7% | 12.8% | · | |
| EBITDA Margin | 43.0% | 44.7% | 45.5% | 47.3% | 45.0% | 41.0% | 46.0% | 49.1% | 50.0% | 50.1% | 49.1% | · | |
| ROA | 1.6% | 1.8% | · | 1.5% | -0.31% | · | · | · | · | · | · | · | |
| ROE | 7.0% | 8.0% | · | 6.5% | -1.3% | · | · | · | · | · | · | · | |
| ROIC | 12.4% | 14.9% | · | 13.0% | 7.0% | 4.3% | 12.2% | 14.8% | 15.9% | 15.1% | 27.5% | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | 1.4 | 1.3 | 0.8 | 0.7 | 2.0 | 2.4 | 2.9 | 2.6 | 2.2 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | · |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 0.05% | 3.8% | 1.7% | 16.5% | 2.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 1.9% | 7.2% | 6.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 4.8% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -10.7% | -6.7% | 36.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 4.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -9.2% | -4.8% | 33.5% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 4.9% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -8.6% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $768M | $768M | $740M | $727M | $624M | $609M | $731M | $732M | $710M | $677M | $658M | $635M | |
| Net Income TTM | $73M | $80M | $84M | $63M | $-13M | $-23M | $84M | $66M | $63M | $51M | $34M | $27M | |
| P/E | 26.1 | 36.9 | 32.3 | 30.6 | -148.3 | -93.2 | 49.9 | 36.5 | 52.6 | 53.1 | 62.3 | 65.1 | |
| Earnings Yield | 3.8% | 2.7% | 3.1% | 3.3% | -0.67% | -1.1% | 2.0% | 2.7% | 1.9% | 1.9% | 1.6% | 1.5% | |
| Payout Ratio | 32.5% | 28.9% | 26.9% | 36.6% | -138.9% | · | · | · | · | · | · | · | |
| Annual Payout | $24M | $23M | $23M | $23M | $18M | $37M | $75M | $71M | $67M | $56M | $39M | $34M |
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 | $197M | $190M | $199M | $198M | $191M | $180M | $198M | $200M | $190M | $181M | $193M | $192M | $191M | $165M | $181M | $184M | |
| SG&A Expense | $25M | $18M | $18M | $19M | $19M | $17M | $18M | $18M | $18M | $16M | $16M | $16M | $16M | $16M | $16M | $16M | |
| Operating Expenses | $336M | $161M | $164M | $158M | $156M | $154M | $155M | $154M | $150M | $150M | $152M | $149M | $144M | $147M | $142M | $148M | |
| Operating Income | $-139M | $29M | $35M | $39M | $35M | $26M | $43M | $45M | $39M | $31M | $41M | $42M | $46M | $17M | $39M | $36M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $25M | · | $25M | $25M | $25M | · | $26M | |
| Pretax Income | $-40M | $2M | $33M | $15M | $12M | $15M | $20M | $24M | $29M | $10M | $18M | $21M | $38M | $10M | $23M | $12M | |
| Income Tax | $-767.0K | $-1M | $1M | $2M | $478.0K | $-619.0K | $1M | $1M | $750.0K | $-655.0K | $2M | $1M | $733.0K | $-1M | $1M | $1M | |
| Net Income | $-40M | $3M | $32M | $14M | $11M | $16M | $19M | $23M | $29M | $10M | $16M | $20M | $37M | $12M | $22M | $10M | |
| EPS (Basic) | $-0.15 | $0.01 | $0.11 | $0.05 | $0.04 | $0.06 | $0.08 | $0.08 | $0.10 | $0.03 | $0.05 | $0.07 | $0.14 | $0.04 | $0.08 | $0.03 | |
| EPS (Diluted) | $-0.15 | $0.01 | $0.11 | $0.05 | $0.04 | $0.05 | $0.07 | $0.08 | $0.10 | $0.03 | $0.05 | $0.07 | $0.14 | $0.04 | $0.08 | $0.03 | |
| Shares (Basic) | 171,039,000 | 170,673,000 | -336,260,000 | 169,250,000 | 168,368,000 | 167,181,000 | -327,746,000 | 164,880,000 | 164,277,000 | 163,491,000 | -322,096,000 | 161,851,000 | 160,028,000 | 161,339,000 | -333,975,000 | 162,165,000 | |
| Shares (Diluted) | 268,947,000 | 269,348,000 | -539,797,000 | 270,357,000 | 269,951,000 | 269,529,000 | -536,804,000 | 269,613,000 | 268,716,000 | 267,494,000 | -529,833,000 | 266,073,000 | 264,196,000 | 265,197,000 | -541,017,000 | 267,121,000 | |
