MBI MBIA Inc. Common Stock
$4.92
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$5–$8
2% of range
Analyst Rating
BUY
7 analysts
Price Target
$7
+42% upside
P/E (TTM)
-2.0
ROE
8.2%
Net Profit Margin
-221.2%
About MBIA Inc. Common Stock Company overview from Wikipedia
MBIA Inc. is an American financial services company. It was founded in 1973 as the Municipal Bond Insurance Association. It is headquartered in Purchase, New York, and as of January 1, 2015 had approximately 180 employees.
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MBIA Inc. is an American financial services company. It was founded in 1973 as the Municipal Bond Insurance Association. It is headquartered in Purchase, New York, and as of January 1, 2015 had approximately 180 employees.
Functions of the company
MBIA is a monoline insurer primarily of municipal bonds and on asset-backed securities and mortgage-backed securities. Financial insurance or Financial Guarantees are a form of credit enhancement. It also provides a fixed-income asset management service with about US$40 billion under management.
History
A consortium of insurance companies (Aetna, Fireman's Fund, Travelers, Cigna, and Continental) formed the Municipal Bond Insurance Association in 1973 to diversify their holdings in municipal bonds. The company went public in 1987.
In 2002, Bill Ackman, a hedge fund manager, began research which concentrated on challenging MBIA's AAA rating, despite an ongoing probe of his trading by New York State and federal authorities. He was charged copying fees for copying 725,000 pages of statements regarding the financial services company, in his law firm's compliance with a subpoena. Ackman has called for a division between MBIA's bond insurers' structured finance business and their municipal bond insurance side, despite statements from the insurance companies that this would not be a viable option.
He argued that the billions of dollars of credit default swap (CDS) protection MBIA had sold against various mortgage backed CDOs was going to be a problem. He also argued that it was not proper for MBIA, which was legally restricted from trading in CDS, to instead do it through a second corporation, LaCrosse Financial Products, which MBIA described as an "orphaned subsidiary". Ackman bought CDS against MBIA corporate debt as a way to bet that it would crash. When MBIA did, in fact, crash as the 2008 financial crisis climaxed, he sold the swaps for a large profit. Ackman reportedly attempted to warn regulators, rating agencies and investors about the bond insurers' high risk business models. The story of Ackman's battle with MBIA was turned into a book called Confidence Game (Wiley, 2010) by Bloomberg News reporter Christine Richard. He reported covering his short position on MBIA on January 16, 2009 according to the 13D filed with the SEC.
In January 2017, MBIA UK was acquired by Assured Guaranty Ltd together with its subsidiary Assured Guaranty Corp.
Credit rating history
April 4, 2008. Fitch Ratings cut MBIA's Insurance Corp rating to AA from AAA with a negative outlook. Fitch issued the new, lower rating even though MBIA had asked the ratings company, the month before, to stop assessing its credit worthiness.
June 4, 2008. Moody's Investors Service announced that it would review MBIA's rating for possible downgrade for the second time in the year. Four months before this announcement, in February 2008, Moody's had affirmed the AAA rating after MBIA raised $2.6 bn in capital and announced that would stop insuring structured finance securities for six months.
June 6, 2008. Despite having affirmed MBIA's AAA rating in February 2008, Standard and Poor's decided to downgrade MBIA's Insurance Financial Strength (IFS) rating from AAA to AA.
June 19, 2008. Moody's downgraded MBIA's credit rating 5 notches to A2.
November 7, 2008. Moody's further downgraded the IFS rating to "Baa1" from "A2".
June 25, 2009. Moody's downgraded MBIA from "Ba3" to "Ba1" which is a speculative grade.
March 5, 2010. Moody's referred to MBIA's IFS rating as "B3".
November 19, 2012. Moody's downgraded MBIA Inc. from "B3" to "Caa1".
May 21, 2013. Moody's upgraded MBIA Inc. from "Caa1" to "B3".
May 21, 2014. Moody's upgraded MBIA Inc. from "Ba3" to "Ba1".
