Tapewire

NYSE · USD

BNL

Broadstone Net Lease, Inc.

Export transactions ↓
Tapewire entity
3986
SEC CIK
0001424182
Parsed reports
397

Last 12 months

Inside the activity.

2 purchase rows · 0 sale rows

Disclosed non-derivative P/S rows, by transaction month. Includes amendments and private transactions.
Monthly counts
MonthPurchasesSales
Nov 202500
Dec 202500
Jan 202600
Feb 202600
Mar 202600
Apr 202600
May 202600
Jun 202600
Jul 202600
Aug 202620
Sep 202600
Oct 202600

Latest available

Insider transactions

JSON API
Reset

Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateOwner / reported roleActivity / securityShares / unitsReported priceReported valueDetails
December 29, 2017 Filed Jan 3, 2018 17:26 UTC GrantCommon Stock 231.481 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-000575 · doc4.xml · nonDerivative · entry 1

Watters James H · CIK 0001709565 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,403.941

F1 · shares: On December 29, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 231.481 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance at meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

F2 · balance_after: Includes 236.338 shares acquired through participation in the Broadstone Net Lease, Inc. Distribution Reinvestment Plan since the reporting person's last report reflecting ownership of Broadstone Net Lease, Inc. common stock. The regular reinvestment of distributions is exempt from reporting pursuant to Rule 16a-11.

Read SEC document
December 29, 2017 Filed Jan 3, 2018 17:18 UTC GrantCommon Stock 179.321 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-000571 · doc4.xml · nonDerivative · entry 1

Lydon Thomas P Jr · CIK 0001509287 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,506.79

F1 · shares: On December 29, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 179.321 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance at meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

F2 · balance_after: Includes 23.034 shares acquired through participation in the Broadstone Net Lease, Inc. Distribution Reinvestment Plan since the reporting person's last report reflecting ownership of Broadstone Net Lease, Inc. common stock. The regular reinvestment of distributions is exempt from reporting pursuant to Rule 16a-11.

F3 · balance_after: Includes 1,471.887 shares of common stock owned of record by an IRA for the account of the reporting person.

Read SEC document
December 29, 2017 Filed Jan 3, 2018 17:12 UTC GrantCommon Stock 231.481 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-000567 · doc4.xml · nonDerivative · entry 1

JACOBSTEIN DAVID M · CIK 0001191856 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 440.856

F1 · shares: On December 29, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 231.481 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance at meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

Read SEC document
December 29, 2017 Filed Jan 3, 2018 17:01 UTC GrantCommon Stock 256.173 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-000558 · doc4.xml · nonDerivative · entry 1

Hawkes Laurie A. · CIK 0001575253 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 4,581.226

F1 · shares: On December 29, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 256.173 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance at meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

F2 · ownership.nature: Shares of common stock owned by a trust of which the reporting person is the trustee and with respect to which the reporting person has sole voting and investment power.

Read SEC document
December 29, 2017 Filed Jan 3, 2018 16:54 UTC
Czarnecki Christopher JDirector · Chief Executive Officer
PurchaseCommon Stock 185.185 $81.00 $14,999.99
Disclosure

SEC source: 0001209191-18-000553 · doc4.xml · nonDerivative · entry 1

Czarnecki Christopher J · CIK 0001709616 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,740.817

F1 · balance_after: Includes 64.771 shares acquired through participation in the Broadstone Net Lease, Inc. Distribution Reinvestment Plan since the reporting person's last report reflecting ownership of Broadstone Net Lease, Inc. common stock. The regular reinvestment of distributions is exempt from reporting pursuant to Exchange Act Rule 16a-11.

F2 · ownership.direct: The reported shares are owned jointly with the reporting person's spouse, with respect to which the reporting person shares voting and investment power.

Read SEC document
September 29, 2017 Filed Oct 2, 2017 14:43 UTC GrantCommon Stock 196.875 $0.00 $0.00
Disclosure

SEC source: 0001209191-17-054525 · doc4.xml · nonDerivative · entry 1

NARASIMHAN SHEKAR · CIK 0001078954 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Beekman Advisors, Inc.

