RMR The RMR Group Inc. - Class A Common Stock
$20.10
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$14–$21
81% of range
Analyst Rating
BUY
8 analysts
Price Target
$21
+3% upside
P/E (TTM)
15.3
ROE
7.6%
Net Profit Margin
2.5%
RMR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$20.10
Market Cap
—
P/E (TTM)
15.3
EPS (TTM)
$1.03
Revenue (TTM)
$700M
Div Yield
—
ROE
7.6%
Debt/Equity
—
52W Range
$14 – $21
RMR 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
$700M
2020-09-30
→
2025-09-30
EPS
$1.03
2020-09-30
→
2025-09-30
Free Cash Flow
—
2020-09-30
→
2024-09-30
Margins
2.5%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
RMR
Peer Median
P/E (TTM)
15.3
27.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
RMR
Peer Median
Operating Margin
6.0%
—
Net Profit Margin
2.5%
21.6%
ROA
2.5%
2.6%
ROE
7.6%
7.6%
ROIC
15.3%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
RMR
Peer Median
Current Ratio
1.6
4.0
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
RMR
Peer Median
Revenue YoY
-22.0%
—
Revenue CAGR 3Y
-5.6%
—
Revenue CAGR 5Y
3.5%
—
EPS YoY
-25.4%
—
Net Income YoY
-23.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
RMR
Peer Median
Payout Ratio
172.5%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
172.5%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| July 20, 2026 | $0.4500 |
| April 21, 2026 | $0.4500 |
| Jan. 26, 2026 | $0.4500 |
| Oct. 27, 2025 | $0.4500 |
| July 21, 2025 | $0.4500 |
| April 22, 2025 | $0.4500 |
| Jan. 27, 2025 | $0.4500 |
| Oct. 28, 2024 | $0.4500 |
| July 22, 2024 | $0.4500 |
| April 19, 2024 | $0.4500 |
| Jan. 19, 2024 | $0.4000 |
| Oct. 20, 2023 | $0.4000 |
| July 21, 2023 | $0.4000 |
| April 21, 2023 | $0.4000 |
| Jan. 20, 2023 | $0.4000 |
| Oct. 21, 2022 | $0.4000 |
| July 22, 2022 | $0.4000 |
| April 22, 2022 | $0.4000 |
| Jan. 21, 2022 | $0.3800 |
| Oct. 22, 2021 | $0.3800 |
RMR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 2 25.0%
- Buy 3 37.5%
- Hold 3 37.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-17
Median
$20.75
← Below all targets
$20.10
Low
$20.50
High
$21.00
Median target
$20.75
+3.2%
Mean target
$20.75
+3.2%
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 | $0.16 | -0.01% |
| March 31, 2026 | $0.11 | $0.14 | -0.03% |
| Dec. 31, 2025 | $0.20 | $0.19 | 0.01% |
| Sept. 30, 2025 | $0.22 | $0.26 | -0.04% |
| June 30, 2025 | $0.28 | $0.31 | -0.03% |
| March 31, 2025 | $0.28 | $0.30 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RMR | — | 15.3 | -22.0% | 2.5% | 7.6% | — |
| JOE | $3.42B | 29.8 | 27.4% | 22.5% | 15.5% | 43.0% |
| FPH | — | — | -53.8% | 64.5% | 3.1% | — |
| TRC | $424M | — | 18.4% | 0.15% | 0.02% | 29.2% |
| CHCI | — | 17.3 | 22.6% | 27.1% | 27.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $700M | $898M | $962M | $833M | $607M | $590M | $713M | $405M | $272M | $267M | $193M | |
| Cost of Revenue | · | · | · | · | · | · | · | · | $100M | $92M | $83M | |
| SG&A Expense | $42M | $44M | $36M | $33M | $27M | $27M | $29M | $27M | $25M | $23M | $21M | |
| Operating Expenses | $659M | $853M | $849M | $744M | $535M | $521M | $516M | $153M | $136M | $120M | $112M | |
| Operating Income | $42M | $45M | $114M | $88M | $72M | $69M | $198M | $252M | $136M | $147M | $81M | |
| Interest Income | $6M | $1M | $0 | $0 | · | · | · | · | · | · | · | |
| Pretax Income | $46M | $64M | $150M | $91M | $94M | $78M | $196M | $276M | $137M | $147M | $82M | |
| Income Tax | $8M | $11M | $22M | $13M | $13M | $12M | $27M | $59M | $28M | $25M | $5M | |
| Net Income | $18M | $23M | $57M | $34M | $36M | $29M | $75M | $96M | $42M | $37M | $7M | |
| EPS (Basic) | $1.03 | $1.38 | $3.44 | $2.06 | $2.18 | $1.77 | $4.59 | $5.94 | $2.63 | $2.33 | $0.46 | |
| EPS (Diluted) | $1.03 | $1.38 | $3.44 | $2.04 | $2.15 | $1.75 | $4.59 | $5.92 | $2.63 | $2.33 | $0.46 | |
| Shares (Basic) | 16,644,000 | 16,532,000 | 16,426,000 | 16,338,000 | 16,266,000 | 16,194,000 | 16,132,000 | 16,077,000 | 16,032,000 | 16,005,000 | 16,000,000 | |
