LOB Live Oak Bancshares, Inc. Common Stock
About Live Oak Bancshares, Inc. Common Stock Company overview from Wikipedia
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc., is an American bank. Headquartered in Wilmington, North Carolina, it serves small business owners in all 50 states and was the leading SBA 7(a) lender by dollar volume in 2022.
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Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc., is an American bank. Headquartered in Wilmington, North Carolina, it serves small business owners in all 50 states and was the leading SBA 7(a) lender by dollar volume in 2022.
History
Founded in 2008 by James S. (Chip) Mahan III, Live Oak initially focused on lending to niche industries such as veterinarians and dentists. Today, the bank lends to more than 35 specialized industries in all 50 states and has more than a dozen general lenders in markets across the country that directly serve small business owners. The bank specializes in SBA and USDA loans and offers business and personal deposit products on its branchless, digital platform.
In 2017, Live Oak Bank established an office in Washington, D.C. to handle the company’s loans in the fields of renewable energy and government contracting. Live Oak also announced a joint venture with the payment technology company First Data in October 2017, which became the joint company Apiture. In December 2017, Live Oak announced the opening of a lending segment in the automobile industry.
Scott Custer served as the company’s president from April 2017 to September 2018, when he resigned from his position to work on a community bank startup.
In 2018, Live Oak Bank signed its first partnership with cloud-based core banking software company Finxact. By 2020, Live Oak was using the Finxact platform for its loan origination processes. By 2021, the company had switched its retail and commercial deposit accounts to Finxact.
Live Oak entered the venture banking industry in 2019. Huntley Garriott was appointed president of Live Oak Bank in September 2019 after he left his position as a partner at Goldman Sachs & Co.
Live Oak Bank established a satellite office at the N.C. State University Centennial Campus in Raleigh, North Carolina in 2020. The new office was established to house Live Oak Labs, the company’s technology unit.
In 2021, Live Oak Bank became the official sponsor for the Live Oak Band Pavilion, an amphitheater and live concert venue in Wilmington, North Carolina previously known as the Riverfront Park Amphitheater. In the same year, Live Oak announced plans to build a small business center named Channel in downtown Wilmington. Live Oak hired Kevin Doyle as its VP of small business lending in 2021. On June 7, 2021, former Ally Financial chief digital officer Renato Derraik also joined Live Oak as its chief information and digital officer. Former First Horizon Bank CFO William "B.J." Losch also joined Live Oak as its CFO.
Live Oak Bank established offices in Dallas in 2022. In 2022, Live Oak Bank also launched Tidal Small Business Checking, its first small business checking product. In December 2022, Live Oak Bank transferred stock from Nasdaq and began trading on the NYSE under its current ticker symbol, LOB.
Live Oak Ventures, the investing arm of Live Oak Bancshares, has made investments in various companies that align with its investment thesis including Pharmacy Marketplace, Finxact, Asset Class, Uplinq and more.
As of 2023, Live Oak Bank was the fourth-largest state chartered bank in North Carolina and had approved more SBA-sponsored loans than any other bank within the previous six years. In 2023, the company also received a new four-story office in Wilmington constructed by contractors Swinerton and Monteith.
In August 2023, “BJ” Losch, the company’s chief financial officer became the president replacing Huntley Garriott.
Live Oak currently operates as a branchless bank, only doing business with clients online. In addition to its main headquarters in Wilmington and its offices in Dallas, Raleigh, Charlotte, and California.
Live Oak timeline
2008 - Live Oak Bank founded
2011 – nCino created by Live Oak’s founders
2012 - $1.2 billion originated
2013 – Live Oak Ventures formed
2014 – nCino spun out to shareholders
2014-17 – Live Oak was awarded “Best Bank to Work For” by American Banker
2015 – Live Oak Bank files for its initial public offering (Nasdaq: LOB).
2015 – Launch of Digital Bank
2017-2020 – Named the number one SBA 7(a) lender in the country
2017 – Apiture was founded in a joint venture with First Data and is part of Live Oak’s fintech ecosystem.
2018 – Business model shifts to holding loans
2019 – Live Oak is named the highest dollar volume USDA lender in the country
2019 - $10.95 billion originated
2020 – Canapi Venture launches $545 million fintech investment fund
2020 – Live Oak Bank goes live on Finxact core
Subsidiaries
nCino
Live Oak spun its banking software division out into a separate entity named nCino in 2012. nCino develops software such as nCino IQ, an artificial intelligence and machine learning platform that automates and improves functions in the company’s bank operating system.
Apiture
Apiture is an open API banking platform founded in 2017 as a joint venture between First Data Corporation and Live Oak Bank with offices in Wilmington, North Carolina, and Austin, Texas.
Live Oak Private Wealth
Live Oak Private Wealth, an SEC‐registered investment advisory firm, launched in 2018 under Live Oak Bancshares and is based in Wilmington, N.C. Live Oak Private Wealth offers a full spectrum of financial services including investment and wealth advisory services, wealth analytics and solutions, portfolio development, business, estate, retirement and financial planning, technical insights and cash management. Live Oak Private Wealth acquired Jolly Asset Management in 2020.
