LTC LTC Properties, Inc. Common Stock
$40.36
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$34–$43
72% of range
Analyst Rating
HOLD
12 analysts
Price Target
$42
+5% upside
P/E (TTM)
16.0
ROE
11.6%
Net Profit Margin
44.9%
LTC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$40.36
Market Cap
$1.96B
P/E (TTM)
16.0
EPS (TTM)
$2.52
Revenue (TTM)
$263M
Div Yield
5.5%
ROE
11.6%
Debt/Equity
—
52W Range
$34 – $43
LTC 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
$263M
2016-12-31
→
2025-12-31
EPS
$2.52
2016-12-31
→
2025-12-31
Free Cash Flow
—
Margins
44.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
LTC
Peer Median
P/E (TTM)
16.0
29.8
P/S (TTM)
7.4
6.3
P/B
1.8
1.7
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
LTC
Peer Median
Operating Margin
77.9%
—
Net Profit Margin
44.9%
15.7%
ROA
6.1%
2.6%
ROE
11.6%
4.6%
ROIC
19.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
LTC
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
LTC
Peer Median
Revenue YoY
25.3%
—
Revenue CAGR 3Y
14.5%
—
Revenue CAGR 5Y
10.5%
—
EPS YoY
23.5%
—
Net Income YoY
29.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
LTC
Peer Median
Payout Ratio
91.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
5.5%
Payout Ratio
91.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 23, 2026 | $0.1900 |
| June 22, 2026 | $0.1900 |
| May 21, 2026 | $0.1900 |
| April 22, 2026 | $0.1900 |
| March 23, 2026 | $0.1900 |
| Feb. 20, 2026 | $0.1900 |
| Jan. 22, 2026 | $0.1900 |
| Dec. 23, 2025 | $0.1900 |
| Nov. 20, 2025 | $0.1900 |
| Oct. 23, 2025 | $0.1900 |
| Sept. 22, 2025 | $0.1900 |
| Aug. 21, 2025 | $0.1900 |
| July 23, 2025 | $0.1900 |
| June 20, 2025 | $0.1900 |
| May 22, 2025 | $0.1900 |
| April 22, 2025 | $0.1900 |
| March 21, 2025 | $0.1900 |
| Feb. 20, 2025 | $0.1900 |
| Jan. 23, 2025 | $0.1900 |
| Dec. 23, 2024 | $0.1900 |
LTC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
12 analysts
- Strong Buy 1 8.3%
- Buy 3 25.0%
- Hold 8 66.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-18
Median
$41.00
Mean
$42.29
Now
$40.36
Low
$38.00
High
$47.00
Median target
$41.00
+1.6%
Mean target
$42.29
+4.8%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.56 | $0.50 | 0.06% |
| March 31, 2026 | $0.48 | $0.53 | -0.05% |
| Dec. 31, 2025 | $2.11 | $1.25 | 0.86% |
| Sept. 30, 2025 | $-0.44 | $0.31 | -0.75% |
| June 30, 2025 | $0.53 | $0.83 | -0.30% |
| March 31, 2025 | $0.45 | $0.46 | -0.01% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LTC | $1.67B | 13.6 | 25.3% | 44.9% | 11.6% | — |
| ARE | $8.35B | -5.8 | -2.9% | -47.2% | -8.6% | — |
| HR | $5.96B | -23.9 | -6.9% | -20.8% | -5.0% | — |
| SBRA | $4.77B | 29.6 | 10.2% | 20.1% | 5.6% | — |
| NHI | $3.69B | 25.3 | 12.1% | 37.9% | 9.8% | — |
| MPT | $2.99B | -10.9 | -2.4% | -28.5% | -5.9% | — |
| DHC | $1.17B | -4.1 | 2.8% | -18.6% | -16.2% | — |
| UHT | $544M | 30.9 | 0.18% | 17.8% | 10.6% | — |
| XRN | $447M | -37.1 | 6.8% | -4.6% | -1.3% | — |
| CHCT | $467M | 205.2 | 4.7% | 4.2% | 1.1% | — |
| WELL | $129.28B | 133.5 | 35.6% | 8.9% | 2.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $263M | $210M | $197M | $175M | $155M | $159M | $185M | $169M | $168M | $162M | $136M | $119M | |
| SG&A Expense | $31M | $27M | $24M | $24M | $21M | $20M | $18M | $19M | $18M | $17M | $15M | $12M | |
| Operating Expenses | $223M | $125M | $145M | $114M | $108M | $108M | $106M | $87M | $87M | $81M | $66M | $51M | |
| Operating Income | $205M | $199M | $185M | $99M | $55M | $96M | $82M | $152M | $85M | $84M | $71M | $68M | |
| Interest Expense | · | · | $47M | $31M | $27M | $30M | $31M | $30M | $30M | $26M | $17M | $13M | |
| Pretax Income | $39M | $84M | $53M | · | · | · | · | · | · | · | · | · | |
| Income Tax | $179.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $118M | $91M | $90M | $100M | $56M | $95M | $81M | $155M | $87M | $85M | $73M | $73M | |
