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person · Reporting owner

Sanders J. Grayson

Disclosed activity across 4 companies

Tapewire entity
112177
SEC CIK
0001640173

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
PREDEXPRDEX · Entity 94044PresidentSeptember 18, 2018September 24, 2018
Peakstone Realty TrustN/A · Entity 49352DirectorNovember 30, 2022November 30, 2022

Disclosed balances

About these balances

Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.

PREDEX

Report date September 18, 2018 · Filed September 24, 2018

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Shares of Beneficial InterestSEC Table I · non-derivativeDirect929.189 Reported balance After 2018-09-18 transaction · row 1
1 source row

Row 1 · 2018-09-18 · Purchase · Acquired 929.189 · Balance 929.189

Peakstone Realty Trust

Report date November 30, 2022 · Filed November 30, 2022

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect45,608.123 Reported balance After 2022-11-30 transaction · row 1
1 source row

Row 1 · 2022-11-30 · Grant · Acquired 10,094 · Balance 45,608.123

F1: Annual independent director equity grant of the Issuer's restricted Class E common stock. The number of shares was calculated based on the Issuer's most recent published NAV as of the date of grant. The award vests 50% on the date of grant and 50% on June 1, 2023, subject to the independent director's continued service as a director of the Issuer during such vesting period.

Filing footnotes · ownership attribution and instrument terms

F1: Annual independent director equity grant of the Issuer's restricted Class E common stock. The number of shares was calculated based on the Issuer's most recent published NAV as of the date of grant. The award vests 50% on the date of grant and 50% on June 1, 2023, subject to the independent director's continued service as a director of the Issuer during such vesting period.

Past disclosures · reporting ended (2)

No longer tracked through insider filings. These historical balances do not imply present ownership or a zero position.

American Healthcare REIT, Inc.

Report date June 14, 2023 · Filed June 16, 2023

Section 16 reporting ended · disclosed 2023-06-16. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Class T Common StockSEC Table I · non-derivativeDirect3,791 Reported balance After 2023-06-14 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2023-06-14 · Tax withholding · Disposed 801 · Balance 3,791

F1: Represents shares repurchased by the Issuer on June 14, 2023 to satisfy the reporting person's tax obligations associated with the accelerated vesting of restricted Class T common stock on June 14, 2023.

F2: The number of shares reported in this Form 4 accounts for the one-for-four reverse stock split effected by the Issuer on November 15, 2022.

Class I Common StockSEC Table I · non-derivativeDirect1,018 Reported balance After 2023-06-14 transaction · row 2 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 2 · 2023-06-14 · Tax withholding · Disposed 122 · Balance 1,018

F3: Represents shares repurchased by the Issuer on June 14, 2023 to satisfy the reporting person's tax obligations associated with the accelerated vesting of restricted Class I common stock on June 14, 2023.

F2: The number of shares reported in this Form 4 accounts for the one-for-four reverse stock split effected by the Issuer on November 15, 2022.

Class I Common StockSEC Table I · non-derivativeIndirectBy Sanders Living Trust DTD 1/25/20179,363 Reported balance Holding disclosure · report date 2023-06-14 · row 3 Holding and transaction disclosures are not merged.
1 source row

Row 3 · Balance 9,363

F2: The number of shares reported in this Form 4 accounts for the one-for-four reverse stock split effected by the Issuer on November 15, 2022.

Filing footnotes · ownership attribution and instrument terms

F1: Represents shares repurchased by the Issuer on June 14, 2023 to satisfy the reporting person's tax obligations associated with the accelerated vesting of restricted Class T common stock on June 14, 2023.

F2: The number of shares reported in this Form 4 accounts for the one-for-four reverse stock split effected by the Issuer on November 15, 2022.

F3: Represents shares repurchased by the Issuer on June 14, 2023 to satisfy the reporting person's tax obligations associated with the accelerated vesting of restricted Class I common stock on June 14, 2023.

Griffin-American Healthcare REIT III, Inc.

