PEB Pebblebrook Hotel Trust Common Shares of Beneficial Interest
$18.52
Price · Aug 19, 2026
Fundamentals as of Jul 29, 2026
52W Range
$10–$20
86% of range
Analyst Rating
HOLD
19 analysts
Price Target
$18
P/E (TTM)
-20.6
ROE
-2.5%
Net Profit Margin
-4.5%
PEB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$18.52
Market Cap
$2.10B
P/E (TTM)
-20.6
EPS (TTM)
$-0.90
Revenue (TTM)
$1.48B
Div Yield
0.23%
ROE
-2.5%
Debt/Equity
—
52W Range
$10 – $20
PEB 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
$1.48B
2016-12-31
→
2025-12-31
EPS
$-0.90
2016-12-31
→
2025-12-31
Free Cash Flow
—
2016-12-31
→
2020-12-31
Margins
-4.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PEB
Peer Median
P/E (TTM)
-20.6
27.1
P/S (TTM)
1.4
2.0
P/B
0.8
0.9
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
PEB
Peer Median
Operating Margin
3.0%
—
Net Profit Margin
-4.5%
2.8%
ROA
-1.2%
0.89%
ROE
-2.5%
1.5%
ROIC
2.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PEB
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
PEB
Peer Median
Revenue YoY
1.5%
—
Revenue CAGR 3Y
2.0%
—
Revenue CAGR 5Y
27.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PEB
Peer Median
Payout Ratio
-7.2%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.23%
Payout Ratio
-7.2%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 30, 2026 | $0.0100 |
| March 31, 2026 | $0.0100 |
| Dec. 31, 2025 | $0.0100 |
| Sept. 30, 2025 | $0.0100 |
| June 30, 2025 | $0.0100 |
| March 31, 2025 | $0.0100 |
| Dec. 31, 2024 | $0.0100 |
| Sept. 30, 2024 | $0.0100 |
| June 28, 2024 | $0.0100 |
| March 27, 2024 | $0.0100 |
| Dec. 28, 2023 | $0.0100 |
| Sept. 28, 2023 | $0.0100 |
| June 29, 2023 | $0.0100 |
| March 30, 2023 | $0.0100 |
| Dec. 29, 2022 | $0.0100 |
| Sept. 29, 2022 | $0.0100 |
| June 29, 2022 | $0.0100 |
| March 30, 2022 | $0.0100 |
| Dec. 30, 2021 | $0.0100 |
| Sept. 29, 2021 | $0.0100 |
PEB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
19 analysts
- Strong Buy 3 15.8%
- Buy 4 21.1%
- Hold 9 47.4%
- Sell 3 15.8%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-08-15
Median
$19.00
Now
$18.52
Low
$13.00
High
$22.00
Median target
$19.00
+2.6%
Mean target
$18.42
-0.6%
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 | $0.17 | $0.10 | 0.07% |
| March 31, 2026 | $-0.26 | $-0.32 | 0.06% |
| Dec. 31, 2025 | $-0.23 | $-0.30 | 0.07% |
| Sept. 30, 2025 | $-0.37 | $-0.00 | -0.37% |
| June 30, 2025 | $0.06 | $0.06 | -0.00% |
| March 31, 2025 | $-0.34 | $-0.38 | 0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| PEB | $1.28B | -12.6 | 1.5% | -4.5% | -2.5% | — |
| HST | $12.19B | 16.1 | 7.6% | 12.5% | 11.6% | — |
| RHP | $5.96B | 25.1 | 10.2% | 9.4% | 37.5% | — |
| APLE | $2.79B | 16.0 | -1.3% | 12.4% | 5.5% | — |
| PK | $2.09B | -7.3 | -2.2% | -11.1% | -8.3% | — |
| DRH | $1.83B | 20.4 | -0.83% | 9.0% | 6.7% | — |
| SHO | $1.70B | 223.5 | 6.0% | 2.6% | 1.2% | — |
| XHR | $1.30B | 22.1 | 3.8% | 5.9% | 5.3% | — |
| RLJ | $1.13B | 745.0 | -1.4% | 2.1% | 1.3% | — |
| SVC | $309M | -1.5 | -4.3% | -11.2% | -30.1% | — |
| INN | $530M | -22.1 | -0.32% | -1.6% | -1.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.48B | $1.45B | $1.42B | $1.39B | $733M | $443M | $1.61B | $829M | $769M | $816M | |
| Cost of Revenue | · | · | · | · | · | · | · | $512M | $468M | $484M | |
| SG&A Expense | $49M | $48M | $45M | $39M | $38M | $45M | $34M | $21M | $20M | $28M | |
| Operating Expenses | $1.43B | $1.37B | $1.38B | $1.38B | $823M | $736M | $1.38B | $762M | $634M | $636M | |
| Operating Income | $44M | $84M | $38M | $15M | $-90M | $-293M | $229M | $67M | $135M | $180M | |
| Interest Expense | · | · | $116M | $100M | $97M | $104M | $108M | $54M | $37M | $44M | |
