GNL Global Net Lease, Inc. Common Stock
$8.98
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$7–$10
59% of range
Analyst Rating
BUY
13 analysts
Price Target
$10
+13% upside
P/E (TTM)
-7.4
ROE
-11.7%
Net Profit Margin
-45.5%
GNL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$8.98
Market Cap
$1.94B
P/E (TTM)
-7.4
EPS (TTM)
$-1.21
Revenue (TTM)
$495M
Div Yield
9.9%
ROE
-11.7%
Debt/Equity
—
52W Range
$7 – $10
GNL 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
$495M
2016-12-31
→
2025-12-31
EPS
$-1.21
2017-12-31
→
2025-12-31
Free Cash Flow
—
2016-12-31
→
2019-12-31
Margins
-45.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
GNL
Peer Median
P/E (TTM)
-7.4
43.6
P/S (TTM)
3.9
3.9
P/B
1.2
1.0
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
GNL
Peer Median
Operating Margin
22.4%
—
Net Profit Margin
-45.5%
4.4%
ROA
-4.0%
0.65%
ROE
-11.7%
1.7%
ROIC
8.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
GNL
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
GNL
Peer Median
Revenue YoY
-13.1%
—
Revenue CAGR 3Y
9.3%
—
Revenue CAGR 5Y
8.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
GNL
Peer Median
Payout Ratio
-85.2%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
9.9%
Payout Ratio
-85.2%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 13, 2026 | $0.1900 |
| April 13, 2026 | $0.1900 |
| Jan. 12, 2026 | $0.1900 |
| Oct. 10, 2025 | $0.1900 |
| July 11, 2025 | $0.1900 |
| April 11, 2025 | $0.1900 |
| Jan. 13, 2025 | $0.2750 |
| Oct. 11, 2024 | $0.2750 |
| July 11, 2024 | $0.2750 |
| April 10, 2024 | $0.2750 |
| Jan. 11, 2024 | $0.3540 |
| Oct. 11, 2023 | $0.3540 |
| July 12, 2023 | $0.4000 |
| April 12, 2023 | $0.4000 |
| Jan. 12, 2023 | $0.4000 |
| Oct. 12, 2022 | $0.4000 |
| July 8, 2022 | $0.4000 |
| April 8, 2022 | $0.4000 |
| Jan. 12, 2022 | $0.4000 |
| Oct. 8, 2021 | $0.4000 |
GNL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 2 15.4%
- Buy 6 46.2%
- Hold 4 30.8%
- Sell 1 7.7%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-15
Median
$10.50
Mean
$10.17
Now
$8.98
Low
$8.00
High
$12.00
Median target
$10.50
+16.9%
Mean target
$10.17
+13.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.17%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.04 | $0.06 | -0.10% |
| March 31, 2026 | $-0.08 | $0.10 | -0.18% |
| Dec. 31, 2025 | $0.16 | $-0.16 | 0.32% |
| Sept. 30, 2025 | $-0.32 | $-0.08 | -0.24% |
| June 30, 2025 | $-0.16 | $-0.08 | -0.08% |
| March 31, 2025 | $-0.87 | $-0.12 | -0.75% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| GNL | $1.86B | -7.1 | -13.1% | -45.5% | -11.7% | — |
| WPC | $14.10B | 19.3 | 8.4% | 27.2% | 5.6% | — |
| EPRT | $6.22B | 23.2 | 24.8% | 45.1% | 6.5% | — |
| BNL | $3.33B | 34.7 | 5.2% | 21.2% | 3.3% | — |
| AAT | $1.16B | 20.6 | -4.7% | — | — | 61.1% |
| CTO | $596M | 230.1 | 20.1% | 6.8% | 1.7% | 74.6% |
| AHRT | $531M | -94.6 | 4.1% | 2.0% | 0.86% | — |
| GOOD | — | — | — | — | — | — |
| PINE | $247M | -76.0 | 15.9% | -4.4% | -1.0% | 86.0% |
| NXDT | $192M | -1.4 | 3.3% | -151.4% | -17.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $495M | $570M | $446M | $379M | $391M | $330M | $306M | $282M | $259M | $214M | $205M | $93M | |
| Cost of Revenue | · | · | · | · | · | · | · | $28M | $24M | $20M | · | · | |
| SG&A Expense | $53M | $52M | $37M | $18M | $17M | $13M | $10M | $10M | $9M | $7M | $7M | $4M | |
| Operating Expenses | $479M | $439M | $459M | $279M | $281M | $231M | $215M | $208M | $173M | $154M | $172M | $137M | |
| Operating Income | $111M | $188M | $-15M | $101M | $112M | $99M | $115M | $68M | $87M | $74M | $33M | $-44M | |
| Interest Expense | · | · | $179M | $98M | $94M | $72M | $64M | $58M | $48M | $39M | $35M | $15M | |
| Other Non-op | $4M | $1M | $2M | $981.0K | $121.0K | $289.0K | $216.0K | $-23.0K | $22.0K | $20.0K | $79.0K | $-11M | |