| EBITDA | $-139M | $80M | · | $39M | $35M | $75M | · | $45M | $39M | · | · | $42M | $46M | $65M | · | $36M |
Balance Sheet 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $86M | $69M | $133M | $154M | $95M | $188M | $385M | $422M | $536M | $334M | $347M | $354M | $315M | $273M | $264M | $387M | |
| Goodwill | $325M | $491M | $491M | $491M | $491M | $491M | $491M | $491M | $491M | $491M | · | $491M | $491M | $491M | · | $491M | |
| Total Assets | $4.27B | $4.41B | $4.47B | $4.11B | $4.08B | $4.11B | $4.51B | $4.44B | $4.43B | $4.19B | $4.22B | $4.22B | $4.18B | $4.16B | $4.16B | $4.20B | |
| Total Liabilities | $2.48B | $2.58B | $2.65B | $2.31B | $2.29B | $2.33B | $2.73B | $2.68B | $2.68B | $2.47B | · | $2.48B | $2.47B | $2.48B | · | $2.53B | |
| Paid-in Capital | $1.10B | $1.10B | $1.09B | $1.09B | $1.09B | $1.08B | $1.08B | $1.07B | $1.07B | $1.07B | · | $1.06B | $1.05B | $1.05B | · | $1.06B | |
| Retained Earnings | $-76M | $-44M | $-40M | $-53M | $-55M | $-56M | $-59M | $-64M | $-72M | $-83M | · | $-87M | $-92M | $-109M | · | $-116M | |
| AOCI | $13M | $9M | $7M | $5M | $6M | $7M | $10M | $6M | $13M | $12M | · | $13M | $9M | $3M | · | $7M | |
| Stockholders' Equity | $1.04B | $1.06B | $1.06B | $1.04B | $1.04B | $1.03B | $1.03B | $1.02B | $1.01B | $996M | · | $987M | $966M | $948M | · | $952M | |
| Liabilities + Equity | $4.27B | $4.41B | $4.47B | $4.11B | $4.08B | $4.11B | $4.51B | $4.44B | $4.43B | $4.19B | · | $4.22B | $4.18B | $4.16B | · | $4.20B |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $50M | $50M | $51M | $48M | $48M | $49M | $45M | $46M | $47M | $46M | $50M | $47M | $46M | $47M | $44M | $47M | |
| Stock-based Comp | $11M | $6M | $7M | $6M | $7M | $5M | $6M | $6M | $6M | $3M | $5M | $5M | $5M | $4M | $5M | $5M | |
| Amort. of Intangibles | $2M | $2M | $2M | $1M | $1M | $1M | $2M | $1M | $1M | $1M | $1M | $1M | · | · | · | · | |
| Other Non-cash | · | $10M | · | · | · | $14M | · | · | · | · | · | · | · | $23M | · | · | |
| Operating Cash Flow | $20M | $69M | $34M | $105M | $27M | $83M | $50M | $103M | $37M | $71M | $36M | $90M | $20M | $86M | $37M | $90M | |
| CapEx | · | · | · | · | · | · | · | $168M | $18M | $48M | · | $56M | $33M | $35M | · | $19M | |
| Investing Cash Flow | $-70M | $-65M | $-362M | $-33M | $-114M | $-42M | $-79M | $-191M | $-56M | $-71M | $-38M | $-52M | $15M | $-3M | $-142M | $-32M | |
| Stock Repurchased | · | · | $6M | $0 | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $7M | $6M | $8M | $18M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $-6M | · | · | |
| Dividends Paid | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | |
| Financing Cash Flow | $72M | $-65M | $297M | $-12M | $-14M | $-233M | $-12M | $-19M | $211M | $-21M | $-12M | $-13M | $-20M | $-18M | $-21M | $-31M | |
| Net Change in Cash | $22M | $-60M | $-31M | $61M | $-101M | $-192M | $-41M | $-107M | $191M | $-22M | $-14M | $25M | $15M | $66M | $-125M | $27M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | $52M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | $24M | · | · |
Profitability 7
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -70.5% | 15.5% | · | 19.9% | 18.4% | 14.3% | · | 22.7% | 20.8% | · | · | 22.1% | 24.2% | 10.6% | · | 19.3% | |
| Net Margin | -20.1% | 1.6% | · | 6.9% | 5.9% | 8.8% | · | 11.4% | 15.1% | · | · | 10.4% | 19.4% | 7.1% | · | 5.5% | |
