MAA Mid-America Apartment Communities, Inc. Common Stock
$131.64
Price · Aug 20, 2026
Fundamentals as of Jul 30, 2026
52W Range
$120–$146
43% of range
Analyst Rating
HOLD
31 analysts
Price Target
$144
+9% upside
P/E (TTM)
34.8
ROE
7.7%
Net Profit Margin
20.2%
About Mid-America Apartment Communities, Inc. Common Stock Company overview from Wikipedia
Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
Read more
Mid-America Apartment Communities, Inc. (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
As of December 31, 2024, the company owned 301 apartment communities containing 102,348 apartment units. It is the second largest owner of apartments in the United States and the 12th largest apartment property manager in the United States.
The company is ranked 1785th on the Forbes Global 2000.
## History
The company was founded as The Cates Co. in 1977 by George E. Cates.
In 1993, the company was organized as a real estate investment trust.
In February 1994, the company acquired The Cates Company from George E. Cates and became a public company via an initial public offering.
In March 2009, founder George E. Cates retired.
In October 2013, the company acquired Colonial Properties.
In December 2016, the company acquired Post Properties.
In November 2018, the company paid $11.3 million to settle a complaint that Post Properties violated the design and construction requirements under the Fair Housing Act and the Americans with Disabilities Act at 50 properties.
In January 2023, the company was named a defendant in a class-action lawsuit over its use of RealPage software to control rent pricing. The lawsuit was settled in January 2026.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MAA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$131.63
Market Cap
$15.39B
P/E (TTM)
34.8
EPS (TTM)
$3.78
Revenue (TTM)
$2.21B
Div Yield
4.6%
ROE
7.7%
Debt/Equity
—
52W Range
$120 – $146
MAA Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$2.21B
2017-12-31
→
2025-12-31
EPS
$3.78
2017-12-31
→
2025-12-31
Free Cash Flow
—
Margins
20.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MAA
Peer Median
P/E (TTM)
34.8
35.8
P/S (TTM)
7.0
7.4
P/B
2.7
2.6
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MAA
Peer Median
Net Profit Margin
20.2%
24.7%
ROA
3.8%
4.2%
ROE
7.7%
8.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MAA
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MAA
Peer Median
Revenue YoY
0.83%
—
Revenue CAGR 3Y
3.0%
—
Revenue CAGR 5Y
5.7%
—
EPS YoY
-15.8%
—
Net Income YoY
-15.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MAA
Peer Median
Payout Ratio
158.7%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
4.6%
Payout Ratio
158.7%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 15, 2026 | $1.5300 |
| April 15, 2026 | $1.5300 |
| Jan. 15, 2026 | $1.5300 |
| Oct. 15, 2025 | $1.5150 |
| July 15, 2025 | $1.5150 |
| April 15, 2025 | $1.5150 |
| Jan. 15, 2025 | $1.5150 |
| Oct. 15, 2024 | $1.4700 |
| July 15, 2024 | $1.4700 |
| April 12, 2024 | $1.4700 |
| Jan. 11, 2024 | $1.4700 |
| Oct. 12, 2023 | $1.4000 |
| July 13, 2023 | $1.4000 |
| April 13, 2023 | $1.4000 |
| Jan. 12, 2023 | $1.4000 |
| Oct. 13, 2022 | $1.2500 |
| July 14, 2022 | $1.2500 |
| April 13, 2022 | $1.0880 |
| Jan. 13, 2022 | $1.0880 |
| Oct. 14, 2021 | $1.0250 |
MAA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
31 analysts
- Strong Buy 3 9.7%
- Buy 9 29.0%
- Hold 15 48.4%
- Sell 3 9.7%
- Strong Sell 1 3.2%
12-Month Price Target
25 analysts · 2026-08-18
Median
$145.00
Now
$131.63
Low
$121.00
High
$160.00
Median target
$145.00
+10.2%
Mean target
$143.80
+9.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.12%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.04 | $0.76 | 0.28% |
| March 31, 2026 | $1.06 | $0.81 | 0.25% |
| Dec. 31, 2025 | $0.48 | $0.93 | -0.45% |
| Sept. 30, 2025 | $0.84 | $0.90 | -0.06% |
| June 30, 2025 | $0.92 | $0.87 | 0.05% |
| March 31, 2025 | $1.54 | $0.90 | 0.64% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MAA | $16.24B | 36.7 | 0.83% | 20.2% | 7.7% | — |
