MPT Medical Properties Trust, Inc. common stock
$4.03
Price · Aug 18, 2026
Fundamentals as of Aug 10, 2026
52W Range
$4–$6
1% of range
Analyst Rating
SELL
16 analysts
Price Target
$6
+42% upside
P/E (TTM)
-8.8
ROE
-5.9%
Net Profit Margin
-28.5%
MPT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.03
Market Cap
$2.40B
P/E (TTM)
-8.8
EPS (TTM)
$-0.46
Revenue (TTM)
$972M
Div Yield
—
ROE
-5.9%
Debt/Equity
—
52W Range
$4 – $6
MPT 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
$972M
2016-12-31
→
2025-12-31
EPS
$-0.46
2016-12-31
→
2025-12-31
Free Cash Flow
—
Margins
-28.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MPT
Peer Median
P/E (TTM)
-8.8
29.8
P/S (TTM)
2.5
6.3
P/B
0.5
1.7
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MPT
Peer Median
Net Profit Margin
-28.5%
15.7%
ROA
-1.9%
2.6%
ROE
-5.9%
4.6%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MPT
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MPT
Peer Median
Revenue YoY
-2.4%
—
Revenue CAGR 3Y
-14.3%
—
Revenue CAGR 5Y
-4.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MPT
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 18, 2026 | $0.0900 |
| March 12, 2026 | $0.0900 |
| Dec. 11, 2025 | $0.0900 |
| Sept. 11, 2025 | $0.0800 |
| June 18, 2025 | $0.0800 |
| March 10, 2025 | $0.0800 |
| Dec. 12, 2024 | $0.0800 |
| Sept. 9, 2024 | $0.0800 |
| June 10, 2024 | $0.1500 |
| April 19, 2024 | $0.1500 |
| Dec. 6, 2023 | $0.1500 |
| Sept. 13, 2023 | $0.1500 |
| June 14, 2023 | $0.2900 |
| March 15, 2023 | $0.2900 |
| Dec. 7, 2022 | $0.2900 |
| Sept. 14, 2022 | $0.2900 |
| June 15, 2022 | $0.2900 |
| March 16, 2022 | $0.2900 |
| Dec. 8, 2021 | $0.2800 |
| Sept. 15, 2021 | $0.2800 |
MPT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
16 analysts
- Strong Buy 1 6.2%
- Buy 2 12.5%
- Hold 5 31.2%
- Sell 7 43.8%
- Strong Sell 1 6.2%
12-Month Price Target
7 analysts · 2026-08-13
Median
$5.00
Mean
$5.71
← Below all targets
$4.03
Low
$4.50
High
$8.00
Median target
$5.00
+24.2%
Mean target
$5.71
+42.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.15 | $0.01 | 0.14% |
| March 31, 2026 | $0.05 | $0.03 | 0.02% |
| Dec. 31, 2025 | $0.03 | $0.01 | 0.02% |
| Sept. 30, 2025 | $-0.13 | $0.01 | -0.14% |
| June 30, 2025 | $0.02 | $0.01 | 0.01% |
| March 31, 2025 | $-0.20 | $-0.00 | -0.20% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MPT | $2.99B | -10.9 | -2.4% | -28.5% | -5.9% | — |
| CTRE | $8.05B | 23.0 | 60.8% | 67.3% | 9.2% | — |
| 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% | — |
| LTC | $1.67B | 13.6 | 25.3% | 44.9% | 11.6% | — |
| 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% | — |
| 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 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $972M | $996M | $872M | $1.54B | $1.54B | $1.25B | $854M | $785M | $705M | $541M | $442M | $313M | |
| Cost of Revenue | $90M | $74M | $110M | $167M | $101M | $30M | $168M | $84M | · | · | · | · | |
| SG&A Expense | $130M | $134M | $146M | $160M | $146M | $132M | $96M | $81M | $59M | $49M | $44M | $37M | |
| Operating Expenses | $943M | $1.03B | $1.20B | $898M | $873M | $750M | $511M | $447M | $396M | $352M | $179M | $170M | |
| Operating Income | · | · | · | · | · | · | · | · | $486M | $342M | $263M | $143M | |
| Interest Expense | $510M | $418M | $411M | $359M | $367M | $329M | $238M | $223M | $177M | $160M | $121M | $98M | |
| Other Non-op | $-173M | $-616M | $8M | $15M | $46M | $-7M | $-345.0K | $-4M | $374.0K | $-2M | $-3M | $3M | |
| Pretax Income | $-237M | $-2.36B | $-687M | $960M | $731M | $463M | $374M | $1.02B | $294M | $219M | $141M | $51M | |
| Income Tax | $39M | $44M | $-131M | $56M | $74M | $31M | $-3M | $927.0K | $3M | $-7M | $2M | $340.0K | |