| Interest Income | · | · | · | · | · | · | · | $178.0K | $97.0K | $2M | |
| Other Non-op | $4M | $3M | $4M | $562.0K | $113.0K | $517.0K | $29.0K | $2M | $2M | $283.0K | |
| Pretax Income | $-56M | $-26M | $-74M | $-85M | $-186M | $-396M | $121M | $15M | $100M | $74M | |
| Income Tax | $6M | $-26M | $655.0K | $277.0K | $61.0K | $-4M | $5M | $2M | $181.0K | $-134.0K | |
| Net Income | $-66M | $-4M | $-78M | $-87M | $-185M | $-392M | $115M | $13M | $100M | $74M | |
| EPS (Basic) | $-0.90 | $-0.39 | $-0.93 | $-0.95 | $-1.80 | $-3.25 | $0.63 | $-0.06 | $1.20 | $0.65 | |
| EPS (Diluted) | $-0.90 | $-0.39 | $-0.93 | $-0.95 | $-1.80 | $-3.25 | $0.63 | $-0.06 | $1.19 | $0.64 | |
| Shares (Basic) | 117,027,594 | 119,774,655 | 121,813,042 | 130,453,944 | 130,804,354 | 130,610,015 | 130,471,670 | 74,286,307 | 69,591,973 | 71,901,499 | |
| Shares (Diluted) | 117,027,594 | 119,774,655 | 121,813,042 | 130,453,944 | 130,804,354 | 130,610,015 | 130,718,306 | 74,286,307 | 69,984,837 | 72,373,242 | |
| EBITDA | $44M | $84M | $38M | $15M | $-90M | $-293M | $229M | $67M | $121M | $139M |
Balance Sheet 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $184M | $207M | $184M | $41M | $59M | $124M | $30M | $83M | $25M | $33M | |
| Intangibles | · | · | · | · | · | · | $0 | $200M | $29M | $30M | |
| Total Assets | $5.35B | $5.69B | $5.82B | $6.13B | $6.26B | $6.08B | $6.50B | $6.98B | $2.59B | $2.81B | |
| Total Liabilities | $2.79B | $2.91B | $2.97B | $3.05B | $3.10B | $2.81B | $2.87B | $3.21B | $1.09B | $1.20B | |
| Long-term Debt | $2.12B | $2.25B | $2.32B | $2.39B | $2.44B | $2.28B | $2.23B | $2.75B | $885M | $996M | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $688.0K | $719.0K | |
| Paid-in Capital | $3.97B | $4.07B | $4.08B | $4.18B | $4.27B | $4.17B | $4.07B | $4.07B | $1.69B | $1.78B | |
| Retained Earnings | $-1.50B | $-1.39B | · | · | · | · | · | $-309M | $-191M | $-169M | |
| AOCI | $605.0K | $17M | $24M | $36M | $-19M | $-60M | $-25M | $1M | $4M | $-2M | |
| Stockholders' Equity | $2.47B | $2.70B | $2.76B | $3.00B | $3.16B | $3.26B | $3.62B | $3.76B | $1.50B | $1.61B | |
| Liabilities + Equity | $5.35B | $5.69B | $5.82B | $6.13B | $6.26B | $6.08B | $6.50B | $6.98B | $2.59B | $2.81B | |
| Shares Outstanding | 113,188,134 | 119,285,394 | 120,191,349 | 126,345,293 | 130,813,750 | 130,673,300 | 130,484,956 | 130,311,289 | 68,812,575 | 71,922,904 |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | $235M | $108M | $102M | $102M | |
| Stock-based Comp | $14M | $14M | $13M | $11M | $11M | $23M | $8M | $6M | $6M | $8M | |
| Deferred Tax | $4M | $-28M | $0 | $0 | · | · | · | · | · | · | |
| Operating Cash Flow | $250M | $275M | $236M | $279M | $71M | $-202M | $395M | $136M | $194M | $240M | |
| CapEx | · | · | · | · | · | $0 | $752.0K | $164.0K | $40.0K | $74.0K | |
| Investing Cash Flow | $10M | $-93M | $142M | $-109M | $-82M | $250M | $300M | $-1.78B | $132M | $298M | |
| Debt Issued | $400M | $400M | $140M | $1.38B | $269M | $513M | $0 | $1.85B | $0 | $150M | |
| Net Debt Issued | $-111M | $-65M | $-71M | $-55M | $-124M | · | $-518M | $1.75B | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | $0 | |
| Stock Repurchased | $73M | $17M | $93M | $71M | $720.0K | $1M | $4M | $3M | $96M | $2M | |
| Net Stock Activity | $-73M | $-17M | $-93M | $-71M | $-720.0K | $-1M | $-4M | $-3M | $-96M | $-2M | |
| Dividends Paid | $5M | $5M | $5M | $5M | $5M | $54M | $185M | $106M | $107M | $105M | |
| Financing Cash Flow | $-281M | $-158M | $-237M | $-209M | $-33M | $31M | $-746M | $1.72B | $-334M | $-533M | |
| Net Change in Cash | $-21M | $24M | $141M | $-40M | $-44M | $79M | $-51M | $75M | $-8M | $7M | |
| Taxes Paid | $1M | $3M | $-3M | $-2M | $-258.0K | $3M | $5M | $4M | $575.0K | · | |