| Pretax Margin | -20.5% | 1.0% | · | 7.7% | 6.2% | 8.4% | · | 12.1% | 15.5% | · | · | 11.1% | 19.8% | 6.4% | · | 6.3% | |
| EBITDA Margin | -70.5% | 41.9% | · | 19.9% | 18.4% | 41.4% | · | 22.7% | 20.8% | · | · | 22.1% | 24.2% | 39.4% | · | 19.3% | |
| ROA | -0.95% | 0.07% | · | 0.32% | 0.27% | 0.38% | · | 0.53% | 0.66% | · | · | 0.47% | 0.88% | 0.28% | · | 0.24% | |
| ROE | -3.8% | 0.29% | · | 1.3% | 1.1% | 1.6% | · | 2.3% | 2.9% | · | · | 2.1% | 3.8% | 1.2% | · | 1.0% | |
| ROIC | -13.1% | 4.3% | · | 3.4% | 3.2% | 2.6% | · | 4.2% | 3.8% | · | · | 4.0% | 4.7% | 2.1% | · | 3.3% |
Liquidity & Solvency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | 1.7 | 1.8 | 0.7 | · | 1.4 |
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) 6
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $776M | $759M | · | $769M | $760M | $750M | · | $762M | $753M | $728M | · | $730M | $737M | $710M | · | $711M | |
| Net Income TTM | $-12M | $44M | · | $64M | $79M | $77M | · | $81M | $96M | $79M | · | $79M | $107M | $53M | · | $31M | |
| P/E | -108.2 | 34.7 | · | 34.8 | 30.0 | 30.1 | · | 39.6 | 27.6 | 36.2 | · | 28.7 | 19.2 | 36.1 | · | 65.6 | |
| Earnings Yield | -0.92% | 2.9% | · | 2.9% | 3.3% | 3.3% | · | 2.5% | 3.6% | 2.8% | · | 3.5% | 5.2% | 2.8% | · | 1.5% | |
| Payout Ratio | -15.3% | 201.1% | · | 43.6% | 52.0% | 37.3% | · | 25.6% | 20.3% | · | · | 28.6% | 15.2% | 48.5% | · | 56.3% | |
| Annual Payout | $24M | $24M | · | $24M | $23M | $23M | · | $23M | $23M | $23M | · | $23M | $23M | $23M | · | $24M |
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 | $768M | — | — | $768M | — |
| Operating Margin % | 17.7% | — | — | 20.7% | — |
| Net Income | $73M | — | — | $80M | — |
| Diluted EPS | $0.25 | — | — | $0.28 | — |
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Institutional owners (13F) 239 filers · $512.9M 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 (+4 vs prior Q) | 27 (-2 vs prior Q) | 88 (+13 vs prior Q) | 53 (-4 vs prior Q) | +14.8M |
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 |
|---|---|---|---|---|
| LASALLE INVESTMENT MANAGEMENT SECURITIES LLC | $70,900,468 | 13,105,447 | 13.82% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $67,684,634 | 12,511,023 | 13.20% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $37,361,114 | 6,905,936 | 7.28% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $32,772,877 | 6,057,833 | 6.39% | Shares |
| STATE STREET CORP | $32,496,750 | 6,006,793 | 6.34% | Shares |
| AMERIPRISE FINANCIAL INC | $20,088,752 | 3,713,263 | 3.92% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $19,132,579 | 3,536,521 | 3.73% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $18,903,036 | 3,493,306 | 3.69% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $17,738,687 | 3,278,870 | 3.46% | Shares |
| MARSHALL WACE, LLP | $16,352,613 | 3,022,664 | 3.19% | Shares |
| Nuveen Asset Management, LLC | $15,307,512 | 1,483,286 | 2.98% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $12,347,524 | 2,282,352 | 2.41% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $7,520,922 | 1,390,189 | 1.47% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $7,446,746 | 1,376,478 | 1.45% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $6,358,589 | 1,175,340 | 1.24% | Shares |
| SummitTX Capital, L.P. | $5,740,172 | 1,061,030 | 1.12% | Shares |
| BlackRock, Inc. | $5,556,092 | 1,027,004 | 1.08% | Shares |
| AXA Investment Managers S.A. | $5,123,950 | 668,923 | 1.00% | Shares |