| EPS (Basic) | $2.54 | $2.07 | $2.16 | $2.49 | $1.41 | $2.42 | $2.03 | $3.91 | $2.21 | $2.21 | $1.97 | $2.01 | |
| EPS (Diluted) | $2.52 | $2.04 | $2.16 | $2.48 | $1.41 | $2.42 | $2.02 | $3.89 | $2.20 | $2.21 | $1.94 | $1.99 | |
| Shares (Basic) | 46,230,000 | 43,743,000 | 41,272,000 | 39,894,000 | 39,156,000 | 39,179,000 | 39,571,000 | 39,477,000 | 39,409,000 | 38,388,000 | 35,590,000 | 34,617,000 | |
| Shares (Diluted) | 46,560,000 | 44,241,000 | 41,358,000 | 40,067,000 | 39,156,000 | 39,264,000 | 39,759,000 | 39,839,000 | 39,637,000 | 38,597,000 | 37,329,000 | 36,640,000 | |
| EBITDA | $243M | $129M | $127M | $137M | $93M | $135M | $121M | $190M | $119M | $80M | $71M | $68M |
Balance Sheet 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $14M | $9M | $20M | $10M | $5M | $8M | $4M | $3M | $5M | $8M | $13M | $25M | |
| Intangibles | $7M | $7M | $13M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $2.06B | $1.79B | $1.86B | $1.66B | $1.50B | $1.46B | $1.51B | $1.51B | $1.47B | $1.39B | $1.28B | $965M | |
| Total Liabilities | $900M | $733M | $939M | $806M | $760M | $684M | $729M | $681M | $707M | $655M | $616M | $305M | |
| Long-term Debt | $842M | $685M | $891M | $768M | $723M | $649M | $693M | $645M | $668M | $609M | $572M | $281M | |
| Common Stock | $485.0K | $455.0K | $430.0K | $412.0K | $394.0K | $392.0K | $398.0K | $397.0K | $396.0K | $392.0K | $375.0K | $355.0K | |
| Paid-in Capital | $1.19B | $1.08B | $992M | $931M | $857M | $853M | $867M | $863M | $857M | $839M | $759M | $717M | |
| Retained Earnings | · | · | · | · | · | · | · | · | · | · | · | $855M | |
| AOCI | $482.0K | $4M | $6M | $9M | $-172.0K | · | · | · | $0 | $0 | $47.0K | $82.0K | |
| Stockholders' Equity | $1.07B | $961M | $881M | $828M | $737M | $767M | $777M | $825M | $755M | $740M | $659M | $660M | |
| Liabilities + Equity | $2.06B | $1.79B | $1.86B | $1.66B | $1.50B | $1.46B | $1.51B | $1.51B | $1.47B | $1.39B | $1.28B | $965M | |
| Shares Outstanding | 48,482,000 | 45,511,000 | 43,022,000 | 41,262,000 | 39,374,000 | 39,242,000 | 39,752,000 | 39,657,000 | 39,570,000 | 39,221,000 | 37,548,000 | 35,480,000 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $38M | $36M | $37M | $37M | $38M | $39M | $39M | $38M | $38M | $36M | $29M | $26M | |
| Stock-based Comp | $9M | $9M | $8M | $8M | $8M | $7M | $7M | $6M | $5M | $4M | $4M | $3M | |
| Other Non-cash | $-29M | $-11M | $-31M | $-40M | $-11M | $-25M | $-4M | $-83M | $-25M | · | · | · | |
| Operating Cash Flow | $136M | $126M | $104M | $106M | $91M | $116M | $122M | $116M | $105M | $106M | $102M | $96M | |
| Investing Cash Flow | $-270M | $91M | $-175M | $-120M | $-70M | $44M | $-79M | $-4M | $-92M | $-140M | $-327M | $-29M | |
| Debt Issued | $686M | $27M | $277M | $269M | $304M | $24M | $208M | $116M | $213M | $201M | $491M | · | |
| Net Debt Issued | $159M | $-207M | $123M | $46M | $74M | $-44M | $48M | $-23M | $58M | · | · | · | |
| Stock Issued | $101M | $83M | $54M | $68M | · | · | · | $1M | $15M | $79M | · | $25M | |
| Stock Repurchased | · | · | · | · | · | $18M | · | · | · | · | · | · | |
| Net Stock Activity | $101M | $82M | $54M | $68M | · | $-18M | · | $1M | $15M | $79M | · | · | |
| Dividends Paid | $107M | $101M | $95M | $92M | $90M | $90M | $91M | $90M | $90M | $85M | $77M | $74M | |
| Financing Cash Flow | $139M | $-227M | $80M | $20M | $-24M | $-157M | $-44M | $-112M | $-16M | $29M | $212M | $-48M | |
| Net Change in Cash | $5M | $-11M | $10M | $5M | $-3M | $4M | $-520.0K | $-449.0K | $-3M | $-5M | $-12M | $18M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 77.9% | 44.0% | 45.6% | 56.6% | 35.3% | 60.0% | 44.2% | 90.3% | 48.4% | 49.8% | 51.9% | 57.5% | |
| Net Margin | 44.9% | 43.4% | 45.5% | 57.1% | 36.0% | 59.8% | 43.5% | 91.9% | 52.0% | 52.7% | 53.7% | 61.7% | |
| Pretax Margin | 15.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 92.3% | 61.4% | 64.6% | 78.0% | 59.9% | 84.5% | 65.3% | 112.5% | 70.7% | 49.8% | 51.9% | 57.5% | |