| Pretax Income | $-114M | $-75M | $-177M | $23M | $24M | $16M | $51M | $13M | $27M | $52M | $4M | $-55M | |
| Income Tax | $22M | $4M | $14M | $11M | $12M | $5M | $4M | $2M | $3M | $4M | $6M | $-1M | |
| Net Income | $-225M | $-132M | $-212M | $12M | $11M | $11M | $46M | $11M | $24M | $48M | $-2M | $-54M | |
| EPS (Basic) | $-1.21 | $-0.76 | $-1.71 | $-0.09 | $-0.20 | $-0.09 | $0.40 | $0.01 | $0.30 | · | · | · | |
| EPS (Diluted) | $-1.21 | $-0.76 | $-1.71 | $-0.09 | $-0.20 | $-0.09 | $0.39 | $0.01 | $0.30 | · | · | · | |
| Shares (Basic) | 223,255,282 | 230,440,385 | 142,584,332 | 103,686,395 | 98,283,892 | 89,473,554 | 85,031,236 | 69,411,061 | 66,877,620 | 56,720,448 | · | · | |
| Shares (Diluted) | 223,255,282 | 230,440,385 | 142,584,332 | 103,686,395 | 98,283,892 | 89,473,554 | 86,349,645 | 69,663,208 | 66,877,620 | 56,720,448 | · | · | |
| EBITDA | $111M | $206M | $-15M | $101M | $112M | $99M | $115M | $68M | $86M | $60M | $33M | $-42M |
Balance Sheet 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $180M | $160M | $122M | $103M | $90M | $124M | $270M | $100M | $102M | $70M | $70M | $65M | |
| Goodwill | $46M | $51M | $47M | $21M | $22M | · | · | · | · | · | · | · | |
| Intangibles | $258M | $378M | $891M | $300M | $370M | $393M | $401M | $458M | $464M | $482M | $453M | $463M | |
| Total Assets | $4.35B | $6.96B | $8.10B | $3.96B | $4.18B | $3.97B | $3.70B | $3.31B | $3.04B | $2.89B | $2.54B | $2.43B | |
| Deferred Tax | $18M | $5M | $6M | $7M | $8M | $12M | $15M | · | · | · | · | · | |
| Total Liabilities | $2.68B | $4.77B | $5.46B | $2.51B | $2.56B | $2.41B | $1.99B | $1.88B | $1.62B | $1.54B | $1.32B | $1.01B | |
| Long-term Debt | · | · | · | · | · | · | · | · | $0 | $55M | $0 | · | |
| Common Stock | $3M | $4M | $4M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Paid-in Capital | $4.25B | $4.36B | $4.35B | $2.68B | $2.68B | $2.42B | $2.41B | $2.03B | $1.86B | $1.71B | $1.48B | $1.58B | |
| Retained Earnings | $-2.61B | $-2.15B | $-1.70B | $-1.25B | $-1.07B | $-897M | $-733M | $-615M | $-468M | $-346M | $-273M | $-155M | |
| AOCI | $22M | $-26M | $-14M | $1M | $16M | $8M | $20M | $7M | $19M | $-17M | $-4M | $-6M | |
| Stockholders' Equity | $1.66B | $2.19B | $2.64B | $1.44B | $1.62B | $1.53B | $1.70B | $1.43B | $1.41B | $1.35B | $1.21B | $1.42B | |
| Liabilities + Equity | $4.35B | $6.96B | $8.10B | $3.96B | $4.18B | $3.97B | $3.70B | $3.31B | $3.04B | $2.89B | $2.54B | $2.43B | |
| Shares Outstanding | 216,016,247 | 231,051,139 | 230,885,197 | 104,141,899 | 103,900,452 | 89,614,601 | 89,458,752 | 76,080,625 | 67,287,231 | 66,300,000 | 168,936,633 | 177,933,175 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $191M | $217M | $179M | $154M | $163M | $139M | $126M | $120M | $113M | $94M | $90M | $40M | |
| Stock-based Comp | $13M | $9M | $17M | $12M | $11M | $10M | $10M | $3M | $-4M | $4M | $2M | $106.0K | |
| Deferred Tax | $12M | $-258.0K | $-2M | $-2M | $-2M | $-2M | $-400.0K | $3M | $1M | $2M | $800.0K | $-2M | |
| Amort. of Intangibles | $88M | $174M | $101M | $58M | $69M | $58M | $57M | $55M | $54M | $44M | $42M | $20M | |
| Operating Cash Flow | $223M | $299M | $144M | $182M | $192M | $177M | $146M | $145M | $131M | $114M | $102M | $-10M | |
| CapEx | · | · | · | · | · | · | $17M | $1M | $3M | $200.0K | $10M | $9M | |
| Investing Cash Flow | $1.80B | $760M | $-552M | $-17M | $-437M | $-471M | $-294M | $-458M | $-79M | $134M | $-222M | $-1.52B | |
| Stock Issued | · | · | · | $894.0K | $214M | · | $258M | $172M | $18M | $0 | $469.0K | $1.57B | |
| Stock Repurchased | $120M | $0 | $0 | $686.0K | $156.0K | $0 | $0 | · | $0 | $0 | $2M | $0 | |
| Net Stock Activity | $-120M | $-1M | $-1M | $208.0K | $214M | · | $258M | $172M | $18M | $0 | $-2M | $1.57B | |
| Dividends Paid | $192M | $272M | $207M | $167M | $156M | $155M | $151M | $147M | $143M | $120M | $98M | $35M | |