| Free Cash Flow | · | · | · | · | · | $-202M | $394M | $136M | $195M | $241M | |
| Levered FCF | · | · | · | · | · | $-305M | $291M | $88M | $158M | $197M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 3.0% | 5.8% | 2.7% | 1.1% | -12.2% | -66.1% | 14.2% | 8.1% | · | · | |
| Net Margin | -4.5% | -0.29% | -5.5% | -6.3% | -25.2% | -88.4% | 7.2% | 1.6% | · | · | |
| Pretax Margin | -3.8% | -1.8% | -5.2% | -6.1% | -25.4% | -89.5% | 7.5% | 1.8% | · | · | |
| EBITDA Margin | 3.0% | 5.8% | 2.7% | 1.1% | -12.2% | -66.1% | 14.2% | 8.1% | · | · | |
| ROA | -1.2% | -0.07% | -1.3% | -1.4% | -3.0% | -6.2% | 1.7% | 0.28% | 3.7% | 2.5% | |
| ROE | -2.5% | -0.16% | -2.7% | -2.8% | -5.8% | -11.4% | 3.1% | 0.51% | 6.4% | 4.4% | |
| ROIC | 2.0% | 0.00% | 1.4% | 0.49% | -2.9% | -8.9% | 6.1% | 1.6% | 8.0% | 8.7% |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | 0.3 | 0.1 | -0.9 | -2.8 | 2.1 | 1.2 | 3.2 | 3.2 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | · | · |
Growth Rates 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 1.5% | 2.4% | 2.0% | 89.9% | 65.5% | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.0% | 25.6% | 47.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 27.2% | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -38.5% | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.48B | $1.45B | $1.42B | $1.39B | $733M | $443M | $1.61B | $829M | $769M | $816M | |
| Net Income TTM | $-66M | $-4M | $-78M | $-87M | $-185M | $-392M | $115M | $13M | $100M | $74M | |
| Market Cap | $1.28B | $1.62B | $1.92B | $1.69B | $2.93B | $2.46B | $3.50B | $3.69B | $2.56B | $2.14B | |
| P/E | -12.6 | -34.7 | -17.2 | -14.1 | -12.4 | -5.8 | 42.6 | -471.8 | 31.2 | 46.5 | |
| P/S | 0.9 | 1.1 | 1.4 | 1.2 | 4.0 | 5.5 | 2.2 | 4.5 | 3.3 | 2.6 | |
| P/B | 0.5 | 0.6 | 0.7 | 0.6 | 0.9 | 0.8 | 1.0 | 1.0 | 1.7 | 1.3 | |
| P / Tangible Book | 0.5 | 0.6 | 0.7 | 0.6 | 0.9 | 0.8 | · | · | · | · | |
| P / Cash Flow | 5.1 | 5.9 | 8.1 | 6.1 | 41.4 | -12.2 | 8.9 | 27.2 | 13.1 | 8.9 | |
| P / FCF | · | · | · | · | · | -12.2 | 8.9 | 27.2 | 13.1 | 8.9 | |
| Dividend Yield | 0.37% | 0.30% | 0.26% | 0.31% | 0.18% | 2.2% | 5.3% | 2.9% | 4.2% | 4.9% | |
| Earnings Yield | -8.0% | -2.9% | -5.8% | -7.1% | -8.1% | -17.3% | 2.4% | -0.21% | 3.2% | 2.1% | |
| Payout Ratio | -7.2% | -114.7% | -6.4% | -6.1% | -2.9% | -13.8% | 160.1% | 789.4% | 107.5% | 142.9% | |
| Annual Payout | $5M | $5M | $5M | $5M | $5M | $54M | $185M | $106M | $107M | $105M |
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 | $407M | $346M | $349M | $399M | $408M | $320M | $338M | $405M | $397M | $314M | $334M | $396M | $384M | $306M | $320M | $417M | |
| SG&A Expense | $12M | $12M | $12M | $12M | $13M | $13M | $12M | $12M | $12M | $12M | $12M | $12M | $11M | $10M | $10M | $10M | |
| Operating Expenses | $350M | $338M | $340M | $409M | $355M | $328M | $360M | $357M | $336M | $315M | $350M | $422M | $310M | $301M | $331M | $364M | |
| Operating Income | $57M | $8M | $9M | $-10M | $52M | $-7M | $-23M | $47M | $61M | $-1M | $-16M | $-26M | $75M | $5M | $-12M | $52M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $26M | · | $31M | $30M | $27M | · | $25M | |
| Other Non-op | $1M | $-190.0K | $2M | $1M | $2M | $-972.0K | $1M | $793.0K | $217.0K | $326.0K | $2M | $1M | $952.0K | $183.0K | $406.0K | $123.0K | |
| Pretax Income | $33M | $-18M | $-18M | $-29M | $27M | $-35M | $-51M | $20M | $33M | $-27M | $-42M | $-56M | $46M | $-22M | $-41M | $27M | |
| Income Tax | $8M | $-17.0K | $-1M | $3M | $8M | $-3M | $-1M | $-25M | $1M | $46.0K | $-198.0K | $822.0K | $31.0K | $0 | $-738.0K | $1M | |