| Shares (Diluted) | 16,644,000 | 16,532,000 | 16,426,000 | 31,348,000 | 31,282,000 | 31,194,000 | 16,143,000 | 16,120,000 | 16,048,000 | 16,005,000 | 16,000,000 | |
| EBITDA | $53M | $50M | $115M | $89M | $73M | $70M | $199M | $253M | $138M | $148M | · |
Balance Sheet 21
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $62M | $142M | $268M | $189M | $160M | $370M | $358M | $257M | $109M | $66M | $34M | |
| Prepaid Expense | $14M | $10M | $7M | $5M | $6M | $4M | $6M | $10M | $7M | $5M | $3M | |
| Current Assets | $193M | $294M | $386M | $303M | $255M | $456M | $458M | $296M | $141M | $95M | $55M | |
| PP&E (Net) | $229M | $76M | $5M | $2M | $2M | $2M | $2M | $3M | $3M | $4M | $5M | |
| PP&E (Gross) | $237M | $80M | $9M | $5M | $5M | $6M | $6M | $6M | $8M | $10M | $10M | |
| Accum. Depreciation | $8M | $3M | $3M | $3M | $3M | $4M | $4M | $3M | $4M | $7M | $6M | |
| Goodwill | $72M | $72M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $0 | |
| Intangibles | $26M | $20M | $167.0K | $198.0K | $235.0K | $277.0K | $323.0K | $375.0K | $462.0K | $1M | $0 | |
| Other Non-current Assets | $97M | $106M | $115M | $125M | $134M | $144M | $153M | $163M | $172M | $181M | $191M | |
| Total Assets | $718M | $700M | $582M | $542M | $498M | $690M | $661M | $499M | $384M | $338M | $304M | |
| Accounts Payable | $39M | $32M | $23M | $17M | $15M | $17M | $20M | $28M | $26M | $21M | $18M | |
| Current Liabilities | $118M | $133M | $106M | $109M | $81M | $82M | $91M | $28M | $26M | $21M | $18M | |
| Capital Leases | $18M | $22M | $25M | $26M | $29M | $32M | · | · | · | · | · | |
| Other Non-current Liabilities | · | · | $7M | · | · | · | · | · | · | · | · | |
| Total Liabilities | $316M | $281M | $159M | $173M | $150M | $149M | $132M | $70M | $94M | $91M | $90M | |
| Long-term Debt | $45M | · | $0 | · | · | · | · | · | · | · | · | |
| Retained Earnings | $454M | $436M | $413M | $356M | $322M | $286M | $257M | $183M | $87M | $45M | $7M | |
| AOCI | $-62.0K | $0 | · | · | · | · | $0 | $82.0K | $84.0K | $83.0K | $73.0K | |
| Stockholders' Equity | $228M | $238M | $240M | $207M | $195M | $296M | $289M | $233M | $150M | $122M | $101M | |
| Liabilities + Equity | $718M | $700M | $582M | $542M | $498M | $690M | $661M | $504M | $384M | $338M | $304M | |
| Shares Outstanding | · | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | · | · | · | · |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $12M | $5M | $1M | $993.0K | $973.0K | $968.0K | $1M | $1M | $2M | $2M | $2M | |
| Stock-based Comp | $10M | $11M | $12M | $10M | $12M | $8M | $9M | $10M | $7M | $9M | $6M | |
| Deferred Tax | $2M | $3M | $-1M | $2M | $5M | $2M | $-3.0K | $20M | $278.0K | $795.0K | $0 | |
| Amort. of Intangibles | $6M | $3M | $31.0K | $37.0K | · | · | · | · | $688.0K | $65.0K | · | |
| Other Non-cash | $35M | $20M | $40M | $55M | $18M | $38M | $114M | $100M | $76M | $51M | · | |
| Operating Cash Flow | $76M | $61M | $109M | $101M | $72M | $77M | $198M | $228M | $126M | $100M | $102M | |
| CapEx | · | $4M | $4M | $1M | $1M | $601.0K | $702.0K | $648.0K | $827.0K | $1M | $1M | |
| Investing Cash Flow | $-184M | $-210M | $49M | $-11M | $-1M | $-6M | $-15M | $-648.0K | $-13M | $-4M | · | |
| Stock Issued | · | · | · | · | · | · | · | · | $0 | $0 | $58M | |
| Stock Repurchased | $903.0K | $1M | $734.0K | $547.0K | $834.0K | $523.0K | $827.0K | $987.0K | $358.0K | $91.0K | $0 | |
| Net Stock Activity | $-903.0K | $-1M | $-734.0K | $-547.0K | $-834.0K | $-523.0K | $-827.0K | $-987.0K | $-358.0K | $-91.0K | · | |
| Dividends Paid | $30M | $28M | $27M | $26M | $140M | $25M | $23M | $16M | $16M | $17M | $0 | |
| Financing Cash Flow | $29M | $22M | $-80M | $-61M | $-280M | $-60M | $-82M | $-80M | $-70M | $-65M | · | |
| Net Change in Cash | $-79M | $-126M | $79M | $29M | $-210M | $11M | $102M | $148M | $43M | $31M | $-107M | |