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MBI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.92
Market Cap
—
P/E (TTM)
-2.0
EPS (TTM)
$-3.58
Revenue (TTM)
$80M
Div Yield
—
ROE
8.2%
Debt/Equity
—
52W Range
$5 – $8
MBI 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
$80M
2021-12-31
→
2025-12-31
EPS
$-3.58
2021-12-31
→
2025-12-31
Free Cash Flow
—
2021-12-31
→
2023-12-31
Margins
-221.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MBI
Peer Median
P/E (TTM)
-2.0
9.6
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MBI
Peer Median
Net Profit Margin
-221.2%
-21.3%
ROA
-8.5%
-5.1%
ROE
8.2%
-29.9%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MBI
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MBI
Peer Median
Revenue YoY
90.5%
—
Revenue CAGR 3Y
-19.6%
—
Revenue CAGR 5Y
-22.3%
—
Net Income YoY
-8.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MBI
Peer Median
Payout Ratio
0.00%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
0.00%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Dec. 26, 2023 | $8.0000 |
| Dec. 19, 2007 | $0.3400 |
| Sept. 19, 2007 | $0.3400 |
| June 20, 2007 | $0.3400 |
| March 21, 2007 | $0.3400 |
| Dec. 20, 2006 | $0.3100 |
| Sept. 20, 2006 | $0.3100 |
| June 21, 2006 | $0.3100 |
| March 22, 2006 | $0.3100 |
| Dec. 21, 2005 | $0.2800 |
| Sept. 21, 2005 | $0.2800 |
| June 22, 2005 | $0.2800 |
| March 23, 2005 | $0.2800 |
| Dec. 21, 2004 | $0.2400 |
| Sept. 22, 2004 | $0.2400 |
| June 23, 2004 | $0.2400 |
| March 24, 2004 | $0.2400 |
| Dec. 17, 2003 | $0.2000 |
| Sept. 23, 2003 | $0.2000 |
| June 23, 2003 | $0.2000 |
MBI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
7 analysts
- Strong Buy 1 14.3%
- Buy 3 42.9%
- Hold 3 42.9%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-19
Low
$7.00
High
$7.00
Median target
$7.00
+42.3%
Mean target
$7.00
+42.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.06%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.14 | $-0.20 | 0.06% |
| March 31, 2026 | $-0.84 | $-0.16 | -0.68% |
| Dec. 31, 2025 | $-0.24 | $-0.12 | -0.12% |
| Sept. 30, 2025 | $1.03 | $-0.11 | 1.1% |
| June 30, 2025 | $-0.17 | $-0.15 | -0.02% |
| March 31, 2025 | $-0.16 | $-0.13 | -0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MBI | — | -2.0 | 90.5% | -221.2% | 8.2% | — |
| ACIC | $616M | 5.9 | 13.1% | 31.9% | 35.0% | — |
| GBLI | — | 16.2 | 2.0% | 5.6% | 3.6% | — |
| NODK | $273M | -26.6 | -12.3% | -3.6% | -4.3% | 24.5% |
| KINS | $242M | 5.8 | 38.5% | 19.0% | 37.5% | — |
| KWY | — | — | — | — | — | — |
| OSG | $350M | -1.3 | 6.5% | -103.1% | -34.2% | — |
| JRVR | — | 8.1 | -2.8% | — | — | — |
| PGR | — | 11.8 | 16.3% | 12.9% | 40.5% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80M | $42M | $7M | $154M | $189M | $282M | $280M | $162M | $433M | $294M | $853M | $1.27B | |
| SG&A Expense | · | · | · | · | · | $97M | $103M | $91M | $129M | $177M | $190M | $239M | |
| Interest Expense | $196M | $208M | $210M | $179M | $163M | $178M | $201M | $206M | $197M | $197M | $199M | $210M | |
| Pretax Income | $-181M | $-441M | $-484M | $-148M | $-445M | $-578M | $-357M | $-296M | $-661M | $-339M | $289M | $641M | |
| Income Tax | $0 | $0 | $0 | $1M | $0 | $0 | $2M | $0 | $944M | $-1M | $109M | $72M | |
| Net Income | $-177M | $435M | $477M | $-195M | $-445M | $-578M | $-359M | $-296M | $-1.60B | $-338M | $180M | $569M | |
| EPS (Basic) | $-3.58 | $-9.43 | $-10.18 | $-3.92 | $-8.99 | $-9.78 | $-4.43 | $-3.33 | $-13.50 | $-2.54 | $1.06 | $2.94 | |
| EPS (Diluted) | $-3.58 | $-9.43 | $-10.18 | $-3.92 | $-8.99 | $-9.78 | $-4.43 | $-3.33 | $-13.50 | $-2.54 | $1.06 | $2.76 | |
| Shares (Basic) | 49,278,281 | 47,436,079 | 48,207,574 | 49,803,739 | 49,472,281 | 59,071,843 | 81,014,285 | 89,013,711 | 118,930,282 | 133,001,088 | 163,936,318 | 188,171,503 | |
| Shares (Diluted) | 49,278,281 | 47,436,079 | 48,207,574 | 49,803,739 | 49,472,281 | 59,071,843 | 81,014,285 | 89,013,711 | 118,930,282 | 133,001,088 | 164,869,788 | 190,898,627 |