| Net Income | $-277M | $-2.41B | $-556M | $903M | $656M | $431M | $375M | $1.02B | $290M | $225M | $140M | $51M | |
| EPS (Basic) | $-0.46 | $-4.02 | $-0.93 | $1.50 | $1.11 | $0.81 | $0.87 | $2.77 | $0.82 | $0.86 | $0.64 | $0.29 | |
| EPS (Diluted) | $-0.46 | $-4.02 | $-0.93 | $1.50 | $1.11 | $0.81 | $0.87 | $2.76 | $0.82 | $0.86 | $0.63 | $0.29 | |
| Shares (Basic) | 600,892,000 | 600,248,000 | 598,518,000 | 598,634,000 | 588,817,000 | 529,239,000 | 427,075,000 | 365,364,000 | 349,902,000 | 260,414,000 | 217,997,000 | 169,999,000 | |
| Shares (Diluted) | 600,892,000 | 600,248,000 | 598,518,000 | 598,837,000 | 590,139,000 | 530,461,000 | 428,299,000 | 366,271,000 | 350,441,000 | 261,072,000 | 218,304,000 | 170,540,000 | |
| EBITDA | $273M | $454M | $616M | $346M | $334M | · | $157M | · | $618M | $439M | $335M | $198M |
Balance Sheet 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $541M | $332M | $250M | $236M | $459M | $550M | $1.46B | $821M | $171M | $83M | $196M | $145M | |
| Total Assets | $15.00B | $14.29B | $18.30B | $19.66B | $20.52B | $16.83B | $14.47B | $8.84B | $9.02B | $6.42B | $5.61B | $3.72B | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | $287.0K | $9M | $238.0K | |
| Total Liabilities | $10.39B | $9.46B | $10.67B | $11.06B | $12.07B | $9.49B | $7.44B | $4.28B | $5.19B | $3.17B | $3.50B | $2.34B | |
| Long-term Debt | $9.70B | $8.85B | $10.06B | $10.27B | $11.28B | $8.87B | $7.02B | $4.04B | $4.90B | $2.91B | $3.35B | $2.20B | |
| Common Stock | $597.0K | $600.0K | $599.0K | $597.0K | $597.0K | $541.0K | $518.0K | $371.0K | $364.0K | $321.0K | $237.0K | $172.0K | |
| Paid-in Capital | · | · | · | · | · | · | · | · | · | · | · | $1.77B | |
| Retained Earnings | $-4.14B | $-3.66B | $-972M | $116M | $-88M | $-71M | $83M | $163M | $-486M | $-434M | $-419M | $-361M | |
| Treasury Stock | · | · | · | · | $777.0K | $777.0K | $777.0K | $777.0K | $777.0K | $262.0K | $262.0K | $262.0K | |
| AOCI | $168M | $-94M | $43M | $-59M | $-37M | $-51M | $-63M | $-58M | $-26M | $-93M | $-73M | $-22M | |
| Stockholders' Equity | $4.61B | $4.83B | $7.63B | $8.59B | $8.44B | $7.34B | $7.03B | $4.55B | $3.82B | $3.25B | $2.10B | $1.38B | |
| Liabilities + Equity | $15.00B | $14.29B | $18.30B | $19.66B | $20.52B | $16.83B | $14.47B | $8.84B | $9.02B | $6.42B | $5.61B | $3.72B | |
| Shares Outstanding | 597,008,000 | 600,403,000 | 598,991,000 | 597,476,000 | 596,748,000 | 541,419,000 | 517,522,000 | 370,637,000 | 364,424,000 | 320,514,000 | 236,744,000 | 172,743,000 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $273M | $454M | $616M | $346M | $334M | $276M | $157M | $141M | $132M | $98M | $72M | $55M | |
| Stock-based Comp | $26M | $33M | $33M | $49M | $52M | $47M | $32M | $17M | $10M | $8M | $11M | $9M | |
| Deferred Tax | $11M | $13M | $-163M | $29M | $53M | $21M | $-4M | $-2M | $-340.0K | $-9M | $-258.0K | $1.0K | |
| Other Non-cash | $199M | $2.16B | $576M | $-588M | $-284M | · | $-65M | · | $-68M | $-57M | $-15M | $36M | |
| Operating Cash Flow | $231M | $245M | $506M | $739M | $812M | $618M | $494M | $449M | $362M | $264M | $207M | $150M | |
| Investing Cash Flow | $-265M | $1.32B | $518M | $396M | $-3.86B | $-2.95B | $-4.88B | $564M | $-2.36B | $-927M | $-1.95B | $-850M | |
| Debt Issued | $2.51B | $804M | · | $129M | $3.41B | $2.22B | $3.05B | $760M | $2.36B | $1.00B | $681M | $425M | |
| Net Debt Issued | $260M | $102M | $-988M | $-741M | $2.02B | · | $3.05B | · | $1.32B | $425M | $681M | $325M | |
| Stock Issued | · | · | · | · | $1.05B | $411M | $2.53B | $94M | $548M | $1.17B | $817M | $138M | |
| Stock Repurchased | $23M | · | · | $18M | · | · | · | · | · | · | · | · | |
| Net Stock Activity | $-23M | · | · | $-18M | $1.05B | · | $2.53B | · | $548M | $1.17B | $817M | $138M | |
| Financing Cash Flow | $228M | $-1.48B | $-1.02B | $-1.34B | $2.95B | $1.40B | $5.04B | $-346M | $2.07B | $553M | $1.80B | $803M | |