| Net Income | $24M | $-19M | $-18M | $-33M | $18M | $-33M | $-50M | $44M | $31M | $-28M | $-43M | $-57M | $45M | $-23M | $-41M | $25M | |
| EPS (Basic) | $0.18 | $-0.26 | $-0.22 | $-0.37 | $0.06 | $-0.37 | $-0.51 | $0.27 | $0.17 | $-0.32 | $-0.36 | $-0.57 | $0.27 | $-0.27 | $-0.33 | $0.10 | |
| EPS (Diluted) | $0.17 | $-0.26 | $-0.22 | $-0.37 | $0.06 | $-0.37 | $-0.47 | $0.24 | $0.16 | $-0.32 | $-0.33 | $-0.57 | $0.24 | $-0.27 | $-0.32 | $0.10 | |
| Shares (Basic) | 112,741,241 | 113,331,501 | -237,904,694 | 117,555,628 | 118,172,417 | 119,204,243 | -240,045,414 | 119,640,463 | 120,094,380 | 120,085,226 | -245,429,517 | 120,057,744 | 121,696,400 | 125,488,415 | -262,260,363 | 130,905,132 | |
| Shares (Diluted) | 127,105,098 | 113,331,501 | -238,115,723 | 117,555,628 | 118,383,446 | 119,204,243 | -299,407,301 | 149,351,866 | 149,744,864 | 120,085,226 | -274,972,072 | 120,057,744 | 151,238,955 | 125,488,415 | -292,320,377 | 131,149,783 | |
| EBITDA | $57M | $8M | · | $-10M | $52M | $-7M | · | $47M | $61M | $-1M | · | $-26M | $75M | $5M | · | $52M |
Balance Sheet 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $261M | $196M | $184M | $223M | $256M | $208M | $207M | $134M | $102M | $57M | · | $183M | $176M | $139M | · | $191M | |
| Total Assets | $5.28B | $5.30B | $5.35B | $5.55B | $5.65B | $5.65B | $5.69B | $5.72B | $5.70B | $5.70B | · | $6.00B | $6.07B | $6.08B | · | $6.34B | |
| Total Liabilities | $2.77B | $2.77B | $2.79B | $2.95B | $2.92B | $2.92B | $2.91B | $2.88B | $2.87B | $2.88B | · | $3.06B | $3.07B | $3.07B | · | $3.11B | |
| Long-term Debt | $2.08B | $2.08B | $2.12B | $2.24B | $2.25B | $2.25B | $2.25B | $2.21B | $2.21B | $2.21B | · | $2.37B | $2.39B | $2.39B | · | $2.42B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Paid-in Capital | $3.93B | $3.97B | $3.97B | $3.99B | $4.06B | $4.06B | $4.07B | $4.07B | $4.08B | $4.07B | · | $4.10B | $4.09B | $4.14B | · | $4.27B | |
| Retained Earnings | $-1.51B | $-1.53B | $-1.50B | · | · | · | $-1.39B | · | · | · | · | · | · | · | · | · | |
| AOCI | $6M | $3M | $605.0K | $3M | $7M | $11M | $17M | $11M | $29M | $31M | · | $46M | $44M | $30M | · | $39M | |
| Stockholders' Equity | $2.42B | $2.44B | $2.47B | $2.51B | $2.64B | $2.64B | $2.70B | $2.75B | $2.75B | $2.73B | · | $2.85B | $2.91B | $2.92B | · | $3.14B | |
| Liabilities + Equity | $5.28B | $5.30B | $5.35B | $5.55B | $5.65B | $5.65B | $5.69B | $5.72B | $5.70B | $5.70B | · | $6.00B | $6.07B | $6.08B | · | $6.34B | |
| Shares Outstanding | 112,451,844 | 112,985,227 | 113,188,134 | 113,841,546 | 118,166,806 | 118,278,405 | 119,285,394 | 119,285,394 | 120,094,380 | 120,094,380 | · | 120,057,744 | 120,057,744 | 123,632,667 | · | 130,905,132 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $3M | $2M | $3M | $4M | $4M | $3M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Deferred Tax | $5M | $-17.0K | $-2M | $2M | $6M | $-3M | $-2M | $-27M | $0 | $0 | $0 | · | · | · | · | · | |
| Operating Cash Flow | $86M | $84M | $31M | $78M | $91M | $50M | $69M | $76M | $84M | $46M | $34M | $82M | $74M | $46M | $24M | $112M | |
| Investing Cash Flow | $4M | $-9M | $76M | $-18M | $-27M | $-21M | $-13M | $-18M | $-23M | $-39M | $46M | $-39M | $30M | $105M | $-43M | $150M | |
| Debt Issued | $0 | $360M | $0 | $400M | $0 | $0 | $400M | · | · | · | $0 | · | · | · | $1.38B | $0 | |
| Net Debt Issued | · | $-41M | · | · | · | $-549.0K | · | · | · | $-110M | · | · | · | $-498.0K | · | · | |
| Stock Repurchased | $8M | $6M | $7M | $50M | $1M | $15M | $0 | $10M | $0 | $7M | $0 | $0 | $50M | $43M | $70M | $0 | |
| Net Stock Activity | · | $-6M | · | · | · | $-15M | · | · | · | $-7M | · | · | · | $-43M | · | · | |
