HPP Hudson Pacific Properties, Inc. Common Stock
$14.81
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$5–$22
58% of range
Analyst Rating
HOLD
17 analysts
Price Target
$17
+15% upside
P/E (TTM)
-1.2
ROE
-20.3%
Net Profit Margin
-71.3%
About Hudson Pacific Properties, Inc. Common Stock Company overview from Wikipedia
Hudson Pacific Properties is a real estate investment trust with 15.8 million square feet of office buildings, 1.5 million square feet of sound stages, and undeveloped rights for 3 million square feet of additional commercial property. Its properties are on the West Coast of the United States and Vancouver. It is organized in Maryland and headquartered in Los Angeles. It is the largest independent operator of sound stages in Los Angeles.
Read more
Hudson Pacific Properties is a real estate investment trust with 15.8 million square feet of office buildings, 1.5 million square feet of sound stages, and undeveloped rights for 3 million square feet of additional commercial property. Its properties are on the West Coast of the United States and Vancouver. It is organized in Maryland and headquartered in Los Angeles. It is the largest independent operator of sound stages in Los Angeles.
## History
The company was founded as Hudson Capital by Victor J. Coleman. In 2007, Hudson Capital purchased Sunset Gower Studios and in 2008 purchased Sunset Bronson Studios. Hudson Capital was reformed as Hudson Pacific Properties in 2009 and on June 29, 2010, the company became a public company via an initial public offering.
In December 2014, the company acquired 26 properties in Northern California from The Blackstone Group's EQ Office for $3.5 billion. This made Hudson Pacific the largest publicly traded owner-operator of office space in Silicon Valley. In 2017 the company bought Sunset Las Palmas Studios.
In March 2019, in a joint venture with funds managed by The Blackstone Group, the company acquired Bentall Centre, Vancouver.
In June 2020, funds managed by The Blackstone Group acquired a 49% stake in several properties owned by the company.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
HPP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$14.81
Market Cap
$803M
P/E (TTM)
-1.2
EPS (TTM)
$-12.81
Revenue (TTM)
$831M
Div Yield
0.04%
ROE
-20.3%
Debt/Equity
—
52W Range
$5 – $22
HPP 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
$831M
2016-12-31
→
2025-12-31
EPS
$-12.81
2016-12-31
→
2025-12-31
Free Cash Flow
—
Margins
-71.3%
2020-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
HPP
Peer Median
P/E (TTM)
-1.2
42.1
P/S (TTM)
1.0
2.0
P/B
0.3
0.9
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
HPP
Peer Median
Gross Margin
48.5%
60.1%
Net Profit Margin
-71.3%
-2.6%
ROA
-7.7%
-0.28%
ROE
-20.3%
-1.4%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
HPP
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
HPP
Peer Median
Revenue YoY
-1.3%
—
Revenue CAGR 3Y
-6.8%
—
Revenue CAGR 5Y
0.64%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
HPP
Peer Median
Payout Ratio
-0.06%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.04%
Payout Ratio
-0.06%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 17, 2024 | $0.3500 |
| March 15, 2024 | $0.3500 |
| June 16, 2023 | $0.8750 |
| March 17, 2023 | $1.7500 |
| Dec. 16, 2022 | $1.7500 |
| Sept. 16, 2022 | $1.7500 |
| June 16, 2022 | $1.7500 |
| March 18, 2022 | $1.7500 |
| Dec. 17, 2021 | $1.7500 |
| Sept. 17, 2021 | $1.7500 |
| June 17, 2021 | $1.7500 |
| March 18, 2021 | $1.7500 |
| Dec. 18, 2020 | $1.7500 |
| Sept. 17, 2020 | $1.7500 |
| June 18, 2020 | $1.7500 |
| March 19, 2020 | $1.7500 |
| Dec. 19, 2019 | $1.7500 |
| Sept. 19, 2019 | $1.7500 |
| June 14, 2019 | $1.7500 |
| March 15, 2019 | $1.7500 |
HPP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
17 analysts
- Strong Buy 2 11.8%
- Buy 5 29.4%
- Hold 8 47.1%
- Sell 2 11.8%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-19
Median
$16.00
Now
$14.81
Low
$9.00
High
$26.00
Median target
$16.00
+8.0%
Mean target
$17.00
+14.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.33%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.62 | $-0.70 | -0.92% |
| March 31, 2026 | $-0.82 | $-0.93 | 0.11% |
| Dec. 31, 2025 | $-5.41 | $-0.96 | -4.4% |
| Sept. 30, 2025 | $-0.91 | $-1.63 | 0.72% |
| June 30, 2025 | $-2.87 | $-2.02 | -0.85% |
