FCPT Four Corners Property Trust, Inc. Common Stock
$25.11
Price · Aug 19, 2026
Fundamentals as of Jul 30, 2026
52W Range
$23–$27
57% of range
Analyst Rating
BUY
16 analysts
Price Target
$28
+12% upside
P/E (TTM)
23.4
ROE
7.2%
Net Profit Margin
38.2%
FCPT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$25.11
Market Cap
$2.76B
P/E (TTM)
23.4
EPS (TTM)
$1.09
Revenue (TTM)
$294M
Div Yield
5.2%
ROE
7.2%
Debt/Equity
—
52W Range
$23 – $27
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$294M
2016-12-31
→
2025-12-31
EPS
$1.09
2016-12-31
→
2025-12-31
Free Cash Flow
—
2016-12-31
→
2022-12-31
Margins
38.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FCPT
Peer Median
P/E (TTM)
23.4
17.8
P/S (TTM)
9.4
5.9
P/B
1.7
1.2
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FCPT
Peer Median
Net Profit Margin
38.2%
33.0%
ROA
4.0%
2.8%
ROE
7.2%
7.0%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FCPT
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FCPT
Peer Median
Revenue YoY
9.7%
—
Revenue CAGR 3Y
9.6%
—
Revenue CAGR 5Y
11.5%
—
EPS YoY
1.9%
—
Net Income YoY
11.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FCPT
Peer Median
Payout Ratio
128.1%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
5.2%
Payout Ratio
128.1%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 31, 2026 | $0.1220 |
| June 30, 2026 | $0.3670 |
| March 31, 2026 | $0.3670 |
| Dec. 31, 2025 | $0.3670 |
| Sept. 30, 2025 | $0.3550 |
| June 30, 2025 | $0.3550 |
| March 31, 2025 | $0.3550 |
| Dec. 31, 2024 | $0.3550 |
| Sept. 30, 2024 | $0.3450 |
| June 28, 2024 | $0.3450 |
| March 27, 2024 | $0.3450 |
| Dec. 28, 2023 | $0.3450 |
| Sept. 28, 2023 | $0.3400 |
| June 29, 2023 | $0.3400 |
| March 30, 2023 | $0.3400 |
| Dec. 29, 2022 | $0.3400 |
| Sept. 29, 2022 | $0.3330 |
| June 29, 2022 | $0.3330 |
| March 30, 2022 | $0.3330 |
| Dec. 31, 2021 | $0.3330 |
FCPT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
16 analysts
- Strong Buy 3 18.8%
- Buy 7 43.8%
- Hold 6 37.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-08-15
Median
$28.00
← Below all targets
$25.11
Low
$26.00
High
$30.00
Median target
$28.00
+11.5%
Mean target
$28.22
+12.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.27 | $0.32 | -0.05% |
| March 31, 2026 | $0.28 | $0.31 | -0.03% |
| Dec. 31, 2025 | $0.28 | $0.30 | -0.02% |
| Sept. 30, 2025 | $0.28 | $0.29 | -0.01% |
| June 30, 2025 | $0.28 | $0.28 | -0.00% |
| March 31, 2025 | $0.26 | $0.28 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FCPT | $2.49B | 21.2 | 9.7% | 38.2% | 7.2% | — |
| LAMR | — | 21.9 | 2.7% | 25.9% | 60.8% | — |
| GLPI | $12.65B | 15.1 | 4.1% | 51.7% | 18.6% | — |
| OUT | $4.22B | 29.4 | 0.04% | 8.0% | 23.5% | — |
| MRP | — | 12.2 | — | 63.3% | 6.5% | — |
| EPR | — | 15.2 | 2.9% | 38.3% | 11.8% | — |
| SAFE | $982M | 8.6 | 5.4% | 29.7% | 4.8% | — |
| FPI | $418M | 15.9 | -10.4% | 60.5% | 6.7% | — |
| LAND | $348M | -31.6 | 3.7% | 15.3% | 2.0% | — |
| IRM | $24.54B | 169.3 | 12.2% | 2.2% | -20.5% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $294M | $268M | $251M | $223M | $199M | $171M | $160M | $144M | $133M | $124M | $33M | $18M | |
| SG&A Expense | $27M | $24M | $23M | $20M | $18M | $15M | $14M | $13M | $12M | $11M | $2M | $0 | |
| Operating Expenses | $130M | $119M | $114M | $97M | $82M | $64M | $61M | $57M | $53M | $64M | $25M | $18M | |
| Interest Expense | $52M | $49M | $45M | $36M | $33M | $29M | $27M | $20M | $19M | $15M | $2M | $0 | |
| Pretax Income | · | · | · | · | · | · | · | $83M | $72M | $77M | $9M | $-110.0K | |
| Income Tax | $303.0K | $308.0K | $130.0K | $237.0K | $-534.0K | $247.0K | $265.0K | $262.0K | $-18.0K | $-80M | $3M | $-142.0K | |
| Net Income | $112M | $100M | $95M | $98M | $86M | $77M | $73M | $82M | $71M | $157M | $6M | $32.0K | |
| EPS (Basic) | $1.09 | $1.07 | $1.08 | $1.20 | $1.12 | $1.08 | $1.06 | $1.29 | $1.18 | $2.75 | $0.92 | · | |