Balance Sheet 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | $160M | $167M | $83M | $280M | $146M | $187M | $522M | $782M | |
| Total Assets | $2.01B | $2.17B | $2.61B | $3.38B | $4.70B | $5.75B | $7.28B | $8.11B | $9.10B | $11.14B | $14.84B | $16.26B | |
| Capital Leases | $2M | · | $15M | $17M | · | · | $21M | · | · | · | · | · | |
| Total Liabilities | $4.24B | $4.24B | $4.25B | $4.25B | $5.00B | $5.60B | $6.45B | $6.97B | $7.67B | $7.90B | $11.10B | $12.33B | |
| Total Debt | · | · | · | · | · | · | $2.23B | · | · | $1.99B | $1.91B | $1.81B | |
| Common Stock | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $284M | $284M | $284M | $282M | $281M | |
| Paid-in Capital | $2.45B | $2.49B | $2.52B | $2.92B | $2.93B | $2.96B | $3.00B | $3.02B | $3.17B | $3.16B | $3.14B | $3.13B | |
| Retained Earnings | $-1.77B | $-1.59B | $-1.14B | $-653M | $-458M | $-13M | $607M | $966M | $1.09B | $2.70B | $3.04B | $2.86B | |
| Treasury Stock | $3.11B | $3.15B | $3.17B | $3.15B | $3.17B | $3.21B | $3.06B | $3.00B | $3.12B | $2.79B | $2.67B | $2.36B | |
| AOCI | $-95M | $-128M | $-139M | $-283M | $100M | $115M | $-2M | $-156M | $-19M | $-128M | $-61M | $21M | |
| Stockholders' Equity | $-2.24B | $-2.09B | $-1.66B | $-882M | $-313M | $136M | $826M | $1.12B | $1.41B | $3.23B | $3.73B | $3.93B | |
| Liabilities + Equity | $2.01B | $2.17B | $2.61B | $3.38B | $4.70B | $5.75B | $7.28B | $8.11B | $9.10B | $11.14B | $14.84B | $16.28B |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | |
| Deferred Tax | · | · | · | $0 | $0 | $12M | $13M | $0 | $940M | $-5M | $107M | $50M | |
| Operating Cash Flow | $38M | $-176M | $-195M | $-418M | $511M | $-390M | $-368M | $-319M | $-652M | $-149M | $-54M | $-333M | |
| CapEx | · | · | $0 | $0 | $1M | $0 | $0 | $1M | $1M | $1M | $3M | $13M | |
| Investing Cash Flow | $25M | $287M | $767M | $623M | $-61M | $1.74B | $1.27B | $1.21B | $1.20B | $2.42B | · | · | |
| Net Debt Issued | · | · | · | · | · | · | · | · | $0 | $0 | $-11M | $0 | |
| Stock Repurchased | $7M | $4M | $38M | $3M | $1M | $200M | $106M | $44M | $330M | $110M | $304M | $32M | |
| Net Stock Activity | $-7M | $-4M | $-38M | $-3M | $-1M | $-200M | $-106M | · | $-330M | $-108M | $-303M | $-32M | |
| Dividends Paid | $0 | $0 | $409M | $0 | $0 | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-79M | $-132M | $-542M | $-285M | $-457M | $-1.26B | $-1.10B | $-752M | $-589M | $-2.54B | · | · | |
| Net Change in Cash | $-16M | $-21M | $30M | $-82M | $-7M | $84M | · | $134M | $-41M | $-262M | $-260M | $-421M | |
| Taxes Paid | · | $0 | $0 | $1M | $0 | $-13M | $-11M | $1M | $4M | $5M | $9M | $17M | |
| Free Cash Flow | · | · | $-195M | $-418M | $510M | $-390M | $-368M | · | $-631M | $-143M | $-58M | $-346M | |
| Levered FCF | · | · | $-405M | $-598M | $347M | $-568M | · | · | $-1.11B | $-339M | $-182M | $-532M |
Profitability 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -221.2% | -1064.3% | -7014.3% | -126.6% | -235.4% | -205.0% | -128.2% | · | -370.7% | -115.0% | 21.1% | 44.8% | |
| Pretax Margin | -226.3% | -1050.0% | -6914.3% | -96.1% | -235.4% | -205.0% | -127.5% | · | -152.7% | -115.3% | 33.9% | 50.5% | |
| ROA | -8.5% | -20.3% | -16.4% | -4.8% | -8.5% | -8.9% | -4.7% | · | · | -2.9% | 1.2% | 3.5% | |
| ROE | 8.2% | 23.9% | 38.7% | 32.6% | 502.8% | -120.2% | -36.9% | · | · | -9.7% | 4.7% | 15.8% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | · | · | · | · | · | · | 2.7 | · | · | 0.6 | 0.5 | 0.5 | |
| LT Debt / Equity | · | · | · | · | · | · | 2.7 | · | · | 0.6 | 0.5 | 0.5 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | · | 0.0 | 0.1 | 0.1 |
Growth Rates 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 90.5% | 500.0% | -95.5% | -18.5% | -33.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -19.6% | -39.4% | -70.8% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -22.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | -8.8% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $80M | $42M | $7M | $154M | $189M | $282M | $280M | $162M | $433M | $294M | $853M | $1.27B | |