| Financing Cash Flow | $-2.06B | $-995M | $469M | $-150M | $218M | $141M | $300M | $312M | $-31M | $-237M | $119M | $1.58B | |
| Taxes Paid | $10M | · | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | · | · | · | · | · | $129M | $143M | $128M | $114M | $92M | $-19M | |
| Levered FCF | · | · | · | · | · | · | $70M | $96M | $85M | $78M | $110M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 22.4% | 25.7% | -3.0% | 26.5% | 28.6% | 30.1% | 37.5% | 24.1% | 33.2% | 28.1% | 16.2% | -45.1% | |
| Net Margin | -45.5% | -16.3% | -41.1% | 3.2% | 2.9% | 3.3% | 15.2% | 3.9% | 9.1% | 22.0% | -1.0% | -57.4% | |
| Pretax Margin | -23.0% | -15.8% | -38.3% | 6.1% | 6.0% | 4.8% | 16.6% | 4.7% | 10.3% | 24.3% | 1.9% | · | |
| EBITDA Margin | 22.4% | 25.7% | -3.0% | 26.5% | 28.6% | 30.1% | 37.5% | 24.1% | 33.2% | 28.1% | 16.2% | -45.1% | |
| ROA | -4.0% | -1.8% | -3.5% | 0.30% | 0.28% | 0.28% | 1.3% | 0.34% | 0.80% | 1.7% | -0.08% | -4.0% | |
| ROE | -11.7% | -5.5% | -10.4% | 0.79% | 0.72% | 0.67% | 3.0% | 0.77% | 1.7% | 3.7% | -0.16% | -7.0% | |
| ROIC | 8.0% | 9.8% | -0.63% | 3.6% | 3.3% | 4.4% | 6.2% | 3.9% | 5.4% | 4.1% | -1.4% | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | -0.1 | 1.0 | 1.2 | 1.4 | 1.8 | 1.2 | 1.8 | 1.5 | 1.0 | -2.8 |
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 | 0.1 |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -13.1% | 27.8% | 17.7% | -3.2% | 18.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.3% | 13.4% | 10.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 8.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | · | 5.8% | 5.5% | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $495M | $570M | $446M | $379M | $391M | $330M | $306M | $282M | $259M | $214M | $205M | $93M | |
| Net Income TTM | $-225M | $-132M | $-212M | $12M | $11M | $11M | $46M | $11M | $24M | $48M | $-2M | $-54M | |
| Market Cap | $1.86B | $1.69B | $2.30B | $1.31B | $1.59B | $1.54B | $1.81B | $1.34B | $1.38B | $4.67B | $4.03B | · | |
| P/E | -7.1 | -9.6 | -5.8 | -139.7 | -76.4 | -190.4 | 52.0 | 1762.0 | 68.6 | · | · | · | |
| P/S | 3.8 | 3.0 | 5.2 | 3.5 | 4.1 | 4.7 | 5.9 | 4.8 | 5.3 | 21.8 | 19.6 | · | |
| P/B | 1.1 | 0.8 | 0.9 | 0.9 | 1.0 | 1.0 | 1.1 | 0.9 | 1.0 | 3.5 | 3.3 | · | |
| P / Tangible Book | 1.4 | 1.0 | 1.4 | 1.2 | 1.3 | 1.3 | · | · | · | · | · | · | |
| P / Cash Flow | 8.3 | 5.6 | 16.0 | 7.2 | 8.2 | 8.7 | 12.4 | 9.3 | 10.6 | 40.8 | 39.4 | · | |
| P / FCF | · | · | · | · | · | · | 14.1 | 9.4 | 10.8 | 40.9 | 44.0 | · | |
| Dividend Yield | 10.3% | 16.2% | 9.0% | 12.7% | 9.8% | 10.1% | 8.3% | 11.0% | 10.3% | 2.6% | 2.4% | · | |
| Earnings Yield | -14.1% | -10.4% | -17.2% | -0.72% | -1.3% | -0.53% | 1.9% | 0.06% | 1.5% | · | · | · | |
| Payout Ratio | -85.2% | -207.1% | -97.7% | 1387.7% | 1374.4% | 1438.7% | 324.4% | 1353.1% | 605.2% | 255.4% | -4732.7% | -66.1% | |
| Annual Payout | $192M | $272M | $207M | $167M | $156M | $155M | $151M | $147M | $143M | $120M | $98M | $35M |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $112M | $109M | $117M | $121M | $125M | $132M | $138M | $139M | $145M | $148M | $137M | $118M | $96M | $94M | $94M | $93M | |
| SG&A Expense | $12M | $12M | $13M | $12M | $11M | $16M | $13M | $11M | $14M | $15M | $14M | $7M | $11M | $6M | $6M | $4M | |
| Operating Expenses | $81M | $86M | $107M | $129M | $84M | $159M | $103M | $122M | $118M | $97M | $91M | $213M | $91M | $64M | $70M | $64M | |
| Operating Income | $55M | $31M | $111M | $-14M | $42M | $-28M | $56M | $13M | $62M | $57M | $45M | $-96M | $4M | $30M | $24M | $29M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $83M | · | $41M | $28M | $27M | · | $24M | |
| Other Non-op | $276.0K | $174.0K | $780.0K | $2M | $2M | $48.0K | $694.0K | $76.0K | $345.0K | $-40.0K | $-26.0K | $119.0K | $2M | $66.0K | $127.0K | $10.0K | |
| Pretax Income | $6M | $-7M | $66M | $-59M | $-29M | $-92M | $4M | $-52M | $-22M | $-5M | $-22M | $-133M | $-23M | $2M | $-10M | $18M | |