| Free Cash Flow | · | $58M | $105M | $100M | $71M | $77M | $198M | $228M | $125M | $98M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 6.0% | 5.0% | 11.8% | 10.6% | 11.9% | 11.7% | 27.7% | 62.2% | 49.9% | 55.0% | · | |
| Net Margin | 2.5% | 2.6% | 5.9% | 4.1% | 5.9% | 4.9% | 10.4% | 23.7% | 15.6% | 14.0% | · | |
| Pretax Margin | 6.6% | 7.2% | 15.5% | 10.9% | 15.5% | 13.2% | 27.5% | 68.4% | 50.5% | 55.0% | · | |
| EBITDA Margin | 7.6% | 5.5% | 11.9% | 10.7% | 12.0% | 11.8% | 27.9% | 62.5% | 50.6% | 55.6% | · | |
| ROA | 2.5% | 3.6% | 10.2% | 6.5% | 5.8% | 4.1% | 11.2% | 18.6% | 10.7% | 10.7% | · | |
| ROE | 7.6% | 9.7% | 25.6% | 16.9% | 14.5% | 9.8% | 28.6% | 50.2% | 31.2% | 33.5% | · | |
| ROIC | 15.3% | 15.6% | 40.5% | 36.5% | 31.8% | 19.8% | 59.0% | 85.2% | 72.0% | 100.4% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 2.2 | 3.7 | 2.8 | 3.1 | 5.6 | 4.7 | 10.5 | 5.3 | 4.6 | · | |
| Quick Ratio | · | 1.1 | 2.5 | 1.7 | 2.0 | 4.5 | 3.7 | 9.1 | 4.1 | 3.2 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 1.4 | 1.7 | 1.6 | 1.0 | 0.8 | 1.1 | 0.8 | 0.7 | 0.8 | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -22.0% | -6.7% | 15.6% | 37.1% | 3.0% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -5.6% | 13.9% | 17.8% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 3.5% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -25.4% | -59.9% | 68.6% | -5.1% | 22.9% | · | · | · | · | · | · | |
| EPS CAGR 3Y | -20.4% | -13.7% | 25.3% | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -10.1% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -23.9% | -59.5% | 68.1% | -4.7% | 24.0% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -19.7% | -13.5% | 25.7% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -9.4% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 4.1% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $700M | $898M | $962M | $833M | $607M | $590M | $713M | $405M | $272M | $267M | $193M | |
| Net Income TTM | $18M | $23M | $57M | $34M | $36M | $29M | $75M | $96M | $42M | $37M | $7M | |
| Market Cap | · | $381M | $368M | $355M | $502M | $412M | · | · | · | · | · | |
| P/E | 15.3 | 18.4 | 7.1 | 11.6 | 15.6 | 15.7 | 9.9 | 15.7 | 19.5 | 16.3 | · | |
| P/S | · | 0.4 | 0.4 | 0.4 | 0.8 | 0.7 | · | · | · | · | · | |
| P/B | · | 1.6 | 1.5 | 1.7 | 2.6 | 1.4 | · | · | · | · | · | |
| P / Tangible Book | · | 2.6 | 1.5 | 1.7 | 2.6 | 1.4 | · | · | · | · | · | |
| P / Cash Flow | · | 6.2 | 3.4 | 3.5 | 7.0 | 5.3 | · | · | · | · | · | |
| P / FCF | · | 6.6 | 3.5 | 3.5 | 7.1 | 5.4 | · | · | · | · | · | |
| Dividend Yield | · | 7.5% | 7.2% | 7.2% | 27.9% | 6.0% | · | · | · | · | · | |
| Earnings Yield | 6.6% | 5.4% | 14.0% | 8.6% | 6.4% | 6.4% | 10.1% | 6.4% | 5.1% | 6.1% | · | |
| Payout Ratio | 172.5% | 122.9% | 46.5% | 75.7% | 391.6% | 86.1% | 30.5% | 16.8% | 38.0% | 46.2% | · | |
| Annual Payout | $30M | $28M | $27M | $26M | $140M | $25M | $23M | $16M | $16M | $17M | $0 |
Income Statement 12
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $154M | $146M | $180M | $159M | $155M | $167M | $219M | $212M | $206M | $218M | $262M | $223M | $280M | $208M | $251M | $242M | |
| SG&A Expense | $11M | $11M | $10M | $10M | $10M | $11M | $11M | $11M | $11M | $12M | $10M | $8M | $10M | $9M | $9M | $8M | |
| Operating Expenses | $163M | $139M | $148M | $149M | $145M | $159M | $206M | $202M | $193M | $206M | $251M | $208M | $219M | $191M | $230M | $221M | |
| Operating Income | $-9M | $7M | $32M | $11M | $10M | $8M | $13M | $10M | $12M | $12M | $11M | $15M | $61M | $18M | $20M | $21M | |
| Pretax Income | $9M | $3M | $31M | $10M | $11M | $9M | $17M | $15M | $16M | $15M | $18M | $20M | $64M | $48M | $17M | $32M | |
| Income Tax | $2M | $589.0K | $5M | $2M | $2M | $1M | $2M | $3M | $4M | $2M | $3M | $3M | $9M | $7M | $2M | $5M | |
| Net Income | $3M | $1M | $12M | $3M | $4M | $4M | $6M | $5M | $5M | $6M | $7M | $8M | $25M | $18M | $6M | $12M | |