| ESS | $16.86B | 25.2 | 6.4% | 37.2% | 12.7% | 69.9% |
| CPT | $11.48B | 31.1 | 81.7% | 2964.9% | 8.5% | — |
| UDR | $12.04B | 32.5 | 2.4% | 22.1% | 11.2% | — |
| IRT | $4.15B | 72.8 | 2.8% | 8.6% | 1.6% | — |
| CSR | $1.12B | 65.4 | 4.9% | 6.2% | 2.3% | — |
| NXRT | $763M | -23.9 | -3.2% | -12.8% | -9.1% | — |
| AVB | $25.40B | 24.5 | 4.4% | — | — | — |
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 | $2.21B | $2.19B | $2.15B | $2.02B | $1.78B | $1.68B | $1.64B | $1.57B | $1.53B | · | · | · | |
| SG&A Expense | $55M | $57M | $59M | $59M | $53M | $47M | $44M | $39M | $40M | · | · | · | |
| Operating Expenses | $838M | $820M | $768M | $724M | · | · | · | · | · | · | · | · | |
| Interest Expense | $185M | $169M | $149M | $155M | $157M | $168M | $180M | $174M | $155M | · | · | · | |
| Other Non-op | $-47M | $2M | $31M | $-43M | $34M | $5M | $23M | $10M | $14M | · | · | · | |
| Pretax Income | $459M | $545M | $571M | $647M | $563M | $266M | $369M | $232M | $342M | · | · | · | |
| Income Tax | $5M | $5M | $5M | $-6M | $14M | $3M | $4M | $3M | $3M | · | · | · | |
| Net Income | $447M | $528M | $553M | $637M | $534M | $255M | $354M | $223M | $328M | · | · | · | |
| EPS (Basic) | $3.79 | $4.49 | $4.71 | $5.49 | $4.62 | $2.20 | $3.07 | $1.93 | $2.86 | · | · | · | |
| EPS (Diluted) | $3.78 | $4.49 | $4.71 | $5.48 | $4.61 | $2.19 | $3.07 | $1.93 | $2.86 | · | · | · | |
| Shares (Basic) | 116,954,000 | 116,776,000 | 116,521,000 | 115,344,000 | 114,717,000 | 114,188,000 | 113,854,000 | 113,638,000 | 113,407,000 | · | · | · | |
| Shares (Diluted) | 117,149,000 | 116,776,000 | 116,645,000 | 115,583,000 | 115,039,000 | 114,500,000 | 114,113,000 | 113,836,000 | 113,687,000 | · | · | · | |
| EBITDA | $623M | $586M | $566M | $544M | $534M | $512M | $498M | · | · | · | · | · |
Balance Sheet 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $60M | $43M | $41M | $39M | $54M | $25M | $20M | $34M | $11M | · | · | · | |
| Total Assets | $11.98B | $11.81B | $11.48B | $11.24B | $11.29B | $11.19B | $11.23B | $11.32B | · | · | · | · | |
| Total Liabilities | $6.14B | $5.66B | $5.19B | $5.03B | $5.10B | $5.09B | $4.93B | $4.94B | · | · | · | · | |
| Paid-in Capital | $7.40B | $7.42B | $7.40B | $7.20B | $7.23B | $7.18B | $7.17B | $7.14B | · | · | · | · | |
| AOCI | $-5M | $-7M | $-9M | $-10M | $-11M | $-12M | $-13M | $-212.0K | · | · | · | · | |
| Stockholders' Equity | $5.66B | $5.94B | $6.09B | $6.01B | $5.97B | $5.87B | $6.07B | $6.15B | · | · | · | · | |
| Liabilities + Equity | $11.98B | $11.81B | $11.48B | $11.24B | $11.29B | $11.19B | $11.23B | $11.32B | · | · | · | · | |
| Shares Outstanding | 116,878,077 | 116,883,421 | 116,694,124 | 115,480,336 | 115,336,876 | 114,373,727 | 114,246,393 | 113,844,267 | 113,643,166 | 113,518,212 | 75,408,571 | 75,267,675 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $623M | $586M | $566M | $544M | $534M | $512M | $498M | $491M | $495M | · | · | · | |
| Stock-based Comp | $17M | $16M | $16M | $19M | $17M | $14M | $14M | $12M | $11M | · | · | · | |
| Other Non-cash | $-9M | $-31M | $3M | $-142M | $-190M | $43M | $-84M | · | · | · | · | · | |
| Operating Cash Flow | $1.08B | $1.10B | $1.14B | $1.06B | $895M | $824M | $781M | $734M | $661M | · | · | · | |
| Investing Cash Flow | $-690M | $-825M | $-775M | $-405M | $-254M | $-485M | $-238M | $-366M | $-294M | · | · | · | |
| Stock Issued | $1M | $1M | $205M | $1M | $645.0K | · | · | · | · | · | · | · | |
| Stock Repurchased | $27M | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | $-26M | $1M | $205M | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $709M | $687M | $652M | $540M | $470M | $457M | $438M | $420M | $395M | · | · | · | |
| Financing Cash Flow | $-371M | $-271M | $-368M | $-723M | $-546M | $-374M | $-524M | $-405M | $-400M | · | · | · | |
| Net Change in Cash | $17M | $2M | $-6M | $-70M | $95M | $-35M | $19M | $-37M | $-33M | · | · | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 20.2% | 24.1% | 25.7% | 31.6% | 30.0% | 15.2% | 21.6% | · | · | · | · | · | |