| EPS (Diluted) | $1.09 | $1.07 | $1.07 | $1.20 | $1.11 | $1.08 | $1.06 | $1.28 | $1.18 | $2.63 | $0.91 | · | |
| Shares (Basic) | 102,691,563 | 93,643,129 | 88,526,343 | 81,590,124 | 76,674,046 | 71,312,326 | 68,430,841 | 64,041,255 | 60,627,423 | 56,984,561 | 6,206,375 | · | |
| Shares (Diluted) | 102,948,617 | 94,064,498 | 88,747,028 | 81,807,065 | 76,838,569 | 71,609,068 | 68,632,010 | 64,388,929 | 60,695,834 | 59,568,067 | 6,263,921 | · | |
| EBITDA | $60M | $55M | $51M | $41M | $35M | $29M | $26M | $22M | $22M | $21M | $4M | · |
Balance Sheet 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12M | $4M | $16M | $26M | $6M | $11M | $5M | $92M | $64M | $27M | $98M | $7.0K | |
| Inventory | $246.0K | $221.0K | $238.0K | $274.0K | $252.0K | $183.0K | $196.0K | $183.0K | $186.0K | $202.0K | $198.0K | $113.0K | |
| Intangibles | $129M | $124M | $118M | $106M | $104M | $96M | $58M | $19M | $4M | $2M | $0 | · | |
| Total Assets | $2.92B | $2.65B | $2.45B | $2.20B | $1.90B | $1.67B | $1.45B | $1.34B | $1.07B | $937M | $929M | $12M | |
| Deferred Tax | · | · | · | · | · | · | · | · | $0 | $196.0K | $81M | $1M | |
| Total Liabilities | $1.29B | $1.20B | $1.19B | $1.06B | $939M | $824M | $719M | $644M | $546M | $467M | $488M | $3M | |
| Long-term Debt | $1.20B | $1.14B | $1.11B | · | · | · | · | · | · | · | · | · | |
| Common Stock | $11.0K | $10.0K | $9.0K | $9.0K | · | · | · | · | · | · | · | · | |
| Paid-in Capital | $1.71B | $1.48B | $1.26B | $1.10B | $959M | $840M | $686M | $639M | $474M | $439M | $437M | $0 | |
| Retained Earnings | $-94M | $-58M | $-26M | $576.0K | $13M | $27M | $38M | $46M | $36M | $26M | $5M | $0 | |
| AOCI | $8M | $24M | $22M | $31M | $-10M | $-26M | $-4M | $6M | $4M | $207.0K | $-316.0K | $0 | |
| Stockholders' Equity | $1.63B | $1.45B | $1.26B | $1.14B | $964M | $845M | $727M | $699M | $522M | $470M | $442M | $9M | |
| Liabilities + Equity | $2.92B | $2.65B | $2.45B | $2.20B | $1.90B | $1.67B | $1.45B | $1.34B | $1.07B | $937M | $929M | $12M | |
| Shares Outstanding | 108,188,605 | 99,825,119 | 91,617,477 | 85,637,293 | 80,279,217 | 75,874,966 | 70,020,660 | 68,204,045 | 61,329,489 | 59,923,557 | 42,741,995 | 0 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $60M | $55M | $51M | $41M | $35M | $29M | $26M | $24M | $22M | $21M | $4M | $863.0K | |
| Stock-based Comp | $9M | $7M | $6M | $5M | $4M | $3M | $4M | $4M | $3M | $2M | $101.0K | $117.0K | |
| Deferred Tax | $-231.0K | $-200.0K | $-259.0K | $-125.0K | $-864.0K | $0 | $0 | $0 | $-196.0K | $-81M | $1M | $-194.0K | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | $298.0K | $37.0K | · | · | |
| Other Non-cash | $12M | $-18M | $13M | $-2M | $-1M | $-19M | $2M | $-28M | $-17M | $-27M | $11M | · | |
| Operating Cash Flow | $192M | $144M | $165M | $142M | $122M | $91M | $105M | $81M | $79M | $71M | $22M | $961.0K | |
| CapEx | · | · | · | $296M | $268M | $231M | $205M | $268M | $95M | $83M | $556.0K | $55.0K | |
| Investing Cash Flow | $-325M | $-273M | $-313M | $-271M | $-265M | $-229M | $-207M | $-247M | $-80M | $-59M | $-556.0K | $-55.0K | |
| Stock Issued | $225M | $216M | $153M | $142M | $117M | $152M | $47M | · | $32M | $640.0K | $0 | $0 | |
| Net Stock Activity | $225M | $216M | $153M | $142M | $117M | · | · | · | $32M | $640.0K | · | · | |
| Dividends Paid | $144M | $128M | $120M | $108M | $97M | $86M | $78M | $69M | $59M | $122M | $0 | $0 | |
| Financing Cash Flow | $141M | $108M | $146M | $149M | $138M | $144M | $15M | $190M | $44M | $-83M | $77M | $-906.0K | |
| Net Change in Cash | $8M | $-21M | $-2M | $20M | $-5M | $6M | $-88M | $24M | $43M | $-71M | $98M | $0 | |
| Taxes Paid | $564.0K | $449.0K | $369.0K | $332.0K | $314.0K | $597.0K | $589.0K | $470.0K | $561.0K | $2M | $0 | $0 | |
| Free Cash Flow | · | · | · | $-154M | $-146M | $-139M | $-100M | $-187M | $-16M | $-12M | $21M | · | |