Canapi Ventures
Canapi Ventures (previously known as Live Oak Ventures) is a venture capital firm investing in early to growth‐stage fintech companies. It launched its $650 million fintech fund in 2020 to support innovation in financial services. Canapi Ventures is advised by Canapi Advisors, LLC, a wholly owned subsidiary of Live Oak Bancshares, Inc. and CenterHarbor Advisors, an indirect subsidiary of CenterHarbor Holding Company, owned and controlled by Gene Ludwig, former Comptroller of the Currency and the Co‐Founder of Promontory Interfinancial Network. Ludwig and Chip Mahan, Live Oak Bancshares Chairman and CEO, are co-managing partners. The team includes several other financial services and venture capital veterans including Live Oak Bancshares President Neil Underwood, and partners Walker Forehand, Dan Beldy and Jeff Reitman, as well as Senior Advisors Jeffrey Goldstein and Jim Hale. Canapi has offices in Wilmington, N.C., Washington, D.C. and New York City.
Legal issues
A class-action lawsuit was filed in March 2021 alleging that Live Oak Bank, nCino, and Apiture conspired to avoid hiring each other's employees. Previously, Live Oak Bank disclosed receiving a letter in December 2020 from a law firm representing an individual alleging violations of antitrust laws. In March 2022, Live Oak Bank reached a $4.65 million settlement agreement along with Apiture, to be distributed among approximately 1,911 employees who have worked at the three companies since 2017.
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
LOB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
LOB Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| June 2, 2026 | $0.0300 |
| March 5, 2026 | $0.0300 |
| Dec. 2, 2025 | $0.0300 |
| Sept. 2, 2025 | $0.0300 |
| June 3, 2025 | $0.0300 |
| Feb. 25, 2025 | $0.0300 |
| Dec. 2, 2024 | $0.0300 |
| Sept. 3, 2024 | $0.0300 |
| June 4, 2024 | $0.0300 |
| Feb. 26, 2024 | $0.0300 |
| Nov. 27, 2023 | $0.0300 |
| Sept. 1, 2023 | $0.0300 |
| June 6, 2023 | $0.0300 |
| Feb. 27, 2023 | $0.0300 |
| Nov. 28, 2022 | $0.0300 |
| Sept. 2, 2022 | $0.0300 |
| May 27, 2022 | $0.0300 |
| Feb. 28, 2022 | $0.0300 |
| Nov. 26, 2021 | $0.0300 |
| Sept. 3, 2021 | $0.0300 |
LOB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 1 11.1%
- Buy 4 44.4%
- Hold 4 44.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-13Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.74 | $0.64 | 0.10% |
| March 31, 2026 | $0.60 | $0.51 | 0.09% |
| Dec. 31, 2025 | $0.95 | $0.96 | -0.01% |
| Sept. 30, 2025 | $0.55 | $0.60 | -0.05% |
| June 30, 2025 | $0.51 | $0.54 | -0.03% |
| March 31, 2025 | $0.21 | $0.35 | -0.14% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LOB | — | 15.4 | 18.3% | 18.3% | 9.4% | — |
| HTH | $2.02B | 12.9 | 7.8% | 12.9% | 7.6% | — |
| FCF | $1.73B | 11.5 | 9.4% | 29.1% | 9.9% | — |
| SRCE | — | 9.7 | 12.0% | 36.5% | 13.3% | — |
| CHCO | — | 13.3 | 3.2% | 175.7% | 16.6% | — |
| OCFC | $1.03B | 15.3 | 5.4% | 17.5% | 4.2% | — |
| NBHC | $1.44B | 13.3 | 2.9% | 232.6% | 8.0% | — |
| GABC | $1.47B | 12.8 | 37.8% | 23.1% | 10.1% | — |
| TFIN | $1.49B | 67.3 | 5.6% | 5.8% | 2.7% | — |
| HOPE | $1.41B | 22.4 | 5.0% | 12.3% | 2.7% | — |
| TCBK | $1.53B | 12.8 | 4.1% | 227.5% | 9.4% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Expense | · | · | $343M | $117M | $64M | $94M | $88M | $55M | $25M | $15M | $9M | $6M | |
| Interest Income | $908M | $812M | $688M | $444M | $361M | $288M | $228M | $163M | $103M | $57M | $34M | $21M | |
| Pretax Income | $143M | $89M | $83M | $210M | $211M | $47M | $23M | $46M | $98M | $17M | $34M | $17M | |
| Income Tax | $37M | $12M | $9M | $34M | $44M | $-12M | $5M | $-5M | $-2M | $3M | $14M | $7M | |
| Net Income | $106M | $77M | $74M | $176M | $167M | $60M | $18M | $51M | $100M | $14M | $21M | $10M | |
| EPS (Basic) | $2.25 | $1.72 | $1.67 | $4.02 | $3.87 | $1.46 | $0.45 | $1.28 | $2.75 | $0.40 | $0.66 | $0.42 | |
| EPS (Diluted) | $2.23 | $1.69 | $1.64 | $3.92 | $3.71 | $1.43 | $0.44 | $1.24 | $2.65 | $0.39 | $0.65 | $0.41 | |