| Net Income TTM | $-177M | $435M | $477M | $-195M | $-445M | $-578M | $-359M | $-296M | $-1.60B | $-338M | $180M | $569M | |
| P/E | -2.0 | -0.7 | -0.6 | -3.3 | -1.8 | -0.7 | -2.1 | -2.7 | -0.5 | -4.2 | 6.1 | 3.5 | |
| Earnings Yield | -50.0% | -146.0% | -166.3% | -30.5% | -56.9% | -148.6% | -47.6% | -37.3% | -184.4% | -23.7% | 16.4% | 28.9% | |
| Payout Ratio | 0.00% | 0.00% | -83.3% | · | · | · | · | · | · | · | · | · | |
| Annual Payout | $0 | $0 | $409M | $0 | $0 | · | · | · | · | · | · | · |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27M | $24M | $28M | $15M | $23M | $14M | $37M | $29M | $-37M | $13M | $8M | $28M | $2M | $57M | $17M | $40M | |
| Interest Expense | $48M | $47M | $48M | $50M | $48M | $50M | $50M | $53M | $53M | $52M | $53M | $53M | $51M | $49M | $46M | $43M | |
| Pretax Income | $-43M | $-41M | $-56M | $-7M | $-56M | $-62M | $-50M | $-51M | $-253M | $-87M | $-185M | $-78M | $-83M | $-4M | $-35M | $-36M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1M | $0 | $0 | |
| Net Income | $-43M | $-40M | $-51M | $-8M | $-56M | $-62M | $831M | $-56M | $-254M | $-86M | $-185M | $-74M | $-93M | $-52M | $-34M | $-36M | |
| EPS (Basic) | $-0.91 | $-0.80 | $-1.01 | $-0.17 | $-1.12 | $-1.28 | $-1.07 | $-1.18 | $-5.34 | $-1.84 | $-3.94 | $-1.46 | $-1.86 | $-1.05 | $-0.67 | $-0.72 | |
| EPS (Diluted) | $-0.91 | $-0.80 | $-1.01 | $-0.17 | $-1.12 | $-1.28 | $-1.07 | $-1.18 | $-5.34 | $-1.84 | $-3.94 | $-1.46 | $-1.86 | $-1.05 | $-0.67 | $-0.72 | |
| Shares (Basic) | 50,197,412 | 49,796,216 | -98,216,484 | 49,597,200 | 49,543,258 | 48,354,307 | -94,557,205 | 47,671,114 | 47,501,248 | 46,820,922 | 47,009,765 | 49,040,489 | 49,945,917 | -99,532,595 | 49,878,191 | 49,826,695 | |
| Shares (Diluted) | 50,197,412 | 49,796,216 | -98,216,484 | 49,597,200 | 49,543,258 | 48,354,307 | -94,557,205 | 47,671,114 | 47,501,248 | 46,820,922 | 47,009,765 | 49,040,489 | 49,945,917 | -99,532,595 | 49,878,191 | 49,826,695 |
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 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.98B | $1.98B | $2.01B | $2.06B | $2.13B | $2.13B | $2.17B | $2.23B | $2.30B | $2.49B | $2.99B | $3.26B | $3.32B | $3.38B | $4.01B | $4.07B | |
| Capital Leases | · | · | $2M | $2M | $7M | $6M | · | $7M | $7M | $15M | $16M | $16M | $16M | · | $17M | · | |
| Total Liabilities | $4.30B | $4.26B | $4.24B | $4.23B | $4.30B | $4.25B | $4.24B | $4.22B | $4.29B | $4.21B | $4.22B | $4.25B | $4.22B | · | $4.86B | $4.80B | |
| Common Stock | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | $283M | · | $283M | $283M | |
| Paid-in Capital | $2.42B | $2.42B | $2.45B | $2.45B | $2.45B | $2.46B | $2.49B | $2.48B | $2.48B | $2.49B | $2.92B | $2.92B | $2.92B | · | $2.92B | $2.92B | |
| Retained Earnings | $-1.85B | $-1.81B | $-1.77B | $-1.72B | $-1.71B | $-1.65B | $-1.59B | $-1.54B | $-1.48B | $-1.23B | $-1.01B | $-820M | $-746M | · | $-601M | $-567M | |
| Treasury Stock | $3.07B | $3.08B | $3.11B | $3.11B | $3.11B | $3.12B | $3.15B | $3.14B | $3.14B | $3.14B | $3.17B | $3.17B | $3.14B | · | $3.15B | $3.15B | |
| AOCI | $-100M | $-103M | $-95M | $-89M | $-96M | $-99M | $-128M | $-88M | $-137M | $-131M | $-263M | $-213M | $-221M | $-283M | $-314M | $-231M | |
| Stockholders' Equity | $-2.33B | $-2.28B | $-2.24B | $-2.18B | $-2.18B | $-2.13B | $-2.09B | $-2.00B | $-1.99B | $-1.73B | $-1.24B | $-1.00B | $-912M | · | $-863M | $-748M | |
| Liabilities + Equity | $1.98B | $1.98B | $2.01B | $2.06B | $2.13B | $2.13B | $2.17B | $2.23B | $2.30B | $2.49B | $2.99B | $3.26B | $3.32B | · | $4.01B | $4.07B |
Cash Flow 6
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-4M | $-33M | $-10M | $90M | $1M | $-43M | $3M | $-139M | $-10M | $-30M | $-115M | $-42M | $-36M | $-558M | $-92M | $-41M | |