| Pretax Margin | 20.8% | 24.9% | 26.6% | 32.0% | 31.7% | 15.8% | 22.5% | · | · | · | · | · | |
| EBITDA Margin | 28.2% | 26.8% | 26.3% | 26.9% | 30.1% | 30.5% | 30.3% | · | · | · | · | · | |
| ROA | 3.8% | 4.5% | 4.9% | 5.7% | 4.8% | 2.3% | 3.1% | · | · | · | · | · | |
| ROE | 7.7% | 8.8% | 9.1% | 10.7% | 9.0% | 4.3% | 5.8% | · | · | · | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | · | · | · | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 0.83% | 2.0% | 6.4% | 13.6% | 6.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 3.0% | 7.2% | 8.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -15.8% | -4.7% | -14.1% | 18.9% | 110.5% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -11.6% | -0.88% | 29.1% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 11.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -15.3% | -4.6% | -13.3% | 19.4% | 109.4% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -11.2% | -0.39% | 29.4% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 11.9% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 9.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.21B | $2.19B | $2.15B | $2.02B | $1.78B | $1.68B | $1.64B | $1.57B | $1.53B | $642M | $642M | $642M | |
| Net Income TTM | $447M | $528M | $553M | $637M | $534M | $255M | $354M | $223M | $328M | $139M | $139M | $139M | |
| Market Cap | $16.24B | $18.07B | $15.69B | $18.13B | $26.46B | $14.49B | $15.06B | $10.89B | $11.43B | $11.12B | $6.85B | $5.62B | |
| P/E | 36.7 | 34.4 | 28.5 | 28.6 | 49.8 | 57.8 | 43.0 | 49.6 | 35.2 | 28.5 | 26.4 | 21.7 | |
| P/S | 7.3 | 8.2 | 7.3 | 9.0 | 14.9 | 8.6 | 9.2 | 6.9 | 7.5 | 17.3 | 10.7 | 8.8 | |
| P/B | 2.9 | 3.0 | 2.6 | 3.0 | 4.4 | 2.5 | 2.5 | · | · | · | · | · | |
| P / Tangible Book | 2.9 | 3.0 | 2.6 | 3.0 | 4.4 | 2.5 | · | · | · | · | · | · | |
| P / Cash Flow | 15.1 | 16.4 | 13.8 | 17.1 | 29.6 | 17.6 | 19.3 | · | · | · | · | · | |
| Dividend Yield | 4.4% | 3.8% | 4.2% | 3.0% | 1.8% | 3.2% | 2.9% | 3.9% | 3.5% | · | · | · | |
| Earnings Yield | 2.7% | 2.9% | 3.5% | 3.5% | 2.0% | 1.7% | 2.3% | 2.0% | 2.8% | 3.5% | 3.8% | 4.6% | |
| Payout Ratio | 158.7% | 130.2% | 117.9% | 84.7% | 88.1% | 179.4% | 123.7% | · | · | · | · | · | |
| Annual Payout | $709M | $687M | $652M | $540M | $470M | $457M | $438M | $420M | $395M | · | · | · |
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 | $555M | $554M | $556M | $554M | $550M | $549M | $550M | $551M | $546M | $544M | $542M | $542M | $535M | $529M | $528M | $521M | |
| SG&A Expense | $15M | $17M | $14M | $13M | $13M | $16M | $14M | $13M | $13M | $17M | $15M | $14M | $14M | $16M | $15M | $12M | |
| Operating Expenses | $219M | $206M | $206M | $216M | $215M | $201M | $205M | $212M | $206M | $198M | · | · | · | · | · | · | |
| Interest Expense | $53M | $51M | $49M | $46M | $45M | $45M | $44M | $43M | $41M | $40M | $39M | $37M | $37M | $37M | $38M | $39M | |
| Other Non-op | $2M | $16M | $-51M | $-1M | $5M | $834.0K | $-949.0K | $-2M | $-19M | $24M | $27M | $-16M | $17M | $3M | $-23M | $-2M | |
| Pretax Income | $125M | $132M | $58M | $103M | $111M | $187M | $172M | $118M | $105M | $149M | $166M | $113M | $152M | $140M | $198M | $124M | |
| Income Tax | $454.0K | $6M | $1M | $2M | $600.0K | $1M | $2M | $670.0K | $1M | $2M | $1M | $-209.0K | $3M | $944.0K | $-458.0K | $-1M | |
| Net Income | $122M | $124M | $58M | $100M | $108M | $182M | $167M | $115M | $102M | $144M | $160M | $111M | $146M | $136M | $194M | $122M | |
| EPS (Basic) | $1.04 | $1.06 | $0.48 | $0.84 | $0.92 | $1.55 | $1.43 | $0.98 | $0.86 | $1.22 | $1.37 | $0.94 | $1.24 | $1.16 | $1.67 | $1.05 | |
| EPS (Diluted) | $1.04 | $1.06 | $0.48 | $0.84 | $0.92 | $1.54 | $1.43 | $0.98 | $0.86 | $1.22 | $1.37 | $0.94 | $1.24 | $1.16 | $1.66 | $1.05 | |
| Shares (Basic) | 116,079,000 | 116,622,000 | -233,874,000 | 117,012,000 | 116,976,000 | 116,840,000 | -233,495,000 | 116,820,000 | 116,783,000 | 116,668,000 | -232,915,000 | 116,633,000 | 116,621,000 | 116,182,000 | -230,631,000 | 115,363,000 | |