| Dividends Paid | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Financing Cash Flow | $-24M | $-67M | $-143M | $-94M | $-15M | $-29M | $17M | $-25M | $-14M | $-136M | $-78M | $-38M | $-64M | $-57M | $-139M | $-115M | |
| Net Change in Cash | $66M | $8M | $-36M | $-35M | $49M | $595.0K | $73M | $33M | $46M | $-129M | $2M | $5M | $40M | $94M | $-158M | $147M | |
| Taxes Paid | $2M | $0 | $459.0K | $176.0K | $949.0K | $-170.0K | $541.0K | $2M | $370.0K | $0 | $63.0K | $111.0K | $188.0K | $-3M | $0 | $-2M |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 14.1% | 2.3% | · | -2.6% | 12.8% | -2.3% | · | 11.6% | 15.3% | -0.44% | · | -6.6% | 19.5% | 1.7% | · | 12.5% | |
| Net Margin | 5.8% | -5.6% | · | -8.3% | 4.4% | -10.3% | · | 10.8% | 7.8% | -9.0% | · | -14.4% | 11.6% | -7.5% | · | 6.0% | |
| Pretax Margin | 8.0% | -5.3% | · | -7.4% | 6.7% | -11.0% | · | 4.9% | 8.4% | -8.8% | · | -14.1% | 12.0% | -7.2% | · | 6.6% | |
| EBITDA Margin | 14.1% | 2.3% | · | -2.6% | 12.8% | -2.3% | · | 11.6% | 15.3% | -0.44% | · | -6.6% | 19.5% | 1.7% | · | 12.5% | |
| ROA | 0.43% | -0.35% | · | -0.59% | 0.32% | -0.58% | · | 0.74% | 0.53% | -0.48% | · | -0.93% | 0.72% | -0.37% | · | 0.40% | |
| ROE | 0.93% | -0.76% | · | -1.3% | 0.67% | -1.2% | · | 1.6% | 1.1% | -1.0% | · | -1.9% | 1.5% | -0.77% | · | 0.79% | |
| ROIC | 1.8% | 0.33% | · | -0.45% | 1.4% | -0.25% | · | 3.9% | 2.1% | -0.05% | · | -0.93% | 2.6% | 0.18% | · | 1.6% |
Liquidity & Solvency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest Coverage | · | · | · | · | · | · | · | · | · | -0.1 | · | -0.8 | 2.5 | 0.2 | · | 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 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.0 | · | 0.1 |
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 | $1.56B | $1.47B | · | $1.53B | $1.53B | $1.44B | · | $1.51B | $1.49B | $1.40B | · | $1.50B | $1.50B | $1.38B | · | $1.31B | |
| Net Income TTM | $-11M | $-67M | · | $-4M | $60M | $13M | · | $-11M | $-10M | $-64M | · | $-10M | $75M | $-69M | · | $-70M | |
| Market Cap | $2.18B | $1.43B | · | $1.30B | $1.18B | $1.20B | · | $1.58B | $1.65B | $1.85B | · | $1.63B | $1.67B | $1.74B | · | $1.90B | |
| P/E | -48.5 | -13.4 | · | -25.9 | 111.0 | -34.9 | · | -27.0 | -28.1 | -16.8 | · | -27.2 | 73.4 | -15.6 | · | -15.0 | |
| P/S | 1.4 | 1.0 | · | 0.8 | 0.8 | 0.8 | · | 1.0 | 1.1 | 1.3 | · | 1.1 | 1.1 | 1.3 | · | 1.4 | |
| P/B | 0.9 | 0.6 | · | 0.5 | 0.4 | 0.5 | · | 0.6 | 0.6 | 0.7 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | |
| P / Tangible Book | 0.9 | 0.6 | · | 0.5 | 0.4 | 0.5 | · | 0.6 | 0.6 | 0.7 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | |
| P / Cash Flow | · | 17.0 | · | · | · | 23.8 | · | · | · | 40.2 | · | · | · | 37.5 | · | · | |
| Earnings Yield | -2.1% | -7.4% | · | -3.9% | 0.90% | -2.9% | · | -3.7% | -3.6% | -6.0% | · | -3.7% | 1.4% | -6.4% | · | -6.7% | |
| Payout Ratio | · | -6.0% | · | · | · | -3.7% | · | · | · | -4.3% | · | · | · | -5.6% | · | · |
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 | $1.48B | $1.45B | $1.42B | $1.39B | $733M |
| Operating Margin % | 3.0% | 5.8% | 2.7% | 1.1% | -12.2% |
| Net Income | $-66M | $-4M | $-78M | $-87M | $-185M |
| Diluted EPS | $-0.90 | $-0.39 | $-0.93 | $-0.95 | $-1.80 |
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Institutional owners (13F) 315 filers · $1.7B 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 |
|---|---|---|---|---|
| 66 (+33 vs prior Q) | 18 (-8 vs prior Q) | 83 (-2 vs prior Q) | 88 (-8 vs prior Q) | +2.7M |
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 | $219,171,140 | 11,291,661 | 12.71% | Shares |
| UBS Group AG | $146,536,746 | 7,549,549 | 8.50% | Call option |