| Investing Cash Flow | $50M | $37M | $59M | $-172M | $106M | $32M | $5M | $29M | $120M | $133M | $-7M | $243M | $71M | $568M | $67M | $242M | |
| Stock Repurchased | $0 | $1M | $0 | $0 | $0 | $7M | $0 | $0 | $2M | $2M | $7M | $24M | $4M | $0 | $1M | $0 | |
| Net Stock Activity | · | $-1M | · | · | · | $-7M | · | · | · | $-2M | · | · | $-4M | · | · | · | |
| Financing Cash Flow | $-1M | $-3M | $-47M | $-16M | $-3M | $-13M | $5M | $-14M | $-50M | $-73M | $-29M | $-68M | $-20M | $-56M | $-57M | $-143M | |
| Net Change in Cash | $45M | $1M | $2M | $-98M | $104M | $-24M | $13M | $-124M | $60M | $30M | $-151M | $133M | $15M | $-46M | $-83M | $56M |
Profitability 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -159.3% | -166.7% | · | -53.3% | -243.5% | -442.9% | · | -193.1% | 686.5% | -661.5% | -2312.5% | -264.3% | -4650.0% | · | -200.0% | -90.0% | |
| Pretax Margin | -159.3% | -170.8% | · | -46.7% | -243.5% | -442.9% | · | -175.9% | 683.8% | -669.2% | -2312.5% | -278.6% | -4150.0% | · | -205.9% | -90.0% | |
| ROA | -2.1% | -1.9% | · | -0.37% | -2.5% | -2.7% | · | -2.1% | -9.1% | -3.0% | -5.3% | -2.0% | -2.4% | · | -0.77% | -0.77% | |
| ROE | 1.9% | 1.8% | · | 0.38% | 2.7% | 3.2% | · | 3.5% | 17.0% | 6.5% | 17.6% | 8.5% | 12.6% | · | 6.6% | 9.2% |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 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 | 0.0 |
Valuation (TTM) 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $89M | $76M | · | $81M | $29M | $19M | · | $13M | $12M | $51M | $55M | $87M | $99M | · | $169M | $170M | |
| Net Income TTM | $-147M | $-166M | · | $-182M | $-428M | $-458M | · | $-581M | $-599M | $-438M | $-386M | $-237M | $-236M | · | $-266M | $-293M | |
| P/E | -2.2 | -1.8 | · | -2.0 | -0.5 | -0.5 | · | -0.3 | -0.4 | -0.7 | -0.9 | -1.8 | -2.0 | · | -1.7 | -2.1 | |
| Earnings Yield | -46.0% | -57.0% | · | -50.3% | -205.5% | -193.6% | · | -344.5% | -229.1% | -134.6% | -110.0% | -54.5% | -51.1% | · | -58.3% | -47.9% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $80M | — | — | $42M | — |
| Net Income | $-177M | — | — | $435M | — |
| Diluted EPS | $-3.58 | — | — | $-9.43 | — |
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Institutional owners (13F) 145 filers · $142.5M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 24 (-7 vs prior Q) | 19 (+4 vs prior Q) | 48 (+8 vs prior Q) | 33 (-5 vs prior Q) | +4.1M |
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 |
|---|---|---|---|---|
| KAHN BROTHERS GROUP INC | $27,474,758 | 4,213,920 | 19.28% | Shares |
| Wolf Hill Capital Management, LP | $13,809,451 | 2,118,014 | 9.69% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $12,982,852 | 1,991,235 | 9.11% | Shares |
| VALUEWORKS LLC | $12,826,327 | 1,967,228 | 9.00% | Shares |
| Hosking Partners LLP | $10,101,208 | 1,549,265 | 7.09% | Shares |
| STATE STREET CORP | $7,126,093 | 1,092,959 | 5.00% | Shares |
| TCW GROUP INC | $6,945,495 | 1,065,260 | 4.87% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $6,376,934 | 977,745 | 4.47% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,452,491 | 376,149 | 1.72% | Shares |
| Chou Associates Management Inc. | $2,092,920 | 321,000 | 1.47% | Shares |
| VANGUARD GROUP INC | $2,043,471 | 285,401 | 1.43% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,029,011 | 311,198 | 1.42% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,027,016 | 310,892 | 1.42% | Shares |
| WHITEBOX ADVISORS LLC | $1,985,086 | 304,461 | 1.39% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,973,545 | 302,691 | 1.38% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,946,220 | 298,500 | 1.37% | Call option |
| TUDOR INVESTMENT CORP ET AL | $1,945,627 | 298,409 | 1.37% | Shares |
| TORONTO DOMINION BANK | $1,630,652 | 250,100 | 1.14% | Put option |
| TORONTO DOMINION BANK | $1,485,941 | 227,905 | 1.04% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,335,296 | 204,800 | 0.94% | Put option |