| ROA | 6.1% | 5.0% | 5.1% | 6.3% | 3.8% | 6.4% | 5.3% | 10.4% | 6.1% | 6.4% | 6.5% | 7.7% | |
| ROE | 11.6% | 9.9% | 10.5% | 12.8% | 7.4% | 12.3% | 10.1% | 19.6% | 11.7% | 12.2% | 11.1% | 11.4% | |
| ROIC | 19.0% | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | 1.9 | 3.2 | 2.0 | 3.2 | 2.7 | 5.0 | 2.7 | 3.0 | 4.0 | 5.2 |
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 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 25.3% | 6.4% | 12.6% | 12.8% | -2.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 14.5% | 10.5% | 7.4% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 23.5% | -5.6% | -12.9% | 75.9% | -41.7% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 0.53% | 13.1% | -3.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 0.81% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 29.6% | 1.5% | -10.3% | 79.1% | -41.4% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 5.7% | 17.7% | -2.0% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 4.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 3.5% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $263M | $210M | $197M | $175M | $155M | $159M | $185M | $169M | $168M | $162M | $136M | $119M | |
| Net Income TTM | $118M | $91M | $90M | $100M | $56M | $95M | $81M | $155M | $87M | $85M | $73M | $73M | |
| Market Cap | $1.67B | $1.57B | $1.38B | $1.47B | $1.34B | $1.53B | $1.78B | $1.65B | $1.72B | $1.84B | $1.62B | $1.53B | |
| P/E | 13.6 | 16.9 | 14.9 | 14.3 | 24.2 | 16.1 | 22.2 | 10.7 | 19.8 | 21.3 | 22.2 | 21.7 | |
| P/S | 6.3 | 7.5 | 7.0 | 8.4 | 8.7 | 9.6 | 9.6 | 9.8 | 10.3 | 11.4 | 11.9 | 12.9 | |
| P/B | 1.6 | 1.6 | 1.6 | 1.8 | 1.8 | 2.0 | 2.3 | 2.0 | 2.3 | 2.5 | 2.5 | 2.3 | |
| P / Tangible Book | 1.6 | 1.6 | 1.6 | 1.8 | 1.8 | 2.0 | · | · | · | · | · | · | |
| P / Cash Flow | 12.3 | 12.6 | 13.2 | 13.9 | 14.7 | 13.2 | 14.5 | 14.3 | 16.4 | 17.4 | 15.8 | 16.0 | |
| Dividend Yield | 6.4% | 6.4% | 6.9% | 6.2% | 6.7% | 5.9% | 5.1% | 5.5% | 5.2% | 4.6% | 4.7% | 4.9% | |
| Earnings Yield | 7.3% | 5.9% | 6.7% | 7.0% | 4.1% | 6.2% | 4.5% | 9.3% | 5.1% | 4.7% | 4.5% | 4.6% | |
| Payout Ratio | 91.0% | 110.4% | 105.6% | 91.5% | 162.0% | 94.7% | 112.9% | 58.3% | 103.3% | 99.4% | 105.0% | 101.4% | |
| Annual Payout | $107M | $101M | $95M | $92M | $90M | $90M | $91M | $90M | $90M | $85M | $77M | $74M |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $99M | $95M | $84M | $69M | $60M | $49M | $53M | $56M | $50M | $51M | $50M | $49M | $48M | $50M | $48M | $44M | |
| SG&A Expense | $8M | $9M | $8M | $8M | $8M | $7M | $7M | $7M | $7M | $6M | $6M | $6M | $6M | $6M | $6M | $6M | |
| Operating Expenses | $76M | $71M | $61M | $87M | $45M | $31M | $35M | $29M | $31M | $30M | $39M | $32M | $42M | $32M | $30M | $30M | |
| Operating Income | $55M | $56M | $88M | $50M | $48M | $50M | $103M | $53M | $19M | $24M | $124M | $22M | $6M | $33M | $18M | $13M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $11M | · | $13M | $11M | $11M | · | $8M | |
| Pretax Income | $23M | $25M | $24M | $-18M | $16M | $18M | $18M | $27M | $19M | · | · | · | · | · | · | · | |
| Income Tax | $166.0K | $110.0K | $218.0K | $42.0K | $-81.0K | · | · | · | · | · | $0 | $0 | $0 | $0 | · | $0 | |
| Net Income | $30M | $24M | $102M | $-20M | $15M | $21M | $18M | $29M | $19M | $24M | $28M | $22M | $6M | $33M | $18M | $13M | |
| EPS (Basic) | $0.57 | $0.48 | $2.20 | $-0.44 | $0.33 | $0.45 | $0.41 | $0.66 | $0.44 | $0.56 | $0.67 | $0.54 | $0.15 | $0.80 | $0.43 | $0.33 | |
| EPS (Diluted) | $0.56 | $0.48 | $2.19 | $-0.44 | $0.32 | $0.45 | $0.38 | $0.66 | $0.44 | $0.56 | $0.67 | $0.54 | $0.15 | $0.80 | $0.44 | $0.32 | |
| Shares (Basic) | 51,872,000 | 48,543,000 | -90,940,000 | 46,123,000 | 45,714,000 | 45,333,000 | -86,187,000 | 43,868,000 | 43,171,000 | 42,891,000 | -82,108,000 | 41,153,000 | 41,145,000 | 41,082,000 | -79,067,000 | 40,270,000 | |