| Income Tax | $5M | $2M | $12M | $3M | $3M | $3M | $1M | $1M | $-250.0K | $2M | $5M | $3M | $4M | $3M | $2M | $3M | |
| Net Income | $3M | $-5M | $48M | $-60M | $-24M | $-189M | $-7M | $-66M | $-36M | $-24M | $-49M | $-136M | $-26M | $-890.0K | $-13M | $15M | |
| EPS (Basic) | $-0.04 | $-0.08 | $0.14 | $-0.32 | $-0.16 | $-0.87 | $-0.08 | $-0.33 | $-0.20 | $-0.15 | $-0.24 | $-1.11 | $-0.30 | $-0.06 | $-0.17 | $0.09 | |
| EPS (Diluted) | $-0.04 | $-0.08 | $0.14 | $-0.32 | $-0.16 | $-0.87 | $-0.08 | $-0.33 | $-0.20 | $-0.15 | $-0.24 | $-1.11 | $-0.30 | $-0.06 | $-0.17 | $0.09 | |
| Shares (Basic) | 211,338,853 | 214,039,512 | -450,859,083 | 220,890,626 | 222,960,030 | 230,263,709 | -460,723,152 | 230,463,241 | 230,380,574 | 230,319,722 | -196,172,151 | 130,824,684 | 104,148,850 | 103,782,949 | -207,273,741 | 103,714,646 | |
| Shares (Diluted) | 211,338,853 | 214,039,512 | -450,859,083 | 220,890,626 | 222,960,030 | 230,263,709 | -460,723,152 | 230,463,241 | 230,380,574 | 230,319,722 | -196,172,151 | 130,824,684 | 104,148,850 | 103,782,949 | -207,273,741 | 103,714,646 | |
| EBITDA | $55M | $31M | · | $-14M | $42M | $-28M | · | $18M | $66M | $59M | · | $-96M | $4M | $30M | · | $29M |
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 | $154M | $125M | $180M | $165M | $145M | $147M | $160M | $127M | $122M | $132M | $122M | $133M | $101M | $119M | $103M | $128M | |
| Goodwill | $46M | $46M | $46M | $46M | $46M | $45M | $51M | $52M | $50M | $49M | · | $51M | $22M | $22M | · | $20M | |
| Intangibles | · | · | $258M | · | · | · | $378M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $4.07B | $4.15B | $4.35B | $4.77B | $4.98B | $5.79B | $6.96B | $7.34B | $7.61B | $7.97B | · | $8.18B | $4.00B | $4.04B | · | $3.97B | |
| Deferred Tax | $17M | $18M | $18M | $7M | $7M | $6M | $5M | $6M | $6M | $6M | · | $6M | $6M | $6M | · | $6M | |
| Total Liabilities | $2.56B | $2.59B | $2.68B | $3.06B | $3.15B | $3.87B | $4.77B | $5.06B | $5.19B | $5.44B | · | $5.39B | $2.65B | $2.63B | · | $2.48B | |
| Common Stock | $3M | $3M | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | · | $4M | $2M | $2M | · | $2M | |
| Paid-in Capital | $4.21B | $4.21B | $4.25B | $4.28B | $4.29B | $4.34B | $4.36B | $4.35B | $4.35B | $4.35B | · | $4.35B | $2.69B | $2.68B | · | $2.68B | |
| Retained Earnings | $-2.72B | $-2.67B | $-2.61B | $-2.61B | $-2.49B | $-2.41B | $-2.15B | $-2.07B | $-1.93B | $-1.82B | · | $-1.56B | $-1.37B | $-1.30B | · | $-1.19B | |
| AOCI | $16M | $13M | $22M | $20M | $33M | $-16M | $-26M | $-17M | $-7M | $-12M | · | $-602.0K | $12M | $4M | · | $-25M | |
| Stockholders' Equity | $1.51B | $1.56B | $1.66B | $1.70B | $1.83B | $1.92B | $2.19B | $2.27B | $2.42B | $2.52B | · | $2.79B | $1.34B | $1.39B | · | $1.47B | |
| Liabilities + Equity | $4.07B | $4.15B | $4.35B | $4.77B | $4.98B | $5.79B | $6.96B | $7.34B | $7.61B | $7.97B | · | $8.18B | $4.00B | $4.04B | · | $3.97B | |
| Shares Outstanding | 210,951,435 | 212,032,775 | 216,016,247 | 220,355,522 | 221,224,341 | 228,730,355 | 231,051,139 | 230,818,198 | 230,805,375 | 230,846,571 | · | 230,828,875 | 104,406,356 | 104,157,910 | · | 104,144,480 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $42M | $42M | $44M | $45M | $46M | $56M | $50M | $53M | $57M | $57M | $56M | $49M | $37M | $37M | $37M | $38M | |
| Stock-based Comp | $4M | $4M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $1M | $10M | $3M | $3M | $3M | $3M | |
| Amort. of Intangibles | $14M | $13M | $15M | $14M | $15M | $45M | $40M | $42M | $44M | $47M | $54M | $21M | $13M | $13M | $14M | $14M | |
| Operating Cash Flow | $67M | $40M | $56M | $56M | $52M | $59M | $75M | $62M | $70M | $92M | $56M | $4M | $21M | $63M | $22M | $54M | |
| Investing Cash Flow | $88M | $70M | $420M | $131M | $353M | $901M | $245M | $234M | $246M | $35M | $2M | $-461M | $-4M | $-89M | $31M | $-12M | |