| March 31, 2025 | $0.49 | $-2.90 | 3.4% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HPP | $587M | -0.8 | -1.3% | -71.3% | -20.3% | 48.5% |
| 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% | — |
| ESRT | — | 26.1 | 0.05% | 9.5% | 7.0% | — |
| 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 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $831M | $842M | $952M | $1.03B | $897M | $805M | $818M | $728M | $728M | $640M | · | |
| Gross Profit | $403M | $388M | $502M | $612M | $561M | $505M | $517M | $461M | · | · | · | |
| SG&A Expense | $73M | $79M | $75M | $80M | $71M | $78M | $72M | $61M | $54M | $52M | $39M | |
| Operating Expenses | $876M | $888M | $923M | $867M | $751M | $677M | $656M | $580M | $592M | $550M | $473M | |
| Operating Income | · | · | · | · | · | · | · | · | $137M | $89M | $47M | |
| Interest Expense | · | · | $214M | $150M | $122M | $114M | $105M | $83M | $90M | $76M | $51M | |
| Interest Income | $6M | $2M | $2M | $2M | $4M | $4M | $4M | $2M | $97.0K | $260.0K | $124.0K | |
| Other Non-op | $-2M | $2M | $-6.0K | $9M | $-3M | $548.0K | $78.0K | $822.0K | $3M | $2M | $-62.0K | |
| Pretax Income | $-593M | $-380M | $-164M | $-17M | $29M | · | · | · | · | · | · | |
| Income Tax | $-273.0K | $2M | $7M | $0 | $0 | $-1M | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-592M | $-381M | $-171M | $-17M | $29M | $16M | $56M | $112M | · | $27M | $-16M | |
| EPS (Basic) | $-12.81 | $-18.05 | $-9.54 | $-0.39 | $0.04 | $0.00 | $0.28 | $0.63 | $0.44 | $0.26 | $-0.19 | |
| EPS (Diluted) | $-12.81 | $-18.05 | $-9.54 | $-0.39 | $0.04 | $0.00 | $0.28 | $0.63 | $0.44 | $0.25 | $-0.19 | |
| Shares (Basic) | 44,682,601 | 20,170,390 | 20,136,155 | 143,732,433 | 151,618,282 | 153,126,027 | 154,404,427 | 155,445,247 | 153,488,730 | 106,188,902 | 85,927,216 | |
| Shares (Diluted) | 44,682,601 | 20,170,390 | 20,136,155 | 143,732,433 | 151,943,360 | 153,169,025 | 156,602,408 | 155,696,486 | 153,882,814 | 110,369,055 | 85,927,216 | |
| EBITDA | $375M | $354M | $398M | $373M | $344M | $300M | $282M | $251M | · | $358M | $292M |
Balance Sheet 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $138M | $63M | $100M | $256M | $97M | $114M | $46M | $54M | $79M | $83M | $54M | |
| Inventory | · | · | · | $5M | $2M | $0 | · | · | · | · | · | |
| PP&E (Net) | $72M | $127M | $119M | $130M | $58M | $8M | · | · | · | · | · | |
| PP&E (Gross) | $143M | $182M | $157M | $154M | $72M | $17M | · | · | · | · | · | |
| Accum. Depreciation | $70M | $55M | $38M | $24M | $13M | $9M | · | · | · | · | · | |
| Goodwill | $9M | $157M | $264M | $264M | $109M | $9M | $9M | $9M | $9M | $9M | $9M | |
| Intangibles | $307M | $328M | $327M | $394M | $341M | $286M | $285M | $280M | $239M | $289M | $313M | |
| Total Assets | $7.27B | $8.13B | $8.28B | $9.32B | $8.99B | $8.35B | $7.47B | $7.07B | $6.62B | $6.68B | $6.25B | |
| Total Liabilities | $4.06B | $4.95B | $4.72B | $5.43B | $4.65B | $4.24B | $3.62B | $3.12B | $2.70B | $2.97B | $2.51B | |
| Long-term Debt | · | · | · | · | · | · | · | $2.62B | $2.42B | $2.47B | $2.26B | |
| Common Stock | $529.0K | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $1M | $891.0K | |
| Paid-in Capital | $2.55B | $2.44B | $2.65B | $2.89B | $3.32B | $3.47B | $3.42B | $3.52B | $3.62B | $3.11B | $1.71B | |
| Retained Earnings | · | · | · | · | · | · | · | $0 | $0 | $-17M | $-45M | |
| AOCI | $-2M | $-8M | $-187.0K | $-11M | $-2M | $-8M | $-561.0K | $18M | $13M | $9M | $-1M | |
| Stockholders' Equity | $2.97B | $2.86B | $3.08B | $3.31B | $3.74B | $3.46B | $3.42B | $3.54B | $3.64B | $3.10B | $1.67B | |
| Liabilities + Equity | $7.27B | $8.13B | $8.28B | $9.32B | $8.99B | $8.35B | $7.47B | $7.07B | $6.62B | $6.68B | $6.25B | |
| Shares Outstanding | 54,227,096 | 20,182,702 | 20,147,803 | 20,150,613 | 151,124,543 | 151,401,365 | 154,691,052 | 154,371,538 | 155,602,508 | 136,492,235 | 89,153,780 |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $375M | $354M | $398M | $373M | $344M | $300M | $282M | $251M | $284M | $269M | $245M | |
| Stock-based Comp | $30M | $26M | $24M | $24M | $21M | $23M | $19M | $17M | $15M | $14M | $8M | |
| Deferred Tax | $-2M | $593.0K | $7M | $0 | $0 | · | · | · | · | · | · | |
| Other Non-cash | $310M | $165M | $-25M | $-11M | $-79M | $-37M | · | · | · | $-91M | $-62M | |
| Operating Cash Flow | $121M | $165M | $232M | $370M | $315M | $302M | $288M | $215M | $293M | $227M | $176M | |