| Shares (Diluted) | 52,198,000 | 48,969,000 | -91,274,000 | 46,123,000 | 46,028,000 | 45,683,000 | -86,648,000 | 44,394,000 | 43,463,000 | 43,032,000 | -82,274,000 | 41,211,000 | 41,232,000 | 41,189,000 | -79,499,000 | 40,552,000 | |
| EBITDA | $55M | $68M | · | $50M | $48M | $28M | · | $30M | $19M | $33M | · | $22M | $6M | $42M | · | $13M |
Balance Sheet 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $40M | $22M | $14M | $18M | $8M | $23M | $9M | $35M | $6M | $9M | · | $11M | $7M | $6M | · | $6M | |
| Intangibles | $6M | $6M | $7M | $7M | $7M | · | $7M | · | · | · | · | · | · | · | · | · | |
| Total Assets | $2.18B | $2.10B | $2.06B | $2.04B | $1.80B | $1.78B | $1.79B | $1.87B | $1.89B | $1.82B | · | $1.87B | $1.86B | $1.80B | · | $1.65B | |
| Total Liabilities | $835M | $919M | $900M | $999M | $750M | $726M | $733M | $830M | $908M | $900M | · | $1.01B | $999M | $934M | · | $827M | |
| Long-term Debt | $777M | $867M | $842M | $945M | $696M | $682M | $685M | $785M | $861M | $860M | · | $956M | $953M | $901M | · | $794M | |
| Common Stock | $539.0K | $498.0K | $485.0K | $473.0K | $461.0K | $459.0K | $455.0K | $450.0K | $435.0K | $433.0K | · | $413.0K | $413.0K | $413.0K | · | $404.0K | |
| Paid-in Capital | $1.39B | $1.23B | $1.19B | $1.15B | $1.10B | $1.09B | $1.08B | $1.06B | $1.01B | $997M | · | $938M | $935M | $933M | · | $900M | |
| AOCI | $3M | $2M | $482.0K | $1M | $2M | $3M | $4M | $4M | $6M | $6M | · | $9M | $9M | $7M | · | $9M | |
| Stockholders' Equity | $1.27B | $1.11B | $1.07B | $958M | $958M | $962M | $961M | $948M | $889M | $886M | · | $825M | $825M | $839M | · | $803M | |
| Liabilities + Equity | $2.18B | $2.10B | $2.06B | $2.04B | $1.80B | $1.78B | $1.79B | $1.87B | $1.89B | $1.82B | · | $1.87B | $1.86B | $1.80B | · | $1.65B | |
| Shares Outstanding | 53,906,000 | 49,779,000 | 48,482,000 | 47,333,000 | 46,065,000 | 45,888,000 | 45,511,000 | 45,034,000 | 43,491,000 | 43,271,000 | · | 41,412,000 | 41,409,000 | 41,396,000 | · | 40,505,000 |
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 | $12M | $12M | $11M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | |
| Stock-based Comp | $2M | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Other Non-cash | · | $-7M | · | · | · | $-3M | · | · | · | $-15M | · | · | · | $-26M | · | · | |
| Operating Cash Flow | $34M | $31M | $38M | $38M | $30M | $30M | $34M | $34M | $37M | $21M | $26M | $32M | $28M | $18M | $33M | $24M | |
| Investing Cash Flow | $-48M | $-57M | $47M | $-290M | $-38M | $12M | $50M | $41M | $-22M | $21M | $19M | $-7M | $-55M | $-132M | $-9M | $-65M | |
| Debt Issued | $6M | $119M | $253M | $380M | $39M | $15M | $8M | $0 | $9M | $10M | $3M | $50M | $62M | $163M | $0 | $95M | |
| Net Debt Issued | · | $25M | · | · | · | $-2M | · | · | · | $-31M | · | · | · | $133M | · | · | |
| Stock Issued | $155M | $43M | $41M | $46M | $5M | $8M | $17M | $55M | $7M | $4M | $52M | $0 | $0 | $2M | $29M | $5M | |
| Net Stock Activity | · | $43M | · | · | · | $8M | · | · | · | $4M | · | · | · | $2M | · | · | |
| Dividends Paid | $30M | $29M | $27M | $26M | $26M | $27M | $26M | $25M | $25M | $25M | $24M | $24M | $24M | $24M | $23M | $23M | |
| Financing Cash Flow | $32M | $33M | $-89M | $262M | $-7M | $-27M | $-110M | $-47M | $-18M | $-54M | $-36M | $-21M | $28M | $109M | $-19M | $40M | |
| Net Change in Cash | $19M | $7M | $-4M | $10M | $-16M | $14M | $-26M | $29M | $-3M | $-11M | $9M | $4M | $1M | $-5M | $4M | $77.0K |
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 | 55.3% | 59.1% | · | 71.9% | 80.5% | 37.9% | · | 54.1% | 38.0% | 47.3% | · | 45.1% | 12.9% | 67.0% | · | 29.9% | |
| Net Margin | 30.0% | 24.7% | · | -28.9% | 25.1% | 42.2% | · | 52.6% | 38.6% | 47.2% | · | 45.0% | 12.8% | 66.9% | · | 30.6% | |
| Pretax Margin | 23.6% | 26.0% | · | -26.3% | 26.1% | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 55.3% | 71.7% | · | 71.9% | 80.5% | 56.5% | · | 54.1% | 38.0% | 65.0% | · | 45.1% | 12.9% | 85.7% | · | 29.9% | |