| MORGAN STANLEY | $1,161,016 | 178,070 | 0.81% | Shares |
| Walleye Trading LLC | $1,068,628 | 163,900 | 0.75% | Call option |
| Alta Fundamental Advisers LLC | $969,276 | 148,662 | 0.68% | Shares |
| GROUP ONE TRADING LLC | $841,367 | 129,044 | 0.59% | Shares |
| Quantinno Capital Management LP | $833,543 | 127,844 | 0.58% | Shares |
| GOLDMAN SACHS GROUP INC | $802,033 | 123,011 | 0.56% | Shares |
| BLUEFIN CAPITAL MANAGEMENT, LLC | $749,839 | 115,006 | 0.53% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $736,845 | 113,013 | 0.52% | Shares |
| Squarepoint Ops LLC | $664,114 | 101,858 | 0.47% | Shares |
| Freestone Capital Holdings, LLC | $650,455 | 99,763 | 0.46% | Shares |
| JANE STREET GROUP, LLC | $632,010 | 96,934 | 0.44% | Shares |
| IMC-Chicago, LLC | $577,092 | 88,511 | 0.40% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $532,684 | 81,700 | 0.37% | Shares |
| LANARK FINANCIAL, INC. | $503,324 | 77,197 | 0.35% | Shares |
| Bank of New York Mellon Corp | $464,850 | 71,296 | 0.33% | Shares |
| JANE STREET GROUP, LLC | $460,964 | 70,700 | 0.32% | Put option |
| ALLIANCEBERNSTEIN L.P. | $457,670 | 77,440 | 0.32% | Shares |
| HighTower Advisors, LLC | $452,468 | 69,397 | 0.32% | Shares |
| Trexquant Investment LP | $433,306 | 66,458 | 0.30% | Shares |
| WOLVERINE TRADING, LLC | $393,355 | 52,100 | 0.28% | Call option |
| RHUMBLINE ADVISERS | $383,467 | 58,815 | 0.27% | Shares |
| BANK OF AMERICA CORP /DE/ | $359,787 | 55,182 | 0.25% | Shares |
| CITADEL ADVISORS LLC | $336,432 | 51,600 | 0.24% | Put option |
| FRANKLIN RESOURCES INC | $335,715 | 51,490 | 0.24% | Shares |
| CITADEL ADVISORS LLC | $314,916 | 48,300 | 0.22% | Call option |
| ExodusPoint Capital Management, LP | $299,985 | 46,010 | 0.21% | Shares |
| DEUTSCHE BANK AG\ | $284,552 | 43,643 | 0.20% | Shares |
| Empirical Asset Management, LLC | $275,796 | 42,300 | 0.19% | Shares |
| CITADEL ADVISORS LLC | $267,020 | 40,954 | 0.19% | Shares |
| WELLS FARGO & COMPANY/MN | $253,498 | 38,880 | 0.18% | Shares |
| BARCLAYS PLC | $233,467 | 35,808 | 0.16% | Shares |
| BlackRock, Inc. | $221,530 | 33,977 | 0.16% | Shares |
| Empowered Funds, LLC | $210,172 | 32,235 | 0.15% | Shares |
| TWO SIGMA INVESTMENTS, LP | $206,528 | 31,676 | 0.14% | Shares |
| CITIZENS FINANCIAL GROUP INC/RI | $205,954 | 31,588 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $204,076 | 31,300 | 0.14% | Call option |
| STIFEL FINANCIAL CORP | $194,324 | 29,804 | 0.14% | Shares |
| SIMPLEX TRADING, LLC | $171,091 | 26,241 | 0.12% | Shares |
| Engineers Gate Manager LP | $162,126 | 24,866 | 0.11% | Shares |
| Seelaus Asset Management LLC | $159,740 | 24,500 | 0.11% | Shares |
| MetLife Investment Management, LLC | $159,512 | 24,465 | 0.11% | Shares |
| Cresset Asset Management, LLC | $158,319 | 24,282 | 0.11% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $157,487 | 24,154 | 0.11% | Shares |
| MARSHALL WACE, LLP | $157,080 | 24,092 | 0.11% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $139,385 | 21,378 | 0.10% | Shares |
| 46 Peaks LLC | $126,475 | 19,398 | 0.09% | Shares |
| WOLVERINE TRADING, LLC | $122,687 | 16,250 | 0.09% | Shares |
| CITIGROUP INC | $122,146 | 18,734 | 0.09% | Shares |
| Invesco Ltd. | $120,274 | 18,447 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $118,501 | 18,175 | 0.08% | Shares |
| STEINBERGANNA WEALTH MANAGEMENT | $117,360 | 18,000 | 0.08% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $116,715 | 17,901 | 0.08% | Shares |
| Sequoia Financial Advisors, LLC | $92,193 | 14,140 | 0.06% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $89,480 | 13,724 | 0.06% | Shares |
| WOLVERINE TRADING, LLC | $89,090 | 11,800 | 0.06% | Put option |
| Russell Investments Group, Ltd. | $87,140 | 13,365 | 0.06% | Shares |
| UBS Group AG | $85,608 | 13,130 | 0.06% | Shares |
| Police & Firemen's Retirement System of New Jersey | $84,362 | 12,939 | 0.06% | Shares |