| FIRST TRUST ADVISORS LP | $5,108,062 | 944,189 | 1.00% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $5,069,397 | 937,042 | 0.99% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,013,928 | 926,789 | 0.98% | Shares |
| GOLDMAN SACHS GROUP INC | $4,985,450 | 921,525 | 0.97% | Shares |
| NAN FUNG TRINITY (HK) LTD | $4,335,033 | 801,300 | 0.85% | Shares |
| Robeco Institutional Asset Management B.V. | $4,003,400 | 740,000 | 0.78% | Shares |
| WATERFALL ASSET MANAGEMENT, LLC | $3,730,384 | 689,535 | 0.73% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $3,721,214 | 687,840 | 0.73% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $3,387,201 | 626,100 | 0.66% | Shares |
| TWO SIGMA INVESTMENTS, LP | $3,252,930 | 601,281 | 0.63% | Shares |
| Bank of New York Mellon Corp | $3,053,188 | 564,360 | 0.60% | Shares |
| JPMORGAN CHASE & CO | $2,983,334 | 560,777 | 0.58% | Shares |
| FMR LLC | $2,864,811 | 529,540 | 0.56% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,676,190 | 514,652 | 0.52% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,553,363 | 471,971 | 0.50% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $2,527,703 | 467,228 | 0.49% | Shares |
| Jump Financial, LLC | $2,082,850 | 385,000 | 0.41% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,713,412 | 316,712 | 0.33% | Shares |
| CITADEL ADVISORS LLC | $1,607,939 | 297,216 | 0.31% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $1,547,791 | 286,628 | 0.30% | Shares |
| Swiss National Bank | $1,528,325 | 282,500 | 0.30% | Shares |
| CITIGROUP INC | $1,375,557 | 254,262 | 0.27% | Shares |
| Leonteq Securities AG | $1,340,630 | 247,806 | 0.26% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $1,319,032 | 243,814 | 0.26% | Shares |
| TWO SIGMA ADVISERS, LP | $1,269,444 | 194,700 | 0.25% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $1,235,103 | 228,300 | 0.24% | Shares |
| HSBC HOLDINGS PLC | $1,228,616 | 227,101 | 0.24% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,217,759 | 225,094 | 0.24% | Shares |
| Point72 Asset Management, L.P. | $1,127,861 | 208,477 | 0.22% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $1,116,937 | 206,458 | 0.22% | Shares |
| State of New Jersey Common Pension Fund D | $1,115,850 | 206,257 | 0.22% | Shares |
| RHUMBLINE ADVISERS | $1,070,351 | 197,849 | 0.21% | Shares |
| Asset Management One Co., Ltd. | $1,065,828 | 204,967 | 0.21% | Shares |
| ExodusPoint Capital Management, LP | $1,042,767 | 192,748 | 0.20% | Shares |
| BANK OF AMERICA CORP /DE/ | $932,966 | 172,452 | 0.18% | Shares |
| Qube Research & Technologies Ltd | $926,160 | 171,194 | 0.18% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $902,318 | 166,787 | 0.18% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $819,675 | 151,511 | 0.16% | Shares |
| Quantinno Capital Management LP | $805,877 | 148,960 | 0.16% | Shares |
| Squarepoint Ops LLC | $736,177 | 136,077 | 0.14% | Shares |
| VANGUARD GROUP INC | $726,511 | 111,428 | 0.14% | Shares |
| IEQ CAPITAL, LLC | $719,546 | 133,003 | 0.14% | Shares |
| Amundi | $713,054 | 131,803 | 0.14% | Shares |
| Caption Management, LLC | $699,405 | 129,280 | 0.14% | Shares |
| Vanguard Investments Australia, Ltd. | $690,305 | 127,598 | 0.13% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $686,540 | 126,902 | 0.13% | Shares |
| WELLS FARGO & COMPANY/MN | $676,277 | 125,005 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $669,614 | 128,772 | 0.13% | Shares |
| Nebula Research & Development LLC | $602,406 | 74,463 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $599,969 | 110,900 | 0.12% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $588,191 | 108,723 | 0.11% | Shares |
