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person · Reporting owner

Kesslen Jay H

Disclosed activity across 2 companies

Tapewire entity
18852
SEC CIK
0001525039

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
Horizon Kinetics Holding CorpHKHC · Entity 1286General Counsel and SecretaryNovember 25, 2024November 26, 2024
RENN Fund, Inc.RCG · Entity 209Vice-PresidentAugust 27, 2026August 28, 2026

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.

Horizon Kinetics Holding Corp

Report date November 25, 2024 · Filed November 26, 2024

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect350 Reported balance After 2024-11-25 transaction · row 1
1 source row

Row 1 · 2024-11-25 · Purchase · Acquired 75 · Balance 350

RENN Fund, Inc.

Report date August 27, 2026 · Filed August 28, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect47,880 Reported balance After 2026-08-27 transaction · row 1
1 source row

Row 1 · 2026-08-27 · Purchase · Acquired 1,000 · Balance 47,880

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
August 27, 2026 Filed Aug 28, 2026 15:02 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.95 $2,950.00
Disclosure

SEC source: 0001437749-26-029140 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 47,880

Read SEC document
August 26, 2026 Filed Aug 27, 2026 19:25 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.95 $2,950.00
Disclosure

SEC source: 0001437749-26-029091 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 46,880

Read SEC document
August 25, 2026 Filed Aug 26, 2026 16:22 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.93 $2,930.00
Disclosure

SEC source: 0001437749-26-028968 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 45,880

Read SEC document
August 24, 2026 Filed Aug 24, 2026 20:16 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.95 $2,950.00
Disclosure

SEC source: 0001437749-26-028821 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,880

Read SEC document
August 21, 2026 Filed Aug 21, 2026 14:54 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.87 $2,870.00
Disclosure

SEC source: 0001437749-26-028693 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 43,880

Read SEC document
December 29, 2025 Filed Dec 31, 2025 15:07 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 17 $2.63 $44.71
Disclosure

SEC source: 0001437749-25-039006 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 42,880

F1 · balance_after: Automatic investment as part of a dividend reinvestment.

Read SEC document
April 29, 2025 Filed Apr 30, 2025 13:56 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 500 $2.51 $1,255.00
Disclosure

SEC source: 0001437749-25-013668 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 42,863.266

Read SEC document
November 25, 2024 Filed Nov 26, 2024 19:56 UTC Horizon Kinetics Holding Corp HKHC · Entity 1286 PurchaseCommon Stock 75 $39.69 $2,976.75
Disclosure

SEC source: 0001437749-24-036252 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · General Counsel and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 350

Read SEC document
November 22, 2024 Filed Nov 25, 2024 16:17 UTC Horizon Kinetics Holding Corp HKHC · Entity 1286 PurchaseCommon Stock 75 $39.00 $2,925.00
Disclosure

SEC source: 0001437749-24-036119 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · General Counsel and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 275

Read SEC document
November 05, 2024 Filed Nov 6, 2024 21:18 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.22 $2,220.00
Disclosure

SEC source: 0001437749-24-033622 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 42,363.266

Read SEC document
October 14, 2024 Filed Oct 15, 2024 15:16 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.07 $2,070.00
Disclosure

SEC source: 0001437749-24-031215 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 41,363.266

Read SEC document
February 20, 2024 Filed Feb 21, 2024 16:39 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $1.66 $1,660.00
Disclosure

SEC source: 0001437749-24-004971 · rdgdoc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,363.266

Read SEC document
December 29, 2023 Filed Jan 2, 2024 18:24 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 334.137 $1.68 $561.35
Disclosure

SEC source: 0001525039-24-000001 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 39,345.212

F1 · shares: Automatic investment as part of a dividend reinvestment program.

Read SEC document
August 22, 2023 Filed Aug 23, 2023 14:44 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $1.87 $1,870.00
Disclosure

SEC source: 0001525039-23-000005 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 39,011.075

Read SEC document
June 20, 2023 Filed Jun 21, 2023 13:36 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $1.80 $1,800.00
Disclosure

SEC source: 0001525039-23-000004 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,011.075

Read SEC document
June 16, 2023 Filed Jun 20, 2023 14:11 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $1.81 $1,810.00
Disclosure

SEC source: 0001525039-23-000003 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,011.075

Read SEC document
June 15, 2023 Filed Jun 16, 2023 13:55 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 500 $1.82 $910.00
Disclosure

SEC source: 0001525039-23-000002 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 36,011.075

Read SEC document
June 13, 2023 Filed Jun 14, 2023 14:49 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 500 $1.82 $910.00
Disclosure

SEC source: 0001525039-23-000001 · primary_doc.xml · nonDerivative · entry 2

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,511.075

Read SEC document
December 30, 2022 Filed Jun 14, 2023 14:49 UTC RENN Fund, Inc. RCG · Entity 209 OtherCommon Stock 67.609 $1.83 $123.72
Disclosure

SEC source: 0001525039-23-000001 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,011.075

F1 · balance_after: The amount reported as held reflects an increase in shares resulting from an automatic dividend reinvestment plan.