| Shares (Basic) | 45,701,364 | 45,009,567 | 44,353,708 | 43,862,291 | 43,169,935 | 40,677,496 | 40,222,758 | 40,056,230 | 36,592,893 | 34,202,168 | 31,079,032 | 23,973,398 | |
| Shares (Diluted) | 46,042,790 | 45,820,321 | 45,094,879 | 44,906,310 | 45,071,304 | 41,771,250 | 41,053,514 | 41,446,750 | 37,859,535 | 35,086,959 | 31,973,146 | 24,424,181 |
Balance Sheet 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PP&E (Net) | $240M | $264M | $258M | $263M | $240M | $259M | $279M | $263M | $179M | $65M | $63M | $35M | |
| PP&E (Gross) | $374M | $382M | $355M | $360M | $318M | $316M | $325M | $290M | $195M | $74M | $67M | $38M | |
| Accum. Depreciation | $134M | $118M | $97M | $97M | $77M | $56M | $46M | $27M | $16M | $9M | $5M | $3M | |
| Goodwill | · | $2M | $2M | $2M | · | · | · | · | · | · | · | · | |
| Intangibles | · | · | · | · | · | · | · | · | $4M | · | · | · | |
| Total Assets | $15.13B | $12.94B | $11.27B | $9.86B | $8.21B | $7.87B | $4.81B | $3.67B | $2.76B | $1.76B | $1.05B | $673M | |
| Short-term Debt | · | · | · | · | · | · | · | $1M | $0 | $0 | $0 | $6M | |
| Total Liabilities | $13.88B | $11.94B | $10.37B | $9.04B | $7.50B | $7.30B | $4.28B | $3.18B | $2.32B | $1.53B | $853M | $582M | |
| Long-term Debt | · | · | · | · | · | · | · | $16.0K | $27M | $28M | $28M | $42M | |
| Total Debt | · | · | · | · | · | · | · | $1M | · | $0 | $0 | · | |
| Retained Earnings | $810M | $716M | $643M | $572M | $401M | $236M | $180M | $167M | $120M | $24M | $12M | $-7M | |
| AOCI | $-45M | $-82M | $-85M | $-92M | $2M | $22M | $12M | $-2M | $-1M | $-652.0K | $-192.0K | $85.0K | |
| Stockholders' Equity | $1.25B | $999M | $903M | $811M | $715M | $568M | $532M | $494M | $437M | $223M | $199M | $92M | |
| Liabilities + Equity | $15.13B | $12.94B | $11.27B | $9.86B | $8.21B | $7.87B | $4.81B | $3.67B | $2.76B | $1.76B | $1.05B | $673M |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $30M | $23M | $21M | $21M | $21M | $22M | $20M | $16M | $10M | $4M | $3M | $2M | |
| Deferred Tax | $-12M | $-11M | $-22M | $27M | $25M | $-17M | $1M | $-6M | $12M | $-4M | $936.0K | $4M | |
| Operating Cash Flow | $158M | $157M | $185M | $-301M | $-120M | $-261M | $-483M | $6M | $-288M | $-222M | $-335M | $-262M | |
| CapEx | $15M | $49M | $47M | $44M | $3M | $21M | $37M | $111M | $124M | $11M | $30M | $14M | |
| Investing Cash Flow | $-1.90B | $-1.70B | $-1.34B | $-1.02B | $-150M | $-2.62B | $-685M | $-845M | $-535M | $-320M | $60M | $18M | |
| Debt Issued | · | · | · | · | · | · | · | $18.0K | $17M | $0 | $13M | $35M | |
| Net Debt Issued | · | · | · | · | · | · | · | $-25M | · | $-532.0K | $-13M | · | |
| Stock Issued | · | · | · | · | · | · | · | $0 | $113M | $0 | $87M | $75M | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | $0 | · | $0 | $87M | · | |
| Dividends Paid | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $3M | $3M | $44M | |
| Financing Cash Flow | $2.00B | $1.57B | $1.32B | $1.53B | $155M | $2.98B | $1.07B | $863M | $880M | $677M | $348M | $236M | |
| Net Change in Cash | $256M | $26M | $166M | $213M | $-115M | $97M | $-98M | $24M | $57M | $135M | $73M | $-7M | |
| Taxes Paid | $27M | $39M | $5M | $25M | $20M | $11M | $-12M | $2M | $7M | · | · | · | |
| Free Cash Flow | $143M | $96M | $573M | $81M | $-123M | $-294M | $-531M | $-100M | · | $-233M | $-365M | · | |
| Levered FCF | · | · | $267M | $-17M | $-174M | $-412M | $-599M | $-161M | · | $-245M | $-370M | · |
Profitability 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 18.3% | 15.5% | 16.2% | 31.2% | 36.5% | 21.2% | 8.7% | 24.3% | · | 10.1% | 18.8% | · | |
| Pretax Margin | 24.7% | 17.9% | 18.1% | 37.2% | 46.1% | 16.9% | 11.3% | 21.7% | · | 12.6% | 31.3% | · | |
| ROA | 0.75% | · | 0.67% | 1.8% | 2.0% | 0.75% | 0.42% | 1.6% | · | 0.98% | 2.4% | · | |