| Investing Cash Flow | $43M | $-251M | $468M | $-378M | $-754M | $-1.01B | $-316M | $-392M | $-333M | $-525M | $-1.80B | |
| Stock Issued | $523M | $0 | $0 | $0 | $45M | $0 | $0 | $0 | $647M | $1.45B | $381M | |
| Stock Repurchased | $0 | $0 | $1M | $37M | $46M | $80M | $0 | $50M | $0 | $0 | $5M | |
| Net Stock Activity | $523M | $0 | $-1M | $-37M | $-1M | $-80M | $0 | $-50M | · | $1.45B | $380M | |
| Dividends Paid | $351.0K | $15M | $55M | $145M | $155M | $155M | $158M | $157M | $159M | $118M | $76M | |
| Financing Cash Flow | $-101M | $66M | $-867M | $97M | $487M | $796M | $18M | $145M | $33M | $335M | $1.66B | |
| Net Change in Cash | · | · | $-167M | $89M | $47M | $91M | $-10M | $-33M | $-7M | $37M | $37M |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.5% | 46.1% | 52.7% | 59.7% | 62.5% | 62.8% | · | · | · | · | · | |
| Net Margin | -71.3% | -45.3% | -17.9% | -1.6% | 3.2% | 2.0% | · | · | · | · | · | |
| Pretax Margin | -71.3% | -45.1% | -17.2% | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 45.1% | 42.1% | 41.8% | 36.4% | 38.3% | 37.2% | 34.5% | 34.5% | · | · | · | |
| ROA | -7.7% | -4.7% | -1.9% | -0.18% | 0.33% | 0.21% | · | · | · | 0.42% | -0.38% | |
| ROE | -20.3% | -12.9% | -5.3% | -0.47% | 0.81% | 0.48% | · | · | · | 1.1% | -1.1% |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | · | · | · | · | · | · | · | 1.2 | 0.9 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -1.3% | -11.6% | -7.2% | 14.4% | 11.4% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -6.8% | -2.1% | 5.8% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 0.64% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | · | · | 76.6% | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -70.4% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $831M | $842M | $952M | $1.03B | $897M | $805M | $818M | $728M | · | $640M | · | |
| Net Income TTM | $-592M | $-381M | $-171M | $-17M | $29M | $16M | $56M | $112M | · | $27M | $-16M | |
| Market Cap | $587M | $3.00B | $9.19B | $9.61B | $26.14B | $25.46B | $40.77B | $31.40B | · | $33.23B | $17.56B | |
| P/E | -0.8 | -1.2 | -6.8 | -174.6 | 4324.2 | · | 941.2 | 322.9 | · | 973.8 | -1036.7 | |
| P/S | 0.7 | 3.6 | 9.7 | 9.4 | 29.1 | 31.6 | 49.8 | 43.1 | · | 52.0 | · | |
| P/B | 0.2 | 1.0 | 3.0 | 2.9 | 7.0 | 7.4 | 11.9 | 8.9 | · | 10.7 | 10.5 | |
| P / Tangible Book | 0.2 | 1.3 | 3.7 | 3.6 | 7.9 | 8.0 | · | · | · | · | · | |
| P / Cash Flow | 4.9 | 18.2 | 39.6 | 26.0 | 83.0 | 84.3 | 141.6 | 146.3 | · | 151.3 | 100.4 | |
| Dividend Yield | 0.06% | 0.51% | 0.60% | 1.5% | 0.59% | 0.61% | 0.39% | 0.50% | · | 0.35% | 0.43% | |
| Earnings Yield | -118.3% | -85.1% | -14.6% | -0.57% | 0.02% | 0.00% | 0.11% | 0.31% | · | 0.10% | -0.10% | |
| Payout Ratio | -0.06% | -4.0% | -32.2% | -880.5% | 532.8% | 943.4% | · | · | · | 432.9% | -462.7% | |
| Annual Payout | $351.0K | $15M | $55M | $145M | $155M | $155M | $158M | $157M | · | $118M | $76M |
Income Statement 15
| 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 | $188M | $182M | $256M | $187M | $190M | $198M | $210M | $200M | $218M | $214M | $223M | $231M | $245M | $252M | $270M | $260M | |
| Gross Profit | $85M | $80M | $154M | $83M | $82M | $85M | $94M | $86M | $105M | $104M | $108M | $119M | $134M | $141M | $153M | $155M | |
| SG&A Expense | $12M | $13M | $13M | $14M | $28M | $18M | $19M | $20M | $21M | $20M | $20M | $18M | $19M | $19M | $17M | $20M | |
| Operating Expenses | $198M | $195M | $209M | $212M | $231M | $225M | $225M | $221M | $221M | $222M | $239M | $228M | $229M | $227M | $231M | $218M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $44M | · | $54M | $55M | $54M | · | $37M | |
| Interest Income | $566.0K | $2M | $1M | $2M | $2M | $435.0K | $492.0K | $542.0K | $579.0K | $854.0K | $775.0K | $800.0K | $236.0K | $371.0K | $314.0K | $196.0K | |
| Other Non-op | $-5M | $158.0K | $-2M | $601.0K | $-93.0K | $8.0K | $198.0K | $-28.0K | $1M | $143.0K | $-5M | $5.0K | $138.0K | $5M | $7M | $1M | |
| Pretax Income | $-104M | $-51M | $-281M | $-144M | $-87M | $-80M | $-175M | $-105M | $-47M | $-53M | $-88M | $-36M | $-25M | $-15M | $-3M | $-8M | |
| Income Tax | $394.0K | $348.0K | $-945.0K | $24.0K | $454.0K | $194.0K | $-1M | $2M | $510.0K | $0 | $919.0K | $-425.0K | $6M | $0 | $3M | $-1M | |
| Net Income | $-105M | $-51M | $-280M | $-144M | $-88M | $-80M | $-173M | $-107M | $-48M | $-53M | $-89M | $-36M | $-31M | $-15M | $-6M | $-7M | |