| EPS (Basic) | $0.18 | $0.05 | $0.71 | $0.19 | $0.25 | $0.21 | $0.38 | $0.32 | $0.29 | $0.35 | $0.42 | $0.47 | $1.48 | $1.11 | $0.38 | $0.72 | |
| EPS (Diluted) | $0.18 | $0.05 | $0.71 | $0.19 | $0.25 | $0.21 | $0.38 | $0.34 | $0.29 | $0.34 | $0.41 | $0.48 | $1.48 | $1.11 | $0.37 | $0.70 | |
| Shares (Basic) | 16,791,000 | 16,750,000 | 16,744,000 | -33,245,000 | 16,660,000 | 16,616,000 | 16,613,000 | -33,033,000 | 16,542,000 | 16,515,000 | 16,508,000 | -32,821,000 | 16,435,000 | 16,408,000 | 16,404,000 | -32,659,000 | |
| Shares (Diluted) | 16,791,000 | 16,750,000 | 16,744,000 | -33,245,000 | 16,660,000 | 16,616,000 | 16,613,000 | -63,061,000 | 16,542,000 | 31,539,000 | 31,512,000 | -62,852,000 | 16,435,000 | 31,430,000 | 31,413,000 | -62,661,000 | |
| EBITDA | $-9M | $7M | $37M | · | $10M | $8M | $16M | · | $12M | $12M | $11M | · | $61M | $18M | $21M | · |
Balance Sheet 20
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $58M | $80M | $49M | · | $121M | $137M | $148M | · | $208M | $192M | $202M | · | $295M | $198M | $201M | $189M | |
| Prepaid Expense | $15M | $14M | $13M | $14M | $16M | $17M | $13M | $10M | $9M | $12M | $9M | · | $6M | $6M | $6M | · | |
| Current Assets | $153M | $178M | $172M | $193M | $221M | $244M | $291M | $294M | $315M | $291M | $326M | · | $404M | $322M | $327M | · | |
| PP&E (Net) | $226M | $227M | $227M | $229M | $91M | $76M | $77M | $76M | $16M | $15M | $15M | · | $6M | $5M | $4M | · | |
| PP&E (Gross) | · | · | · | $237M | · | · | · | $80M | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $15M | $13M | $10M | $8M | $6M | $5M | $4M | $3M | $3M | $3M | $3M | · | · | · | · | · | |
| Goodwill | $72M | $72M | $72M | $72M | $72M | $72M | $72M | $72M | $72M | $72M | $72M | · | · | · | · | · | |
| Intangibles | $20M | $22M | $24M | $26M | $22M | $18M | $19M | $20M | $20M | $20M | $21M | · | · | · | · | · | |
| Other Non-current Assets | $62M | $92M | $94M | $97M | $99M | $101M | $104M | $106M | $108M | $111M | $113M | · | $118M | $120M | $123M | · | |
| Total Assets | $714M | $685M | $687M | $718M | $648M | $650M | $693M | $700M | $602M | $584M | $625M | · | $601M | $592M | $565M | · | |
| Accounts Payable | $55M | $45M | $38M | $39M | $45M | $38M | $41M | $32M | $43M | $33M | $42M | · | · | · | · | · | |
| Current Liabilities | $110M | $102M | $94M | $118M | $97M | $97M | $133M | $133M | $116M | $90M | $126M | · | $121M | $118M | $127M | · | |
| Capital Leases | $14M | $15M | $16M | $18M | $19M | $20M | $20M | $22M | $23M | $24M | $26M | · | $25M | $27M | $27M | · | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | $20M | $24M | · | · | · | · | · | |
| Total Liabilities | $315M | $280M | $272M | $316M | $239M | $235M | $271M | $281M | $181M | $160M | $201M | · | $176M | $197M | $195M | · | |
| Long-term Debt | · | · | · | $45M | · | · | · | · | $5M | $5M | $5M | · | · | · | · | · | |
| Retained Earnings | $470M | $467M | $466M | $454M | $450M | $446M | $443M | $436M | $431M | $426M | $420M | · | $405M | $381M | $362M | · | |
| AOCI | $377.0K | $224.0K | $-142.0K | $-62.0K | · | · | · | $0 | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $224M | $228M | $233M | $228M | $231M | $234M | $237M | $238M | $239M | $242M | $241M | · | $238M | $220M | $207M | · | |
| Liabilities + Equity | $714M | $685M | $687M | $718M | $648M | $650M | $693M | $700M | $602M | $584M | $625M | · | $601M | $592M | $565M | · |
Cash Flow 13
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $4M | $4M | $5M | $4M | $3M | $2M | $2M | $2M | $1M | $1M | $423.0K | $281.0K | $281.0K | $272.0K | $268.0K | $262.0K | |
| Stock-based Comp | $6M | $3M | $2M | $6M | $2M | $2M | $126.0K | $5M | $2M | $700.0K | $3M | $4M | $2M | $4M | $3M | $5M | |
| Deferred Tax | $-1M | $115.0K | $634.0K | $456.0K | $393.0K | $316.0K | $817.0K | $2M | $272.0K | $409.0K | $864.0K | $358.0K | $-5M | $4M | $-440.0K | $2M | |