| ROE | 9.4% | · | 8.4% | 21.9% | 23.8% | 10.3% | 3.4% | 10.6% | · | 6.3% | 14.2% | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | · | · | · | · | · | · | · | 0.0 | · | 0.0 | 0.0 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 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 | 18.3% | 8.7% | -20.5% | 23.7% | 62.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 0.72% | 2.2% | 17.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 15.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 31.9% | 3.0% | -58.2% | 5.7% | 159.4% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -17.1% | -23.1% | 4.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 9.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 36.6% | 4.8% | -58.1% | 5.5% | 180.5% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -15.6% | -22.6% | 7.5% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 12.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 2.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $578M | $489M | $449M | $565M | $457M | $281M | $204M | $204M | $251M | $136M | $110M | · | |
| Net Income TTM | $106M | $77M | $74M | $176M | $167M | $60M | $18M | $51M | $100M | $14M | $21M | · | |
| P/E | 15.4 | 23.4 | 27.7 | 7.7 | 23.5 | 33.2 | 43.2 | 11.9 | 9.0 | 47.4 | 21.8 | · | |
| Earnings Yield | 6.5% | 4.3% | 3.6% | 13.0% | 4.2% | 3.0% | 2.3% | 8.4% | 11.1% | 2.1% | 4.6% | · | |
| Payout Ratio | 5.2% | 7.0% | 7.2% | 3.0% | 3.1% | 8.2% | 26.8% | 9.3% | · | 19.9% | 13.2% | · | |
| Annual Payout | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $3M | $3M | · |
Income Statement 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Expense | · | · | · | · | · | · | · | · | · | $102M | · | $91M | $85M | $69M | · | $32M | |
| Interest Income | $242M | $234M | $240M | $231M | $224M | $213M | $213M | $209M | $198M | $192M | $187M | $181M | $170M | $151M | $137M | $116M | |
| Pretax Income | $46M | $40M | $62M | $37M | $31M | $13M | $13M | $18M | $36M | $22M | $17M | $43M | $19M | $4M | $717.0K | $44M | |
| Income Tax | $9M | $10M | $16M | $10M | $8M | $3M | $3M | $5M | $9M | $-5M | $1M | $3M | $1M | $3M | $-1M | $2M | |
| Net Income | $37M | $30M | $46M | $27M | $23M | $10M | $10M | $13M | $27M | $28M | $16M | $40M | $18M | $398.0K | $2M | $43M | |
| EPS (Basic) | $0.75 | $0.61 | $0.97 | $0.56 | $0.51 | $0.21 | $0.22 | $0.28 | $0.60 | $0.62 | $0.37 | $0.89 | $0.40 | $0.01 | $0.04 | $0.97 | |
| EPS (Diluted) | $0.74 | $0.60 | $0.96 | $0.55 | $0.51 | $0.21 | $0.22 | $0.28 | $0.59 | $0.60 | $0.36 | $0.88 | $0.39 | $0.01 | $0.04 | $0.96 | |
| Shares (Basic) | 46,265,757 | 46,138,609 | -91,092,136 | 45,780,794 | 45,634,741 | 45,377,965 | -89,801,165 | 45,073,482 | 44,974,942 | 44,762,308 | -88,539,919 | 44,408,997 | 44,327,474 | 44,157,156 | -87,579,279 | 43,914,920 | |
| Shares (Diluted) | 46,594,482 | 46,509,040 | -91,724,275 | 46,216,958 | 45,795,608 | 45,754,499 | -91,299,918 | 45,953,947 | 45,525,082 | 45,641,210 | -89,973,571 | 45,268,745 | 44,835,089 | 44,964,616 | -89,921,613 | 44,797,109 |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PP&E (Net) | $231M | $235M | $240M | $241M | $246M | $259M | $264M | $267M | $268M | $258M | · | $258M | $269M | $268M | · | $260M | |
| PP&E (Gross) | · | · | $374M | · | · | · | $382M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $134M | · | · | · | $118M | · | · | · | · | · | · | · | · | · | |
| Goodwill | · | · | · | · | · | · | $2M | · | · | · | $2M | · | · | · | · | · | |
| Total Assets | $16.04B | $15.30B | $15.13B | $14.67B | $13.83B | $13.60B | $12.94B | $12.61B | $11.87B | $11.51B | · | $10.95B | $10.82B | $10.36B | · | $9.31B | |
| Total Liabilities | $14.72B | $14.02B | $13.88B | $13.46B | $12.76B | $12.56B | $11.94B | $11.60B | $10.91B | $10.58B | · | $10.10B | $9.99B | $9.54B | · | $8.51B | |
| Retained Earnings | $870M | $836M | $810M | $771M | $746M | $724M | $716M | $707M | $695M | $669M | · | $628M | $589M | $573M | · | $572M | |
| AOCI | $-53M | $-47M | $-45M | $-52M | $-62M | $-68M | $-82M | $-61M | $-91M | $-91M | · | $-118M | $-98M | $-84M | · | $-95M | |
| Stockholders' Equity | $1.31B | $1.28B | $1.25B | $1.20B | $1.06B | $1.03B | $999M | $1.01B | $961M | $928M | · | $850M | $832M | $823M | · | $802M | |