| Levered FCF | · | · | · | · | · | · | · | $-207M | $-36M | $-43M | $20M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 38.2% | 37.5% | 38.0% | 43.8% | 42.9% | 45.2% | 45.3% | 57.4% | 53.6% | 126.4% | 17.0% | · | |
| Pretax Margin | · | · | · | · | · | · | · | 57.9% | 54.0% | 61.7% | 25.8% | · | |
| EBITDA Margin | 20.3% | 20.3% | 20.2% | 18.6% | 17.5% | 17.2% | 16.4% | 15.6% | 16.4% | 16.6% | 11.2% | · | |
| ROA | 4.0% | 3.9% | 4.1% | 4.8% | 4.8% | 5.0% | 5.2% | 6.8% | 7.1% | 16.8% | 1.2% | · | |
| ROE | 7.2% | 7.2% | 7.6% | 8.9% | 9.3% | 9.7% | 10.3% | 11.9% | 14.4% | 34.4% | 2.5% | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 9.7% | 7.0% | 12.3% | 11.9% | 16.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.6% | 10.4% | 13.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 11.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 1.9% | 0.00% | -10.8% | 8.1% | 2.8% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -3.1% | -1.2% | -0.31% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 0.18% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 11.8% | 5.4% | -2.5% | 14.2% | 10.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 4.8% | 5.5% | 7.2% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 7.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 10.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $294M | $268M | $251M | $223M | $199M | $171M | $160M | $144M | $133M | $124M | $33M | · | |
| Net Income TTM | $112M | $100M | $95M | $98M | $86M | $77M | $73M | $82M | $71M | $157M | $6M | · | |
| Market Cap | $2.49B | $2.71B | $2.32B | $2.22B | $2.36B | $2.26B | $1.97B | $1.79B | $1.58B | $1.23B | $1.03B | · | |
| P/E | 21.2 | 25.4 | 23.6 | 21.6 | 26.5 | 27.6 | 26.6 | 20.5 | 21.8 | 7.8 | 26.5 | · | |
| P/S | 8.5 | 10.1 | 9.2 | 9.9 | 11.8 | 13.2 | 12.3 | 12.4 | 11.8 | 9.9 | 30.9 | · | |
| P/B | 1.5 | 1.9 | 1.8 | 2.0 | 2.4 | 2.7 | 2.7 | 2.6 | 3.0 | 2.6 | 2.3 | · | |
| P / Tangible Book | 1.7 | 2.0 | 2.0 | 2.2 | 2.7 | 3.0 | · | · | · | · | · | · | |
| P / Cash Flow | 13.0 | 18.8 | 14.0 | 15.6 | 19.3 | 24.7 | 18.9 | 22.1 | 20.0 | 17.3 | 47.6 | · | |
| P / FCF | · | · | · | -14.4 | -16.2 | -16.2 | -19.6 | -9.5 | -97.5 | -99.8 | 48.9 | · | |
| Dividend Yield | 5.8% | 4.7% | 5.2% | 4.8% | 4.1% | 3.8% | 4.0% | 3.9% | 3.7% | 9.9% | 0.00% | · | |
| Earnings Yield | 4.7% | 3.9% | 4.2% | 4.6% | 3.8% | 3.6% | 3.8% | 4.9% | 4.6% | 12.8% | 3.8% | · | |
| Payout Ratio | 128.1% | 127.5% | 125.6% | 110.0% | 113.2% | 111.6% | 108.1% | 84.3% | 82.2% | 77.5% | · | · | |
| Annual Payout | $144M | $128M | $120M | $108M | $97M | $86M | $78M | $69M | $59M | $122M | $0 | · |
Income Statement 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $78M | $78M | $76M | $74M | $73M | $71M | $68M | $67M | $66M | $66M | $65M | $65M | $61M | $60M | $57M | $56M | |
| SG&A Expense | $7M | $7M | $6M | $7M | $6M | $8M | $6M | $6M | $6M | $6M | $6M | $5M | $6M | $6M | $5M | $5M | |
| Operating Expenses | $35M | $35M | $33M | $32M | $32M | $33M | $30M | $29M | $30M | $30M | $29M | $29M | $27M | $29M | $25M | $24M | |
| Interest Expense | $14M | $13M | $13M | $13M | $13M | $13M | $12M | $12M | $12M | $12M | $12M | $12M | $10M | $10M | $10M | $9M | |
| Income Tax | $67.0K | $98.0K | $98.0K | $30.0K | $112.0K | $63.0K | $105.0K | $90.0K | $86.0K | $27.0K | $80.0K | $-89.0K | $91.0K | $48.0K | $28.0K | $-23.0K | |
| Net Income | $30M | $30M | $29M | $29M | $28M | $26M | $26M | $26M | $25M | $24M | $24M | $24M | $24M | $23M | $23M | $25M | |
| EPS (Basic) | $0.27 | $0.28 | $0.27 | $0.28 | $0.28 | $0.26 | $0.27 | $0.27 | $0.27 | $0.26 | $0.27 | $0.27 | $0.27 | $0.27 | $0.27 | $0.30 | |
| EPS (Diluted) | $0.27 | $0.28 | $0.27 | $0.28 | $0.28 | $0.26 | $0.27 | $0.27 | $0.27 | $0.26 | $0.26 | $0.27 | $0.27 | $0.27 | $0.27 | $0.30 | |
| Shares (Basic) | 109,495,491 | 109,281,022 | -201,719,163 | 103,881,846 | 100,820,074 | 99,708,806 | -184,274,147 | 94,390,037 | 91,807,764 | 91,719,475 | -175,040,455 | 90,366,861 | 87,366,335 | 85,833,602 | -160,784,794 | 81,884,974 | |