| STATE STREET CORP | $125,323,422 | 6,453,363 | 7.27% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $95,646,366 | 4,927,685 | 5.55% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $91,271,701 | 4,702,303 | 5.29% | Shares |
| EARNEST PARTNERS LLC | $88,101,718 | 4,538,986 | 5.11% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $61,652,876 | 3,176,346 | 3.58% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $61,050,500 | 3,144,702 | 3.54% | Shares |
| TWO SIGMA INVESTMENTS, LP | $50,108,157 | 2,581,564 | 2.91% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $49,394,374 | 2,544,790 | 2.86% | Shares |
| D. E. Shaw & Co., Inc. | $47,595,047 | 2,452,089 | 2.76% | Shares |
| Alyeska Investment Group, L.P. | $47,592,020 | 2,451,933 | 2.76% | Shares |
| JPMORGAN CHASE & CO | $43,163,689 | 2,231,835 | 2.50% | Shares |
| MILLENNIUM MANAGEMENT LLC | $32,796,572 | 1,689,674 | 1.90% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $28,736,214 | 1,480,485 | 1.67% | Shares |
| Allianz Asset Management GmbH | $26,741,662 | 1,377,726 | 1.55% | Shares |
| AEW CAPITAL MANAGEMENT L P | $21,632,425 | 1,114,499 | 1.25% | Shares |
| CITADEL ADVISORS LLC | $20,036,962 | 1,032,301 | 1.16% | Shares |
| TORONTO DOMINION BANK | $18,690,588 | 962,936 | 1.08% | Shares |
| Woodline Partners LP | $18,078,338 | 931,393 | 1.05% | Shares |
| BANK OF AMERICA CORP /DE/ | $17,626,434 | 908,111 | 1.02% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $15,498,439 | 798,477 | 0.90% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $15,120,023 | 782,205 | 0.88% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $14,847,020 | 764,916 | 0.86% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $14,458,703 | 744,910 | 0.84% | Shares |
| Nuveen Asset Management, LLC | $13,469,025 | 994,024 | 0.78% | Shares |
| BAMCO INC /NY/ | $12,114,887 | 624,157 | 0.70% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $11,467,918 | 590,825 | 0.66% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $10,889,564 | 561,029 | 0.63% | Shares |
| NOMURA HOLDINGS INC | $10,760,011 | 554,354 | 0.62% | Shares |
| Fisher Asset Management, LLC | $10,284,601 | 529,861 | 0.60% | Shares |
| DONALD SMITH & CO., INC. | $9,242,324 | 476,163 | 0.54% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $8,605,792 | 443,369 | 0.50% | Shares |
| VANGUARD GROUP INC | $8,265,106 | 730,133 | 0.48% | Shares |
| Verition Fund Management LLC | $8,183,761 | 421,626 | 0.47% | Shares |
| Public Sector Pension Investment Board | $7,565,804 | 389,789 | 0.44% | Shares |
| GOLDMAN SACHS GROUP INC | $7,497,469 | 386,268 | 0.43% | Shares |
| TWO SIGMA ADVISERS, LP | $7,492,425 | 661,875 | 0.43% | Shares |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $6,556,698 | 337,800 | 0.38% | Shares |
| RHUMBLINE ADVISERS | $6,101,903 | 314,370 | 0.35% | Shares |
| FIRST TRUST ADVISORS LP | $5,897,417 | 303,834 | 0.34% | Shares |
| AXA Investment Managers S.A. | $5,852,615 | 513,838 | 0.34% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $5,795,961 | 298,607 | 0.34% | Shares |
| AMERIPRISE FINANCIAL INC | $5,523,858 | 284,581 | 0.32% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $5,320,455 | 274,109 | 0.31% | Shares |
| Context Capital Management, LLC | $4,982,547 | 256,700 | 0.29% | Shares |
| KETTLE HILL CAPITAL MANAGEMENT, LLC | $4,892,912 | 252,082 | 0.28% | Shares |
| State of New Jersey Common Pension Fund D | $4,757,701 | 245,116 | 0.28% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $4,718,493 | 243,095 | 0.27% | Shares |
| ExodusPoint Capital Management, LP | $4,482,914 | 230,959 | 0.26% | Shares |
| Swiss National Bank | $4,417,949 | 227,612 | 0.26% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $4,181,303 | 215,420 | 0.24% | Shares |