| Net Change in Cash | · | · | · | · | · | · | · | · | $71M | $-109M | $62M | $103M | |
| Taxes Paid | $21M | · | · | · | · | · | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | · | · | · | · | 68.9% | 63.1% | 59.6% | 45.7% | |
| Net Margin | -28.5% | -242.1% | -63.8% | 58.5% | 42.5% | · | 43.9% | · | 41.1% | 41.6% | 31.6% | 16.2% | |
| Pretax Margin | -24.4% | -237.5% | -78.8% | 62.2% | 47.3% | · | 43.8% | · | 41.7% | 40.5% | 32.0% | 16.4% | |
| EBITDA Margin | 28.1% | 45.6% | 70.7% | 22.4% | 21.6% | · | 18.3% | · | 87.6% | 81.2% | 75.8% | 63.4% | |
| ROA | -1.9% | -14.8% | -2.9% | 4.5% | 3.5% | · | 3.2% | · | 3.8% | 3.7% | 3.0% | 1.5% | |
| ROE | -5.9% | -38.7% | -6.9% | 10.6% | 8.3% | · | 6.5% | · | 8.2% | 8.4% | 8.0% | 3.7% | |
| ROIC | · | · | · | · | · | · | · | · | 12.6% | 10.8% | 12.4% | 10.3% |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | · | · | · | · | · | · | 2.7 | 2.1 | 2.2 | 1.5 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | · | 0.1 | · | 0.1 | 0.1 | 0.1 | 0.1 |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -2.4% | 14.2% | -43.5% | -0.12% | 23.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -14.3% | -13.6% | -11.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -4.9% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | · | 35.1% | 37.0% | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | · | 37.6% | 52.0% | · | · | · | · | · | · | · |
Valuation (TTM) 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $972M | $996M | $872M | $1.54B | $1.54B | $1.25B | $854M | $785M | $705M | $541M | $442M | $313M | |
| Net Income TTM | $-277M | $-2.41B | $-556M | $903M | $656M | $431M | $375M | $1.02B | $290M | $225M | $140M | $51M | |
| Market Cap | $2.99B | $2.37B | $2.94B | $6.66B | $14.10B | · | $10.92B | · | $5.02B | $3.94B | $2.72B | $2.38B | |
| P/E | -10.9 | -1.0 | -5.3 | 7.4 | 21.3 | 26.9 | 24.3 | 5.8 | 16.8 | 14.3 | 18.3 | 47.5 | |
| P/S | 3.1 | 2.4 | 3.4 | 4.3 | 9.1 | · | 12.8 | · | 7.1 | 7.3 | 6.2 | 7.6 | |
| P/B | 0.6 | 0.5 | 0.4 | 0.8 | 1.7 | · | 1.6 | · | 1.3 | 1.2 | 1.3 | 1.7 | |
| P / Tangible Book | 0.6 | 0.5 | 0.4 | 0.8 | 1.7 | 1.6 | · | · | · | · | · | · | |
| P / Cash Flow | 12.9 | 9.7 | 5.8 | 9.0 | 17.4 | · | 22.1 | · | 13.8 | 14.9 | 13.2 | 15.8 | |
| Earnings Yield | -9.2% | -101.8% | -18.9% | 13.5% | 4.7% | 3.7% | 4.1% | 17.2% | 5.9% | 7.0% | 5.5% | 2.1% |
Income Statement 14
| 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 | $259M | $252M | $270M | $238M | $240M | $224M | $232M | $226M | $267M | $271M | $-122M | $307M | $337M | $350M | $380M | $352M | |
| Cost of Revenue | $12M | $97M | $11M | $-22M | $20M | $81M | · | $8M | $4M | $41M | · | $29M | $-29M | $182M | · | $2M | |
| SG&A Expense | $35M | $32M | $25M | $38M | $26M | $42M | $28M | $37M | $35M | $33M | $30M | $38M | $36M | $42M | $43M | $37M | |
| Operating Expenses | $251M | $245M | $234M | $246M | $233M | $229M | $205M | $353M | $247M | $222M | $213M | $229M | $529M | $230M | $224M | $216M | |
| Interest Expense | $135M | $133M | $132M | $132M | $130M | $116M | $101M | $106M | $101M | $109M | $102M | $107M | $104M | $98M | $92M | $88M | |
| Other Non-op | $-2M | $-3M | $-1M | $-1M | $-124M | $-45M | $-49M | $-170M | $-168M | $-229M | $-18M | $41M | $-11M | $-5M | $-6M | $4M | |
| Pretax Income | $8M | $285.0K | $26M | $-67M | $-88M | $-109M | $-403M | $-792M | $-305M | $-864M | $-660M | $127M | $-191M | $37M | $-125M | $241M | |
| Income Tax | $10M | $-33M | $9M | $11M | $10M | $9M | $10M | $9M | $15M | $11M | $4M | $10M | $-148M | $4M | $15M | $5M | |
| Net Income | $-3M | $33M | $17M | $-78M | $-98M | $-118M | $-413M | $-801M | $-321M | $-876M | $-664M | $117M | $-42M | $33M | $-140M | $222M | |