| Liabilities + Equity | $16.04B | $15.30B | $15.13B | $14.67B | $13.83B | $13.60B | $12.94B | $12.61B | $11.87B | $11.51B | · | $10.95B | $10.82B | $10.36B | · | $9.31B |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $6M | $7M | $10M | $7M | $7M | $7M | $7M | $6M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | |
| Deferred Tax | $-7M | $-598.0K | $-16M | $4M | $166.0K | $-1M | $-2M | $-9M | $7M | $-7M | $-9M | $-3M | $-4M | $-6M | $10M | $-181.0K | |
| Operating Cash Flow | $31M | $87M | $80M | $-235M | $-89M | $-30M | $50M | $-68M | $-31M | $30M | $-265M | $155M | $136M | $158M | $-399M | $21M | |
| CapEx | $3M | $2M | $9M | $2M | $1M | $2M | $4M | $6M | $17M | $22M | $22M | $8M | $7M | $10M | $8M | $7M | |
| Investing Cash Flow | $-628M | $-273M | $-497M | $-322M | $-188M | $-465M | $-465M | $-570M | $-271M | $-218M | $47M | $-549M | $-245M | $-593M | $-114M | $-446M | |
| Dividends Paid | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Financing Cash Flow | $709M | $137M | $390M | $787M | $195M | $630M | $358M | $689M | $320M | $203M | $266M | $120M | $453M | $481M | $526M | $197M | |
| Net Change in Cash | $111M | $-49M | $-28M | $230M | $-82M | $135M | $-58M | $51M | $18M | $15M | $48M | $-273M | $345M | $47M | $13M | $-229M | |
| Taxes Paid | $63M | $291.0K | $10M | $9M | $7M | $172.0K | $12M | $4M | $21M | $2M | $4M | $-4M | $5M | $182.0K | $8M | $10M | |
| Free Cash Flow | · | $85M | · | · | · | $103M | · | · | · | $69M | · | · | · | $148M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-58M | · | · | · | $140M | · | · |
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 | 23.6% | 20.6% | · | 18.1% | 16.3% | 7.7% | · | 10.0% | 21.5% | 23.7% | · | 31.3% | 16.2% | 0.39% | · | 30.3% | |
| Pretax Margin | 29.3% | 27.6% | · | 25.0% | 21.7% | 10.4% | · | 13.7% | 28.7% | 19.0% | · | 33.6% | 17.5% | 3.6% | · | 31.4% | |
| ROA | 0.25% | 0.21% | · | 0.19% | 0.18% | 0.08% | · | 0.11% | 0.24% | 0.25% | · | 0.39% | 0.18% | 0.00% | · | 0.49% | |
| ROE | 3.1% | 2.6% | · | 2.4% | 2.3% | 0.99% | · | 1.4% | 3.0% | 3.1% | · | 4.8% | 2.2% | 0.05% | · | 5.8% |
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) 5
| 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 | $587M | $558M | · | $546M | $525M | $498M | · | $499M | $477M | $454M | · | $479M | $560M | $562M | · | $564M | |
| Net Income TTM | $117M | $90M | · | $73M | $73M | $77M | · | $107M | $112M | $85M | · | $101M | $158M | $175M | · | $208M | |
| P/E | 17.0 | 17.7 | · | 22.7 | 18.7 | 15.9 | · | 20.2 | 14.3 | 22.1 | · | 12.9 | 7.5 | 6.3 | · | 6.6 | |
| Earnings Yield | 5.9% | 5.7% | · | 4.4% | 5.3% | 6.3% | · | 5.0% | 7.0% | 4.5% | · | 7.7% | 13.4% | 16.0% | · | 15.2% | |
| Payout Ratio | · | 4.6% | · | · | · | 14.1% | · | · | · | 4.9% | · | · | · | 333.4% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | |
|---|---|---|---|---|---|
| Net Income | $106M | $77M | $74M | — | — |
| Diluted EPS | $2.23 | $1.69 | $1.64 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $143M | $96M | $573M | — | — |
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Institutional owners (13F) 253 filers · $812.2M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 40 (+12 vs prior Q) | 21 (-5 vs prior Q) | 79 (-2 vs prior Q) | 63 (-6 vs prior Q) | +2.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $67,579,173 | 1,654,730 | 8.32% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $61,924,435 | 1,516,269 | 7.62% | Shares |
| STATE STREET CORP | $55,875,998 | 1,367,619 | 6.88% | Shares |
| GILDER GAGNON HOWE & CO LLC | $45,900,484 | 1,123,910 | 5.65% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $40,712,171 | 996,870 | 5.01% | Shares |
| SOUTHERNSUN ASSET MANAGEMENT, LLC | $38,175,231 | 934,751 | 4.70% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $31,841,742 | 779,486 | 3.92% | Shares |
| AMERICAN CENTURY COMPANIES INC | $27,262,993 | 667,556 | 3.36% | Shares |
| ROYCE & ASSOCIATES LP | $26,386,356 | 646,091 | 3.25% | Shares |
| ALGERT GLOBAL LLC | $23,939,019 | 586,166 | 2.95% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $23,247,476 | 569,233 | 2.86% | Shares |