| Brevan Howard Capital Management LP | $81,937 | 12,567 | 0.06% | Shares |
| Focus Partners Wealth | $81,598 | 12,515 | 0.06% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $74,419 | 11,414 | 0.05% | Shares |
| Choate Investment Advisors | $74,328 | 11,400 | 0.05% | Shares |
| D. E. Shaw & Co., Inc. | $72,789 | 11,164 | 0.05% | Shares |
| Dynamic Technology Lab Private Ltd | $72,000 | 11,005 | 0.05% | Shares |
| Savant Capital, LLC | $69,979 | 11,259 | 0.05% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $68,349 | 10,483 | 0.05% | Shares |
| OSAIC HOLDINGS, INC. | $62,780 | 9,629 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $61,881 | 9,491 | 0.04% | Shares |
| Arax Advisory Partners | $59,195 | 9,079 | 0.04% | Shares |
| FMR LLC | $56,013 | 8,591 | 0.04% | Shares |
| AlphaQuest LLC | $54,924 | 7,671 | 0.04% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $51,919 | 7,963 | 0.04% | Shares |
| NORTHERN TRUST CORP | $47,374 | 7,266 | 0.03% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $43,945 | 6,740 | 0.03% | Shares |
| Cerity Partners LLC | $33,618 | 5,156 | 0.02% | Shares |
| Ameritas Investment Partners, Inc. | $31,622 | 4,850 | 0.02% | Shares |
| HARBOR INVESTMENT ADVISORY, LLC | $29,340 | 4,500 | 0.02% | Shares |
| Legal & General Group Plc | $27,534 | 4,223 | 0.02% | Shares |
| NewEdge Advisors, LLC | $23,485 | 3,602 | 0.02% | Shares |
| Tower Research Capital LLC (TRC) | $19,501 | 2,991 | 0.01% | Shares |
Company insiders 52 insiders · 25 officers · 25 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| William C Fallon | CEO & President | March 4, 2026 F | 2,826,660 | 0 | 0 | $0 |
| Gary C Dunton | Chairman, President & CEO | Feb. 11, 2008 F | 418,987 | 0 | 0 | $0 |
| Joseph R. Schachinger | EVP, CFO and Treasurer | March 4, 2026 F | 248,057 | 0 | 0 | $0 |
| Anthony Mckiernan | EVP & Chief Financial Officer | March 5, 2024 F | 1,324,338 | 0 | 0 | $0 |
| Edward C Chaplin | President, CFO & CAO | March 3, 2016 A | 685,139 | 0 | 0 | $0 |
| Nicholas Ferreri | Vice President & CFO | Feb. 27, 2006 A | 22,425 | 0 | 0 | $0 |
| Adam T. Bergonzi | Assistant Vice President | March 4, 2026 F | 943,262 | 0 | 0 | $0 |
| Christopher H. Young | Assistant Vice President | March 4, 2026 F | 651,544 | 0 | 0 | $0 |
| Daniel M. Avitabile | Assistant Vice President | March 4, 2026 F | 650,527 | 0 | 0 | $0 |
| Jonathan C. Harris | General Counsel and Secretary | March 6, 2023 F | 654,564 | 0 | 0 | $0 |
| Douglas C Hamilton | Controller | March 6, 2017 A | 137,200 | 0 | 0 | $0 |
| Ram D Wertheim | Chief Legal Off & Secy | Feb. 28, 2017 D | 336,580 | 0 | 0 | $0 |
| Clifford D Corso | Executive Vice President | May 23, 2011 S | 13,958 | 0 | 0 | $0 |
| Mitchell I Sonkin | Executive Vice President | Feb. 9, 2010 D | 42,689 | 0 | 0 | $0 |
| Christopher E Weeks | Vice President | April 18, 2008 P | 41,052 | 0 | 0 | $0 |
| Thomas G Mcloughlin | Vice President | March 28, 2008 A | 38,658 | 0 | 0 | $0 |
| Ruth M Whaley | Vice President | March 28, 2008 A | 64,403 | 0 | 0 | $0 |
| Kevin D Silva | Vice President | March 28, 2008 A | 62,431 | 0 | 0 | $0 |
| Neil G Budnick | Vice President | Feb. 26, 2007 M | 224,468 | 0 | 0 | $0 |
| Willard I Hill JR | VP & Chief Compliance Officer | Feb. 15, 2007 A | 9,072 | 0 | 0 | $0 |
| Andrea E Randolph | Vice President | Feb. 15, 2007 A | 23,009 | 0 | 0 | $0 |
| Mark S Zucker | Vice President | Feb. 12, 2007 F | 38,874 | 0 | 0 | $0 |
| John S Pizzarelli | Vice President | Jan. 12, 2005 F | 30,390 | 0 | 0 | $0 |
| Richard L Weill | Vice President | April 1, 2004 | — | 0 | 0 | $0 |
| John B Caouette | Vice President | Feb. 10, 2004 A | 128,183 | 0 | 0 | $0 |
| Janice L. Innis-Thompson | Director | May 12, 2026 A | 83,325 | 0 | 0 | $0 |
| Theodore Shasta | Director | May 12, 2026 A | 66,327 | 0 | 2 | $-106,520 |
| Richard C Vaughan | Director | May 12, 2026 A | 103,055 | 0 | 0 | $0 |