| Shares (Diluted) | 109,794,308 | 109,558,530 | -202,459,406 | 104,167,774 | 101,168,231 | 100,072,018 | -184,737,319 | 94,877,995 | 91,994,062 | 91,929,760 | -175,500,409 | 90,595,872 | 87,556,011 | 86,095,554 | -161,152,849 | 82,119,447 | |
| EBITDA | · | $16M | · | · | · | $14M | · | · | · | $13M | · | · | · | $12M | · | · |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25M | $30M | $12M | $7M | $6M | $22M | $4M | $44M | $17M | $26M | $16M | $6M | $11M | $31M | $26M | $37M | |
| Inventory | $230.0K | $237.0K | $246.0K | $185.0K | $197.0K | $214.0K | $221.0K | $185.0K | $198.0K | $266.0K | · | $233.0K | $247.0K | $261.0K | · | $256.0K | |
| Intangibles | $128M | $127M | $129M | $124M | $122M | $120M | $124M | $118M | $114M | $116M | · | $122M | $114M | $102M | · | $107M | |
| Total Assets | $3.00B | $2.95B | $2.92B | $2.83B | $2.77B | $2.71B | $2.65B | $2.56B | $2.49B | $2.46B | · | $2.46B | $2.34B | $2.20B | · | $2.10B | |
| Total Liabilities | $1.37B | $1.29B | $1.29B | $1.30B | $1.28B | $1.28B | $1.20B | $1.21B | $1.22B | $1.20B | · | $1.20B | $1.08B | $1.06B | · | $1.03B | |
| Long-term Debt | $1.25B | $1.20B | $1.20B | $1.21B | $1.20B | $1.20B | $1.14B | $1.13B | $1.16B | $1.13B | · | $1.14B | $1.00B | $1.00B | · | · | |
| Common Stock | $11.0K | $11.0K | $11.0K | $10.0K | $10.0K | $10.0K | $10.0K | $10.0K | $9.0K | $9.0K | · | · | · | · | · | · | |
| Paid-in Capital | $1.76B | $1.75B | $1.71B | $1.61B | $1.55B | $1.48B | $1.48B | $1.39B | $1.27B | $1.27B | · | $1.24B | $1.23B | $1.11B | · | $1.03B | |
| Retained Earnings | $-154M | $-103M | $-94M | $-83M | $-75M | $-67M | $-58M | $-49M | $-41M | $-34M | · | $-19M | $-13M | $-6M | · | $7M | |
| AOCI | $18M | $12M | $8M | $8M | $10M | $15M | $24M | $11M | $28M | $28M | · | $35M | $32M | $23M | · | $32M | |
| Stockholders' Equity | $1.62B | $1.66B | $1.63B | $1.54B | $1.48B | $1.43B | $1.45B | $1.35B | $1.26B | $1.26B | $1.26B | $1.25B | $1.26B | $1.13B | $1.14B | $1.07B | |
| Liabilities + Equity | $3.00B | $2.95B | $2.92B | $2.83B | $2.77B | $2.71B | $2.65B | $2.56B | $2.49B | $2.46B | · | $2.46B | $2.34B | $2.20B | · | $2.10B | |
| Shares Outstanding | 109,756,406 | 109,749,197 | 108,188,605 | 104,464,113 | 102,230,784 | 99,972,006 | 99,825,119 | 96,510,405 | 92,102,202 | 91,989,203 | 91,617,477 | 90,565,195 | 90,565,846 | 86,088,900 | 85,637,293 | 82,822,584 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $17M | $16M | $15M | $15M | $15M | $14M | $14M | $14M | $13M | $13M | $13M | $13M | $12M | $12M | $11M | $11M | |
| Stock-based Comp | $2M | $3M | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $1M | $1M | $2M | $2M | $1M | $1M | |
| Deferred Tax | $-36.0K | $-40.0K | $-62.0K | $-100.0K | $-14.0K | $-55.0K | $-47.0K | $-61.0K | $-20.0K | $-72.0K | $-27.0K | $-184.0K | $-4.0K | $-44.0K | $-68.0K | $-118.0K | |
| Amort. of Intangibles | $5M | · | · | · | $5M | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $-2M | · | · | · | $8M | · | · | · | $-11M | · | · | · | $908.0K | · | · | |
| Operating Cash Flow | $51M | $47M | $48M | $49M | $44M | $52M | $33M | $43M | $40M | $28M | $36M | $43M | $48M | $38M | $33M | $44M | |
| Investing Cash Flow | $-63M | $-27M | $-97M | $-84M | $-87M | $-58M | $-136M | $-73M | $-47M | $-16M | $-8M | $-121M | $-173M | $-10M | $-119M | $-64M | |
| Stock Issued | $0 | $39M | $102M | $61M | $62M | $0 | $91M | $116M | $2M | $7M | $25M | $0 | $119M | $9M | $76M | $62M | |
| Net Stock Activity | · | $39M | · | · | · | $0 | · | · | · | $7M | · | · | · | $9M | · | · | |
| Dividends Paid | $40M | $40M | $37M | $36M | $35M | $35M | $33M | $32M | $32M | $32M | $31M | $31M | $29M | $29M | $27M | $27M | |
| Financing Cash Flow | $7M | $-2M | $54M | $35M | $27M | $25M | $62M | $57M | $-2M | $-9M | $-20M | $83M | $105M | $-22M | $76M | $35M | |