| Other Non-cash | · | · | $-9M | · | · | · | $15M | · | · | · | $19M | · | · | · | $19M | · | |
| Operating Cash Flow | $23M | $49M | $11M | $16M | $22M | $13M | $25M | $-6M | $32M | $5M | $30M | $-4M | $72M | $14M | $28M | $11M | |
| CapEx | · | · | · | · | · | $662.0K | $1M | · | $751.0K | $750.0K | $1M | · | $1M | $961.0K | $917.0K | $206.0K | |
| Investing Cash Flow | $-57M | $-4M | $36M | $-145M | $-28M | $-7M | $-4M | $-128M | $-751.0K | $-750.0K | $-80M | $-756.0K | $52M | $-961.0K | $-917.0K | $-206.0K | |
| Stock Repurchased | $27.0K | $46.0K | $35.0K | $740.0K | $134.0K | $23.0K | $6.0K | $986.0K | $26.0K | $112.0K | $12.0K | $555.0K | $100.0K | $54.0K | $25.0K | $516.0K | |
| Net Stock Activity | · | · | $-35.0K | · | · | · | $-6.0K | · | · | · | $-12.0K | · | · | · | $-25.0K | · | |
| Dividends Paid | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | |
| Financing Cash Flow | $12M | $-14M | $-60M | $70M | $-10M | $-16M | $-15M | $68M | $-15M | $-15M | $-16M | $-22M | $-26M | $-16M | $-15M | $-18M | |
| Net Change in Cash | $-22M | $31M | $-13M | $-59M | $-16M | $-10M | $6M | $-66M | $16M | $-10M | $-66M | $-27M | $97M | $-3M | $12M | $-7M | |
| Free Cash Flow | · | · | · | · | · | · | $24M | · | · | · | $29M | · | · | · | $27M | · |
Profitability 7
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -6.0% | 4.8% | 17.8% | · | 6.5% | 4.5% | 6.1% | · | 5.9% | 5.4% | 4.0% | · | 21.7% | 8.5% | 8.1% | · | |
| Net Margin | 2.1% | 0.69% | 6.8% | · | 2.7% | 2.2% | 2.9% | · | 2.4% | 2.7% | 2.7% | · | 8.8% | 8.9% | 2.5% | · | |
| Pretax Margin | 6.0% | 1.8% | 17.5% | · | 7.1% | 5.4% | 7.6% | · | 7.8% | 6.8% | 6.9% | · | 23.0% | 23.1% | 6.7% | · | |
| EBITDA Margin | -6.0% | 4.8% | 20.4% | · | 6.5% | 4.5% | 7.2% | · | 5.9% | 5.4% | 4.2% | · | 21.7% | 8.5% | 8.2% | · | |
| ROA | 0.47% | 0.15% | 1.8% | · | 0.67% | 0.59% | 0.97% | · | 0.82% | 1.0% | 1.2% | · | 4.3% | 3.3% | 1.2% | · | |
| ROE | 1.4% | 0.44% | 5.2% | · | 1.8% | 1.5% | 2.7% | · | 2.1% | 2.5% | 3.1% | · | 11.2% | 8.8% | 3.1% | · | |
| ROIC | -3.3% | 2.4% | 11.8% | · | 3.6% | 2.7% | 4.8% | · | 3.9% | 4.2% | 3.8% | · | 21.9% | 6.9% | 8.3% | · |
Liquidity & Solvency 2
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.7 | 1.8 | · | 2.3 | 2.5 | 2.2 | · | 2.7 | 3.2 | 2.6 | · | 3.3 | 2.7 | 2.6 | · | |
| Quick Ratio | 0.5 | 0.8 | 0.5 | · | 1.2 | 1.4 | 1.1 | · | 1.8 | 2.1 | 1.6 | · | 2.4 | 1.7 | 1.6 | · |
Efficiency 1
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.3 | · | 0.2 | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.4 | · | 0.5 | 0.4 | 0.5 | · |
Valuation (TTM) 5
| Metric | Trend | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $634M | $647M | $721M | · | $747M | $810M | $905M | · | $966M | $968M | $1.00B | · | $950M | $868M | $841M | · | |
| Net Income TTM | $21M | $21M | $26M | · | $19M | $21M | $24M | · | $42M | $56M | $56M | · | $57M | $39M | $28M | · | |
| P/E | 17.3 | 12.7 | 9.6 | · | 14.5 | 13.6 | 14.5 | · | 9.0 | 7.2 | 8.4 | · | 6.8 | 11.3 | 16.5 | · | |
| Earnings Yield | 5.8% | 7.9% | 10.4% | · | 6.9% | 7.3% | 6.9% | · | 11.2% | 13.9% | 11.9% | · | 14.8% | 8.9% | 6.0% | · | |
| Payout Ratio | · | · | 63.0% | · | · | · | 118.8% | · | · | · | 95.5% | · | · | · | 104.8% | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Revenue | $700M | $898M | $962M | $833M | $607M |
| Operating Margin % | 6.0% | 5.0% | 11.8% | 10.6% | 11.9% |
| Net Income | $18M | $23M | $57M | $34M | $36M |
| Diluted EPS | $1.03 | $1.38 | $3.44 | $2.04 | $2.15 |
Balance Sheet
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Current Ratio | 1.6 | 2.2 | 3.7 | 2.8 | 3.1 |
| Quick Ratio | — | 1.1 | 2.5 | 1.7 | 2.0 |
Cash Flow
| 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $58M | $105M | $100M | $71M |
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Institutional owners (13F) 180 filers · $177.9M 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 (-1 vs prior Q) | 18 (-3 vs prior Q) | 55 (+9 vs prior Q) | 34 (0 vs prior Q) | +2.1M |