| EPS (Basic) | $-0.01 | $0.05 | $0.03 | $-0.13 | $-0.16 | $-0.20 | $-0.68 | $-1.34 | $-0.54 | $-1.46 | $-1.10 | $0.19 | $-0.07 | $0.05 | $-0.24 | $0.37 | |
| EPS (Diluted) | $-0.01 | $0.05 | $0.03 | $-0.13 | $-0.16 | $-0.20 | $-0.68 | $-1.34 | $-0.54 | $-1.46 | $-1.10 | $0.19 | $-0.07 | $0.05 | $-0.24 | $0.37 | |
| Shares (Basic) | 597,961,000 | 597,715,000 | -1,201,652,000 | 601,136,000 | 600,814,000 | 600,594,000 | -1,200,342,000 | 600,229,000 | 600,057,000 | 600,304,000 | -1,196,572,000 | 598,444,000 | 598,344,000 | 598,302,000 | -1,197,849,000 | 598,980,000 | |
| Shares (Diluted) | 597,961,000 | 597,715,000 | -1,201,652,000 | 601,136,000 | 600,814,000 | 600,594,000 | -1,200,342,000 | 600,229,000 | 600,057,000 | 600,304,000 | -1,196,689,000 | 598,553,000 | 598,344,000 | 598,310,000 | -1,198,460,000 | 599,339,000 | |
| EBITDA | · | $73M | · | · | · | $65M | · | · | · | $77M | · | · | · | $88M | · | · |
Balance Sheet 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $397M | $425M | $541M | $397M | $510M | $673M | $332M | $276M | $607M | $224M | $250M | $340M | $324M | $302M | $236M | $299M | |
| Total Assets | $14.75B | $14.76B | $15.00B | $14.92B | $15.15B | $14.85B | $14.29B | $15.24B | $16.19B | $17.30B | · | $19.00B | $19.20B | $19.65B | · | $19.04B | |
| Total Liabilities | $10.25B | $10.22B | $10.39B | $10.26B | $10.32B | $10.09B | $9.46B | $9.80B | $10.00B | $10.60B | · | $10.72B | $10.89B | $11.21B | · | $10.21B | |
| Long-term Debt | $9.70B | $9.66B | $9.70B | $9.62B | $9.65B | $9.47B | $8.85B | $9.22B | $9.37B | $10.10B | · | $10.16B | $10.24B | $10.44B | · | $9.48B | |
| Common Stock | $597.0K | $598.0K | $597.0K | $601.0K | $601.0K | $600.0K | $600.0K | $600.0K | $600.0K | $600.0K | · | $598.0K | $598.0K | $598.0K | · | $599.0K | |
| Retained Earnings | $-4.21B | $-4.16B | $-4.14B | $-4.10B | $-3.97B | $-3.83B | $-3.66B | $-3.20B | $-2.35B | $-1.85B | · | $-215M | $-241M | $-25M | · | $433M | |
| AOCI | $135M | $124M | $168M | $155M | $206M | $-5M | $-94M | $57M | $-34M | $-19M | · | $-60M | $7M | $-75M | · | $-139M | |
| Stockholders' Equity | $4.50B | $4.54B | $4.61B | $4.66B | $4.83B | $4.76B | $4.83B | $5.44B | $6.19B | $6.70B | · | $8.28B | $8.31B | $8.44B | · | $8.83B | |
| Liabilities + Equity | $14.75B | $14.76B | $15.00B | $14.92B | $15.15B | $14.85B | $14.29B | $15.24B | $16.19B | $17.30B | · | $19.00B | $19.20B | $19.65B | · | $19.04B | |
| Shares Outstanding | 596,786,000 | 597,715,000 | 597,008,000 | 601,136,000 | 600,814,000 | 600,595,000 | 600,403,000 | 600,229,000 | 600,057,000 | 600,304,000 | · | 598,444,000 | 598,344,000 | 598,302,000 | · | 598,983,000 |
Cash Flow 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $74M | $73M | $70M | $69M | $68M | $65M | $66M | $206M | $104M | $77M | $80M | $81M | $368M | $88M | $85M | $85M | |
| Stock-based Comp | $5M | $573.0K | $-5M | $12M | $857.0K | $18M | $2M | $14M | $9M | $8M | $4M | $11M | $6M | $12M | $16M | $11M | |
| Other Non-cash | · | $-121M | · | · | · | $36M | · | · | · | $865M | · | · | · | $3M | · | · | |
| Operating Cash Flow | $62M | $-14M | $160M | $19M | $52M | $384.0K | $77M | $59M | $35M | $74M | $135M | $158M | $77M | $136M | $181M | $214M | |
| Investing Cash Flow | $-82M | $-77M | $-8M | $-95M | $-72M | $-89M | $92M | $144M | $1.20B | $-119M | $170M | $-62M | $392M | $17M | $-462M | $324M | |
| Debt Issued | $0 | $0 | $0 | $0 | $0 | $2.51B | $0 | $0 | $804M | $0 | · | $0 | · | · | · | · | |
| Net Debt Issued | · | $0 | · | · | · | $260M | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-8M | $-23M | $-9M | $-34M | $-155M | $426M | $-100M | $-548M | $-854M | $22M | $-403M | $-67M | $-462M | $-89M | $201M | $-481M |
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 | -1.0% | 13.0% | · | -32.7% | -40.9% | -52.8% | · | · | -120.3% | -322.7% | · | 38.1% | -12.5% | 9.4% | · | 62.9% | |