| Net Change in Cash | $-5M | $18M | $5M | $744.0K | $-16M | $18M | $-40M | $27M | $-10M | $2M | $8M | $5M | $-20M | $5M | $-10M | $15M | |
| Taxes Paid | $446.0K | $2.0K | $50.0K | $11.0K | $484.0K | $19.0K | $41.0K | $33.0K | $375.0K | $0 | $14.0K | $12.0K | $341.0K | $2.0K | $-26.0K | $46.0K |
Profitability 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 38.2% | 38.8% | · | 38.9% | 38.3% | 36.6% | · | 38.3% | 37.1% | 36.2% | · | 37.3% | 38.9% | 38.6% | · | 43.8% | |
| EBITDA Margin | · | 20.7% | · | · | · | 20.2% | · | · | · | 20.3% | · | · | · | 20.3% | · | · | |
| ROA | 1.0% | 1.1% | · | 1.1% | 1.1% | 1.0% | · | 1.0% | 1.0% | 1.0% | · | 1.1% | 1.1% | 1.1% | · | 1.2% | |
| ROE | 1.9% | 2.0% | · | 2.0% | 2.0% | 1.9% | · | 2.0% | 2.0% | 2.0% | · | 2.1% | 2.1% | 2.2% | · | 2.5% |
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 | $304M | $297M | · | $285M | $278M | $271M | · | $265M | $258M | $252M | · | $241M | $232M | $226M | · | $217M | |
| Net Income TTM | $117M | $113M | · | $109M | $104M | $100M | · | $98M | $97M | $95M | · | $95M | $99M | $98M | · | $96M | |
| Market Cap | $2.69B | $2.60B | · | $2.55B | $2.75B | $2.87B | · | $2.83B | $2.27B | $2.25B | · | $2.01B | $2.30B | $2.31B | · | $2.00B | |
| P/E | 22.1 | 21.5 | · | 22.4 | 24.9 | 27.1 | · | 27.4 | 23.1 | 22.9 | · | 20.0 | 21.3 | 22.4 | · | 20.0 | |
| P/S | 8.9 | 8.8 | · | 8.9 | 9.9 | 10.6 | · | 10.7 | 8.8 | 8.9 | · | 8.3 | 9.9 | 10.2 | · | 9.3 | |
| P/B | 1.7 | 1.6 | · | 1.7 | 1.9 | 2.0 | · | 2.1 | 1.8 | 1.8 | · | 1.6 | 1.8 | 2.0 | · | 1.9 | |
| P / Tangible Book | 1.8 | 1.7 | · | 1.8 | 2.0 | 2.2 | · | 2.3 | 2.0 | 2.0 | · | 1.8 | 2.0 | 2.2 | · | 2.1 | |
| P / Cash Flow | · | 55.0 | · | · | · | 55.6 | · | · | · | 81.5 | · | · | · | 61.0 | · | · | |
| Earnings Yield | 4.5% | 4.7% | · | 4.5% | 4.0% | 3.7% | · | 3.6% | 4.3% | 4.4% | · | 5.0% | 4.7% | 4.5% | · | 5.0% | |
| Payout Ratio | · | 130.4% | · | · | · | 135.2% | · | · | · | 131.2% | · | · | · | 125.7% | · | · |
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 | $294M | $268M | $251M | $223M | $199M |
| Net Income | $112M | $100M | $95M | $98M | $86M |
| Diluted EPS | $1.09 | $1.07 | $1.07 | $1.20 | $1.11 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | — | — | $-154M | $-146M |
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Institutional owners (13F) 367 filers · $1.9B 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 |
|---|---|---|---|---|
| 43 (-6 vs prior Q) | 28 (+2 vs prior Q) | 124 (-20 vs prior Q) | 92 (+14 vs prior Q) | +13.4M |
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 | $174,314,452 | 7,100,385 | 9.03% | Shares |
| STATE STREET CORP | $156,555,806 | 6,284,795 | 8.11% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $120,771,098 | 4,919,393 | 6.25% | Shares |
| FMR LLC | $103,721,693 | 4,224,916 | 5.37% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $93,562,530 | 3,811,101 | 4.84% | Shares |
| Capital International Investors | $83,473,093 | 3,400,126 | 4.32% | Shares |
| TWO SIGMA INVESTMENTS, LP | $71,502,783 | 2,912,537 | 3.70% | Shares |
| LASALLE INVESTMENT MANAGEMENT SECURITIES LLC | $69,597,826 | 2,834,942 | 3.60% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $66,606,194 | 2,712,514 | 3.45% | Shares |
| EARNEST PARTNERS LLC | $63,516,644 | 2,587,236 | 3.29% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $62,391,444 | 2,541,403 | 3.23% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $51,768,340 | 2,108,690 | 2.68% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $51,142,781 | 2,083,209 | 2.65% | Shares |
| Hudson Bay Capital Management LP | $40,050,551 | 1,631,387 | 2.07% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $39,057,000 | 1,590,912 | 2.02% | Shares |
| Callodine Capital Management, LP | $37,851,362 | 1,541,807 | 1.96% | Shares |