Disclosed balance after: 12,106.333

F1 · shares: On September 29, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 196.875 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance at meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

F2 · balance_after: Includes 186.102 shares acquired through participation in the Broadstone Net Lease, Inc. Distribution Reinvestment Plan since the reporting person's last report reflecting ownership of Broadstone Net Lease, Inc. common stock. The regular reinvestment of distributions is exempt from reporting pursuant to Rule 16a-11.

F3 · ownership.nature: The reported securities are owned by Beekman Advisors, Inc., of which the reporting person is the Managing Partner. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for any purpose.

Read SEC document
September 29, 2017 Filed Oct 2, 2017 14:44 UTC GrantCommon Stock 209.375 $0.00 $0.00
Disclosure

SEC source: 0001209191-17-054527 · doc4.xml · nonDerivative · entry 1

Rosenberger Geoffrey · CIK 0001670437 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,580.973

F1 · shares: On September 29, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 209.375 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance at meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

Read SEC document
September 29, 2017 Filed Oct 2, 2017 18:44 UTC GrantCommon Stock 209.375 $0.00 $0.00
Disclosure

SEC source: 0001209191-17-054530 · doc4.xml · nonDerivative · entry 1

Watters James H · CIK 0001709565 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,936.122

F1 · shares: On September 29, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 209.375 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance at meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

F2 · balance_after: Includes 230.108 shares acquired through participation in the Broadstone Net Lease, Inc. Distribution Reinvestment Plan since the reporting person's last report reflecting ownership of Broadstone Net Lease, Inc. common stock. The regular reinvestment of distributions is exempt from reporting pursuant to Rule 16a-11.

Read SEC document
September 29, 2017 Filed Oct 2, 2017 18:42 UTC GrantCommon Stock 146.563 $0.00 $0.00
Disclosure

SEC source: 0001209191-17-054523 · doc4.xml · nonDerivative · entry 1

Lydon Thomas P Jr · CIK 0001509287 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,304.435

F1 · shares: On September 29, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 146.563 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance at meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

F2 · balance_after: Includes 22.767 shares acquired through participation in the Broadstone Net Lease, Inc. Distribution Reinvestment Plan since the reporting person's last report reflecting ownership of Broadstone Net Lease, Inc. common stock. The regular reinvestment of distributions is exempt from reporting pursuant to Rule 16a-11.

F3 · balance_after: Includes 1,448.853 shares of common stock owned of record by an IRA for the account of the reporting person.

Read SEC document
September 29, 2017 Filed Oct 2, 2017 18:41 UTC GrantCommon Stock 209.375 $0.00 $0.00
Disclosure

SEC source: 0001209191-17-054521 · doc4.xml · nonDerivative · entry 1

JACOBSTEIN DAVID M · CIK 0001191856 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 209.375

F1 · shares: On September 29, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 209.375 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance at meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

Read SEC document
September 29, 2017 Filed Oct 2, 2017 18:40 UTC GrantCommon Stock 196.875 $0.00 $0.00
Disclosure

SEC source: 0001209191-17-054519 · doc4.xml · nonDerivative · entry 1

Hawkes Laurie A. · CIK 0001575253 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 4,325.053

F1 · shares: On September 29, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 196.875 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance at meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

F2 · ownership.nature: Shares of common stock owned by a trust of which the reporting person is the trustee and with respect to which the reporting person has sole voting and investment power.

Read SEC document
July 31, 2017 Filed Aug 1, 2017 14:56 UTC
Czarnecki Christopher JDirector · Chief Executive Officer
PurchaseCommon Stock 312.5 $80.00 $25,000.00
Disclosure

SEC source: 0001209191-17-046856 · doc4.xml · nonDerivative · entry 1

Czarnecki Christopher J · CIK 0001709616 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,490.861

F1 · balance_after: Includes 11.47 shares acquired through participation in the Broadstone Net Lease, Inc. Distribution Reinvestment Plan since the reporting person's last report reflecting ownership of Broadstone Net Lease, Inc. common stock. The regular reinvestment of distributions is exempt from reporting pursuant to Exchange Act Rule 16a-11.