| EPS (Basic) | $-1.62 | $-0.82 | $-11.57 | $-0.30 | $-2.87 | $-3.70 | $-16.66 | $-0.69 | $-0.33 | $-0.37 | $-8.87 | $-0.27 | $-0.26 | $-0.14 | $-0.09 | $-0.12 | |
| EPS (Diluted) | $-1.62 | $-0.82 | $-11.57 | $-0.30 | $-2.87 | $-3.70 | $-16.66 | $-0.69 | $-0.33 | $-0.37 | $-8.87 | $-0.27 | $-0.26 | $-0.14 | $-0.09 | $-0.12 | |
| Shares (Basic) | 64,475,383 | 64,462,033 | -750,401,206 | 451,031,299 | 28,952,286 | 20,198,072 | -403,365,758 | 141,232,361 | 141,181,450 | 141,122,337 | -402,736,315 | 140,937,702 | 140,909,747 | 141,025,021 | -290,389,453 | 141,117,194 | |
| Shares (Diluted) | 64,475,383 | 64,462,033 | -750,401,206 | 451,031,299 | 28,952,286 | 20,198,072 | -403,365,758 | 141,232,361 | 141,181,450 | 141,122,337 | -402,736,315 | 140,937,702 | 140,909,747 | 141,025,021 | -290,389,453 | 141,117,194 | |
| EBITDA | $82M | $81M | · | $94M | $95M | $93M | · | $87M | $87M | $92M | · | $99M | $99M | $97M | · | $93M |
Balance Sheet 15
| 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 | $81M | $138M | $138M | $190M | $236M | $86M | $63M | $91M | $78M | $114M | $100M | $75M | $109M | $163M | $256M | $162M | |
| Inventory | · | · | · | · | · | · | · | · | · | · | · | $6M | $6M | $5M | · | $5M | |
| PP&E (Net) | $68M | $73M | $72M | $132M | $129M | $128M | $127M | $123M | $121M | $120M | · | $116M | $120M | $124M | · | $129M | |
| PP&E (Gross) | $142M | $145M | $143M | $199M | $194M | $188M | $182M | $176M | $168M | $162M | · | $158M | $156M | $154M | · | $151M | |
| Accum. Depreciation | $74M | $72M | $70M | $68M | $64M | $60M | $55M | $53M | $47M | $42M | · | $42M | $36M | $30M | · | $22M | |
| Goodwill | $9M | $9M | $9M | $157M | $157M | $157M | $157M | $264M | $264M | $264M | · | $264M | $264M | $264M | · | $261M | |
| Intangibles | $389M | $308M | $307M | $362M | $351M | $318M | $328M | $324M | $329M | $319M | · | $360M | $372M | $382M | · | $405M | |
| Total Assets | $7.17B | $7.23B | $7.27B | $7.80B | $8.13B | $8.00B | $8.13B | $8.32B | $8.35B | $8.25B | · | $8.99B | $9.11B | $9.12B | · | $9.32B | |
| Total Liabilities | $4.13B | $4.08B | $4.06B | $4.31B | $4.44B | $4.90B | $4.95B | $4.97B | $4.90B | $4.80B | · | $5.26B | $5.33B | $5.29B | · | $5.39B | |
| Common Stock | $529.0K | $529.0K | $529.0K | $4M | $4M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Paid-in Capital | $2.39B | $2.50B | $2.55B | $2.82B | $2.94B | $2.36B | $2.44B | $2.60B | $2.70B | $2.75B | · | $2.75B | $2.78B | $2.84B | · | $2.94B | |
| AOCI | $-2M | $-4M | $-2M | $-3M | $2M | $-7M | $-8M | $-2M | $3M | $3M | · | $4M | $6M | $-8M | · | $-17M | |
| Stockholders' Equity | $2.81B | $2.92B | $2.97B | $3.25B | $3.37B | $2.78B | $2.86B | $3.03B | $3.13B | $3.18B | · | $3.18B | $3.22B | $3.25B | · | $3.34B | |
| Liabilities + Equity | $7.17B | $7.23B | $7.27B | $7.80B | $8.13B | $8.00B | $8.13B | $8.32B | $8.35B | $8.25B | · | $8.99B | $9.11B | $9.12B | · | $9.32B | |
| Shares Outstanding | 54,267,530 | 54,242,024 | 54,227,096 | 379,433,295 | 379,150,864 | 141,392,410 | 20,182,702 | 141,232,361 | 141,232,361 | 141,144,592 | 20,147,803 | 140,937,702 | 140,937,702 | 140,888,769 | 141,054,478 | 140,923,320 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $82M | $81M | $93M | $94M | $95M | $93M | $89M | $87M | $87M | $92M | $103M | $99M | $99M | $97M | $97M | $93M | |
| Stock-based Comp | $1M | $2M | $4M | $4M | $18M | $5M | $7M | $6M | $7M | $7M | $7M | $6M | $6M | $5M | $6M | $6M | |
| Deferred Tax | $0 | $0 | $-2M | $9.0K | $-12.0K | $-7.0K | $-2M | $2M | $479.0K | $-8.0K | $6M | $-367.0K | $916.0K | $0 | $1M | $127.0K | |
| Other Non-cash | · | $13M | · | · | · | $13M | · | · | · | $20M | · | · | · | $5M | · | · | |
| Operating Cash Flow | $-8M | $44M | $59M | $33M | $-2M | $31M | $162.0K | $64M | $36M | $65M | $9M | $71M | $59M | $93M | $41M | $138M | |
| Investing Cash Flow | $-40M | $-34M | $107M | $-56M | $-24M | $16M | $-55M | $-75M | $-50M | $-71M | $592M | $-31M | $-104M | $10M | $-43M | $-231M | |
| Stock Issued | · | · | $0 | $0 | · | · | $0 | $0 | · | · | · | · | · | · | · | $0 | |
| Stock Repurchased | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1M | $0 | $3M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $-1M | · | · | |
| Dividends Paid | $-4.0K | $557.0K | $-2.0K | $0 | $0 | $353.0K | $0 | $0 | $8M | $8M | $0 | $0 | $18M | $37M | $36M | $36M | |