| Pretax Margin | 3.0% | 0.11% | · | -28.0% | -36.7% | -48.5% | · | · | -114.5% | -318.6% | · | 41.4% | -56.5% | 10.4% | · | 68.3% | |
| EBITDA Margin | · | 29.1% | · | · | · | 29.2% | · | · | · | 28.5% | · | · | · | 25.0% | · | · | |
| ROA | -0.02% | 0.22% | · | -0.52% | -0.63% | -0.74% | · | · | -1.8% | -4.7% | · | 0.61% | -0.22% | 0.17% | · | 1.1% | |
| ROE | -0.06% | 0.71% | · | -1.5% | -1.8% | -2.1% | · | · | -4.4% | -11.6% | · | 1.4% | -0.49% | 0.38% | · | 2.6% |
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 |
Valuation (TTM) 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $989M | $954M | · | $928M | $957M | $988M | · | $1.07B | $1.18B | $1.27B | · | $1.35B | $1.44B | $1.51B | · | $1.55B | |
| Net Income TTM | $-146M | $-262M | · | $-1.10B | $-1.34B | $-2.12B | · | $-1.88B | $-1.12B | $-768M | · | $329M | $402M | $1.08B | · | $1.21B | |
| Market Cap | $2.76B | $2.77B | · | $3.05B | $2.59B | $3.62B | · | · | $2.59B | $2.82B | · | $3.26B | $5.54B | $4.92B | · | $7.10B | |
| P/E | -18.5 | -10.5 | · | -2.8 | -1.9 | -1.7 | · | -1.9 | -2.3 | -3.6 | · | 10.1 | 13.8 | 4.6 | · | 5.8 | |
| P/S | 2.8 | 2.9 | · | 3.3 | 2.7 | 3.7 | · | · | 2.2 | 2.2 | · | 2.4 | 3.8 | 3.3 | · | 4.6 | |
| P/B | 0.6 | 0.6 | · | 0.7 | 0.5 | 0.8 | · | · | 0.4 | 0.4 | · | 0.4 | 0.7 | 0.6 | · | 0.8 | |
| P / Tangible Book | 0.6 | 0.6 | · | 0.7 | 0.5 | 0.8 | · | 0.6 | 0.4 | 0.4 | · | 0.4 | 0.7 | 0.6 | · | 0.8 | |
| P / Cash Flow | · | -194.1 | · | · | · | 9431.2 | · | · | · | 38.0 | · | · | · | 36.3 | · | · | |
| Earnings Yield | -5.4% | -9.5% | · | -36.1% | -52.0% | -58.7% | · | -53.8% | -43.6% | -27.5% | · | 9.9% | 7.2% | 21.8% | · | 17.1% |
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 | $972M | $996M | $872M | $1.54B | $1.54B |
| Net Income | $-277M | $-2.41B | $-556M | $903M | $656M |
| Diluted EPS | $-0.46 | $-4.02 | $-0.93 | $1.50 | $1.11 |
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Institutional owners (13F) 541 filers · $1.2B 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 |
|---|---|---|---|---|
| 61 (-15 vs prior Q) | 48 (-6 vs prior Q) | 157 (-7 vs prior Q) | 173 (+17 vs prior Q) | +88.6M |
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 | $202,150,632 | 43,755,548 | 16.71% | Shares |
| STATE STREET CORP | $118,521,504 | 25,162,287 | 9.80% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $100,448,982 | 21,742,204 | 8.30% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $80,375,902 | 17,473,022 | 6.65% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $53,193,373 | 11,513,717 | 4.40% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $39,643,695 | 8,578,457 | 3.28% | Shares |
| WILSEY ASSET MANAGEMENT INC | $35,163,425 | 7,611,131 | 2.91% | Shares |
| Allianz Asset Management GmbH | $33,903,463 | 7,338,412 | 2.80% | Shares |
| TWO SIGMA INVESTMENTS, LP | $33,655,758 | 7,284,796 | 2.78% | Shares |
| Advisors Capital Management, LLC | $30,482,977 | 6,598,047 | 2.52% | Shares |
| DEUTSCHE BANK AG\ | $24,764,226 | 5,360,222 | 2.05% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $22,784,389 | 4,931,686 | 1.88% | Shares |
| TWO SIGMA ADVISERS, LP | $22,160,000 | 4,432,000 | 1.83% | Shares |
| COATUE MANAGEMENT LLC | $20,907,339 | 4,525,398 | 1.73% | Shares |
| MILLENNIUM MANAGEMENT LLC | $15,453,900 | 3,345,000 | 1.28% | Put option |
| VANGUARD FIDUCIARY TRUST CO | $14,279,103 | 3,090,715 | 1.18% | Shares |
| GOLDMAN SACHS GROUP INC | $12,446,044 | 2,693,949 | 1.03% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,586,960 | 2,508,000 | 0.96% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,793,476 | 2,119,800 | 0.81% | Call option |
| Weiss Asset Management LP | $9,240,000 | 2,000,000 | 0.76% | Put option |