| Diane L Dewbrey | Director | May 12, 2026 A | 121,198 | 0 | 1 | $-35,571 |
| Steven J Gilbert | Director | May 12, 2026 A | 125,423 | 0 | 0 | $0 |
| Charles R Rinehart | Director | May 12, 2022 A | 146,400 | 0 | 0 | $0 |
| Francis Y Chin | Director | July 1, 2019 A | 40,263 | 0 | 0 | $0 |
| Joseph W Brown | Director | Dec. 19, 2017 P | 2,399,634 | 0 | 0 | $0 |
| Lois A. Scott | Director | May 15, 2017 A | 39,008 | 0 | 0 | $0 |
| Keith D. Curry | Director | May 15, 2017 A | 54,244 | 0 | 0 | $0 |
| Maryann Bruce | Director | May 15, 2017 A | 69,595 | 0 | 0 | $0 |
| David A Coulter | Director | April 1, 2016 A | 230,717 | 0 | 0 | $0 |
| Sean Carney | Director | Jan. 4, 2016 A | 50,317 | 0 | 0 | $0 |
| KEARNEY DANIEL P | Director | May 6, 2015 M | 109,794 | 0 | 0 | $0 |
| Kewsong Lee | Director | Oct. 1, 2013 A | 137,242 | 0 | 0 | $0 |
| Claire L Gaudiani | Director | May 1, 2012 M | 59,660 | 0 | 0 | $0 |
| Laurence H Meyer | Director | May 4, 2011 M | 97,853 | 0 | 0 | $0 |
| John A Rolls | Director | June 18, 2009 M | 95,715 | 0 | 0 | $0 |
| Jeffery W Yabuki | Director | Nov. 3, 2008 M | 12,217 | 0 | 0 | $0 |
| David M Moffett | Director | May 15, 2008 A | 9,125 | 0 | 0 | $0 |
| David C Clapp | Director | May 1, 2008 M | 37,758 | 0 | 0 | $0 |
| Debra J Perry | Director | March 12, 2008 M | 12,701 | 0 | 0 | $0 |
| Richard H Walker | Director | Jan. 30, 2008 M | 2,609 | 0 | 0 | $0 |
| James A Lebenthal | Director | Dec. 23, 2004 A | 5,538 | 0 | 0 | $0 |
| Warburg Pincus Private Equity X, L.P. | 10% owner | Aug. 5, 2013 A | 73,452,685 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 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 |
|---|---|---|---|---|---|
| Warburg Pincus Private Equity X, L.P., Warburg Pincus X, L.P., Warburg Pincus X GP L.P., WPP GP LLC, Warburg Pincus Partners, L.P., Warburg Pincus Partners GP LLC, Warburg Pincus & Co., Warburg Pincus LLC, Charles R. Kaye, Joseph P. Landy ×7 filings | Aug. 14, 2015 | — | Initial filing | — | SEC |
| MBIA Inc. | Sept. 14, 2011 | — | Initial filing | — | SEC |
| Warburg Pincus Private Equity X, L.P. S.S. OR, Warburg Pincus X, L.P. S.S. OR, Warburg Pincus X LLC S.S. OR, Warburg Pincus Partners, LLC S.S. OR, Warburg Pincus & Co. S.S. OR, Warburg Pincus LLC S.S. OR, Charles R. Kaye S.S. OR, Joseph P. Landy S.S. OR ×4 filings | Dec. 11, 2009 | — | Initial filing | — | SEC |
| MBIA Inc. S.S. OR | May 8, 2008 | — | 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 22 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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.06% | 158,299 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 49,458 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 40,439 SH | Aug. 8, 2026 | Daily |
| SFGV · EA Series Trust | 0.02% | 32,280 NS | May 29, 2026 | N-PORT |
| IWN · iShares Trust | 0.02% | 457,187 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 267,527 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 20,137 NS | April 30, 2026 | N-PORT |
| IWM · iShares Trust | 0.01% | 1,210,816 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 42,557 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 2,152 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 209,947 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 1,683 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.00% | 58 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 1,700 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,567 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 43 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 69,124 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 15,281 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 30,060 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 510,216 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,431,336 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,232 SH | Aug. 8, 2026 | Daily |