| FRANKLIN RESOURCES INC | $585,054 | 108,143 | 0.11% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $564,036 | 104,258 | 0.11% | Shares |
| Boston Partners | $554,020 | 102,406 | 0.11% | Shares |
| Inspire Investing, LLC | $513,646 | 98,778 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $483,503 | 89,372 | 0.09% | Shares |
| MetLife Investment Management, LLC | $476,729 | 88,120 | 0.09% | Shares |
| Engineers Gate Manager LP | $447,407 | 82,700 | 0.09% | Shares |
| Heitman Real Estate Securities LLC | $401,065 | 74,134 | 0.08% | Shares |
| MACQUARIE GROUP LTD | $382,400 | 70,684 | 0.07% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $379,740 | 70,192 | 0.07% | Shares |
| GeoWealth Management, LLC | $371,759 | 68,717 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $358,385 | 66,245 | 0.07% | Shares |
| Resona Asset Management Co.,Ltd. | $335,147 | 62,921 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $330,270 | 61,048 | 0.06% | Shares |
| JANUS HENDERSON GROUP PLC | $323,642 | 62,179 | 0.06% | Shares |
| Vert Asset Management LLC | $319,677 | 59,090 | 0.06% | Shares |
| Aberdeen Group plc | $310,653 | 57,422 | 0.06% | Shares |
| Invesco Ltd. | $307,191 | 56,782 | 0.06% | Shares |
| Daiwa Securities Group Inc. | $293,666 | 54,282 | 0.06% | Shares |
| Freestone Grove Partners LP | $292,811 | 54,124 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $290,750 | 53,743 | 0.06% | Shares |
| MORGAN STANLEY | $257,154 | 47,533 | 0.05% | Shares |
| Police & Firemen's Retirement System of New Jersey | $253,891 | 46,930 | 0.05% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $252,256 | 46,456 | 0.05% | Shares |
| Congress Wealth Management LLC / DE / | $248,314 | 30,694 | 0.05% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $239,549 | 44,279 | 0.05% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $212,353 | 39,252 | 0.04% | Shares |
| Metis Global Partners, LLC | $209,784 | 38,777 | 0.04% | Shares |
| ARIZONA STATE RETIREMENT SYSTEM | $209,692 | 38,760 | 0.04% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $204,081 | 37,723 | 0.04% | Shares |
| FOX RUN MANAGEMENT, L.L.C. | $200,733 | 37,104 | 0.04% | Shares |
Company insiders 17 insiders · 7 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Anthony E Malkin | Chairman and CEO | March 13, 2026 A | 9,485 | 0 | 0 | $0 |
| Christina Chiu | EVP and CFO | May 7, 2020 A | — | 0 | 0 | $0 |
| David A Karp | EVP and CFO | March 20, 2019 A | 5,500 | 0 | 0 | $0 |
| John B Kessler | President and COO | March 19, 2020 A | — | 0 | 0 | $0 |
| Thomas P. Durels | EVP, Real Estate | Dec. 24, 2024 S | 86,807 | 0 | 0 | $0 |
| Thomas N. Keltner | EVP, Gen. Counsel and Sec | March 19, 2020 A | — | 0 | 0 | $0 |
| Andrew Prentice | SVP, CAO and Treasurer | March 16, 2020 A | — | 0 | 0 | $0 |
| Steven J Gilbert | Director | May 15, 2026 A | 20,000 | 0 | 0 | $0 |
| Patricia Han | Director | May 15, 2020 A | — | 0 | 0 | $0 |
| Leslie D. Biddle | Director | May 15, 2020 A | — | 0 | 0 | $0 |
| Salvatore Michael Giliberto | Director | May 15, 2020 A | 3,500 | 0 | 0 | $0 |
| James D Robinson IV | Director | May 15, 2020 A | — | 0 | 0 | $0 |
| William H Berkman | Director | May 15, 2020 A | 25,000 | 0 | 0 | $0 |
| Thomas J Derosa | Director | May 15, 2020 A | — | 0 | 0 | $0 |
| Alice Connell | Director | June 1, 2016 A | — | 0 | 0 | $0 |
| Lawrence E Golub | Director | Oct. 7, 2013 A | 130,000 | 0 | 0 | $0 |