| Stock Repurchased | $11M | $38M | $37M | $7M | $57M | $19M | $0 | $-424.0K | $-55.0K | $0 | $-1M | $770.0K | $321.0K | $0 | $-1.0K | $258.0K | |
| Net Stock Activity | · | $-38M | · | · | · | $-19M | · | · | · | $-55.0K | · | · | · | · | · | · | |
| Dividends Paid | $41M | $41M | $42M | $42M | $43M | $64M | $64M | $63M | $63M | $82M | $82M | $42M | $42M | $42M | $42M | $42M | |
| Financing Cash Flow | $-124M | $-165M | $-480M | $-163M | $-445M | $-976M | $-265M | $-280M | $-342M | $-108M | $-68M | $533M | $-35M | $40M | $-91M | $-19M |
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 | 48.7% | 28.3% | · | -11.7% | 33.9% | -21.1% | · | 9.1% | 32.4% | 28.6% | · | -80.9% | 4.7% | 32.2% | · | 31.3% | |
| Net Margin | 3.1% | -4.7% | · | -49.7% | -19.3% | -143.0% | · | -33.4% | -17.5% | -11.5% | · | -115.3% | -27.4% | -0.94% | · | 16.0% | |
| Pretax Margin | 5.1% | -6.2% | · | -49.2% | -23.1% | -69.4% | · | -32.7% | -17.7% | -10.4% | · | -112.9% | -23.7% | 1.9% | · | 19.3% | |
| EBITDA Margin | 48.7% | 28.3% | · | -11.7% | 33.9% | -21.1% | · | 9.1% | 32.4% | 28.6% | · | -80.9% | 4.7% | 32.2% | · | 31.3% | |
| ROA | 0.08% | -0.10% | · | -0.99% | -0.38% | -2.8% | · | -0.85% | -0.61% | -0.40% | · | -2.2% | -0.65% | -0.02% | · | 0.36% | |
| ROE | 0.21% | -0.29% | · | -3.0% | -1.1% | -8.5% | · | -2.6% | -1.9% | -1.2% | · | -6.4% | -1.8% | -0.06% | · | 0.95% | |
| ROIC | 0.64% | 2.5% | · | -0.88% | 2.5% | -1.5% | · | 0.81% | 2.7% | 2.6% | · | -3.5% | 0.39% | -1.1% | · | 1.6% |
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 | · | · | · | · | · | · | · | · | · | 0.7 | · | -2.3 | 0.2 | 1.1 | · | 1.2 |
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 | $468M | $488M | · | $517M | $541M | $564M | · | $550M | $507M | $456M | · | $401M | $378M | $379M | · | $381M | |
| Net Income TTM | $-86M | $-279M | · | $-339M | $-315M | $-314M | · | $-261M | $-222M | $-187M | · | $-148M | $-13M | $24M | · | $32M | |
| Market Cap | $1.89B | $1.98B | · | $1.79B | $1.67B | $1.84B | · | $1.94B | $1.70B | $1.79B | · | $2.22B | $1.07B | $1.34B | · | $1.11B | |
| P/E | -14.9 | -6.5 | · | -4.8 | -4.8 | -5.2 | · | -4.7 | -4.2 | -4.8 | · | -7.0 | -31.2 | 643.0 | · | 106.5 | |
| P/S | 4.0 | 4.1 | · | 3.5 | 3.1 | 3.3 | · | 3.5 | 3.3 | 3.9 | · | 5.5 | 2.8 | 3.5 | · | 2.9 | |
| P/B | 1.2 | 1.3 | · | 1.1 | 0.9 | 1.0 | · | 0.9 | 0.7 | 0.7 | · | 0.8 | 0.8 | 1.0 | · | 0.8 | |
| P / Tangible Book | 1.3 | 1.3 | · | 1.1 | 0.9 | 1.0 | · | 0.9 | 0.7 | 0.7 | · | 0.8 | 0.8 | 1.0 | · | 0.8 | |
| P / Cash Flow | · | 50.0 | · | · | · | 31.1 | · | · | · | 19.5 | · | · | · | 21.3 | · | · | |
| Earnings Yield | -6.7% | -15.3% | · | -20.7% | -20.7% | -19.3% | · | -21.3% | -23.9% | -20.8% | · | -14.4% | -3.2% | 0.16% | · | 0.94% | |
| Payout Ratio | · | -813.4% | · | · | · | -33.8% | · | · | · | -344.1% | · | · | · | -4680.7% | · | · |
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 | $495M | $570M | $446M | $379M | $391M |
| Operating Margin % | 22.4% | 25.7% | -3.0% | 26.5% | 28.6% |
| Net Income | $-225M | $-132M | $-212M | $12M | $11M |
| Diluted EPS | $-1.21 | $-0.76 | $-1.71 | $-0.09 | $-0.20 |
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Institutional owners (13F) 368 filers · $928.5M 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 |
|---|---|---|---|---|
| 42 (-9 vs prior Q) | 45 (+14 vs prior Q) | 106 (-2 vs prior Q) | 114 (-5 vs prior Q) | +9.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $183,670,530 | 20,544,802 | 19.78% | Shares |
| STATE STREET CORP | $98,185,106 | 10,982,674 | 10.57% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $82,896,508 | 9,272,540 | 8.93% | Shares |
| TWO SIGMA INVESTMENTS, LP | $51,632,782 | 5,775,479 | 5.56% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $42,790,388 | 4,785,312 | 4.61% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $38,567,392 | 4,314,026 | 4.15% | Shares |