Report date October 01, 2021 · Filed October 01, 2021

Section 16 reporting ended · disclosed 2021-10-01. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect0 Reported balance After 2021-10-01 transaction · row 1
1 source row

Row 1 · 2021-10-01 · Disposition to issuer · Disposed 18,342 · Balance 0

F1: Reflects the disposition of shares of the Issuer's common stock in connection with the merger (the "Merger") of the Issuer with and into Continental Merger Sub, LLC, a wholly-owned subsidiary of American Healthcare REIT, Inc. ("AHR"). In the Merger, each share of the Issuer's common stock, par value $0.01 per share, was converted into the right to receive 0.9266 shares of AHR Class I common stock, par value $0.01 per share ("AHR Class I Common Stock"). There is no established market for shares of AHR Class I Common Stock. On March 18, 2021, the board of directors of AHR approved an estimated value per share of AHR Class I Common Stock of $9.22.

Common StockSEC Table I · non-derivativeIndirectBy Sanders Living Trust DTD 1/25/20170 Reported balance After 2021-10-01 transaction · row 2 Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source row

Row 2 · 2021-10-01 · Disposition to issuer · Disposed 27,000 · Balance 0

F1: Reflects the disposition of shares of the Issuer's common stock in connection with the merger (the "Merger") of the Issuer with and into Continental Merger Sub, LLC, a wholly-owned subsidiary of American Healthcare REIT, Inc. ("AHR"). In the Merger, each share of the Issuer's common stock, par value $0.01 per share, was converted into the right to receive 0.9266 shares of AHR Class I common stock, par value $0.01 per share ("AHR Class I Common Stock"). There is no established market for shares of AHR Class I Common Stock. On March 18, 2021, the board of directors of AHR approved an estimated value per share of AHR Class I Common Stock of $9.22.

F2: The reported shares of common stock are held directly by Sanders Living Trust, DTD 1/25/2017, and indirectly by J. Grayson Sanders and Marylee Sanders, Trustees.

Filing footnotes · ownership attribution and instrument terms

F1: Reflects the disposition of shares of the Issuer's common stock in connection with the merger (the "Merger") of the Issuer with and into Continental Merger Sub, LLC, a wholly-owned subsidiary of American Healthcare REIT, Inc. ("AHR"). In the Merger, each share of the Issuer's common stock, par value $0.01 per share, was converted into the right to receive 0.9266 shares of AHR Class I common stock, par value $0.01 per share ("AHR Class I Common Stock"). There is no established market for shares of AHR Class I Common Stock. On March 18, 2021, the board of directors of AHR approved an estimated value per share of AHR Class I Common Stock of $9.22.

F2: The reported shares of common stock are held directly by Sanders Living Trust, DTD 1/25/2017, and indirectly by J. Grayson Sanders and Marylee Sanders, Trustees.

Transaction history

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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 dateCompanyActivity / securityShares / unitsReported priceReported valueDetails
June 14, 2023 Filed Jun 16, 2023 20:04 UTC American Healthcare REIT, Inc. NONE · Entity 3443 Tax withholdingClass I Common Stock 122 $31.40 $3,830.80
Disclosure

SEC source: 0001640173-23-000001 · wk-form4_1686945837.xml · nonDerivative · entry 2

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,018

F3 · shares: Represents shares repurchased by the Issuer on June 14, 2023 to satisfy the reporting person's tax obligations associated with the accelerated vesting of restricted Class I common stock on June 14, 2023.

F2 · balance_after: The number of shares reported in this Form 4 accounts for the one-for-four reverse stock split effected by the Issuer on November 15, 2022.

Read SEC document
June 14, 2023 Filed Jun 16, 2023 20:04 UTC American Healthcare REIT, Inc. NONE · Entity 3443 Tax withholdingClass T Common Stock 801 $31.40 $25,151.40
Disclosure

SEC source: 0001640173-23-000001 · wk-form4_1686945837.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,791

F1 · shares: Represents shares repurchased by the Issuer on June 14, 2023 to satisfy the reporting person's tax obligations associated with the accelerated vesting of restricted Class T common stock on June 14, 2023.

F2 · balance_after: The number of shares reported in this Form 4 accounts for the one-for-four reverse stock split effected by the Issuer on November 15, 2022.