| Financing Cash Flow | $-9M | $-10M | $-219M | $-30M | $159M | $-12M | $40M | $25M | $-20M | $21M | $-577M | $-74M | $-10M | $-206M | $83M | $-19M | |
| Net Change in Cash | · | · | · | $-53M | $133M | $35M | · | $14M | $-34M | $14M | · | $-34M | $-55M | $-103M | · | $-111M |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.9% | 44.2% | · | 44.3% | 43.1% | 42.9% | · | 42.7% | 48.0% | 48.6% | · | 51.5% | 54.5% | 55.9% | · | 59.7% | |
| Net Margin | -55.6% | -28.0% | · | -77.2% | -46.2% | -40.5% | · | -53.4% | -21.8% | -24.9% | · | -15.4% | -12.8% | -5.9% | · | -2.6% | |
| Pretax Margin | -55.4% | -27.8% | · | -77.2% | -46.0% | -40.4% | · | -52.3% | -21.6% | -24.9% | · | -15.6% | -10.3% | · | · | · | |
| EBITDA Margin | 43.6% | 44.4% | · | 50.4% | 49.9% | 46.9% | · | 43.2% | 39.8% | 42.9% | · | 42.6% | 40.4% | 38.5% | · | 35.8% | |
| ROA | -1.4% | -0.67% | · | -1.8% | -1.1% | -0.99% | · | -1.2% | -0.54% | -0.61% | · | -0.39% | -0.35% | -0.16% | · | -0.07% | |
| ROE | -3.4% | -1.8% | · | -4.6% | -2.7% | -2.7% | · | -3.5% | -1.5% | -1.7% | · | -1.1% | -0.95% | -0.44% | · | -0.20% |
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) 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $747M | $757M | · | $775M | $807M | $831M | · | $864M | $909M | $943M | · | $989M | $1.01B | $1.01B | · | $984M | |
| Net Income TTM | $-387M | $-363M | · | $-419M | $-323M | $-288M | · | $-244M | $-168M | $-135M | · | $-89M | $-50M | $-26M | · | $-17M | |
| Market Cap | $824M | $321M | · | $7.33B | $7.27B | $2.92B | · | $4.73B | $4.76B | $6.37B | · | $6.56B | $4.16B | $6.56B | · | $10.80B | |
| P/E | -2.7 | -1.1 | · | -10.0 | -9.8 | -10.8 | · | -20.2 | -27.4 | -43.4 | · | -58.9 | -51.8 | -105.8 | · | -212.9 | |
| P/S | 1.1 | 0.4 | · | 9.5 | 9.0 | 3.5 | · | 5.5 | 5.2 | 6.8 | · | 6.6 | 4.1 | 6.5 | · | 11.0 | |
| P/B | 0.3 | 0.1 | · | 2.3 | 2.2 | 1.0 | · | 1.6 | 1.5 | 2.0 | · | 2.1 | 1.3 | 2.0 | · | 3.2 | |
| P / Tangible Book | 0.3 | 0.1 | · | 2.7 | 2.5 | 1.3 | · | 1.9 | 1.9 | 2.5 | · | 2.6 | 1.6 | 2.5 | · | 4.0 | |
| P / Cash Flow | · | 7.2 | · | · | · | 95.6 | · | · | · | 97.8 | · | · | · | 70.9 | · | · | |
| Dividend Yield | 0.11% | 0.28% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -36.9% | -88.5% | · | -10.0% | -10.2% | -9.3% | · | -5.0% | -3.6% | -2.3% | · | -1.7% | -1.9% | -0.95% | · | -0.47% | |
| Payout Ratio | · | -1.1% | · | 0.00% | 0.00% | -0.44% | · | · | · | -14.8% | · | · | · | -247.4% | · | · | |
| Annual Payout | $910.0K | $910.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
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 | $831M | $842M | $952M | $1.03B | $897M |
| Gross Margin % | 48.5% | 46.1% | 52.7% | 59.7% | 62.5% |
| Net Income | $-592M | $-381M | $-171M | $-17M | $29M |
| Diluted EPS | $-12.81 | $-18.05 | $-9.54 | $-0.39 | $0.04 |
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Institutional owners (13F) 216 filers · $602.5M 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 |
|---|---|---|---|---|
| 46 (+2 vs prior Q) | 32 (-8 vs prior Q) | 71 (-8 vs prior Q) | 56 (+16 vs prior Q) | +9.9M |
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 | $44,581,480 | 2,934,923 | 7.40% | Shares |
| Philosophy Capital Management LLC | $41,992,056 | 2,764,454 | 6.97% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $36,263,649 | 2,387,337 | 6.02% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $32,006,350 | 2,107,067 | 5.31% | Shares |
| VALUEWORKS LLC | $25,666,528 | 1,689,699 | 4.26% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $24,732,282 | 1,628,195 | 4.10% | Shares |
| STATE STREET CORP | $22,266,732 | 1,465,881 | 3.70% | Shares |
| Paloma Partners Management Co | $21,266,000 | 1,400,000 | 3.53% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $19,636,190 | 1,292,340 | 3.26% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $19,234,489 | 1,266,260 | 3.19% | Shares |
| D. E. Shaw & Co., Inc. | $19,095,774 | 1,257,128 | 3.17% | Shares |
| Balyasny Asset Management L.P. | $17,024,284 | 1,120,756 | 2.83% | Shares |
| Rubric Capital Management LP | $15,487,694 | 1,019,598 | 2.57% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,655,494 | 964,812 | 2.43% | Shares |
| AMERIPRISE FINANCIAL INC | $13,613,293 | 896,201 | 2.26% | Shares |
| FMR LLC | $13,082,038 | 861,227 | 2.17% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $11,274,437 | 742,228 | 1.87% | Shares |