| Balyasny Asset Management L.P. | $34,487,641 | 3,857,678 | 3.71% | Shares |
| PRIVATE MANAGEMENT GROUP INC | $29,255,104 | 3,272,383 | 3.15% | Shares |
| Helix Partners Management LP | $27,015,178 | 3,021,832 | 2.91% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $21,669,514 | 2,423,883 | 2.33% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $19,924,873 | 2,228,733 | 2.15% | Shares |
| AMERIPRISE FINANCIAL INC | $11,803,134 | 1,320,261 | 1.27% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $11,460,687 | 1,281,956 | 1.23% | Shares |
| Advisors Asset Management, Inc. | $10,443,234 | 1,430,580 | 1.12% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $10,254,243 | 1,147,007 | 1.10% | Shares |
| GOLDMAN SACHS GROUP INC | $9,086,419 | 1,016,378 | 0.98% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $7,289,855 | 815,420 | 0.79% | Shares |
| Qube Research & Technologies Ltd | $6,839,565 | 765,052 | 0.74% | Shares |
| Bank of New York Mellon Corp | $6,285,598 | 703,087 | 0.68% | Shares |
| CITADEL ADVISORS LLC | $6,246,217 | 698,682 | 0.67% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $5,990,873 | 670,120 | 0.65% | Shares |
| Public Sector Pension Investment Board | $5,853,957 | 654,805 | 0.63% | Shares |
| WATERFALL ASSET MANAGEMENT, LLC | $5,096,059 | 570,029 | 0.55% | Shares |
| LPL Financial LLC | $4,874,027 | 545,193 | 0.52% | Shares |
| CITIGROUP INC | $4,706,436 | 526,447 | 0.51% | Shares |
| BARCLAYS PLC | $4,652,894 | 520,458 | 0.50% | Shares |
| RHUMBLINE ADVISERS | $4,582,479 | 512,584 | 0.49% | Shares |
| BECK CAPITAL MANAGEMENT, LLC | $4,328,990 | 484,227 | 0.47% | Shares |
| RITHOLTZ WEALTH MANAGEMENT | $4,243,357 | 474,648 | 0.46% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $4,125,470 | 461,462 | 0.44% | Shares |
| TWO SIGMA ADVISERS, LP | $3,620,273 | 420,962 | 0.39% | Shares |
| PRUDENTIAL FINANCIAL INC | $3,614,362 | 404,291 | 0.39% | Shares |
| STRS OHIO | $3,547,392 | 396,800 | 0.38% | Shares |
| NORGES BANK | $3,527,724 | 394,600 | 0.38% | Shares |
| Swiss National Bank | $3,457,608 | 386,757 | 0.37% | Shares |
| Arete Wealth Advisors, LLC | $3,427,837 | 383,427 | 0.37% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $3,290,814 | 368,100 | 0.35% | Shares |
| Aberdeen Group plc | $3,077,228 | 344,209 | 0.33% | Shares |
| Kestra Advisory Services, LLC | $3,051,872 | 341,373 | 0.33% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $2,792,856 | 312,400 | 0.30% | Shares |
| State of New Jersey Common Pension Fund D | $2,730,061 | 305,376 | 0.29% | Shares |
| Summit Financial, LLC | $2,707,336 | 302,834 | 0.29% | Shares |
| Blue Sky Capital Consultants Group, Inc. | $2,699,760 | 301,987 | 0.29% | Shares |
| Taconic Capital Advisors LP | $2,682,000 | 300,000 | 0.29% | Shares |
| Paralel Advisors LLC | $2,641,770 | 295,500 | 0.28% | Shares |
| Man Group plc | $2,612,509 | 292,227 | 0.28% | Shares |
| TUDOR INVESTMENT CORP ET AL | $2,601,352 | 290,979 | 0.28% | Shares |
| Asset Management One Co., Ltd. | $2,552,669 | 272,721 | 0.27% | Shares |
| Quantinno Capital Management LP | $2,480,002 | 277,405 | 0.27% | Shares |
| Legal & General Group Plc | $2,460,914 | 275,270 | 0.27% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,450,758 | 274,134 | 0.26% | Shares |
| BlackRock, Inc. | $2,444,223 | 273,403 | 0.26% | Shares |
| Schonfeld Strategic Advisors LLC | $2,302,352 | 257,534 | 0.25% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,295,400 | 245,235 | 0.25% | Shares |
| Campbell & CO Investment Adviser LLC | $2,180,278 | 243,879 | 0.23% | Shares |