| LOOMIS SAYLES & CO L P | $22,821,188 | 558,795 | 2.81% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $22,651,589 | 554,642 | 2.79% | Shares |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | $19,681,858 | 481,926 | 2.42% | Shares |
| TWO SIGMA INVESTMENTS, LP | $17,163,500 | 420,262 | 2.11% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $12,222,187 | 299,270 | 1.50% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $11,563,152 | 283,133 | 1.42% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $11,036,561 | 270,239 | 1.36% | Shares |
| RAYMOND JAMES FINANCIAL INC | $11,020,135 | 269,837 | 1.36% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $10,179,329 | 249,249 | 1.25% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $9,684,259 | 237,127 | 1.19% | Shares |
| WHITTIER TRUST CO | $9,138,023 | 218,613 | 1.13% | Shares |
| D. E. Shaw & Co., Inc. | $8,900,547 | 217,937 | 1.10% | Shares |
| Diamond Hill Capital Management, LLC (Investment Advisor) | $7,322,367 | 179,294 | 0.90% | Shares |
| Trust Co of the South | $6,840,700 | 167,500 | 0.84% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $6,304,798 | 154,378 | 0.78% | Shares |
| RICE HALL JAMES & ASSOCIATES, LLC | $5,724,257 | 140,163 | 0.70% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $5,673,452 | 138,919 | 0.70% | Shares |
| Trexquant Investment LP | $5,211,388 | 127,605 | 0.64% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,188,559 | 127,046 | 0.64% | Shares |
| Apollon Wealth Management, LLC | $4,797,329 | 117,466 | 0.59% | Shares |
| WHITTIER TRUST CO OF NEVADA INC | $4,780,414 | 116,283 | 0.59% | Shares |
| BlackRock, Inc. | $4,647,837 | 113,806 | 0.57% | Shares |
| TWO SIGMA ADVISERS, LP | $3,902,160 | 113,600 | 0.48% | Shares |
| Lighthouse Investment Partners, LLC | $3,657,467 | 89,556 | 0.45% | Shares |
| AMERIPRISE FINANCIAL INC | $3,470,174 | 84,970 | 0.43% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $3,447,217 | 84,408 | 0.42% | Shares |
| FMR LLC | $3,340,875 | 81,804 | 0.41% | Shares |
| E. Ohman J:or Asset Management AB | $3,265,497 | 98,745 | 0.40% | Shares |
| GOLDMAN SACHS GROUP INC | $3,012,644 | 73,767 | 0.37% | Shares |
| TD Asset Management Inc | $2,996,267 | 73,366 | 0.37% | Shares |
| Man Group plc | $2,934,926 | 71,864 | 0.36% | Shares |
| Swiss National Bank | $2,932,312 | 71,800 | 0.36% | Shares |
| CITADEL ADVISORS LLC | $2,813,141 | 68,882 | 0.35% | Shares |
| Qube Research & Technologies Ltd | $2,703,077 | 66,187 | 0.33% | Shares |
| DARK FOREST CAPITAL MANAGEMENT LP | $2,692,173 | 65,920 | 0.33% | Shares |
| Riggs Asset Managment Co. Inc. | $2,661,951 | 65,180 | 0.33% | Shares |
| Pathfinder Wealth Consulting, Inc. | $2,595,439 | 78,483 | 0.32% | Shares |
| Bragg Financial Advisors, Inc | $2,425,978 | 59,402 | 0.30% | Shares |
| CHATHAM CAPITAL GROUP, INC. | $2,405,599 | 58,903 | 0.30% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $2,290,266 | 56,079 | 0.28% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $2,271,236 | 55,369 | 0.28% | Shares |
| DEUTSCHE BANK AG\ | $2,249,059 | 55,070 | 0.28% | Shares |
| FIRST TRUST ADVISORS LP | $2,222,687 | 54,424 | 0.27% | Shares |
| Cubist Systematic Strategies, LLC | $2,186,541 | 62,082 | 0.27% | Shares |
| Russell Investments Group, Ltd. | $2,186,532 | 53,539 | 0.27% | Shares |
| CenterBook Partners LP | $2,186,165 | 53,530 | 0.27% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $2,171,953 | 53,182 | 0.27% | Shares |
| UBS Group AG | $2,120,821 | 51,930 | 0.26% | Shares |
| Motley Fool Asset Management LLC | $2,064,094 | 50,541 | 0.25% | Shares |
| RHUMBLINE ADVISERS | $2,035,823 | 49,849 | 0.25% | Shares |
| FEDERATED HERMES, INC. | $2,006,918 | 49,141 | 0.25% | Shares |
| OPPENHEIMER ASSET MANAGEMENT INC. | $2,004,999 | 49,094 | 0.25% | Shares |
| Quantinno Capital Management LP | $1,832,900 | 44,880 | 0.23% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $1,783,279 | 43,665 | 0.22% | Shares |
| Bank of New York Mellon Corp | $1,655,613 | 40,539 | 0.20% | Shares |
| Walleye Capital LLC | $1,632,497 | 39,973 | 0.20% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,618,162 | 39,622 | 0.20% | Shares |