Read SEC document
November 30, 2022 Filed Nov 30, 2022 19:18 UTC Peakstone Realty Trust N/A · Entity 49352 GrantCommon Stock 10,094 $0.00 $0.00
Disclosure

SEC source: 0001600626-22-000128 · wf-form4_166983587998262.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,608.123

F1 · shares: Annual independent director equity grant of the Issuer's restricted Class E common stock. The number of shares was calculated based on the Issuer's most recent published NAV as of the date of grant. The award vests 50% on the date of grant and 50% on June 1, 2023, subject to the independent director's continued service as a director of the Issuer during such vesting period.

Read SEC document
June 15, 2022 Filed Jun 17, 2022 19:15 UTC American Healthcare REIT, Inc. NONE · Entity 3443 GrantClass T Common Stock 9,150 $0.00 $0.00
Disclosure

SEC source: 0001640173-22-000004 · wf-form4_165549332858676.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,369

F1 · shares: Upon his re-election as an independent director to the board of directors of the Issuer on June 15, 2022, the Reporting Person was granted 9,150 shares of restricted Class T common stock on June 15, 2022. The shares of restricted Class T common stock vest on June 15, 2023.

Read SEC document
November 18, 2021 Filed Nov 22, 2021 19:01 UTC American Healthcare REIT, Inc. NONE · Entity 3443 GrantClass T Common Stock 4,219 $0.00 $0.00
Disclosure

SEC source: 0001640173-21-000007 · wf-form4_163760768902553.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,219

F1 · shares: In connection with his service as an independent director to the board of directors of the Issuer, the Reporting Person was granted 4,219 shares of restricted Class T common stock on November 18, 2021. The shares of restricted Class T common stock vest on June 30, 2022.

F2 · balance_after: The Issuer has amended the vesting terms of the 5,000 shares of restricted Class T common stock issued to the Reporting Person on October 1, 2021 to accelerate the vesting of the remaining shares that did not vest immediately on the grant date to June 30, 2022.

Read SEC document
October 01, 2021 Filed Oct 1, 2021 20:56 UTC Griffin-American Healthcare REIT III, Inc. NONE · Entity 135003 Disposition to issuerCommon Stock 27,000 Not disclosed Not disclosed
Disclosure

SEC source: 0001640173-21-000002 · wf-form4_163313614966362.xml · nonDerivative · entry 2

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Sanders Living Trust DTD 1/25/2017

Disclosed balance after: 0

F1 · price: Reflects the disposition of shares of the Issuer's common stock in connection with the merger (the "Merger") of the Issuer with and into Continental Merger Sub, LLC, a wholly-owned subsidiary of American Healthcare REIT, Inc. ("AHR"). In the Merger, each share of the Issuer's common stock, par value $0.01 per share, was converted into the right to receive 0.9266 shares of AHR Class I common stock, par value $0.01 per share ("AHR Class I Common Stock"). There is no established market for shares of AHR Class I Common Stock. On March 18, 2021, the board of directors of AHR approved an estimated value per share of AHR Class I Common Stock of $9.22.

F2 · ownership.nature: The reported shares of common stock are held directly by Sanders Living Trust, DTD 1/25/2017, and indirectly by J. Grayson Sanders and Marylee Sanders, Trustees.

Read SEC document
October 01, 2021 Filed Oct 1, 2021 20:56 UTC Griffin-American Healthcare REIT III, Inc. NONE · Entity 135003 Disposition to issuerCommon Stock 18,342 Not disclosed Not disclosed
Disclosure

SEC source: 0001640173-21-000002 · wf-form4_163313614966362.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F1 · price: Reflects the disposition of shares of the Issuer's common stock in connection with the merger (the "Merger") of the Issuer with and into Continental Merger Sub, LLC, a wholly-owned subsidiary of American Healthcare REIT, Inc. ("AHR"). In the Merger, each share of the Issuer's common stock, par value $0.01 per share, was converted into the right to receive 0.9266 shares of AHR Class I common stock, par value $0.01 per share ("AHR Class I Common Stock"). There is no established market for shares of AHR Class I Common Stock. On March 18, 2021, the board of directors of AHR approved an estimated value per share of AHR Class I Common Stock of $9.22.