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 |
|---|---|---|---|---|
| Nantahala Capital Management, LLC | $23,566,428 | 1,147,902 | 13.25% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $17,970,258 | 875,317 | 10.10% | Shares |
| Flat Footed LLC | $17,686,739 | 861,507 | 9.94% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $14,244,186 | 693,823 | 8.01% | Shares |
| BANK OF AMERICA CORP /DE/ | $9,610,401 | 468,115 | 5.40% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $8,605,557 | 419,090 | 4.84% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $8,596,198 | 418,714 | 4.83% | Shares |
| STATE STREET CORP | $8,337,603 | 406,118 | 4.69% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $8,009,164 | 390,120 | 4.50% | Shares |
| Garner Asset Management Corp | $6,809,808 | 332,472 | 3.83% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $5,765,050 | 280,811 | 3.24% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $3,979,658 | 193,846 | 2.24% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,792,881 | 136,039 | 1.57% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,196,033 | 106,967 | 1.23% | Shares |
| Truvestments Capital LLC | $2,151,852 | 104,815 | 1.21% | Shares |
| Jefferies Financial Group Inc. | $2,104,551 | 102,511 | 1.18% | Shares |
| CWA Asset Management Group, LLC | $2,023,772 | 98,576 | 1.14% | Shares |
| GOLDMAN SACHS GROUP INC | $1,864,740 | 90,830 | 1.05% | Shares |
| Aviance Capital Partners, LLC | $1,834,155 | 89,340 | 1.03% | Shares |
| Quantinno Capital Management LP | $1,787,814 | 87,083 | 1.00% | Shares |
| Linden Thomas Advisory Services, LLC | $1,588,283 | 77,364 | 0.89% | Shares |
| NORGES BANK | $1,432,994 | 69,800 | 0.81% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,338,556 | 65,200 | 0.75% | Put option |
| TUDOR INVESTMENT CORP ET AL | $1,324,411 | 64,511 | 0.74% | Shares |
| NewEdge Advisors, LLC | $1,321,202 | 64,355 | 0.74% | Shares |
| CORSAIR CAPITAL MANAGEMENT, L.P. | $1,231,800 | 60,000 | 0.69% | Shares |
| RITHOLTZ WEALTH MANAGEMENT | $1,219,772 | 59,414 | 0.69% | Shares |
| Trexquant Investment LP | $1,204,105 | 58,651 | 0.68% | Shares |
| Bank of New York Mellon Corp | $956,513 | 46,591 | 0.54% | Shares |
| MORGAN STANLEY | $892,747 | 43,485 | 0.50% | Shares |
| FEDERATED HERMES, INC. | $890,037 | 43,353 | 0.50% | Shares |
| GLOBEFLEX CAPITAL L P | $851,995 | 41,500 | 0.48% | Shares |
| BARCLAYS PLC | $772,687 | 37,637 | 0.43% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $740,024 | 36,046 | 0.42% | Shares |
| AlphaCore Capital LLC | $733,640 | 35,735 | 0.41% | Shares |
| AMERICAN CENTURY COMPANIES INC | $635,486 | 30,954 | 0.36% | Shares |
| New Age Alpha Advisors, LLC | $611,383 | 29,780 | 0.34% | Shares |
| MARTINGALE ASSET MANAGEMENT L P | $591,696 | 28,821 | 0.33% | Shares |
| Susquehanna Portfolio Strategies, LLC | $528,812 | 25,758 | 0.30% | Shares |
| TWO SIGMA INVESTMENTS, LP | $520,764 | 25,366 | 0.29% | Shares |
| Cubist Systematic Strategies, LLC | $516,588 | 32,841 | 0.29% | Shares |
| Verdad Advisers, LP | $461,843 | 22,496 | 0.26% | Shares |
| RHUMBLINE ADVISERS | $421,103 | 20,512 | 0.24% | Shares |
| Numerai GP LLC | $412,612 | 20,098 | 0.23% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $400,335 | 19,500 | 0.23% | Call option |
| KESTRA PRIVATE WEALTH SERVICES, LLC | $394,956 | 19,238 | 0.22% | Shares |
| ALLIANCEBERNSTEIN L.P. | $368,140 | 23,797 | 0.21% | Shares |
| PRUDENTIAL FINANCIAL INC | $272,105 | 13,254 | 0.15% | Shares |
| WELLS FARGO & COMPANY/MN | $271,776 | 13,238 | 0.15% | Shares |
| Sterling Capital Management LLC | $256,563 | 12,497 | 0.14% | Shares |
| KLP KAPITALFORVALTNING AS | $238,148 | 11,600 | 0.13% | Shares |
| State of Wyoming | $236,916 | 11,540 | 0.13% | Shares |
| CITADEL ADVISORS LLC | $215,565 | 10,500 | 0.12% | Put option |