| TWO SIGMA ADVISERS, LP | $35,203,396 | 1,526,600 | 1.82% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $34,297,714 | 1,397,055 | 1.78% | Shares |
| AMERIPRISE FINANCIAL INC | $28,218,899 | 1,149,280 | 1.46% | Shares |
| Balyasny Asset Management L.P. | $24,977,195 | 1,017,401 | 1.29% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $24,126,316 | 982,742 | 1.25% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $23,139,185 | 942,533 | 1.20% | Shares |
| Qube Research & Technologies Ltd | $19,452,659 | 792,369 | 1.01% | Shares |
| BlackRock, Inc. | $18,751,167 | 763,795 | 0.97% | Shares |
| Argosy-Lionbridge Management, LLC | $18,463,638 | 752,083 | 0.96% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $17,866,803 | 727,772 | 0.93% | Shares |
| Boston Trust Walden Corp | $16,278,025 | 663,056 | 0.84% | Shares |
| Bank of New York Mellon Corp | $15,711,926 | 639,997 | 0.81% | Shares |
| VANGUARD GROUP INC | $15,579,474 | 675,606 | 0.81% | Shares |
| MORGAN STANLEY | $13,842,508 | 563,849 | 0.72% | Shares |
| GOLDMAN SACHS GROUP INC | $13,782,861 | 561,420 | 0.71% | Shares |
| Sophron Capital Management L.P. | $13,155,829 | 535,879 | 0.68% | Shares |
| Nuveen, LLC | $12,530,197 | 510,395 | 0.65% | Shares |
| DEUTSCHE BANK AG\ | $12,098,682 | 492,818 | 0.63% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $10,664,986 | 434,419 | 0.55% | Shares |
| MANNING & NAPIER ADVISORS LLC | $9,807,381 | 399,486 | 0.51% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $9,774,116 | 398,131 | 0.51% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $9,735,644 | 396,564 | 0.50% | Shares |
| Public Sector Pension Investment Board | $9,245,776 | 376,610 | 0.48% | Shares |
| RHUMBLINE ADVISERS | $7,616,937 | 310,263 | 0.39% | Shares |
| TUDOR INVESTMENT CORP ET AL | $7,589,657 | 309,151 | 0.39% | Shares |
| Cubist Systematic Strategies, LLC | $7,469,764 | 306,138 | 0.39% | Shares |
| ProShare Advisors LLC | $6,980,448 | 284,336 | 0.36% | Shares |
| CRAWFORD INVESTMENT COUNSEL INC | $6,617,304 | 269,544 | 0.34% | Shares |
| Nuveen Asset Management, LLC | $6,399,313 | 235,789 | 0.33% | Shares |
| ALGERT GLOBAL LLC | $6,237,418 | 254,070 | 0.32% | Shares |
| Swiss National Bank | $5,406,082 | 220,207 | 0.28% | Shares |
| Asset Management One Co., Ltd. | $5,270,450 | 222,852 | 0.27% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $5,232,587 | 213,140 | 0.27% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $5,210,467 | 212,239 | 0.27% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,116,391 | 208,407 | 0.26% | Shares |
| Quantinno Capital Management LP | $5,008,708 | 204,020 | 0.26% | Shares |
| Zimmer Partners, LP | $4,544,009 | 185,092 | 0.24% | Shares |
| Aptus Capital Advisors, LLC | $4,377,241 | 178,299 | 0.23% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $4,351,242 | 177,240 | 0.23% | Shares |
| Legal & General Group Plc | $4,138,566 | 168,577 | 0.21% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $4,087,330 | 166,490 | 0.21% | Shares |
| ALLIANCEBERNSTEIN L.P. | $3,614,027 | 152,813 | 0.19% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,069,439 | 129,786 | 0.16% | Shares |
| XTX Topco Ltd | $3,005,927 | 122,441 | 0.16% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,984,814 | 121,581 | 0.15% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,795,729 | 113,879 | 0.14% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $2,729,420 | 111,178 | 0.14% | Shares |
| Edgestream Partners, L.P. | $2,695,909 | 109,813 | 0.14% | Shares |
| RAYMOND JAMES FINANCIAL INC | $2,689,039 | 109,533 | 0.14% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $2,629,600 | 107,112 | 0.14% | Shares |
| Corient Private Wealth LP | $2,584,308 | 105,267 | 0.13% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $2,528,085 | 102,977 | 0.13% | Shares |