| Shares (Diluted) | 116,144,000 | 116,740,000 | -234,261,000 | 117,155,000 | 117,163,000 | 117,092,000 | -233,607,000 | 116,820,000 | 116,783,000 | 116,780,000 | -233,193,000 | 116,711,000 | 116,725,000 | 116,402,000 | -231,259,000 | 115,568,000 | |
| EBITDA | · | $162M | · | · | · | $153M | · | · | · | $143M | · | · | · | $139M | · | · |
Balance Sheet 8
| 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 | $52M | $72M | $60M | $32M | $54M | $56M | $43M | $50M | $63M | $55M | $41M | $162M | $150M | $142M | $39M | $39M | |
| Total Assets | $11.99B | $11.99B | $11.98B | $11.93B | $11.84B | $11.81B | $11.81B | $11.76B | $11.56B | $11.47B | · | $11.38B | $11.39B | $11.35B | · | $11.34B | |
| Total Liabilities | $6.39B | $6.29B | $6.14B | $5.91B | $5.75B | $5.65B | $5.66B | $5.60B | $5.36B | $5.19B | · | $5.06B | $5.02B | $4.96B | · | $5.17B | |
| Paid-in Capital | $7.28B | $7.33B | $7.40B | $7.44B | $7.43B | $7.42B | $7.42B | $7.41B | $7.41B | $7.41B | · | $7.41B | $7.41B | $7.41B | · | $7.20B | |
| AOCI | $-5M | $-5M | $-5M | $-6M | $-6M | $-7M | $-7M | $-7M | $-8M | $-8M | · | $-9M | $-10M | $-10M | · | $-10M | |
| Stockholders' Equity | $5.43B | $5.54B | $5.66B | $5.82B | $5.89B | $5.95B | $5.94B | $5.95B | $6.00B | $6.07B | · | $6.12B | $6.16B | $6.18B | · | $5.97B | |
| Liabilities + Equity | $11.99B | $11.99B | $11.98B | $11.93B | $11.84B | $11.81B | $11.81B | $11.76B | $11.56B | $11.47B | · | $11.38B | $11.39B | $11.35B | · | $11.34B | |
| Shares Outstanding | 116,015,088 | 116,353,152 | 116,878,077 | 117,081,742 | 117,071,410 | 116,916,381 | 116,883,421 | 116,880,291 | 116,858,044 | 116,728,052 | · | 116,686,730 | 116,676,966 | 116,600,756 | · | 115,447,252 |
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 | $163M | $162M | $160M | $157M | $154M | $153M | $151M | $147M | $145M | $143M | $141M | $147M | $139M | $139M | $139M | $137M | |
| Stock-based Comp | $4M | $6M | $5M | $3M | $3M | $5M | $3M | $3M | $3M | $6M | $3M | $4M | $3M | $6M | $4M | $4M | |
| Other Non-cash | · | $-143M | · | · | · | $-143M | · | · | · | $-93M | · | · | · | $-62M | · | · | |
| Operating Cash Flow | $333M | $150M | $262M | $266M | $353M | $197M | $239M | $310M | $349M | $200M | $265M | $318M | $336M | $218M | $251M | $343M | |
| Investing Cash Flow | $-153M | $-123M | $-198M | $-254M | $-177M | $-61M | $-174M | $-322M | $-237M | $-93M | $-347M | $-136M | $-154M | $-138M | $9M | $-357M | |
| Stock Issued | $357.0K | $378.0K | $363.0K | $360.0K | $354.0K | $375.0K | $275.0K | $339.0K | $313.0K | $303.0K | $327.0K | $352.0K | $314.0K | $204M | $322.0K | $322.0K | |
| Stock Repurchased | $50M | $73M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-72M | · | · | · | $375.0K | · | · | · | $303.0K | · | · | · | $204M | · | · | |
| Dividends Paid | $178M | $179M | $177M | $177M | $177M | $177M | $172M | $172M | $172M | $172M | $163M | $163M | $163M | $162M | $144M | $144M | |
| Financing Cash Flow | $-200M | $-16M | $-36M | $-34M | $-178M | $-123M | $-73M | $-217.0K | $-104M | $-94M | $-38M | $-171M | $-174M | $15M | $-253M | $-155M | |
| Net Change in Cash | $-20M | $11M | $28M | $-22M | $-1M | $13M | $-7M | $-12M | $8M | $13M | $-120M | $12M | $8M | $95M | $8M | $-168M |
Profitability 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 21.9% | 22.5% | · | 18.0% | 19.7% | 33.1% | · | 20.9% | 18.7% | 26.4% | · | 20.4% | 27.2% | 25.7% | · | 23.5% | |
| Pretax Margin | 22.5% | 23.8% | · | 18.7% | 20.2% | 34.0% | · | 21.5% | 19.2% | 27.4% | · | 20.9% | 28.4% | 26.5% | · | 23.8% | |
| EBITDA Margin | · | 29.3% | · | · | · | 27.8% | · | · | · | 26.4% | · | · | · | 26.2% | · | · | |
| ROA | 1.0% | 1.0% | · | 0.84% | 0.92% | 1.6% | · | 1.0% | 0.89% | 1.3% | · | 0.97% | 1.3% | 1.2% | · | 1.1% | |
| ROE | 2.1% | 2.2% | · | 1.7% | 1.8% | 3.0% | · | 1.9% | 1.7% | 2.4% | · | 1.8% | 2.4% | 2.2% | · | 2.1% |
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 | $2.21B | $2.21B | · | $2.20B | $2.20B | $2.19B | · | $2.18B | $2.17B | $2.15B | · | $2.13B | $2.08B | $2.02B | · | $1.94B | |
| Net Income TTM | $454M | $514M | · | $505M | $507M | $543M | · | $472M | $502M | $536M | · | $515M | $615M | $580M | · | $528M | |