Read SEC document
December 19, 2022 Filed Dec 20, 2022 14:26 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $1.89 $1,890.00
Disclosure

SEC source: 0001525039-22-000020 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,943.466

Read SEC document
December 15, 2022 Filed Dec 16, 2022 14:58 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $1.94 $1,940.00
Disclosure

SEC source: 0001525039-22-000019 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,943.466

Read SEC document
December 13, 2022 Filed Dec 14, 2022 16:00 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $1.96 $1,960.00
Disclosure

SEC source: 0001525039-22-000018 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,943.466

Read SEC document
December 12, 2022 Filed Dec 13, 2022 16:43 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 500 $2.01 $1,005.00
Disclosure

SEC source: 0001525039-22-000017 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,943.466

Read SEC document
December 07, 2022 Filed Dec 8, 2022 14:33 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 500 $2.03 $1,015.00
Disclosure

SEC source: 0001525039-22-000016 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,443.466

Read SEC document
November 29, 2022 Filed Nov 30, 2022 14:42 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 500 $2.08 $1,040.00
Disclosure

SEC source: 0001525039-22-000015 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,943.466

Read SEC document
November 28, 2022 Filed Nov 29, 2022 15:12 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 500 $2.06 $1,030.00
Disclosure

SEC source: 0001525039-22-000014 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,443.466

Read SEC document
November 21, 2022 Filed Nov 22, 2022 16:07 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.10 $2,100.00
Disclosure

SEC source: 0001525039-22-000013 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,943.466

Read SEC document
November 16, 2022 Filed Nov 17, 2022 15:10 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.12 $2,119.90
Disclosure

SEC source: 0001525039-22-000012 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,943.466

Read SEC document
November 15, 2022 Filed Nov 16, 2022 19:01 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.07 $2,070.00
Disclosure

SEC source: 0001525039-22-000011 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,943.466

Read SEC document
November 14, 2022 Filed Nov 15, 2022 18:04 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 833 $2.05 $1,707.65
Disclosure

SEC source: 0001525039-22-000010 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,943.466

Read SEC document
November 11, 2022 Filed Nov 14, 2022 17:36 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.16 $2,160.00
Disclosure

SEC source: 0001525039-22-000009 · primary_doc.xml · nonDerivative · entry 2

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,110.466

Read SEC document
November 10, 2022 Filed Nov 14, 2022 17:36 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.11 $2,110.00
Disclosure

SEC source: 0001525039-22-000009 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,110.466

Read SEC document
May 20, 2022 Filed May 23, 2022 14:55 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.13 $2,130.00
Disclosure

SEC source: 0001525039-22-000008 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,110.466

Read SEC document
May 19, 2022 Filed May 20, 2022 15:46 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.14 $2,140.00
Disclosure

SEC source: 0001525039-22-000007 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,110.466

Read SEC document
May 18, 2022 Filed May 19, 2022 13:47 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.14 $2,140.00
Disclosure

SEC source: 0001525039-22-000006 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,110.466

Read SEC document
May 17, 2022 Filed May 18, 2022 14:00 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.15 $2,150.00
Disclosure

SEC source: 0001525039-22-000005 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President and CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,110.466

Read SEC document
May 11, 2022 Filed May 12, 2022 13:29 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.19 $2,190.00
Disclosure

SEC source: 0001525039-22-000004 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President and CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,110.466

Read SEC document
May 10, 2022 Filed May 11, 2022 14:07 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $2.05 $2,050.00
Disclosure

SEC source: 0001525039-22-000003 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President and CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,110.466

Read SEC document
February 02, 2022 Filed Feb 3, 2022 16:30 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 4,500 $1.98 $8,910.00
Disclosure

SEC source: 0001525039-22-000002 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President and CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,110.466

F1 · balance_after: This purchase is the result of the rights offering in which rights were exercised to purchase additional shares.

Read SEC document
January 03, 2022 Filed Jan 12, 2022 19:26 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 110.466 $2.76 $304.89
Disclosure

SEC source: 0001525039-22-000001 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · Vice-President and CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,610.466

F1 · shares: This purchase is an automatic dividend reinvestment resulting from the distribution paid on December 30, 2021.

Read SEC document
October 07, 2020 Filed Jun 10, 2021 21:18 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 2,000 $1.33 $2,660.00
Disclosure

SEC source: 0001525039-21-000004 · primary_doc.xml · nonDerivative · entry 7

Kesslen Jay H · CIK 0001525039 · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,500

Read SEC document
September 22, 2020 Filed Jun 10, 2021 21:18 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 2,500 $1.32 $3,300.00
Disclosure

SEC source: 0001525039-21-000004 · primary_doc.xml · nonDerivative · entry 6

Kesslen Jay H · CIK 0001525039 · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,500

Read SEC document
July 01, 2020 Filed Jun 10, 2021 21:18 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 4,000 $1.29 $5,160.00
Disclosure

SEC source: 0001525039-21-000004 · primary_doc.xml · nonDerivative · entry 5

Kesslen Jay H · CIK 0001525039 · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,000

Read SEC document
February 20, 2019 Filed Jun 10, 2021 21:18 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 2,000 $1.47 $2,940.00
Disclosure

SEC source: 0001525039-21-000004 · primary_doc.xml · nonDerivative · entry 4

Kesslen Jay H · CIK 0001525039 · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,000

Read SEC document
December 19, 2017 Filed Jun 10, 2021 21:18 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $1.56 $1,560.00
Disclosure

SEC source: 0001525039-21-000004 · primary_doc.xml · nonDerivative · entry 3

Kesslen Jay H · CIK 0001525039 · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,000

Read SEC document
December 18, 2017 Filed Jun 10, 2021 21:18 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $1.60 $1,600.00
Disclosure

SEC source: 0001525039-21-000004 · primary_doc.xml · nonDerivative · entry 2

Kesslen Jay H · CIK 0001525039 · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,000

Read SEC document
December 15, 2017 Filed Jun 10, 2021 21:18 UTC RENN Fund, Inc. RCG · Entity 209 PurchaseCommon Stock 1,000 $1.47 $1,470.00
Disclosure

SEC source: 0001525039-21-000004 · primary_doc.xml · nonDerivative · entry 1

Kesslen Jay H · CIK 0001525039 · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,000

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.