| CITADEL ADVISORS LLC | $213,512 | 10,400 | 0.12% | Call option |
| Empowered Funds, LLC | $212,568 | 10,354 | 0.12% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $211,143 | 10,285 | 0.12% | Shares |
| Quinn Opportunity Partners LLC | $210,699 | 10,263 | 0.12% | Shares |
| Cresset Asset Management, LLC | $210,083 | 10,233 | 0.12% | Shares |
| FIRST TRUST ADVISORS LP | $208,831 | 10,172 | 0.12% | Shares |
| Robeco Institutional Asset Management B.V. | $204,048 | 9,939 | 0.11% | Shares |
| MetLife Investment Management, LLC | $202,816 | 9,879 | 0.11% | Shares |
| CITIGROUP INC | $190,908 | 9,299 | 0.11% | Shares |
| DGS Capital Management, LLC | $183,753 | 11,878 | 0.10% | Shares |
| BlackRock, Inc. | $166,088 | 8,090 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $149,438 | 7,279 | 0.08% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $134,677 | 6,560 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $129,462 | 6,306 | 0.07% | Shares |
| Invesco Ltd. | $129,031 | 6,285 | 0.07% | Shares |
| Police & Firemen's Retirement System of New Jersey | $101,582 | 4,948 | 0.06% | Shares |
| OSAIC HOLDINGS, INC. | $94,603 | 4,599 | 0.05% | Shares |
| VANGUARD GROUP INC | $93,959 | 6,306 | 0.05% | Shares |
| CWM, LLC | $87,540 | 5,659 | 0.05% | Shares |
| Russell Investments Group, Ltd. | $80,940 | 3,943 | 0.05% | Shares |
| Triumph Capital Management | $62,658 | 3,052 | 0.04% | Shares |
| CALDWELL SUTTER CAPITAL, INC. | $62,329 | 3,036 | 0.04% | Shares |
| STRS OHIO | $61,590 | 3,000 | 0.03% | Shares |
| NORTHERN TRUST CORP | $50,976 | 2,483 | 0.03% | Shares |
| AlphaQuest LLC | $45,952 | 3,084 | 0.03% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $44,879 | 2,186 | 0.03% | Shares |
| Tower Research Capital LLC (TRC) | $41,368 | 2,015 | 0.02% | Shares |
| FMR LLC | $40,732 | 1,984 | 0.02% | Shares |
| UBS Group AG | $39,787 | 1,938 | 0.02% | Shares |
| Legal & General Group Plc | $29,953 | 1,459 | 0.02% | Shares |
| Ameritas Investment Partners, Inc. | $27,941 | 1,361 | 0.02% | Shares |
| Pinnacle Wealth Planning Services, Inc. | $25,868 | 1,260 | 0.01% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $24,319 | 1,546 | 0.01% | Shares |
| SIGNATUREFD, LLC | $22,562 | 1,099 | 0.01% | Shares |
| PNC Financial Services Group, Inc. | $20,776 | 1,012 | 0.01% | Shares |
| Arax Advisory Partners | $19,443 | 947 | 0.01% | Shares |
| GAMMA Investing LLC | $18,682 | 910 | 0.01% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $18,292 | 891 | 0.01% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $15,934 | 1,030 | 0.01% | Shares |
| JPMORGAN CHASE & CO | $15,762 | 760 | 0.01% | Shares |
| Versant Capital Management, Inc | $15,007 | 731 | 0.01% | Shares |
| Point72 (DIFC) Ltd | $14,519 | 923 | 0.01% | Shares |
| CIBC Private Wealth Group LLC | $14,157 | 900 | 0.01% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $12,979 | 839 | 0.01% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $11,189 | 545 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $11,000 | 517 | 0.01% | Shares |
| SBI Securities Co., Ltd. | $9,670 | 471 | 0.01% | Shares |
Company insiders 25 insiders · 16 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Adam D. Portnoy | Managing Dir., President & CEO | March 26, 2026 A | 161,223 | 0 | 0 | $0 |
| Matthew P. Jordan | Managing Dir., Exec. VP, COO | March 26, 2026 A | 66,915 | 0 | 0 | $0 |
| Lindsey Getz | Exec. VP of The RMR Group LLC | Sept. 16, 2025 F | 8,386 | 0 | 0 | $0 |
| Christopher J. Bilotto | Exec. VP of The RMR Group LLC | Sept. 16, 2025 F | 19,032 | 0 | 0 | $0 |
| Jeffrey C. Leer | Exec. VP of The RMR Group LLC | Sept. 16, 2025 F | 19,303 | 0 | 0 | $0 |
| Jennifer B Clark | MD, Exec. VP, GC & Secty | Sept. 16, 2025 F | 77,493 | 0 | 0 | $0 |
| John G. Murray | Exec. VP of The RMR Group LLC | Sept. 16, 2025 F | 39,672 | 0 | 0 | $0 |