Read SEC document
October 01, 2021 Filed Oct 2, 2021 01:17 UTC American Healthcare REIT, Inc. NONE · Entity 3443 GrantClass T Common Stock 5,000 $0.00 $0.00
Disclosure

SEC source: 0001640173-21-000005 · wf-form4_163313745493276.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,000

F1 · shares: Upon his election as an independent director to the board of directors of the Issuer, the Reporting Person was granted 5,000 shares of restricted Class T common stock on October 1, 2021. The shares of restricted Class T common stock vested immediately as to 20.0% of the shares on the grant date, and the remainder vests on each anniversary thereafter over four years.

Read SEC document
June 15, 2021 Filed Jun 17, 2021 01:08 UTC Peakstone Realty Trust N/A · Entity 49352 GrantCommon Stock 8,269 $0.00 $0.00
Disclosure

SEC source: 0001600626-21-000143 · wf-form4_162389210260310.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,514.12

F1 · shares: Annual independent director equity grant of the Issuer's restricted Class E common stock. The number of shares was calculated based on the Issuer's most recent published NAV as of the date of grant. The award vests 50% on the date of grant and 50% one year from the date of grant, subject to the independent director's continued service as a director of the Issuer during such vesting period.

Read SEC document
June 15, 2020 Filed Jun 16, 2020 16:47 UTC Peakstone Realty Trust N/A · Entity 49352 GrantCommon Stock 8,055 $0.00 $0.00
Disclosure

SEC source: 0001600626-20-000120 · wf-form4_159232605585948.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,245.12

F1 · kind: Each of the Issuer's independent directors was awarded 8,055 shares of restricted stock upon his or her reelection as a director. The award vests 50% on the grant date and 50% one year from the date of grant, subject to the independent director's continued service as a director of the Issuer during such vesting period.

Read SEC document
June 10, 2020 Filed Jun 12, 2020 16:45 UTC Griffin-American Healthcare REIT III, Inc. NONE · Entity 135003 GrantCommon Stock 2,500 $0.00 $0.00
Disclosure

SEC source: 0001640173-20-000004 · wf-form4_159199469285982.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,342

F1 · shares: Upon his re-election as an independent director to the board of directors of the Issuer on June 10, 2020, Mr. Sanders was granted 2,500 shares of restricted common stock. The shares of restricted common stock vested immediately as to 20.0% of the shares on the grant date, and the remainder vests on each anniversary thereafter over four years.

F2 · balance_after: On August 14, 2019, J. Grayson Sanders transferred 27,000 shares of common stock to Sanders Living Trust, DTD 1/25/2017, a trust in which Mr. Sanders serves as a trustee.

Read SEC document
July 01, 2019 Filed Jul 3, 2019 12:23 UTC Griffin-American Healthcare REIT III, Inc. NONE · Entity 135003 GrantCommon Stock 5,000 $0.00 $0.00
Disclosure

SEC source: 0001640173-19-000005 · wf-form4_156217102138941.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,842

F1 · shares: Mr. Sanders was granted 5,000 shares of restricted common stock on July 1, 2019. The shares of restricted common stock vested immediately as to 20.0% of the shares on the grant date, and the remainder vests on each anniversary thereafter over four years.

Read SEC document
June 12, 2019 Filed Jun 14, 2019 12:53 UTC Griffin-American Healthcare REIT III, Inc. NONE · Entity 135003 GrantCommon Stock 2,500 $0.00 $0.00
Disclosure

SEC source: 0001640173-19-000003 · wf-form4_156053122035030.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,842

F1 · shares: Upon his re-election as an independent director to the board of directors of the Issuer on June 12, 2019, Mr. Sanders was granted 2,500 shares of restricted common stock. The shares of restricted common stock vested immediately as to 20.0% of the shares on the grant date, and the remainder vests on each anniversary thereafter over four years.