F2 · ownership.direct: The reported shares are owned jointly with the reporting person's spouse, with respect to which the reporting person shares voting and investment power.

Read SEC document
June 30, 2017 Filed Jul 5, 2017 16:24 UTC GrantCommon Stock 196.875 $0.00 $0.00
Disclosure

SEC source: 0000899243-17-017782 · doc4.xml · nonDerivative · entry 1

NARASIMHAN SHEKAR · CIK 0001078954 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Beekman Advisors, Inc.

Disclosed balance after: 11,723.355

F1 · shares: On June 30, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 196.875 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance of meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

F2 · ownership.nature: The reported securities are owned by Beekman Advisors, Inc., of which the reporting person is the Managing Partner. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for any purpose.

Read SEC document
June 30, 2017 Filed Jul 5, 2017 16:27 UTC
TAIT AMY LDirector · See Remarks
GiftCommon Stock 12,500 $0.00 $0.00
Disclosure

SEC source: 0000899243-17-017789 · doc4.xml · nonDerivative · entry 1

TAIT AMY L · CIK 0001142301 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · By Limited Liability Company

Disclosed balance after: 31,925

F1 · ownership.nature: Securities held by a limited liability company with respect to which the reporting person and her spouse have shared voting and investment power.

Read SEC document
June 30, 2017 Filed Jul 5, 2017 16:27 UTC GrantCommon Stock 246.875 $0.00 $0.00
Disclosure

SEC source: 0000899243-17-017787 · doc4.xml · nonDerivative · entry 1

Rosenberger Geoffrey · CIK 0001670437 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,371.595

F1 · shares: On June 30, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 246.875 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance of meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

Read SEC document
June 30, 2017 Filed Jul 5, 2017 20:25 UTC GrantCommon Stock 246.875 $0.00 $0.00
Disclosure

SEC source: 0000899243-17-017785 · doc4.xml · nonDerivative · entry 1

JACOBSTEIN DAVID M · CIK 0001191856 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 930.925

F1 · shares: On June 30, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 246.875 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance of meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

Read SEC document
June 30, 2017 Filed Jul 5, 2017 20:24 UTC GrantCommon Stock 172.813 $0.00 $0.00
Disclosure

SEC source: 0000899243-17-017784 · doc4.xml · nonDerivative · entry 1

Lydon Thomas P Jr · CIK 0001509287 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,135.105

F1 · shares: On June 30, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 172.813 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance of meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

F2 · balance_after: Includes 1,426.806 shares of common stock owned of record by an IRA for the account of the reporting person.

Read SEC document
June 30, 2017 Filed Jul 5, 2017 20:24 UTC GrantCommon Stock 209.375 $0.00 $0.00
Disclosure

SEC source: 0000899243-17-017783 · doc4.xml · nonDerivative · entry 1

Hawkes Laurie A. · CIK 0001575253 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 4,128.175

F1 · shares: On June 30, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 209.375 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance of meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

F2 · ownership.nature: Shares of common stock owned by a trust of which the reporting person is the trustee and with respect to which the reporting person has sole voting and investment power.

Read SEC document
June 30, 2017 Filed Jul 5, 2017 20:24 UTC GrantCommon Stock 246.875 $0.00 $0.00
Disclosure

SEC source: 0000899243-17-017781 · doc4.xml · nonDerivative · entry 1

Watters James H · CIK 0001709565 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,496.635

F1 · shares: On June 30, 2017, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 246.875 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's independent directors are entitled to receive an annual retainer (payable quarterly) and fees for the attendance of meetings of the Issuer's board of directors and committees of the Issuer's board of directors, and the chairperson of each of the Issuer's independent directors committee, audit committee, and nominating and corporate governance committee are entitled to receive an annual stipend. Pursuant to the Policy, the Issuer's independent directors may elect to receive the annual retainer, fees and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer, fees and stipends.

Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.