| Market Cap | $16.12B | $14.21B | · | $16.36B | $17.33B | $19.59B | · | $18.57B | $16.67B | $15.36B | · | $15.01B | $17.72B | $17.61B | · | $17.90B | |
| P/E | 36.0 | 28.0 | · | 32.6 | 34.4 | 36.4 | · | 39.7 | 33.5 | 28.9 | · | 29.3 | 28.8 | 30.3 | · | 34.1 | |
| P/S | 7.3 | 6.4 | · | 7.4 | 7.9 | 8.9 | · | 8.5 | 7.7 | 7.1 | · | 7.1 | 8.5 | 8.7 | · | 9.2 | |
| P/B | 3.0 | 2.6 | · | 2.8 | 2.9 | 3.3 | · | 3.1 | 2.8 | 2.5 | · | 2.5 | 2.9 | 2.8 | · | 3.0 | |
| P / Tangible Book | 3.0 | 2.6 | · | 2.8 | 2.9 | 3.3 | · | 3.1 | 2.8 | 2.5 | · | 2.5 | 2.9 | 2.8 | · | 3.0 | |
| P / Cash Flow | · | 95.0 | · | · | · | 99.6 | · | · | · | 76.7 | · | · | · | 80.7 | · | · | |
| Earnings Yield | 2.8% | 3.6% | · | 3.1% | 2.9% | 2.7% | · | 2.5% | 3.0% | 3.5% | · | 3.4% | 3.5% | 3.3% | · | 2.9% | |
| Payout Ratio | · | 143.8% | · | · | · | 97.5% | · | · | · | 119.3% | · | · | · | 119.0% | · | · |
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 | $2.21B | $2.19B | $2.15B | $2.02B | $1.78B |
| Net Income | $447M | $528M | $553M | $637M | $534M |
| Diluted EPS | $3.78 | $4.49 | $4.71 | $5.48 | $4.61 |
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Institutional owners (13F) 829 filers · $13.3B 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 |
|---|---|---|---|---|
| 102 (-5 vs prior Q) | 72 (-23 vs prior Q) | 287 (+25 vs prior Q) | 247 (-17 vs prior Q) | +10.9M |
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 GROUP INC | $2,409,498,688 | 17,345,754 | 18.06% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,379,551,099 | 9,929,114 | 10.34% | Shares |
| STATE STREET CORP | $1,102,131,407 | 7,932,427 | 8.26% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,057,571,682 | 7,611,715 | 7.92% | Shares |
| NORGES BANK | $757,567,154 | 5,452,477 | 5.68% | Shares |
| VIKING GLOBAL INVESTORS LP | $700,718,603 | 5,043,318 | 5.25% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $511,096,212 | 3,678,539 | 3.83% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $435,878,339 | 3,149,541 | 3.27% | Shares |
| APG Asset Management US Inc. | $432,374,297 | 3,089,712 | 3.24% | Shares |
| 1832 Asset Management L.P. | $241,000,461 | 1,734,565 | 1.81% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $234,312,584 | 1,686,430 | 1.76% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $229,731,877 | 1,653,461 | 1.72% | Shares |
| River Road Asset Management, LLC | $184,009,357 | 1,324,380 | 1.38% | Shares |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | $175,377,154 | 1,262,251 | 1.31% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $171,911,157 | 1,237,305 | 1.29% | Shares |
| GOLDMAN SACHS GROUP INC | $129,557,382 | 932,470 | 0.97% | Shares |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC | $105,079,210 | 756,292 | 0.79% | Shares |
| Quantinno Capital Management LP | $98,855,070 | 711,494 | 0.74% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $90,750,050 | 653,160 | 0.68% | Shares |
| MILLENNIUM MANAGEMENT LLC | $87,074,810 | 626,708 | 0.65% | Shares |
| Gotham Asset Management, LLC | $63,367,061 | 456,075 | 0.47% | Shares |
| BANK OF AMERICA CORP /DE/ | $62,543,007 | 450,144 | 0.47% | Shares |
| CRAWFORD INVESTMENT COUNSEL INC | $62,042,895 | 446,545 | 0.46% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $61,589,879 | 443,284 | 0.46% | Shares |
| ANCHOR CAPITAL ADVISORS LLC | $54,851,336 | 394,784 | 0.41% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $53,660,017 | 386,210 | 0.40% | Shares |
| BlackRock, Inc. | $53,151,497 | 382,550 | 0.40% | Shares |
| State of Tennessee, Department of Treasury | $51,002,513 | 367,083 | 0.38% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $45,784,204 | 329,525 | 0.34% | Shares |
| Swiss National Bank | $45,596,773 | 328,176 | 0.34% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $42,848,818 | 308,398 | 0.32% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $38,008,565 | 273,561 | 0.28% | Shares |
| Diamond Hill Capital Management, LLC (Investment Advisor) | $36,517,600 | 262,830 | 0.27% | Shares |