| Public Sector Pension Investment Board | $7,784,437 | 1,684,943 | 0.64% | Shares |
| BANK OF AMERICA CORP /DE/ | $7,511,066 | 1,625,772 | 0.62% | Shares |
| Marble Bar Asset Management LLP | $7,253,400 | 1,570,000 | 0.60% | Shares |
| WHITEBOX ADVISORS LLC | $6,930,000 | 1,500,000 | 0.57% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,637,286 | 1,436,642 | 0.55% | Shares |
| CITADEL ADVISORS LLC | $6,583,962 | 1,425,100 | 0.54% | Put option |
| Quantinno Capital Management LP | $6,479,302 | 1,402,446 | 0.54% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $6,043,598 | 1,308,138 | 0.50% | Shares |
| Schonfeld Strategic Advisors LLC | $6,020,441 | 1,303,126 | 0.50% | Shares |
| CITIGROUP INC | $6,006,000 | 1,300,000 | 0.50% | Put option |
| Advisors Asset Management, Inc. | $5,898,045 | 1,493,176 | 0.49% | Shares |
| CITADEL ADVISORS LLC | $5,819,472 | 1,259,626 | 0.48% | Shares |
| Bank of New York Mellon Corp | $5,720,983 | 1,238,308 | 0.47% | Shares |
| APG Asset Management US Inc. | $5,638,104 | 1,228,345 | 0.47% | Shares |
| CITADEL ADVISORS LLC | $5,334,714 | 1,154,700 | 0.44% | Call option |
| AMERIPRISE FINANCIAL INC | $5,026,298 | 1,086,883 | 0.42% | Shares |
| TUDOR INVESTMENT CORP ET AL | $4,843,751 | 1,048,431 | 0.40% | Shares |
| PEAK6 LLC | $4,620,000 | 1,000,000 | 0.38% | Call option |
| RHUMBLINE ADVISERS | $4,601,486 | 995,999 | 0.38% | Shares |
| Swiss National Bank | $4,571,028 | 989,400 | 0.38% | Shares |
| BlackRock, Inc. | $4,360,296 | 943,787 | 0.36% | Shares |
| JANE STREET GROUP, LLC | $4,118,730 | 891,500 | 0.34% | Call option |
| WOLVERINE TRADING, LLC | $3,976,335 | 803,300 | 0.33% | Put option |
| Corient Private Wealth LP | $3,670,016 | 794,300 | 0.30% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $3,662,736 | 792,800 | 0.30% | Shares |
| IEQ CAPITAL, LLC | $3,621,671 | 783,911 | 0.30% | Shares |
| Legal & General Group Plc | $3,547,334 | 767,821 | 0.29% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $3,286,303 | 711,321 | 0.27% | Shares |
| WOLVERINE TRADING, LLC | $3,177,405 | 641,900 | 0.26% | Call option |
| Asset Management One Co., Ltd. | $3,135,908 | 677,302 | 0.26% | Shares |
| GROUP ONE TRADING LLC | $3,013,839 | 652,346 | 0.25% | Shares |
| TICINO WEALTH | $2,874,019 | 622,082 | 0.24% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,771,569 | 598,611 | 0.23% | Shares |
| Odyssean, LLC | $2,769,034 | 599,358 | 0.23% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $2,766,456 | 598,800 | 0.23% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $2,595,045 | 561,698 | 0.21% | Shares |
| LPL Financial LLC | $2,499,291 | 540,972 | 0.21% | Shares |
| Balyasny Asset Management L.P. | $2,489,408 | 538,833 | 0.21% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $2,470,790 | 534,803 | 0.20% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,445,431 | 529,314 | 0.20% | Shares |
| SIMPLEX TRADING, LLC | $2,421,947 | 524,231 | 0.20% | Shares |
| Lombard Odier Asset Management (USA) Corp | $2,310,000 | 500,000 | 0.19% | Put option |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $2,253,715 | 487,817 | 0.19% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,141,430 | 463,513 | 0.18% | Shares |
| UBS Group AG | $2,114,662 | 457,719 | 0.17% | Shares |
| Vanguard Investments Australia, Ltd. | $2,107,510 | 456,171 | 0.17% | Shares |
| OSAIC HOLDINGS, INC. | $2,074,382 | 449,005 | 0.17% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,070,698 | 448,203 | 0.17% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $1,905,108 | 412,361 | 0.16% | Shares |
| Cetera Investment Advisers | $1,899,500 | 411,147 | 0.16% | Shares |
| Amundi | $1,795,715 | 388,683 | 0.15% | Shares |
| Walleye Trading LLC | $1,785,630 | 386,500 | 0.15% | Put option |