Read SEC document
March 14, 2019 Filed Mar 14, 2019 21:21 UTC Peakstone Realty Trust N/A · Entity 49352 GrantCommon Stock 7,000 $0.00 $0.00
Disclosure

SEC source: 0001600626-19-000032 · wf-form4_155259846462374.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,021.4

F1 · kind: Pursuant to the Issuer's Employee and Director Long-Term Incentive Plan and Director Compensation Plan, each of the Issuer's independent directors was awarded 7,000 shares of restricted stock upon their reelection as a director. The award vests 50% on the grant date and 50% one year from the date of grant, subject to the independent director's continued service as a director of the Issuer during such vesting period.

Read SEC document
September 18, 2018 Filed Sep 24, 2018 13:19 UTC PREDEX PRDEX · Entity 94044 PurchaseShares of Beneficial Interest 929.189 $26.14 $24,289.00
Disclosure

SEC source: 0001580642-18-004617 · primary_doc.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 929.189

Read SEC document
July 01, 2018 Filed Jul 3, 2018 18:01 UTC Griffin-American Healthcare REIT III, Inc. NONE · Entity 135003 GrantCommon Stock 5,000 $0.00 $0.00
Disclosure

SEC source: 0001640173-18-000004 · wf-form4_153065526501164.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,342

F1 · shares: Mr. Sanders was granted 5,000 shares of restricted common stock on July 1, 2018. The shares of restricted common stock vested immediately as to 20.0% of the shares on the grant date, and the remainder vests on each anniversary thereafter over four years.

Read SEC document
June 20, 2018 Filed Jun 22, 2018 19:29 UTC Griffin-American Healthcare REIT III, Inc. NONE · Entity 135003 GrantCommon Stock 2,500 $0.00 $0.00
Disclosure

SEC source: 0001640173-18-000002 · wf-form4_152971013463201.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,342

F1 · shares: Upon his re-election as an independent director to the board of directors of the Issuer on June 20, 2018, Mr. Sanders was granted 2,500 shares of restricted common stock. The shares of restricted common stock vested immediately as to 20.0% of the shares on the grant date, and the remainder vests on each anniversary thereafter over four years.

Read SEC document
July 03, 2017 Filed Jul 5, 2017 18:36 UTC Griffin-American Healthcare REIT III, Inc. NONE · Entity 135003 GrantCommon Stock 5,000 $0.00 $0.00
Disclosure

SEC source: 0001640173-17-000009 · wf-form4_149929415208869.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,842

F1 · shares: Mr. Sanders was granted 5,000 shares of restricted common stock on July 1, 2017. The shares of restricted common stock vested immediately as to 20.0% of the shares on the grant date, and the remainder vests on each anniversary thereafter over four years.

Read SEC document
June 14, 2017 Filed Jun 15, 2017 21:41 UTC Peakstone Realty Trust N/A · Entity 49352 GrantCommon Stock 7,000 $0.00 $0.00
Disclosure

SEC source: 0001600626-17-000055 · wf-form4_149756289530963.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,009

F1 · kind: Pursuant to the Issuer's Employee and Director Long-Term Incentive Plan and Director Compensation Plan, each of the Issuer's independent directors was awarded 7,000 shares of restricted stock upon their reelection as a director. The award vests 50% on the grant date and 50% one year from the date of grant, subject to the independent director's continued service as a director of the Issuer during such vesting period.

Read SEC document
June 12, 2017 Filed Jun 14, 2017 15:09 UTC Griffin-American Healthcare REIT III, Inc. NONE · Entity 135003 GrantCommon Stock 2,500 $0.00 $0.00
Disclosure

SEC source: 0001640173-17-000007 · wf-form4_149746735351336.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,842

F1 · shares: Upon his re-election as an independent director to the board of directors of the Issuer on June 12, 2017, Mr. Sanders was granted 2,500 shares of restricted common stock. The shares of restricted common stock vested immediately as to 20.0% of the shares on the grant date, and the remainder vests on each anniversary thereafter over four years.

Read SEC document
January 18, 2017 Filed Jan 19, 2017 23:29 UTC Peakstone Realty Trust N/A · Entity 49352 GrantCommon Stock 5,000 $0.00 $0.00
Disclosure

SEC source: 0001640173-17-000005 · wf-form4_148486858313714.xml · nonDerivative · entry 1

Sanders J. Grayson · CIK 0001640173 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,000

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.