| Vanguard Global Advisers, LLC | $34,912,010 | 251,274 | 0.26% | Shares |
| Quinn Opportunity Partners LLC | $33,345,600 | 240,000 | 0.25% | Shares |
| RAYMOND JAMES FINANCIAL INC | $33,267,582 | 239,438 | 0.25% | Shares |
| RHUMBLINE ADVISERS | $32,372,082 | 232,994 | 0.24% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $31,350,283 | 225,639 | 0.23% | Shares |
| Caisse de depot et placement du Quebec | $31,224,681 | 224,735 | 0.23% | Shares |
| Starwood Capital Group Management, L.L.C. | $30,484,408 | 219,407 | 0.23% | Shares |
| Perpetual Ltd | $30,328,518 | 218,285 | 0.23% | Shares |
| SNYDER CAPITAL MANAGEMENT L P | $30,300,035 | 218,080 | 0.23% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $28,996,778 | 208,700 | 0.22% | Put option |
| California Public Employees Retirement System | $28,577,179 | 205,680 | 0.21% | Shares |
| Asset Management One Co., Ltd. | $27,559,797 | 225,678 | 0.21% | Shares |
| Mariner, LLC | $27,071,486 | 194,828 | 0.20% | Shares |
| Ceredex Value Advisors LLC | $26,807,361 | 192,942 | 0.20% | Shares |
| Investure, LLC | $25,755,030 | 185,368 | 0.19% | Shares |
| Woodline Partners LP | $25,754,196 | 185,362 | 0.19% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $25,317,561 | 182,219 | 0.19% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $24,216,547 | 174,295 | 0.18% | Shares |
| Sabal Trust CO | $24,071,024 | 143,639 | 0.18% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $23,739,011 | 170,858 | 0.18% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $23,651,756 | 170,230 | 0.18% | Shares |
| BARCLAYS PLC | $22,429,224 | 161,431 | 0.17% | Shares |
| Adelante Capital Management LLC | $21,864,519 | 157,364 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $21,152,405 | 173,210 | 0.16% | Shares |
| IEQ CAPITAL, LLC | $20,151,006 | 145,034 | 0.15% | Shares |
| ALLIANCEBERNSTEIN L.P. | $19,476,552 | 159,487 | 0.15% | Shares |
| Vanguard Investments Australia, Ltd. | $18,899,730 | 136,028 | 0.14% | Shares |
| Swedbank AB | $18,551,546 | 133,522 | 0.14% | Shares |
| Heitman Real Estate Securities LLC | $18,381,623 | 132,299 | 0.14% | Shares |
| Legal & General Group Plc | $18,282,004 | 131,582 | 0.14% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $18,201,940 | 140,661 | 0.14% | Shares |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | $18,004,957 | 129,588 | 0.13% | Shares |
| CWM, LLC | $17,966,599 | 147,122 | 0.13% | Shares |
| Corient Private Wealth LP | $16,705,746 | 120,238 | 0.13% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $16,650,725 | 119,867 | 0.12% | Shares |
| APG Asset Management N.V. | $15,765,491 | 129,730 | 0.12% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $15,569,756 | 112,061 | 0.12% | Shares |
| Allianz Asset Management GmbH | $15,553,499 | 111,944 | 0.12% | Shares |
| CIBC Asset Management Inc | $15,391,217 | 110,776 | 0.12% | Shares |
| MACQUARIE GROUP LTD | $14,889,644 | 107,166 | 0.11% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $14,254,132 | 102,592 | 0.11% | Shares |
| Coronation Fund Managers Ltd. | $14,241,072 | 102,498 | 0.11% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $14,088,772 | 101,401 | 0.11% | Shares |
| Daiwa Securities Group Inc. | $13,938,600 | 100,321 | 0.10% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $13,853,291 | 99,707 | 0.10% | Shares |
| AVIVA PLC | $13,492,602 | 97,111 | 0.10% | Shares |
| Nuveen Asset Management, LLC | $13,151,588 | 85,085 | 0.10% | Shares |
| Stonegate Investment Group, LLC | $12,914,389 | 92,424 | 0.10% | Shares |
| LEAVELL INVESTMENT MANAGEMENT, INC. | $12,742,604 | 91,713 | 0.10% | Shares |
| Cetera Investment Advisers | $12,703,665 | 91,432 | 0.10% | Shares |
| Retirement Systems of Alabama | $12,454,998 | 89,643 | 0.09% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $12,317,631 | 88,654 | 0.09% | Shares |
| TCW GROUP INC | $12,163,086 | 87,542 | 0.09% | Shares |
| JANUS HENDERSON GROUP PLC | $12,075,466 | 98,898 | 0.09% | Shares |
| Verition Fund Management LLC | $11,909,798 | 85,719 | 0.09% | Shares |