| Q REIT Holding LLC | 10% owner | Sept. 25, 2017 J | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 49 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 |
|---|---|---|---|---|
| IRET · Tidal Trust II | 1.69% | 8,059 NS | April 30, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 0.76% | 32,562 NS | May 31, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.64% | 210,136 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.31% | 667,548 NS | April 30, 2026 | N-PORT |
| CVAR · ETF Opportunities Trust | 0.27% | 18,599 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.13% | 32,483 NS | April 30, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 228,424 NS | May 31, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.10% | 2,092 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.08% | 85,137 NS | April 30, 2026 | N-PORT |
| VGSR · Manager Directed Portfolios | 0.06% | 56,073 NS | March 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.06% | 143,256 NS | April 30, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.06% | 151,790 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.06% | 985,427 NS | May 31, 2026 | N-PORT |
| USRT · iShares Trust | 0.06% | 531,598 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.05% | 796,454 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 302,914 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.05% | 125,367 SH | Aug. 8, 2026 | Daily |
| ERET · iShares Trust | 0.05% | 1,413 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.05% | 77,882 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.04% | 1,288,616 SH | Aug. 8, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.04% | 5,344,646 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.04% | 52,317 NS | April 30, 2026 | N-PORT |
| REET · iShares Trust | 0.04% | 388,768 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 216,567 | Aug. 8, 2026 | Daily |
| DFGR · Dimensional ETF Trust | 0.03% | 172,172 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 60,678 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 3,699,207 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.02% | 31,848 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.02% | 6,588 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.02% | 1,993,084 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 827,144 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 668,768 NS | May 31, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 8,134 | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 5,153 NS | May 31, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 0.01% | 34,765 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.01% | 6,748 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,610,984 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 3,165,152 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 5,213 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 8,434 SH | Aug. 8, 2026 | Daily |
| FNDB · SCHWAB STRATEGIC TRUST | 0.00% | 10,598 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 5,522 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 131 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 6,160 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 200,211 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 39,368 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 70,058 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,307,525 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 13,302 SH | Aug. 8, 2026 | Daily |