| Edgestream Partners, L.P. | $2,127,970 | 238,028 | 0.23% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $2,087,714 | 233,525 | 0.22% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $2,071,257 | 231,684 | 0.22% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $1,968,615 | 220,203 | 0.21% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,852,422 | 207,206 | 0.20% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $1,849,749 | 206,907 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,812,695 | 193,664 | 0.20% | Shares |
| INDEPENDENT FINANCIAL GROUP, LLC | $1,773,619 | 198,391 | 0.19% | Shares |
| D. E. Shaw & Co., Inc. | $1,766,347 | 197,578 | 0.19% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $1,664,216 | 186,154 | 0.18% | Shares |
| Allianz Asset Management GmbH | $1,656,698 | 185,313 | 0.18% | Shares |
| VANGUARD GROUP INC | $1,606,944 | 186,854 | 0.17% | Shares |
| OSAIC HOLDINGS, INC. | $1,602,400 | 179,235 | 0.17% | Shares |
| Vanguard Investments Australia, Ltd. | $1,585,652 | 177,366 | 0.17% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,575,282 | 176,206 | 0.17% | Shares |
| Sonora Investment Management Group, LLC | $1,572,416 | 193,409 | 0.17% | Shares |
| Focus Partners Wealth | $1,544,683 | 172,783 | 0.17% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $1,484,067 | 166,003 | 0.16% | Shares |
| GAGNON SECURITIES LLC | $1,435,746 | 160,598 | 0.15% | Shares |
| Corient Private Wealth LP | $1,363,288 | 152,493 | 0.15% | Shares |
| North Star Investment Management Corp. | $1,345,300 | 150,481 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,316,129 | 147,218 | 0.14% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,294,896 | 144,843 | 0.14% | Shares |
| DEUTSCHE BANK AG\ | $1,287,467 | 144,012 | 0.14% | Shares |
| MORGAN STANLEY | $1,264,865 | 141,483 | 0.14% | Shares |
| MARSHALL WACE, LLP | $1,259,851 | 140,923 | 0.14% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $1,167,975 | 130,646 | 0.13% | Shares |
| BROWN ADVISORY INC | $1,163,890 | 130,189 | 0.13% | Shares |
| Russell Investments Group, Ltd. | $1,105,849 | 123,696 | 0.12% | Shares |
| Cetera Investment Advisers | $1,066,303 | 119,273 | 0.11% | Shares |
| HighTower Advisors, LLC | $1,058,154 | 118,362 | 0.11% | Shares |
| MetLife Investment Management, LLC | $1,056,261 | 118,150 | 0.11% | Shares |
| PFG Investments, LLC | $1,048,219 | 117,250 | 0.11% | Shares |
| Amundi | $982,738 | 109,926 | 0.11% | Shares |
| MACQUARIE GROUP LTD | $968,917 | 108,380 | 0.10% | Shares |
| Redhawk Wealth Advisors, Inc. | $966,727 | 108,135 | 0.10% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $926,345 | 103,618 | 0.10% | Shares |
| Illinois Municipal Retirement Fund | $925,433 | 103,516 | 0.10% | Shares |
| Pallas Capital Advisors LLC | $904,129 | 101,133 | 0.10% | Shares |
| Kovack Advisors, Inc. | $854,738 | 95,693 | 0.09% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $834,996 | 93,400 | 0.09% | Call option |
| CITADEL ADVISORS LLC | $818,904 | 91,600 | 0.09% | Call option |
| JANUS HENDERSON GROUP PLC | $812,770 | 86,788 | 0.09% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $793,443 | 88,752 | 0.09% | Shares |
| Cambria Investment Management, L.P. | $783,537 | 87,644 | 0.08% | Shares |
Company insiders 18 insiders · 6 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Edward M Weil Jr. | CEO, President | July 2, 2026 J | 2,918,313 | 0 | 0 | $0 |
| James Larry Nelson | Co-CEO | Sept. 18, 2023 F | 69,993 | 0 | 0 | $0 |
| Scott J. Bowman | CEO & President | April 3, 2017 C | 42,330 | 0 | 0 | $0 |
| Christopher J. Masterson | CFO, Secretary and Treasurer | June 12, 2026 F | 305,747 | 0 | 0 | $0 |
| Ori Kravel | Chief Operating Officer | June 12, 2026 F | 247,089 | 0 | 0 | $0 |
| Jesse Charles Galloway | Executive Vice President and General Counsel | March 4, 2026 F | 261,390 | 0 | 0 | $0 |
| Leon Richardson | Director | July 10, 2026 A | 32,468 | 0 | 0 | $0 |
| Michael J. U. Monahan | Director | July 10, 2026 A | 64,339 | 0 | 0 | $0 |
| Leslie D Michelson | Director | July 10, 2026 A | 129,258 | 0 | 0 | $0 |