| PRUDENTIAL FINANCIAL INC | $11,794,894 | 84,892 | 0.09% | Shares |
| Squarepoint Ops LLC | $11,673,322 | 84,017 | 0.09% | Shares |
| JANE STREET GROUP, LLC | $11,601,490 | 83,500 | 0.09% | Call option |
| HighTower Advisors, LLC | $11,303,103 | 81,352 | 0.08% | Shares |
| Toroso Investments, LLC | $10,642,034 | 76,611 | 0.08% | Shares |
| Columbus Macro, LLC | $10,366,121 | 74,609 | 0.08% | Shares |
| Alyeska Investment Group, L.P. | $10,270,584 | 73,921 | 0.08% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $10,188,192 | 73,328 | 0.08% | Shares |
| Cerity Partners LLC | $9,948,876 | 71,606 | 0.07% | Shares |
| CITADEL ADVISORS LLC | $9,948,104 | 71,600 | 0.07% | Call option |
| NISA INVESTMENT ADVISORS, LLC | $9,737,193 | 70,082 | 0.07% | Shares |
| AEW CAPITAL MANAGEMENT L P | $9,732,052 | 70,045 | 0.07% | Shares |
Company insiders 40 insiders · 13 officers · 29 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Eric H Bolton JR | President and CEO | April 1, 2026 F | 328,468 | 1 | 0 | $74,770 |
| Aubrey Clay Holder | EVP, CFO | April 6, 2026 S | 13,679 | 0 | 3 | $-34,902 |
| Albert M Campbell III | EVP, Chief Financial Officer | April 3, 2024 F | 67,688 | 0 | 0 | $0 |
| Thomas L Grimes Jr | EVP, Chief Operating Officer | Jan. 4, 2022 F | 58,563 | 0 | 0 | $0 |
| James Barton French | EVP Investments | May 8, 2026 S | 8,158 | 0 | 1 | $-45,843 |
| Amber Fairbanks | EVP, Property Management | April 6, 2026 S | 4,471 | 0 | 3 | $-145,458 |
| Timothy Argo | EVP, Chief Strategy & Analysis | April 6, 2026 S | 21,382 | 0 | 3 | $-37,897 |
| Melanie Carpenter | EVP & CHRO | April 6, 2026 S | 21,243 | 0 | 3 | $-150,371 |
| Joseph Fracchia | EVP, Chief Tech & Innovation | April 1, 2026 F | 13,019 | 0 | 0 | $0 |
| Adrian Hill | EVP, Chief Investment Officer | April 1, 2026 F | 64,433 | 1 | 0 | $99,927 |
| Robert J. Delpriore | EVP, General Counsel | April 1, 2026 F | 54,352 | 0 | 1 | $-750,036 |
| Edward Thomas Wright | EVP, Dev and Cap Projects | March 1, 2017 F | 28,860 | 0 | 0 | $0 |
| James Andrew Taylor | EVP-Director of Asset Mgmt | March 1, 2012 F | 2,325 | 0 | 0 | $0 |
| Tamara D Fischer | Director | May 21, 2026 P | 1,100 | 2 | 0 | $141,400 |
| Sheila K. Mcgrath | Director | May 19, 2026 A | — | 0 | 0 | $0 |
| Deborah H Caplan | Director | May 19, 2026 A | 5,371 | 0 | 0 | $0 |
| John Case | Director | May 19, 2026 A | — | 0 | 0 | $0 |
| David P Stockert | Director | May 19, 2026 A | 52,686 | 0 | 0 | $0 |
| Green Edith Kelly | Director | May 19, 2026 A | — | 0 | 0 | $0 |
| Alan B Graf JR | Director | May 19, 2026 A | 14,961 | 0 | 0 | $0 |
| Gary Shorb | Director | Dec. 17, 2025 A | 4,896 | 0 | 0 | $0 |
| Claude B Nielsen | Director | May 20, 2025 A | 12,117 | 0 | 0 | $0 |
| Thomas H Lowder | Director | May 20, 2025 A | 12,933 | 0 | 0 | $0 |
| SANDERS WILLIAM REID | Director | Dec. 10, 2024 A | 29,872 | 0 | 0 | $0 |
| James K Lowder | Director | May 21, 2024 A | 12,933 | 0 | 0 | $0 |
| Philip W Norwood | Director | May 16, 2023 A | 14,854 | 0 | 0 | $0 |
| Toni Jennings | Director | May 16, 2023 A | 11,255 | 0 | 0 | $0 |
| Monica Houle Mcgurk | Director | Jan. 3, 2023 D | 0 | 0 | 0 | $0 |
| Russell R French | Director | May 18, 2021 A | 5,530 | 0 | 0 | $0 |
| SANSOM WILLIAM B | Director | May 23, 2017 A | 8,274 | 0 | 0 | $0 |
| Ralph Horn | Director | May 17, 2016 A | 41,836 | 0 | 0 | $0 |
| John W Spiegel | Director | May 19, 2015 A | 36,759 | 0 | 0 | $0 |
| Harold W Ripps | Director | May 19, 2015 A | 153,465 | 0 | 0 | $0 |
| John S Grinalds | Director | May 21, 2013 A | 0 | 0 | 0 | $0 |
| Simon R C Wadsworth | Director | March 30, 2012 A | 96,830 | 0 | 0 | $0 |
| Mary E Mccormick | Director | Dec. 2, 2009 A | 1,983 | 0 | 0 | $0 |
| George E Cates | Director | Dec. 17, 2008 G | 201,221 | 0 | 0 | $0 |
| Robert F Fogelman | Director | May 23, 2007 A | 3,500 | 0 | 0 | $0 |
| Michael S Starnes | Director | May 23, 2007 A | 4,228 | 0 | 0 | $0 |
| John F Flournoy | Director | March 15, 2006 A | 307,989 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 148 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 |