| ROA | 1.5% | 1.2% | · | -1.0% | 0.82% | 1.1% | · | 1.6% | 1.0% | 1.3% | · | 1.3% | 0.36% | 2.0% | · | 0.86% | |
| ROE | 2.7% | 2.3% | · | -2.1% | 1.6% | 2.2% | · | 3.3% | 2.3% | 2.8% | · | 2.7% | 0.76% | 4.2% | · | 1.7% | |
| ROIC | 4.3% | 5.1% | · | 5.2% | 5.1% | · | · | · | · | · | · | · | · | · | · | · |
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 | · | · | · | · | · | · | · | · | · | 2.2 | · | 1.8 | 0.6 | 3.1 | · | 1.6 |
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 | $324M | $274M | · | $231M | $218M | $208M | · | $207M | $201M | $199M | · | $195M | $189M | $184M | · | $167M | |
| Net Income TTM | $48M | $39M | · | $45M | $84M | $94M | · | $95M | $72M | $86M | · | $75M | $107M | $115M | · | $93M | |
| Market Cap | $2.07B | $1.85B | · | $1.74B | $1.59B | $1.63B | · | $1.65B | $1.50B | $1.41B | · | $1.33B | $1.37B | $1.45B | · | $1.52B | |
| P/E | 41.8 | 45.9 | · | 51.2 | 19.0 | 18.3 | · | 15.7 | 15.6 | 16.9 | · | 16.6 | 19.3 | 12.0 | · | 15.9 | |
| P/S | 6.4 | 6.8 | · | 7.5 | 7.3 | 7.8 | · | 8.0 | 7.5 | 7.1 | · | 6.8 | 7.2 | 7.9 | · | 9.1 | |
| P/B | 1.6 | 1.7 | · | 1.8 | 1.7 | 1.7 | · | 1.7 | 1.7 | 1.6 | · | 1.6 | 1.7 | 1.7 | · | 1.9 | |
| P / Tangible Book | 1.6 | 1.7 | · | 1.8 | 1.7 | 1.7 | · | 1.7 | 1.7 | 1.6 | · | 1.6 | 1.7 | 1.7 | · | 1.9 | |
| P / Cash Flow | · | 60.1 | · | · | · | 55.0 | · | · | · | 67.1 | · | · | · | 80.6 | · | · | |
| Earnings Yield | 2.4% | 2.2% | · | 1.9% | 5.3% | 5.5% | · | 6.3% | 6.4% | 5.9% | · | 6.0% | 5.2% | 8.3% | · | 6.3% | |
| Payout Ratio | · | 123.6% | · | · | · | 131.8% | · | · | · | 101.6% | · | · | · | 71.1% | · | · |
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 | $263M | $210M | $197M | $175M | $155M |
| Operating Margin % | 77.9% | 44.0% | 45.6% | 56.6% | 35.3% |
| Net Income | $118M | $91M | $90M | $100M | $56M |
| Diluted EPS | $2.52 | $2.04 | $2.16 | $2.48 | $1.41 |
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Institutional owners (13F) 309 filers · $1.1B 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 |
|---|---|---|---|---|
| 38 (-9 vs prior Q) | 28 (+5 vs prior Q) | 127 (+13 vs prior Q) | 68 (-6 vs prior Q) | +10.3M |
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 | $199,077,028 | 5,177,556 | 18.24% | Shares |
| STATE STREET CORP | $128,788,621 | 3,349,509 | 11.80% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $88,388,822 | 2,298,799 | 8.10% | Shares |
| AMERICAN CENTURY COMPANIES INC | $55,111,385 | 1,433,326 | 5.05% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $50,197,915 | 1,305,279 | 4.60% | Shares |
| TWO SIGMA INVESTMENTS, LP | $46,154,227 | 1,200,370 | 4.23% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $38,503,945 | 1,001,403 | 3.53% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $34,955,280 | 909,110 | 3.20% | Shares |
| Alyeska Investment Group, L.P. | $34,395,870 | 894,561 | 3.15% | Shares |
| Advisors Capital Management, LLC | $31,147,862 | 810,087 | 2.85% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $25,898,155 | 673,554 | 2.37% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $23,958,041 | 623,096 | 2.19% | Shares |
| MetLife Investment Management, LLC | $23,643,213 | 614,908 | 2.17% | Shares |
| TWO SIGMA ADVISERS, LP | $19,936,962 | 579,900 | 1.83% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $17,535,315 | 456,055 | 1.61% | Shares |
| Eversept Partners, LP | $16,173,608 | 420,640 | 1.48% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $13,090,226 | 340,448 | 1.20% | Shares |
| Edgestream Partners, L.P. | $11,178,799 | 290,736 | 1.02% | Shares |
| GOLDMAN SACHS GROUP INC | $10,400,956 | 270,506 | 0.95% | Shares |
| FIDEURAM - INTESA SANPAOLO PRIVATE BANKING S.P.A. | $7,831,242 | 203,674 | 0.72% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $6,866,593 | 178,585 | 0.63% | Shares |