| Allianz Asset Management GmbH | $9,960,372 | 655,719 | 1.65% | Shares |
| NEUBERGER BERMAN GROUP LLC | $9,609,923 | 632,648 | 1.59% | Shares |
| JANE STREET GROUP, LLC | $9,170,112 | 603,694 | 1.52% | Shares |
| Burkehill Global Management, LP | $8,679,991 | 571,428 | 1.44% | Shares |
| Blackstone Inc. | $8,239,694 | 542,442 | 1.37% | Shares |
| Alta Fundamental Advisers LLC | $8,041,434 | 529,390 | 1.33% | Shares |
| GRATIA CAPITAL, LLC | $7,595,000 | 500,000 | 1.26% | Call option |
| Purpose Unlimited Inc. | $7,406,659 | 487,601 | 1.23% | Shares |
| Saba Capital Management, L.P. | $7,238,263 | 476,515 | 1.20% | Shares |
| BlackRock, Inc. | $7,062,940 | 464,973 | 1.17% | Shares |
| Conversant Capital LLC | $6,957,020 | 458,000 | 1.15% | Shares |
| LANDMARK INVESTMENT PARTNERS, L.P. | $5,806,844 | 419,873 | 0.96% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,484,380 | 361,052 | 0.91% | Shares |
| GOLDMAN SACHS GROUP INC | $4,811,281 | 316,740 | 0.80% | Shares |
| Davis Selected Advisers | $4,788,435 | 315,236 | 0.79% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $4,779,139 | 314,624 | 0.79% | Shares |
| MORGAN STANLEY | $4,547,764 | 299,392 | 0.75% | Shares |
| Vanderbilt University | $4,118,996 | 271,165 | 0.68% | Shares |
| IEQ CAPITAL, LLC | $3,772,953 | 248,384 | 0.63% | Shares |
| Quantinno Capital Management LP | $3,391,578 | 223,277 | 0.56% | Shares |
| Caption Management, LLC | $3,047,114 | 200,600 | 0.51% | Call option |
| Divco West Real Estate Services, LLC | $2,905,801 | 191,297 | 0.48% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,541,591 | 167,320 | 0.42% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $2,396,390 | 157,761 | 0.40% | Shares |
| Philosophy Capital Management LLC | $2,205,805 | 10,165 | 0.37% | Call option |
| Parallax Volatility Advisers, L.P. | $2,166,808 | 142,647 | 0.36% | Shares |
| LANARK FINANCIAL, INC. | $2,145,131 | 141,220 | 0.36% | Shares |
| Engineers Gate Manager LP | $1,972,558 | 129,859 | 0.33% | Shares |
| MARSHALL WACE, LLP | $1,934,478 | 127,352 | 0.32% | Shares |
| Nuveen Asset Management, LLC | $1,930,928 | 637,270 | 0.32% | Shares |
| Mariner, LLC | $1,838,297 | 121,020 | 0.31% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,824,319 | 120,100 | 0.30% | Put option |
| Bank of New York Mellon Corp | $1,717,017 | 113,036 | 0.28% | Shares |
| HSBC HOLDINGS PLC | $1,601,609 | 103,664 | 0.27% | Shares |
| Marnell Management LLC | $1,552,205 | 102,186 | 0.26% | Shares |
| Militia Capital Management LLC | $1,550,793 | 102,093 | 0.26% | Shares |
| Verition Fund Management LLC | $1,519,000 | 100,000 | 0.25% | Call option |
| BARCLAYS PLC | $1,507,471 | 99,241 | 0.25% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,408,721 | 92,740 | 0.23% | Shares |
| JANE STREET GROUP, LLC | $1,341,429 | 88,310 | 0.22% | Call option |
| Ducere Wealth Management LLC | $1,322,487 | 87,063 | 0.22% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $1,283,099 | 84,470 | 0.21% | Shares |
| CITADEL ADVISORS LLC | $1,196,699 | 78,782 | 0.20% | Call option |
| RHUMBLINE ADVISERS | $1,163,963 | 76,611 | 0.19% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $1,109,304 | 73,029 | 0.18% | Shares |
| WINTON GROUP Ltd | $1,091,629 | 71,865 | 0.18% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $1,077,841 | 71,004 | 0.18% | Shares |
| UBS Group AG | $1,063,300 | 70,000 | 0.18% | Put option |
| MERCER GLOBAL ADVISORS INC /ADV | $1,063,254 | 69,997 | 0.18% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $986,408 | 64,938 | 0.16% | Shares |
| CastleKnight Management LP | $966,084 | 63,600 | 0.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $906,843 | 59,700 | 0.15% | Call option |
| WHITEBOX ADVISORS LLC | $897,425 | 59,080 | 0.15% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $862,822 | 56,802 | 0.14% | Shares |
| Arax Advisory Partners | $828,310 | 54,530 | 0.14% | Shares |
| CITIGROUP INC | $807,242 | 53,143 | 0.13% | Shares |
| Howard Capital Management Group, LLC | $798,888 | 52,593 | 0.13% | Shares |
| Knights of Columbus Asset Advisors LLC | $739,525 | 48,685 | 0.12% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $717,606 | 47,242 | 0.12% | Shares |
| MACROVIEW INVESTMENT MANAGEMENT LLC | $691,753 | 45,540 | 0.11% | Shares |
| HANOVER ADVISORS INC | $592,942 | 39,035 | 0.10% | Shares |