| MORGAN STANLEY | $4,065,646 | 209,461 | 0.24% | Shares |
| Hudson Bay Capital Management LP | $3,825,711 | 197,100 | 0.22% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $3,591,044 | 185,010 | 0.21% | Shares |
| HSBC HOLDINGS PLC | $3,575,885 | 184,229 | 0.21% | Shares |
| CITIGROUP INC | $3,161,520 | 162,881 | 0.18% | Shares |
| Holocene Advisors, LP | $3,148,865 | 162,229 | 0.18% | Shares |
| Quantinno Capital Management LP | $3,016,086 | 155,388 | 0.17% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $2,994,982 | 154,301 | 0.17% | Shares |
| WINTON GROUP Ltd | $2,868,798 | 147,800 | 0.17% | Shares |
| Quantbot Technologies LP | $2,784,306 | 143,447 | 0.16% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,678,735 | 138,008 | 0.16% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $2,527,473 | 130,215 | 0.15% | Shares |
| Boston Partners | $2,479,260 | 127,731 | 0.14% | Shares |
| OPPENHEIMER ASSET MANAGEMENT INC. | $2,434,771 | 125,439 | 0.14% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $2,428,424 | 125,112 | 0.14% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $2,283,625 | 117,652 | 0.13% | Shares |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $2,126,423 | 109,553 | 0.12% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $2,119,300 | 109,186 | 0.12% | Shares |
| BlackRock, Inc. | $2,070,174 | 106,655 | 0.12% | Shares |
| Nebula Research & Development LLC | $1,956,032 | 195,799 | 0.11% | Shares |
| Vanguard Investments Australia, Ltd. | $1,951,054 | 100,518 | 0.11% | Shares |
| Lighthouse Investment Partners, LLC | $1,941,000 | 100,000 | 0.11% | Shares |
| Voss Capital, LP | $1,941,000 | 100,000 | 0.11% | Shares |
| LMR Partners LLP | $1,941,000 | 100,000 | 0.11% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,937,137 | 99,801 | 0.11% | Shares |
| WELLS FARGO & COMPANY/MN | $1,932,382 | 99,556 | 0.11% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,925,431 | 152,449 | 0.11% | Shares |
| Asset Management One Co., Ltd. | $1,922,261 | 152,198 | 0.11% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $1,905,519 | 98,172 | 0.11% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $1,887,675 | 97,807 | 0.11% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,885,230 | 149,266 | 0.11% | Shares |
| RAYMOND JAMES FINANCIAL INC | $1,867,358 | 96,206 | 0.11% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $1,859,478 | 95,800 | 0.11% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $1,746,900 | 90,000 | 0.10% | Shares |
| ROYAL BANK OF CANADA | $1,652,000 | 85,100 | 0.10% | Call option |
| Amundi | $1,582,944 | 81,553 | 0.09% | Shares |
| Cetera Investment Advisers | $1,513,339 | 77,967 | 0.09% | Shares |
| Corient Private Wealth LP | $1,510,727 | 77,832 | 0.09% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,413,048 | 72,800 | 0.08% | Shares |
| Campbell & CO Investment Adviser LLC | $1,412,466 | 72,770 | 0.08% | Shares |
| Nuveen, LLC | $1,358,370 | 69,983 | 0.08% | Shares |
| MetLife Investment Management, LLC | $1,345,191 | 69,304 | 0.08% | Shares |
| SummitTX Capital, L.P. | $1,335,680 | 68,814 | 0.08% | Shares |
| XTX Topco Ltd | $1,324,228 | 68,224 | 0.08% | Shares |
| MACQUARIE GROUP LTD | $1,188,435 | 61,228 | 0.07% | Shares |
| Performance Wealth Partners, LLC | $1,183,602 | 60,979 | 0.07% | Shares |
| Penn Capital Management Company, LLC | $1,182,283 | 60,911 | 0.07% | Shares |
| Illinois Municipal Retirement Fund | $1,032,243 | 53,181 | 0.06% | Shares |
Company insiders 11 insiders · 2 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jon E Bortz | Chairman and CEO | June 12, 2026 P | 1,657,110 | 5 | 1 | $1,178,400 |