| Public Sector Pension Investment Board | $6,759,010 | 175,787 | 0.62% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,210,752 | 161,528 | 0.57% | Shares |
| AMERIPRISE FINANCIAL INC | $5,731,665 | 149,068 | 0.53% | Shares |
| FMR LLC | $5,398,149 | 140,394 | 0.49% | Shares |
| RHUMBLINE ADVISERS | $5,358,257 | 139,357 | 0.49% | Shares |
| Aberdeen Group plc | $5,358,084 | 139,352 | 0.49% | Shares |
| Bank of New York Mellon Corp | $5,267,073 | 136,985 | 0.48% | Shares |
| TOCQUEVILLE ASSET MANAGEMENT L.P. | $4,754,304 | 123,649 | 0.44% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $4,438,458 | 129,100 | 0.41% | Shares |
| Carrera Capital Advisors | $4,157,684 | 108,132 | 0.38% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,017,756 | 104,493 | 0.37% | Shares |
| Swiss National Bank | $3,820,469 | 99,362 | 0.35% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $3,778,635 | 98,274 | 0.35% | Shares |
| Asset Management One Co., Ltd. | $3,648,294 | 98,178 | 0.33% | Shares |
| JANE STREET GROUP, LLC | $3,445,120 | 89,600 | 0.32% | Call option |
| TUDOR INVESTMENT CORP ET AL | $3,302,547 | 85,892 | 0.30% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $3,225,186 | 83,880 | 0.30% | Shares |
| Legal & General Group Plc | $3,010,943 | 78,308 | 0.28% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $2,939,233 | 76,443 | 0.27% | Shares |
| Jefferies Financial Group Inc. | $2,937,580 | 76,400 | 0.27% | Shares |
| Waterloo Capital, L.P. | $2,822,541 | 73,408 | 0.26% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $2,689,809 | 69,956 | 0.25% | Shares |
| MARSHALL WACE, LLP | $2,571,690 | 66,884 | 0.24% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,535,501 | 68,232 | 0.23% | Shares |
| BlackRock, Inc. | $2,384,669 | 62,020 | 0.22% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $2,260,132 | 58,781 | 0.21% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $2,257,746 | 58,719 | 0.21% | Shares |
| LPL Financial LLC | $2,143,080 | 55,737 | 0.20% | Shares |
| Susquehanna Portfolio Strategies, LLC | $2,121,825 | 55,184 | 0.19% | Shares |
| Kestra Advisory Services, LLC | $2,081,875 | 54,145 | 0.19% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $2,041,349 | 53,091 | 0.19% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,018,971 | 52,509 | 0.18% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $1,859,712 | 48,367 | 0.17% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,715,491 | 46,165 | 0.16% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,701,605 | 44,255 | 0.16% | Shares |
| Vanguard Investments Australia, Ltd. | $1,693,261 | 44,038 | 0.16% | Shares |
| Venture Visionary Partners LLC | $1,673,038 | 43,512 | 0.15% | Shares |
| CITADEL ADVISORS LLC | $1,653,350 | 43,000 | 0.15% | Call option |
| Mitsubishi UFJ Asset Management Co., Ltd. | $1,631,780 | 42,439 | 0.15% | Shares |
| DIVERSIFY WEALTH MANAGEMENT, LLC | $1,625,428 | 38,756 | 0.15% | Shares |
| Diversify Advisory Services, LLC | $1,625,428 | 38,756 | 0.15% | Shares |
| CITIGROUP INC | $1,587,601 | 41,290 | 0.15% | Shares |
| Keudell/Morrison Wealth Management | $1,513,878 | 39,373 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $1,499,896 | 39,009 | 0.14% | Shares |
| Fideuram Asset Management (Ireland) dac | $1,489,900 | 39,480 | 0.14% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $1,427,088 | 37,115 | 0.13% | Shares |
| Robeco Institutional Asset Management B.V. | $1,419,459 | 36,917 | 0.13% | Shares |
| XTX Topco Ltd | $1,415,960 | 36,826 | 0.13% | Shares |
| Bridge City Capital, LLC | $1,387,084 | 36,075 | 0.13% | Shares |
| Cetera Investment Advisers | $1,328,701 | 34,556 | 0.12% | Shares |
| Graham Capital Management, L.P. | $1,304,916 | 33,938 | 0.12% | Shares |
| Nuveen, LLC | $1,280,231 | 33,296 | 0.12% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $1,268,273 | 32,985 | 0.12% | Shares |