| CITADEL ADVISORS LLC | $566,131 | 37,270 | 0.09% | Put option |
| Connor, Clark & Lunn Investment Management Ltd. | $536,283 | 35,305 | 0.09% | Shares |
| STEINBERGANNA WEALTH MANAGEMENT | $527,397 | 34,720 | 0.09% | Shares |
| XTX Topco Ltd | $504,551 | 33,216 | 0.08% | Shares |
| Inspire Investing, LLC | $501,209 | 84,807 | 0.08% | Shares |
| MetLife Investment Management, LLC | $499,326 | 32,872 | 0.08% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $486,653 | 82,344 | 0.08% | Shares |
| Creative Planning | $472,819 | 31,127 | 0.08% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $454,591 | 29,927 | 0.08% | Shares |
| Caprock Group, LLC | $443,882 | 29,222 | 0.07% | Shares |
| Inscription Capital, LLC | $425,593 | 28,018 | 0.07% | Shares |
| Asset Management One Co., Ltd. | $423,800 | 71,709 | 0.07% | Shares |
| Quantbot Technologies LP | $413,320 | 27,210 | 0.07% | Shares |
| UBS Group AG | $407,092 | 26,800 | 0.07% | Call option |
| DAYMARK WEALTH PARTNERS, LLC | $396,110 | 26,077 | 0.07% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $393,421 | 25,900 | 0.07% | Shares |
| ALGERT GLOBAL LLC | $384,717 | 25,327 | 0.06% | Shares |
| Resona Asset Management Co.,Ltd. | $376,445 | 24,439 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $374,844 | 24,677 | 0.06% | Shares |
| Focus Partners Wealth | $359,547 | 23,670 | 0.06% | Shares |
| Pallas Capital Advisors LLC | $341,122 | 22,457 | 0.06% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $332,585 | 21,895 | 0.06% | Shares |
Company insiders 20 insiders · 8 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Victor J Coleman | Chief Executive Officer | March 12, 2015 F | 651,746 | 0 | 0 | $0 |
| Mark T Lammas | Chief Financial Officer | March 12, 2015 F | 163,519 | 0 | 0 | $0 |
| Howard Steven Stern | President | Dec. 29, 2013 F | 98,429 | 0 | 0 | $0 |
| Harout Krikor Diramerian | Chief Accounting Officer | Aug. 18, 2015 S | 27,094 | 0 | 0 | $0 |
| Alex Vouvalides | Chief Investment Officer | June 29, 2015 F | 67,373 | 0 | 0 | $0 |
| Kay Lee Tidwell | Executive VP, General Counsel | June 29, 2015 F | 35,207 | 0 | 0 | $0 |
| Sanford Dale Shimoda | EVP, Finance | March 12, 2015 F | 62,056 | 0 | 0 | $0 |
| Christopher James Barton | EVP,Operations and Development | March 12, 2015 F | 82,613 | 0 | 0 | $0 |
| Mark David Linehan | Director | Oct. 6, 2015 A | 37,203 | 0 | 0 | $0 |
| Barry Alan Porter | Director | Oct. 6, 2015 A | 59,278 | 0 | 0 | $0 |
| Jonathan M Glaser | Director | Oct. 6, 2015 A | 114,859 | 0 | 0 | $0 |
| Robert Matthew Moran Jr. | Director | May 20, 2015 A | 23,185 | 0 | 0 | $0 |
| Patrick Whitesell | Director | May 20, 2014 A | 11,713 | 0 | 0 | $0 |
| James Mark Burnett | Director | Jan. 20, 2011 A | 7,535 | 0 | 0 | $0 |
| Jon E Bortz | — | Aug. 11, 2026 P | 35,394 | 1 | 0 | $335,000 |
| Ritson T Ferguson | — | May 28, 2026 A | 26,459 | 1 | 0 | $95,520 |
| Ted R Antenucci | — | May 28, 2026 A | 43,870 | 0 | 0 | $0 |
| Barry A Sholem | — | May 28, 2026 A | 64,707 | 0 | 0 | $0 |
| Robert L Harris II | — | May 28, 2026 A | 32,416 | 0 | 0 | $0 |
| Fried, Richard B | — | Aug. 27, 2021 S | 7,798 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| HPP BREP V Holdco A LLC, HPP BREP V.TE.1 Holdco A LLC, HPP BREP V.TE.2 Holdco A LLC, HPP BREP V.F Holdco A LLC, HPP BRE Holdings V Holdco A LLC, HPP BREP VI Holdco A LLC, HPP BREP VI.TE.1 Holdco A LLC, HPP BREP VI.TE.2 Holdco A LLC, HPP BREP VI AV Holdco A LLC, HPP BREP (AIV) VI Holdco A LLC, HPP BRE Holdings VI Holdco A LLC, HPP BFREP VI SMD Holdco A LLC, Blackstone Real Estate Partners V L.P., Blackstone Real Estate Partners V.TE.1 L.P., Blackstone Real Estate Partners V.TE.2 L.P., Blackstone Real Estate Partners V.F L.P., Blackstone Real Estate Holdings V L.P., Blackstone Real Estate Partners VI L.P., Blackstone Real Estate Partners VI.TE.1 L.P., Blackstone Real Estate Partners VI.TE.2 L.P., Blackstone Real Estate Partners VI (AV) L.P., Blackstone Real Estate Partners (AIV) VI L.P., Blackstone Real Estate Holdings VI L.P., Blackstone Family Real Estate Partnership VI – SMD L.P., Nantucket Services L.L.C., Blackhawk Services II LLC, Blackstone Real Estate Associates VI L.P., Blackstone Real Estate Associates V L.P., BREP V Side-by-Side GP L.L.C., BREP VI Side-by-Side GP L.L.C., Blackstone Family GP L.L.C., Blackstone Holdings II L.P., BREA V L.L.C., Blackstone Holdings III L.P., BREA VI L.L.C., Blackstone Holdings I/II GP Inc., Blackstone Holdings III GP L.P., Blackstone Holdings III GP Management L.L.C., The Blackstone Group L.P., Blackstone Group Management L.L.C., Stephen A. Schwarzman ×5 filings | Jan. 12, 2017 | — | Initial filing | — | SEC |