| MML INVESTORS SERVICES, LLC | $1,607,892 | 39,371 | 0.20% | Shares |
| Point72 Asset Management, L.P. | $1,577,077 | 38,616 | 0.19% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,540,731 | 46,590 | 0.19% | Shares |
| MORGAN STANLEY | $1,489,330 | 36,467 | 0.18% | Shares |
| STIFEL FINANCIAL CORP | $1,485,805 | 36,381 | 0.18% | Shares |
| Sovran Advisors, LLC | $1,474,817 | 34,362 | 0.18% | Shares |
| Homestead Advisers Corp | $1,392,644 | 34,100 | 0.17% | Shares |
| SALEM INVESTMENT COUNSELORS INC | $1,303,205 | 31,910 | 0.16% | Shares |
| PDT Partners, LLC | $1,266,898 | 31,021 | 0.16% | Shares |
| LPL Financial LLC | $1,223,780 | 29,965 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,200,451 | 29,394 | 0.15% | Shares |
| AlphaQuest LLC | $1,183,151 | 34,444 | 0.15% | Shares |
| Balyasny Asset Management L.P. | $1,140,865 | 27,935 | 0.14% | Shares |
| PINNACLE ASSOCIATES LTD | $1,122,528 | 27,486 | 0.14% | Shares |
| XTX Topco Ltd | $1,094,308 | 26,795 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,090,020 | 32,961 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,053,672 | 25,800 | 0.13% | Call option |
| Graham Capital Management, L.P. | $1,045,422 | 25,598 | 0.13% | Shares |
| LEVEL FOUR ADVISORY SERVICES, LLC | $1,020,808 | 24,995 | 0.13% | Shares |
| BLAIR WILLIAM & CO/IL | $1,003,703 | 24,576 | 0.12% | Shares |
| MILLENNIUM MANAGEMENT LLC | $935,685 | 22,911 | 0.12% | Shares |
| Squarepoint Ops LLC | $926,455 | 22,685 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $901,666 | 22,078 | 0.11% | Shares |
| MetLife Investment Management, LLC | $869,075 | 21,280 | 0.11% | Shares |
| one8zero8, LLC | $857,027 | 20,985 | 0.11% | Shares |
| Rafferty Asset Management, LLC | $818,760 | 20,048 | 0.10% | Shares |
| BARCLAYS PLC | $809,285 | 19,816 | 0.10% | Shares |
| LANARK FINANCIAL, INC. | $781,881 | 19,145 | 0.10% | Shares |
| Mariner, LLC | $686,560 | 16,811 | 0.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $686,439 | 16,808 | 0.08% | Shares |
| Cetera Investment Advisers | $664,782 | 16,278 | 0.08% | Shares |
| FRANKLIN RESOURCES INC | $653,032 | 15,990 | 0.08% | Shares |
Company insiders 31 insiders · 13 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Brett S. Caines | Chief Financial Officer | April 6, 2021 M | 322,406 | 0 | 0 | $0 |
| Huntley Garriott | President, Live Oak Bank | Feb. 23, 2023 M | 442,033 | 0 | 0 | $0 |
| Neil Lawrence Underwood | President | Dec. 3, 2021 G | 50,000 | 0 | 0 | $0 |
| Scott Custer | President, Live Oak Bank | Aug. 7, 2017 A | 80,000 | 0 | 0 | $0 |
| Gregory Bruce Thompson | Chief Operating Officer | Jan. 31, 2017 A | — | 0 | 0 | $0 |
| Mark Michael Moroz | Chief Banking Officer | July 28, 2026 S | 12,110 | 0 | 1 | $-256,688 |
| Stephanie Mann | Chief Strategy Officer | Feb. 23, 2023 M | 17,280 | 0 | 0 | $0 |
| Gregory W Seward | General Counsel | Feb. 23, 2023 M | 85,760 | 0 | 0 | $0 |
| Steve Smits | Chief Credit Officer | Feb. 23, 2023 M | 170,751 | 0 | 0 | $0 |
| John W. Sutherland | Chief Accounting Officer | Feb. 23, 2023 M | 76,269 | 0 | 0 | $0 |
| Susan N Janson | Chief Risk Off., Live Oak Bank | Feb. 22, 2022 M | 30,350 | 0 | 0 | $0 |
| Thomas A. Hill | Chief Information Officer | Nov. 19, 2018 A | 7,824 | 0 | 0 | $0 |
| William J. Holt | Chief Revenue Officer | Aug. 14, 2015 J | 70 | 0 | 0 | $0 |
| Jeffrey W Lunsford | Director | May 1, 2026 M | 12,640 | 0 | 0 | $0 |
| Casey S Crawford | Director | Aug. 22, 2023 F | 1,881 | 0 | 0 | $0 |
| Tonya Williams Bradford | Director | May 16, 2023 A | 4,845 | 0 | 0 | $0 |
| Glen F. Hoffsis | Director | May 16, 2023 A | 113,621 | 0 | 0 | $0 |
| Miltom Emmett Petty | Director | May 16, 2023 A | 101,941 | 0 | 0 | $0 |
| Diane Beth Glossman | Director | May 16, 2023 A | 67,031 | 0 | 0 | $0 |
| Yousef A. Valine | Director | May 16, 2023 A | — | 0 | 0 | $0 |
| LANDIS H K | Director | Nov. 5, 2020 M | 198,300 | 0 | 0 | $0 |
| David G Salyers | Director | May 12, 2020 A | 4,100 | 0 | 0 | $0 |
| Jerald L Pullins | Director | May 14, 2019 M | 248,590 | 0 | 0 | $0 |
| Don Jackson | Director | May 9, 2017 M | 90,010 | 0 | 0 | $0 |