| Jennifer F. Mintzer | Exec. VP of The RMR Group LLC | Sept. 18, 2023 F | 19,414 | 0 | 0 | $0 |
| Jonathan Pertchik | Exec. VP of The RMR Group LLC | Sept. 19, 2022 F | 14,763 | 0 | 0 | $0 |
| David M. Blackman | Exec. VP of The RMR Group LLC | Sept. 21, 2020 F | 17,641 | 0 | 0 | $0 |
| Bruce J. Mackey JR. | Exec. VP of The RMR Group LLC | Sept. 24, 2018 F | 11,297 | 0 | 0 | $0 |
| John C Popeo | Exec. VP of The RMR Group LLC | Sept. 24, 2018 F | 11,262 | 0 | 0 | $0 |
| Mark Lawrence Kleifges | Exec. VP of The RMR Group LLC | Sept. 24, 2018 F | 11,688 | 0 | 0 | $0 |
| Thomas M O'Brien | Exec. VP of the RMR Group LLC | Sept. 19, 2017 F | 7,857 | 0 | 0 | $0 |
| Barry M Portnoy | Managing Director | Sept. 14, 2017 A | 40,883 | 0 | 0 | $0 |
| David J Hegarty | Exec. VP of The RMR Group LLC | Sept. 14, 2017 A | 9,606 | 0 | 0 | $0 |
| Jonathan Veitch | Director | March 26, 2026 A | 28,633 | 0 | 0 | $0 |
| Rosen Plevneliev | Director | March 26, 2026 F | 30,712 | 0 | 0 | $0 |
| Walter C. Watkins Jr. | Director | March 26, 2026 A | 37,633 | 0 | 0 | $0 |
| Ann Logan | Director | March 26, 2026 A | 40,211 | 0 | 0 | $0 |
| Frederick N Zeytoonjian | Director | March 9, 2016 A | 2,500 | 0 | 0 | $0 |
| Government Properties Income Trust | 10% owner | July 1, 2019 S | 0 | 0 | 0 | $0 |
| HOSPITALITY PROPERTIES TRUST | 10% owner | July 1, 2019 S | 0 | 0 | 0 | $0 |
| Select Income REIT | 10% owner | Dec. 31, 2018 J | 0 | 0 | 0 | $0 |
| Andrew J Rebholz | — | Sept. 25, 2019 F | 11,015 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 35 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 |
|---|---|---|---|---|
| SVAL · iShares Trust | 0.40% | 44,209 SH | Aug. 8, 2026 | Daily |
| ROSC · Lattice Strategies Trust | 0.33% | 10,307 NS | April 30, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.29% | 40,785 NS | May 31, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.18% | 8,929 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 12,586 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.02% | 158,141 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 28,479 NS | May 31, 2026 | N-PORT |
| VNQ · VANGUARD SPECIALIZED FUNDS | 0.02% | 597,276 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 13,797 SH | Aug. 8, 2026 | Daily |
| SFGV · EA Series Trust | 0.02% | 10,369 NS | May 29, 2026 | N-PORT |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.02% | 2,384 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 22,119 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 468,472 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 91,155 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 6,851 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.01% | 739 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 53,574 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 77,537 NS | May 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.01% | 51,314 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 579 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 589 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 576 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 15 NS | May 31, 2026 | N-PORT |
| EBI · RBB Fund Trust | 0.00% | 403 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 1,646 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 26,504 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 4,214 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 2,445 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 9,000 NS | May 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 1,232 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 184,131 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 494,549 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 1,044 SH | Aug. 8, 2026 | Daily |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 12 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 929 NS | April 30, 2026 | N-PORT |