| MACQUARIE GROUP LTD | $1,708,910 | 369,894 | 0.14% | Shares |
| ExodusPoint Capital Management, LP | $1,661,149 | 359,556 | 0.14% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $1,617,000 | 350,000 | 0.13% | Put option |
| WOLVERINE ASSET MANAGEMENT LLC | $1,612,066 | 348,932 | 0.13% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $1,601,458 | 346,636 | 0.13% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $1,596,340 | 345,528 | 0.13% | Shares |
| Sunbelt Securities, Inc. | $1,573,128 | 339,768 | 0.13% | Shares |
| Walleye Trading LLC | $1,566,180 | 339,000 | 0.13% | Call option |
| CWM, LLC | $1,541,617 | 332,963 | 0.13% | Shares |
| DIVERSIFY WEALTH MANAGEMENT, LLC | $1,529,124 | 319,232 | 0.13% | Shares |
| Diversify Advisory Services, LLC | $1,529,124 | 319,232 | 0.13% | Shares |
| PNC Financial Services Group, Inc. | $1,527,090 | 330,539 | 0.13% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $1,524,536 | 329,986 | 0.13% | Shares |
| State of New Jersey Common Pension Fund D | $1,519,531 | 328,903 | 0.13% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $1,409,072 | 304,994 | 0.12% | Shares |
| FIRST TRUST ADVISORS LP | $1,364,324 | 295,308 | 0.11% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $1,313,688 | 284,348 | 0.11% | Shares |
| PEAK6 LLC | $1,296,834 | 280,700 | 0.11% | Put option |
| Illinois Municipal Retirement Fund | $1,236,917 | 267,731 | 0.10% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,235,492 | 266,845 | 0.10% | Shares |
| LAKE STREET PRIVATE WEALTH, LLC | $1,189,650 | 257,500 | 0.10% | Shares |
| JANE STREET GROUP, LLC | $1,166,088 | 252,400 | 0.10% | Put option |
| Csenge Advisory Group | $1,159,153 | 250,899 | 0.10% | Shares |
| Ameritas Advisory Services, LLC | $1,122,429 | 242,950 | 0.09% | Shares |
| JANUS HENDERSON GROUP PLC | $1,097,105 | 236,700 | 0.09% | Shares |
| D.A. DAVIDSON & CO. | $1,093,939 | 236,783 | 0.09% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $1,089,581 | 235,840 | 0.09% | Shares |
| Police & Firemen's Retirement System of New Jersey | $1,036,820 | 224,420 | 0.09% | Shares |
Company insiders 20 insiders · 6 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Larry H Portal | SVP, Senior Advisor to the CEO | July 8, 2026 F | 575,028 | 0 | 0 | $0 |
| Edward K Aldag JR | Chairman, President & CEO | July 8, 2026 F | 6,685,775 | 0 | 0 | $0 |
| HAMNER R STEVEN | Executive Vice President & CFO | July 8, 2026 F | 3,792,472 | 0 | 0 | $0 |
| Rosa Handley Hooper | SVP of Operations | July 8, 2026 F | 448,898 | 0 | 1 | $-10,000 |
| James Kevin Hanna | Senior VP, Controller & CAO | July 8, 2026 F | 540,204 | 0 | 0 | $0 |
| Charles R Lambert | SVP of Finance and Treasurer | July 8, 2026 F | 387,707 | 0 | 0 | $0 |
| Emily Webster Murphy | Director | Jan. 8, 2026 A | 105,828 | 0 | 0 | $0 |
| Caterina Ardon Mozingo | Director | Jan. 8, 2026 A | 110,468 | 0 | 0 | $0 |
| Elizabeth N Pitman | Director | Jan. 8, 2026 A | 130,898 | 0 | 0 | $0 |
| SPARKS DANIEL PAUL | Director | Jan. 8, 2026 A | 150,546 | 0 | 0 | $0 |
| Michael G Stewart | Director | Jan. 8, 2026 A | 187,403 | 0 | 1 | $-296,180 |
| Reynolds C Thompson III | Director | Jan. 8, 2026 A | 108,795 | 0 | 0 | $0 |
| DAWSON G STEVEN | Director | Jan. 8, 2026 A | 194,520 | 0 | 0 | $0 |
| Emmett E Mclean | — | July 6, 2023 F | 2,056,647 | 0 | 0 | $0 |
| Robert E Holmes | — | March 24, 2017 A | 119,980 | 0 | 0 | $0 |
| William G Mckenzie | — | March 24, 2017 A | 49,452 | 0 | 0 | $0 |
| Sherry A Kellett | — | March 24, 2017 A | 64,880 | 0 | 0 | $0 |
| Glenn L Orr JR | — | April 1, 2016 A | 126,855 | 0 | 0 | $0 |
| Virginia A Clarke | — | April 26, 2011 D | 10,000 | 0 | 0 | $0 |
| Bryan L Goolsby | — | May 18, 2006 A | 17,500 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 60 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 |