| James S Mahan III | — | Aug. 13, 2026 S | 2,827,844 | 0 | 47 | $-11,887,733 |
| Renato Derraik | — | Aug. 10, 2026 M | 18,132 | 0 | 0 | $0 |
| William C Losch III | — | Aug. 10, 2026 M | 235,613 | 0 | 0 | $0 |
| Courtney Spencer | — | Aug. 4, 2026 S | 0 | 0 | 1 | $-6,727 |
| David G Lucht | — | Aug. 4, 2026 S | 13,623 | 0 | 2 | $-215,110 |
| William L. Williams III | — | Aug. 3, 2026 S | 1,114,126 | 0 | 4 | $-1,047,812 |
| William Henderson Cameron | — | May 19, 2026 A | 19,850 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 58 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 |
|---|---|---|---|---|
| TMFS · RBB Fund, Inc. | 3.44% | 53,601 NS | May 31, 2026 | N-PORT |
| DPST · Direxion Shares ETF Trust | 0.31% | 41,320 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.30% | 2,047 NS | April 30, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.13% | 6,442 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.13% | 41,874 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.09% | 67,091 NS | May 31, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.08% | 254 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.07% | 13,740 NS | April 30, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.07% | 15,377 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 35,764 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.05% | 178,615 SH | Aug. 8, 2026 | Daily |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.05% | 358,803 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.05% | 183,488 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.05% | 209,968 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.05% | 16,550 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.05% | 923,984 SH | Aug. 8, 2026 | Daily |
| PFF · iShares Trust | 0.05% | 254,046 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.05% | 161,701 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.04% | 3,001 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.04% | 15,305 NS | April 30, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 18,840 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.04% | 149,550 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 9,006 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.03% | 1,664 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.03% | 3,340 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 171,694 NS | May 31, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.03% | 1,002 NS | April 30, 2026 | N-PORT |
| DFSV · Dimensional ETF Trust | 0.03% | 52,561 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.03% | 4,290 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.02% | 1,540 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.02% | 5,269 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 409,807 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.02% | 243,423 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.02% | 58,559 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 1,302 NS | May 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.02% | 9,844 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 1,317 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 2,021 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 423,141 SH | Aug. 8, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.01% | 110,692 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 1,583 NS | May 31, 2026 | N-PORT |
| AVSU · AMERICAN CENTURY ETF TRUST | 0.01% | 836 NS | May 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.01% | 22,677 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.01% | 4,610 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 33 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.01% | 18,387 NS | May 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 2,942 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 11,248 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 60,358 SH | Aug. 8, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 12,829 NS | April 30, 2026 | N-PORT |