| Farallon Capital Partners, L.P., Farallon Capital Institutional Partners, L.P., Farallon Capital Institutional Partners III, L.P., Farallon Partners, L.L.C., Michael B. Fisch, Richard B. Fried, Daniel J. Hirsch, David T. Kim, Monica R. Landry, Michael G. Linn, Rajiv A. Patel, Thomas G. Roberts, Jr., Andrew J. M. Spokes, John R. Warren, Mark C. Wehrly ×9 filings | April 14, 2015 | — | Initial filing | Passive investment | SEC |
| Blackstone Real Estate Partners V L.P., Blackstone Real Estate Partners V.TE.1 L.P., Blackstone Real Estate Partners V.TE.2 L.P., Blackstone Real Estate Partners V.F L.P., Blackstone Real Estate Holdings V L.P., Blackstone Real Estate Partners VI L.P., Blackstone Real Estate Partners VI.TE.1 L.P., Blackstone Real Estate Partners VI.TE.2 L.P., Blackstone Real Estate Partners VI (AV) L.P., Blackstone Real Estate Partners (AIV) VI L.P., Blackstone Real Estate Holdings VI L.P., Blackstone Family Real Estate Partnership VI – SMD L.P., Nantucket Services L.L.C., Blackhawk Services II LLC, Blackstone Real Estate Associates VI L.P., Blackstone Real Estate Associates V L.P., BREP V Side-by-Side GP L.L.C., BREP VI Side-by-Side GP L.L.C., Blackstone Family GP L.L.C., Blackstone Holdings II L.P., BREA V L.L.C., Blackstone Holdings III L.P., BREA VI L.L.C., Blackstone Holdings I/II GP Inc., Blackstone Holdings III GP L.P., Blackstone Holdings III GP Management L.L.C., The Blackstone Group L.P., Blackstone Group Management L.L.C., Stephen A. Schwarzman | April 13, 2015 | — | Initial filing | Passive investment | 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 35 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 |
|---|---|---|---|---|
| BLDG · Cambria ETF Trust | 2.00% | 111,009 NS | April 30, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.40% | 125,628 | Aug. 8, 2026 | Daily |
| PFF · iShares Trust | 0.12% | 1,058,276 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.08% | 69,515 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.08% | 587,691 NS | May 31, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.07% | 66,929 NS | May 31, 2026 | N-PORT |
| USRT · iShares Trust | 0.06% | 197,875 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.05% | 46,692 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.05% | 495,278 SH | Aug. 8, 2026 | Daily |
| SCHH · SCHWAB STRATEGIC TRUST | 0.05% | 381,026 NS | May 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.04% | 60,016 NS | April 30, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.04% | 2,009,800 SH | Aug. 8, 2026 | Daily |
| EBIT · Harbor ETF Trust | 0.03% | 425 NS | April 30, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.03% | 50,899 NS | April 30, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 0.03% | 45,733 NS | April 30, 2026 | N-PORT |
| VGSR · Manager Directed Portfolios | 0.02% | 18,047 NS | March 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 1,383,646 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.02% | 69,274 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 308,502 SH | Aug. 8, 2026 | Daily |
| DFGR · Dimensional ETF Trust | 0.02% | 67,733 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 2,501 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 23,332 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 257,762 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 623,028 SH | Aug. 8, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.01% | 69,624 | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.01% | 1,957 NS | May 31, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 7,877 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 1,978 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,295 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 51 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 76,962 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 14,386 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 22,706 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,710,339 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,216 SH | Aug. 8, 2026 | Daily |