| Vanguard Investments Australia, Ltd. | $2,401,211 | 97,809 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,321,841 | 94,576 | 0.12% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $2,248,829 | 91,602 | 0.12% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $2,171,398 | 88,448 | 0.11% | Shares |
| JENNISON ASSOCIATES LLC | $2,169,386 | 88,366 | 0.11% | Shares |
| Verition Fund Management LLC | $2,158,878 | 87,938 | 0.11% | Shares |
| State of New Jersey Common Pension Fund D | $2,077,053 | 84,605 | 0.11% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $1,885,882 | 76,818 | 0.10% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $1,733,230 | 70,600 | 0.09% | Shares |
| MetLife Investment Management, LLC | $1,666,847 | 67,896 | 0.09% | Shares |
| MARSHALL WACE, LLP | $1,640,749 | 66,833 | 0.08% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,487,681 | 60,598 | 0.08% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $1,473,000 | 60,000 | 0.08% | Shares |
| MACQUARIE GROUP LTD | $1,422,795 | 57,955 | 0.07% | Shares |
| Clear Trail Advisors, LLC | $1,413,466 | 57,575 | 0.07% | Shares |
| Illinois Municipal Retirement Fund | $1,410,864 | 57,469 | 0.07% | Shares |
| Freestone Grove Partners LP | $1,339,497 | 54,562 | 0.07% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,329,996 | 54,175 | 0.07% | Shares |
| AMERICAN CENTURY COMPANIES INC | $1,329,849 | 54,169 | 0.07% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,267,836 | 51,643 | 0.07% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,262,926 | 51,443 | 0.07% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,258,850 | 51,277 | 0.07% | Shares |
| Mariner, LLC | $1,240,323 | 50,519 | 0.06% | Shares |
| Resona Asset Management Co.,Ltd. | $1,222,717 | 48,331 | 0.06% | Shares |
| Louisiana State Employees Retirement System | $1,180,855 | 48,100 | 0.06% | Shares |
| UBS Group AG | $1,148,400 | 46,778 | 0.06% | Shares |
| Invesco Ltd. | $1,091,419 | 44,457 | 0.06% | Shares |
| Horizon Investments, LLC | $1,084,326 | 44,385 | 0.06% | Shares |
| B&I Capital AG | $1,083,392 | 44,130 | 0.06% | Shares |
| Odyssean, LLC | $1,072,982 | 43,706 | 0.06% | Shares |
| JANUS HENDERSON GROUP PLC | $1,071,142 | 45,301 | 0.06% | Shares |
| Graham Capital Management, L.P. | $1,061,395 | 43,234 | 0.05% | Shares |
Company insiders 14 insiders · 5 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| William H Lenehan | President and CEO | July 15, 2026 J | 777,677 | 5 | 0 | $848,949 |
| Patrick L. Wernig | Chief Financial Officer | July 15, 2026 J | 149,554 | 0 | 0 | $0 |
| Gerald R Morgan | Chief Financial Officer | Oct. 13, 2017 J | 54,272 | 0 | 0 | $0 |
| Niccole Stewart | Chief Accounting Officer | July 15, 2026 J | 22,793 | 0 | 2 | $-162,964 |
| James L Brat | Chief Operations Officer | July 15, 2026 J | 137,452 | 0 | 0 | $0 |
| Michael Lawrence Friedland | Director | July 15, 2026 J | 7,008 | 0 | 0 | $0 |
| Barbara Angelica Faylona Jesuele | Director | July 15, 2026 J | 22,572 | 0 | 0 | $0 |
| Toni S Steele | Director | July 15, 2026 J | 31,306 | 0 | 2 | $-39,987 |
| Elizabeth Tennican | Director | July 15, 2026 J | 34,115 | 0 | 0 | $0 |
| Charles Jemley | Director | July 15, 2026 J | 48,240 | 0 | 0 | $0 |
| Marran H. Ogilvie | Director | July 15, 2026 J | 66,358 | 0 | 0 | $0 |
| Douglas B Hansen | Director | July 15, 2026 J | 86,294 | 1 | 0 | $46,902 |
| John S Moody | Director | June 9, 2025 S | 53,821 | 0 | 0 | $0 |
| Paul E. Szurek | Director | Oct. 13, 2017 J | 15,847 | 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 |
|---|---|---|---|---|---|
| STARBOARD VALUE LP, STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD, STARBOARD VALUE AND OPPORTUNITY S LLC, STARBOARD VALUE AND OPPORTUNITY C LP, STARBOARD VALUE R LP, STARBOARD VALUE R GP LLC, STARBOARD LEADERS DELTA LLC, STARBOARD LEADERS FUND LP, STARBOARD VALUE A LP, STARBOARD VALUE A GP LLC, STARBOARD VALUE GP LLC, STARBOARD PRINCIPAL CO LP, STARBOARD PRINCIPAL CO GP LLC, JEFFREY C. SMITH, MARK R. MITCHELL, PETER A. FELD ×3 filings | March 16, 2016 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 70 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| NETL · ETF Series Solutions | 3.95% | 78,055 NS | May 31, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 3.82% | 37,808 NS | May 31, 2026 | N-PORT |