| Thomas Charles Fisher | Co-President, C Investmt Ofcr | Aug. 3, 2026 S | 285,163 | 0 | 1 | $-770,000 |
| Michael J Schall | Director | Jan. 1, 2026 A | 134,530 | 2 | 0 | $209,300 |
| Earl E Webb | Director | Jan. 1, 2026 A | 60,967 | 0 | 0 | $0 |
| Bonny W Simi | Director | April 26, 2019 A | 2,500 | 0 | 0 | $0 |
| Phillip M. Miller | Director | Jan. 1, 2019 A | 15,211 | 0 | 0 | $0 |
| Ron E. Jackson | Director | Jan. 1, 2019 A | 39,411 | 0 | 0 | $0 |
| Laura Wright | Director | Jan. 1, 2019 A | 22,003 | 0 | 0 | $0 |
| Martin H. Nesbitt | Director | March 25, 2010 A | 2,618 | 0 | 0 | $0 |
| Raymond D Martz | — | Feb. 5, 2026 A | 219,306 | 0 | 0 | $0 |
| Cydney Donnell | — | Jan. 1, 2026 A | 101,171 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| July 11, 2018 | — | Initial filing | — | SEC | |
| Pebblebrook Hotel Trust. I.R.S. Employer Identification Number, Pebblebrook Hotel, L.P. | June 22, 2018 | — | Initial filing | M&A / sale | 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 63 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 |
|---|---|---|---|---|
| EPSV · Harbor ETF Trust | 0.68% | 2,402 NS | April 30, 2026 | N-PORT |
| SMIZ · Zacks Trust | 0.53% | 89,792 NS | May 31, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.39% | 50,930 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.25% | 219,870 NS | April 30, 2026 | N-PORT |
| BBRE · J.P. Morgan Exchange-Traded Fund Tr… | 0.24% | 190,562 NS | May 31, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.23% | 95,573 NS | April 30, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.21% | 18,546 NS | April 30, 2026 | N-PORT |
| EBIT · Harbor ETF Trust | 0.17% | 1,377 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.13% | 117,885 NS | April 30, 2026 | N-PORT |
| SCHH · SCHWAB STRATEGIC TRUST | 0.12% | 803,620 NS | May 31, 2026 | N-PORT |
| DFAR · Dimensional ETF Trust | 0.12% | 144,620 NS | April 30, 2026 | N-PORT |
| FREL · FIDELITY COVINGTON TRUST | 0.12% | 122,995 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.12% | 689,980 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.10% | 63,446 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 45,593 NS | April 30, 2026 | N-PORT |
| DFGR · Dimensional ETF Trust | 0.08% | 209,208 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.08% | 7,873 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.08% | 1,359 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.05% | 48,792 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.04% | 5,298 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.04% | 545,373 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.03% | 4,143 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 4,190 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 18,480 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 4,975 NS | May 31, 2026 | N-PORT |
| FNDB · SCHWAB STRATEGIC TRUST | 0.01% | 7,141 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.01% | 105 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 68,712 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VNQ · VANGUARD SPECIALIZED FUNDS | — | — | July 15, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| IJR · iShares Trust | — | — | Aug. 10, 2026 | Daily |
| IJS · iShares Trust | — | — | Aug. 10, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 14, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PFF · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| XJR · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| SVAL · iShares Trust | — | — | Aug. 7, 2026 | Daily |
| XSVM · Invesco Exchange-Traded Fund Trust | — | — | Aug. 12, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 28, 2026 | Daily |