| VANGUARD GROUP INC | $1,250,022 | 36,359 | 0.11% | Shares |
| Capital Square, LLC | $1,241,246 | 31,941 | 0.11% | Shares |
| Amundi | $1,220,365 | 31,739 | 0.11% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $1,193,526 | 31,041 | 0.11% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,159,921 | 30,167 | 0.11% | Shares |
| MACQUARIE GROUP LTD | $1,156,384 | 30,075 | 0.11% | Shares |
| Quantbot Technologies LP | $1,128,161 | 29,341 | 0.10% | Shares |
| Schonfeld Strategic Advisors LLC | $1,093,556 | 28,441 | 0.10% | Shares |
| JENNISON ASSOCIATES LLC | $1,031,691 | 26,832 | 0.09% | Shares |
| Apollon Wealth Management, LLC | $1,029,668 | 26,779 | 0.09% | Shares |
| Illinois Municipal Retirement Fund | $976,784 | 25,404 | 0.09% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $943,871 | 24,548 | 0.09% | Shares |
| KLP KAPITALFORVALTNING AS | $918,955 | 23,900 | 0.08% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $918,917 | 23,899 | 0.08% | Shares |
| Quantinno Capital Management LP | $916,840 | 23,844 | 0.08% | Shares |
| JANUS HENDERSON GROUP PLC | $889,258 | 23,908 | 0.08% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $874,430 | 22,742 | 0.08% | Shares |
| MORGAN STANLEY | $865,319 | 22,505 | 0.08% | Shares |
| Resona Asset Management Co.,Ltd. | $863,248 | 22,435 | 0.08% | Shares |
| Louisiana State Employees Retirement System | $861,280 | 22,400 | 0.08% | Shares |
| Cambria Investment Management, L.P. | $807,758 | 21,008 | 0.07% | Shares |
| Horizon Investments, LLC | $800,320 | 20,907 | 0.07% | Shares |
| Ausbil Investment Management Ltd | $799,402 | 21,289 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $784,380 | 20,400 | 0.07% | Put option |
| ASSETMARK, INC | $773,076 | 20,106 | 0.07% | Shares |
| Invesco Ltd. | $761,425 | 19,803 | 0.07% | Shares |
Company insiders 20 insiders · 7 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Pamela Shelley-Kessler | CO-PRESIDENT AND CO-CEO | March 9, 2026 F | 238,041 | 0 | 0 | $0 |
| David M Boitano | EVP & CIO | June 4, 2026 P | 46,160 | 4 | 0 | $692,100 |
| Wendy Simpson | EXECUTIVE CHAIRMAN | March 9, 2026 F | 393,543 | 0 | 0 | $0 |
| Brent P. Chappell | SVP, Inv. & Portfolio Mgmt | Feb. 18, 2016 A | 34,593 | 0 | 0 | $0 |
| Peter G Lyew | VP, Director of Taxes | Feb. 18, 2016 A | 13,200 | 0 | 0 | $0 |
| Thomas Andrew Stokes | SVP, Marketing/Strat. Planning | March 25, 2013 S | 26,219 | 0 | 0 | $0 |
| Andre C Dimitriadis | Exec. Chairman | Dec. 4, 2012 G | 164,679 | 0 | 0 | $0 |
| Timothy Triche | Director | July 13, 2026 S | 37,786 | 0 | 1 | $-123,562 |
| Jeffrey C Hawken | Director | May 20, 2026 A | 6,387 | 0 | 0 | $0 |
| Cornelia Cheng | Director | May 26, 2021 A | 5,411 | 0 | 0 | $0 |
| Devra G Shapiro | Director | May 26, 2021 A | 41,762 | 0 | 0 | $0 |
| Boyd W Hendrickson | Director | May 26, 2021 A | 23,171 | 0 | 0 | $0 |
| James Pieczynski | Director | March 1, 2014 A | 28,162 | 0 | 0 | $0 |
| Sam Yellen | Director | Feb. 7, 2007 S | 31,147 | 0 | 0 | $0 |
| David L Gruber | — | Aug. 12, 2026 P | 48,070 | 2 | 0 | $153,200 |
| Caroline Wong | — | March 9, 2026 F | 68,747 | 0 | 0 | $0 |
| Clint B Malin | — | March 9, 2026 F | 227,687 | 0 | 0 | $0 |
| Edmund King | — | May 29, 2015 S | 40,526 | 0 | 0 | $0 |
| Alex Chavez | — | Jan. 3, 2005 D | 30,841 | 0 | 0 | $0 |
| Christopher Ishikawa | — | May 11, 2004 S | 12,100 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 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 |
|---|---|---|---|---|---|
| Undisclosed reporting person, Undisclosed reporting person | March 8, 2004 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Jan. 15, 2002 | — | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Jan. 15, 2002 | — | Initial filing | Passive investment | SEC |