|---|---|---|---|---|
| XSHD · Invesco Exchange-Traded Fund Trust … | 2.51% | 390,626 | Aug. 8, 2026 | Daily |
| RFDA · ALPS ETF Trust | 0.93% | 158,835 NS | May 31, 2026 | N-PORT |
| PSCF · Invesco Exchange-Traded Fund Trust … | 0.50% | 28,777 | Aug. 8, 2026 | Daily |
| REZ · iShares Trust | 0.47% | 876,406 SH | Aug. 8, 2026 | Daily |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.31% | 754,898 NS | May 31, 2026 | N-PORT |
| GQRE · FlexShares Trust | 0.31% | 237,881 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.24% | 4,365,842 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.24% | 1,040,684 SH | Aug. 8, 2026 | Daily |
| FNDA · SCHWAB STRATEGIC TRUST | 0.20% | 3,435,869 NS | May 31, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 0.20% | 666,425 NS | April 30, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.19% | 568,277 NS | April 30, 2026 | N-PORT |
| USRT · iShares Trust | 0.19% | 1,875,121 SH | Aug. 8, 2026 | Daily |
| SCHH · SCHWAB STRATEGIC TRUST | 0.18% | 3,492,997 NS | May 31, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.15% | 80,785 | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.14% | 58,020 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.14% | 245,870 | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 194,319 NS | April 30, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.13% | 923,538 NS | April 30, 2026 | N-PORT |
| REET · iShares Trust | 0.13% | 1,384,245 SH | Aug. 8, 2026 | Daily |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.12% | 46,020 NS | April 30, 2026 | N-PORT |
| IJR · iShares Trust | 0.12% | 29,941,960 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.12% | 1,715,262 SH | Aug. 8, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.12% | 18,856 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.11% | 5,901 NS | May 31, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.10% | 14,930,760 SH | Aug. 8, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 148,189 NS | April 30, 2026 | N-PORT |
| ERET · iShares Trust | 0.09% | 2,663 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.07% | 109,354 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.07% | 639,962 SH | Aug. 8, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.06% | 149,541 NS | April 30, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.06% | 258,461 | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 2,363,620 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.05% | 6,972,676 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.04% | 269,548 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.04% | 21,971 SH | Aug. 8, 2026 | Daily |
| SMMD · iShares Trust | 0.03% | 252,173 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 5,628,250 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.03% | 10,974,826 SH | Aug. 8, 2026 | Daily |
| SMDX · Tidal Trust III | 0.03% | 7,156 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.03% | 7,159 NS | April 30, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.02% | 98,406 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.02% | 769,504 SH | Aug. 8, 2026 | Daily |
| WSML · iShares Trust | 0.02% | 32,091 SH | Aug. 8, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.02% | 410,640 | Aug. 8, 2026 | Daily |
| IWR · iShares Trust | 0.02% | 2,114,942 SH | Aug. 8, 2026 | Daily |
| FNDB · SCHWAB STRATEGIC TRUST | 0.02% | 39,234 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 19,985 NS | May 31, 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 300,938 SH | Aug. 8, 2026 | Daily |
| GVUS · Goldman Sachs ETF Trust | 0.01% | 6,004 NS | May 31, 2026 | N-PORT |
| IWD · iShares Trust | 0.01% | 1,103,009 SH | Aug. 8, 2026 | Daily |