| KBWY · Invesco Exchange-Traded Fund Trust … | 2.87% | 354,364 | Aug. 8, 2026 | Daily |
| HSMV · First Trust Exchange-Traded Fund III | 1.42% | 16,872 NS | April 30, 2026 | N-PORT |
| BLDG · Cambria ETF Trust | 1.31% | 26,314 NS | April 30, 2026 | N-PORT |
| XSLV · Invesco Exchange-Traded Fund Trust … | 1.17% | 115,533 | Aug. 8, 2026 | Daily |
| SIXS · EXCHANGE TRADED CONCEPTS TRUST | 1.11% | 56,335 NS | May 31, 2026 | N-PORT |
| SMDV · ProShares Trust | 0.92% | 243,205 NS | May 31, 2026 | N-PORT |
| FPRO · FIDELITY COVINGTON TRUST | 0.84% | 4,883 NS | April 30, 2026 | N-PORT |
| OSCV · ETF Series Solutions | 0.67% | 177,409 NS | April 30, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 0.65% | 111,107 SH | Aug. 8, 2026 | Daily |
| PSCF · Invesco Exchange-Traded Fund Trust … | 0.60% | 6,440 | Aug. 8, 2026 | Daily |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.42% | 31,991 NS | May 31, 2026 | N-PORT |
| SMMV · iShares Trust | 0.35% | 41,145 SH | Aug. 8, 2026 | Daily |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.23% | 112,291 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 50,949 NS | April 30, 2026 | N-PORT |
| USRT · iShares Trust | 0.22% | 408,411 SH | Aug. 8, 2026 | Daily |
| DFAR · Dimensional ETF Trust | 0.22% | 142,794 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.20% | 23,338 | Aug. 8, 2026 | Daily |
| SCHH · SCHWAB STRATEGIC TRUST | 0.19% | 776,975 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.18% | 1,041,643 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.17% | 12,969 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.17% | 17,337 | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.17% | 96,988 SH | Aug. 8, 2026 | Daily |
| FREL · FIDELITY COVINGTON TRUST | 0.17% | 94,688 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.16% | 520,252 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.15% | 6,699,956 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.15% | 383,910 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.15% | 123,426 SH | Aug. 8, 2026 | Daily |
| REET · iShares Trust | 0.15% | 297,124 SH | Aug. 8, 2026 | Daily |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.15% | 47,441 NS | May 31, 2026 | N-PORT |
| IJT · iShares Trust | 0.14% | 477,370 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 40,997 NS | April 30, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.14% | 4,177,029 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.14% | 61,400 SH | Aug. 8, 2026 | Daily |
| DFGR · Dimensional ETF Trust | 0.14% | 187,137 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.12% | 548 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.12% | 1,314 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.12% | 3,779 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.12% | 48,445 NS | April 30, 2026 | N-PORT |
| ERET · iShares Trust | 0.10% | 566 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.09% | 2,813,469 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.09% | 24,168 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.08% | 94,830 | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.08% | 45,904 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.08% | 640,109 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.07% | 4,986 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.06% | 527,302 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.04% | 4,971 SH | Aug. 8, 2026 | Daily |
| ROSC · Lattice Strategies Trust | 0.04% | 879 NS | April 30, 2026 | N-PORT |