| LTC Properties, Inc., LTC Healthcare, Inc., Andre C. Dimitriadis | Oct. 4, 2001 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | July 13, 2001 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 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 |
|---|---|---|---|---|
| SRET · Global X Funds | 3.47% | 215,185 NS | April 30, 2026 | N-PORT |
| DIV · Global X Funds | 1.91% | 375,767 NS | April 30, 2026 | N-PORT |
| XSHD · Invesco Exchange-Traded Fund Trust … | 1.89% | 34,817 | Aug. 8, 2026 | Daily |
| BLDG · Cambria ETF Trust | 1.26% | 16,942 NS | April 30, 2026 | N-PORT |
| XSLV · Invesco Exchange-Traded Fund Trust … | 1.13% | 70,621 | Aug. 8, 2026 | Daily |
| SIXS · EXCHANGE TRADED CONCEPTS TRUST | 1.10% | 37,264 NS | May 31, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 1.01% | 109,722 SH | Aug. 8, 2026 | Daily |
| HSMV · First Trust Exchange-Traded Fund III | 0.85% | 6,748 NS | April 30, 2026 | N-PORT |
| CVAR · ETF Opportunities Trust | 0.48% | 4,894 NS | April 30, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.45% | 6,457 NS | April 30, 2026 | N-PORT |
| PSCF · Invesco Exchange-Traded Fund Trust … | 0.44% | 3,003 | Aug. 8, 2026 | Daily |
| SIXL · EXCHANGE TRADED CONCEPTS TRUST | 0.42% | 21,377 NS | May 31, 2026 | N-PORT |
| REZ · iShares Trust | 0.39% | 85,502 SH | Aug. 8, 2026 | Daily |
| PPTY · ETF Series Solutions | 0.33% | 2,205 NS | May 31, 2026 | N-PORT |
| SMMV · iShares Trust | 0.29% | 21,590 SH | Aug. 8, 2026 | Daily |
| AGNG · Global X Funds | 0.29% | 6,374 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.28% | 42,407 NS | April 30, 2026 | N-PORT |
| GQRE · FlexShares Trust | 0.27% | 26,656 NS | April 30, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.24% | 11,685 NS | April 30, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.23% | 16,748 | Aug. 8, 2026 | Daily |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 60,251 NS | May 31, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.18% | 56,046 NS | April 30, 2026 | N-PORT |
| USRT · iShares Trust | 0.16% | 183,190 SH | Aug. 8, 2026 | Daily |
| DFAR · Dimensional ETF Trust | 0.15% | 64,979 NS | April 30, 2026 | N-PORT |
| IJT · iShares Trust | 0.14% | 286,016 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.13% | 36,552 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.13% | 468,060 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.13% | 6,063 SH | Aug. 8, 2026 | Daily |
| SCHH · SCHWAB STRATEGIC TRUST | 0.13% | 336,630 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.12% | 43,487 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.12% | 7,614 | Aug. 8, 2026 | Daily |
| FREL · FIDELITY COVINGTON TRUST | 0.12% | 44,212 NS | April 30, 2026 | N-PORT |
| IJR · iShares Trust | 0.11% | 3,118,803 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.11% | 179,105 SH | Aug. 8, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.11% | 66,263 NS | April 30, 2026 | N-PORT |
| REET · iShares Trust | 0.10% | 132,707 SH | Aug. 8, 2026 | Daily |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.10% | 22,014 NS | May 31, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.10% | 1,886,212 SH | Aug. 8, 2026 | Daily |
| DFGR · Dimensional ETF Trust | 0.09% | 84,190 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 17,395 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.09% | 181,384 SH | Aug. 8, 2026 | Daily |
| ERET · iShares Trust | 0.08% | 293 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.08% | 43,441 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.08% | 569 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.08% | 54,897 | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.06% | 11,106 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.06% | 1,269,142 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.06% | 286,378 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.05% | 20,441 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.05% | 1,818 NS | April 30, 2026 | N-PORT |