|---|---|---|---|---|
| SPRE · Tidal Trust I | 4.88% | 76,923 NS | May 31, 2026 | N-PORT |
| HAUS · Tidal Trust I | 4.00% | 2,657 NS | April 30, 2026 | N-PORT |
| JRE · Janus Detroit Street Trust | 3.29% | 1,020 NS | April 30, 2026 | N-PORT |
| LPRE · Exchange Listed Funds Trust | 3.22% | 39,024 NS | May 31, 2026 | N-PORT |
| RSPR · Invesco Exchange-Traded Fund Trust | 3.19% | 23,950 | Aug. 19, 2026 | Daily |
| REZ · iShares Trust | 3.12% | 204,930 SH | Aug. 19, 2026 | Daily |
| RNTY · Tidal Trust II | 3.06% | 1,206 NS | April 30, 2026 | N-PORT |
| SRHR · Elevation Series Trust | 2.04% | 8,000 NS | April 30, 2026 | N-PORT |
| SPHD · Invesco Exchange-Traded Fund Trust … | 1.92% | 506,787 | Aug. 19, 2026 | Daily |
| GQRE · FlexShares Trust | 1.84% | 54,621 NS | April 30, 2026 | N-PORT |
| ICF · iShares Trust | 1.84% | 295,297 SH | Aug. 19, 2026 | Daily |
| PPTY · ETF Series Solutions | 1.69% | 3,226 NS | May 31, 2026 | N-PORT |
| BMVP · Invesco Exchange-Traded Fund Trust | 1.58% | 12,906 | Aug. 19, 2026 | Daily |
| HOMZ · ETF Series Solutions | 1.55% | 4,071 NS | May 31, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 1.29% | 122,408 NS | May 31, 2026 | N-PORT |
| USRT · iShares Trust | 1.26% | 446,331 SH | Aug. 19, 2026 | Daily |
| HUSV · First Trust Exchange-Traded Fund III | 1.19% | 6,660 NS | April 30, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 1.17% | 152,720 NS | April 30, 2026 | N-PORT |
| URE · ProShares Trust | 1.11% | 4,816 NS | May 31, 2026 | N-PORT |
| IYR · iShares Trust | 1.10% | 385,817 SH | Aug. 19, 2026 | Daily |
| VRAI · ETFis Series Trust I | 1.08% | 1,538 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 1.07% | 826,994 NS | May 31, 2026 | N-PORT |
| DRN · Direxion Shares ETF Trust | 1.05% | 3,823 NS | April 30, 2026 | N-PORT |
| JPRE · J.P. Morgan Exchange-Traded Fund Tr… | 1.05% | 38,692 NS | May 31, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.99% | 110,747 NS | April 30, 2026 | N-PORT |
| SPLV · Invesco Exchange-Traded Fund Trust … | 0.96% | 526,387 | Aug. 19, 2026 | Daily |
| ALTL · Pacer Funds Trust | 0.96% | 7,121 NS | April 30, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.86% | 4,428,464 SH | Aug. 19, 2026 | Daily |
| MMID · MFS Active Exchange Traded Funds Tr… | 0.85% | 2,255 NS | May 31, 2026 | N-PORT |
| REET · iShares Trust | 0.82% | 316,393 SH | Aug. 19, 2026 | Daily |
| AVRE · AMERICAN CENTURY ETF TRUST | 0.80% | 50,073 NS | May 31, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.77% | 208,655 NS | April 30, 2026 | N-PORT |
| ERET · iShares Trust | 0.73% | 778 SH | Aug. 19, 2026 | Daily |
| RDIV · Invesco Exchange-Traded Fund Trust … | 0.41% | 44,004 | Aug. 19, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.34% | 1,694,566 SH | Aug. 19, 2026 | Daily |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.22% | 7,612 NS | April 30, 2026 | N-PORT |
| IMCV · iShares Trust | 0.21% | 18,922 SH | Aug. 19, 2026 | Daily |
| JPME · J.P. Morgan Exchange-Traded Fund Tr… | 0.20% | 6,711 NS | April 30, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.19% | 2,669,592 SH | Aug. 19, 2026 | Daily |
| SIZE · iShares Trust | 0.19% | 6,383 SH | Aug. 19, 2026 | Daily |
| EUSA · iShares, Inc. | 0.18% | 26,795 SH | Aug. 19, 2026 | Daily |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.18% | 17,993 NS | April 30, 2026 | N-PORT |
| RITA · ETF Series Solutions | 0.18% | 121 NS | April 30, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.18% | 1,332,262 | Aug. 19, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.17% | 20,120 NS | April 30, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.17% | 96,419 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.14% | 173,656 SH | Aug. 19, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.14% | 8,758 | Aug. 19, 2026 | Daily |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.13% | 6,177,000 | Aug. 19, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.12% | 140,000 | Aug. 19, 2026 | Daily |