| Robert I. Kauffman | Director | July 10, 2026 A | 70,303 | 0 | 0 | $0 |
| Therese M. Antone | Director | May 21, 2026 A | 67,770 | 0 | 0 | $0 |
| Lisa Kabnick | Director | May 21, 2026 A | 281,883 | 0 | 0 | $0 |
| Stanley R Perla | Director | May 21, 2026 A | 117,518 | 0 | 0 | $0 |
| Sue Perrotty Portia | Director | April 10, 2026 A | 124,115 | 0 | 0 | $0 |
| Edward G Rendell | Director | June 5, 2025 A | 152,977 | 0 | 0 | $0 |
| Abby M. Wenzel | Director | July 11, 2023 A | 50,439 | 0 | 0 | $0 |
| Lee M Elman | Director | April 22, 2022 A | 26,751 | 0 | 0 | $0 |
| William M Kahane | Director | Dec. 29, 2016 A | 238,273 | 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 |
|---|---|---|---|---|---|
| Bellevue Capital Partners, LLC, MWM PIC, LLC, MWM I, LLC, AR Capital LLC, American Realty Capital Global II Special LP LLC, Nicholas S. Schorsch, Nicholas S. Schorsch 2016 Grantor Retained Annuity Trust ×5 filings | July 24, 2026 | 7.50% | Amendment | — | 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 73 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 |
|---|---|---|---|---|
| SRHR · Elevation Series Trust | 5.57% | 295,500 NS | April 30, 2026 | N-PORT |
| NETL · ETF Series Solutions | 4.03% | 211,465 NS | May 31, 2026 | N-PORT |
| RDOG · ALPS ETF Trust | 2.00% | 23,812 NS | May 31, 2026 | N-PORT |
| RIET · ETF Series Solutions | 1.33% | 148,364 NS | May 31, 2026 | N-PORT |
| BLDG · Cambria ETF Trust | 1.32% | 70,658 NS | April 30, 2026 | N-PORT |
| SDIV · Global X Funds | 0.93% | 1,245,026 NS | April 30, 2026 | N-PORT |
| GYLD · ARROW ETF TRUST | 0.67% | 22,356 NS | April 30, 2026 | N-PORT |
| ICAP · Series Portfolios Trust | 0.54% | 62,628 NS | May 31, 2026 | N-PORT |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.43% | 87,528 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 175,839 NS | April 30, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.23% | 249,518 NS | April 30, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 285,073 NS | May 31, 2026 | N-PORT |
| HSMV · First Trust Exchange-Traded Fund III | 0.15% | 4,675 NS | April 30, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 0.14% | 242,267 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.13% | 1,393,831 NS | May 31, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.13% | 193,451 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 76,812 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.10% | 1,193 NS | April 30, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.10% | 353,056 NS | April 30, 2026 | N-PORT |
| PPTY · ETF Series Solutions | 0.09% | 2,432 NS | May 31, 2026 | N-PORT |
| SAA · ProShares Trust | 0.08% | 2,357 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.07% | 674,818 NS | May 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.06% | 73,970 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.06% | 85,794 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.05% | 9,333 NS | May 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.05% | 23,267 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 944,622 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.04% | 40,660 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.03% | 7,299 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.02% | 44,883 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 7,387 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 7,845 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 185 NS | May 31, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 7,313 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 114,565 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | — | — | July 15, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| IJR · iShares Trust | — | — | Aug. 10, 2026 | Daily |
| IJS · iShares Trust | — | — | Aug. 12, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |