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person · Reporting owner

Sepulveda Carlos M

Disclosed activity across 3 companies

Tapewire entity
23301
SEC CIK
0001405703

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
Cinemark Holdings, Inc.CNK · Entity 1653DirectorJune 15, 2026August 14, 2026
Matador Resources CoMTDR · Entity 3681DirectorOctober 28, 2016November 02, 2016
Triumph Financial, Inc.TFIN · Entity 4635DirectorMay 01, 2026May 05, 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.

Cinemark Holdings, Inc.

Report date June 15, 2026 · Filed August 14, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect87,428 Reported balance After 2026-06-15 transaction · row 1
1 source row

Row 1 · 2026-06-15 · Grant · Acquired 5,439 · Balance 87,428

F1: Annual award of restricted stock pursuant to the director compensation policy. Par value is $0.001 per share.

Filing footnotes · ownership attribution and instrument terms

F1: Annual award of restricted stock pursuant to the director compensation policy. Par value is $0.001 per share.

Matador Resources Co

Report date October 28, 2016 · Filed November 02, 2016

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect313,525 Reported balance After 2016-10-28 transaction · row 1
1 source row

Row 1 · 2016-10-28 · Grant · Acquired 1,468 · Balance 313,525

F1: Represents restricted stock units granted to the reporting person on October 28, 2016. Such restricted stock units will vest, and an equal number of shares of common stock will be deliverable to the reporting person, in equal annual installments on the first, second and third anniversaries of the date of grant.

Filing footnotes · ownership attribution and instrument terms

F1: Represents restricted stock units granted to the reporting person on October 28, 2016. Such restricted stock units will vest, and an equal number of shares of common stock will be deliverable to the reporting person, in equal annual installments on the first, second and third anniversaries of the date of grant.

Triumph Financial, Inc.

Report date May 01, 2026 · Filed May 05, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect352,940 Reported balance After 2026-05-01 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2026-05-01 · Grant · Acquired 1,628 · Balance 352,940

F1: Shares represented by time-vested restricted stock units that vest one year from date of award.

F2: Consists of 209,086 shares of common stock of Issuer beneficially owned by reporting person, (ii) 1,628 shares of restricted stock or restricted stock units of the reporting person subject to future vesting requirements, and (iii) 142,226 shares of common stock of Issuer beneficially owned jointly with reporting person's spouse Susan Sepulveda.

Common StockSEC Table I · non-derivativeIndirectBy Spouse265 Reported balance Holding disclosure · report date 2026-05-01 · row 2 Holding and transaction disclosures are not merged.
1 source row

Row 2 · Balance 265

F3: Represents 265 shares indirectly owned through reporting person's spouse.

Depository SharesSEC Table I · non-derivativeDirect12,798 Reported balance Holding disclosure · report date 2026-05-01 · row 3 Holding and transaction disclosures are not merged.
1 source row

Row 3 · Balance 12,798

F4: Each Depository Shares represents a 1/40th interest in a share of the Issuer's 7.125% Series C Fixed Rate Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share.

Filing footnotes · ownership attribution and instrument terms

F1: Shares represented by time-vested restricted stock units that vest one year from date of award.

F2: Consists of 209,086 shares of common stock of Issuer beneficially owned by reporting person, (ii) 1,628 shares of restricted stock or restricted stock units of the reporting person subject to future vesting requirements, and (iii) 142,226 shares of common stock of Issuer beneficially owned jointly with reporting person's spouse Susan Sepulveda.

F3: Represents 265 shares indirectly owned through reporting person's spouse.

F4: Each Depository Shares represents a 1/40th interest in a share of the Issuer's 7.125% Series C Fixed Rate Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share.

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
July 01, 2018 Filed Jul 3, 2018 18:02 UTC Triumph Financial, Inc. TBK · Entity 4635 GrantCommon Stock 782 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-040729 · doc4.xml · nonDerivative · entry 4

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 518,230

F7 · shares: Represents shares of common stock of Issuer granted to the reporting person under Issuer's 2014 Omnibus Incentive Plan. All of such shares were fully vested as of the date of grant.

F7 · price: Represents shares of common stock of Issuer granted to the reporting person under Issuer's 2014 Omnibus Incentive Plan. All of such shares were fully vested as of the date of grant.

F8 · balance_after: Consists of (i) 363,204 shares beneficially owned by reporting person, and (ii) 155,026 shares beneficially owned jointly with spouse Susan S. Sepulveda.

Read SEC document
June 18, 2018 Filed Jul 3, 2018 18:02 UTC Triumph Financial, Inc. TBK · Entity 4635 GiftCommon Stock 2,425 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-040729 · doc4.xml · nonDerivative · entry 3

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 517,448

F5 · kind: The transaction reported involved a gift made on June 18, 2018 by the reporting person to a 501(c)(3) charitable organization.

F6 · balance_after: Consists of (i) 362,422 shares beneficially owned by reporting person, and (ii) 155,026 shares beneficially owned jointly with spouse Susan S. Sepulveda.

Read SEC document
June 15, 2018 Filed Jun 18, 2018 18:53 UTC Cinemark Holdings, Inc. CNK · Entity 1653 GrantCommon stock 3,211 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-18-038262 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 57,538

F1 · price: Annual award of restricted stock pursuant to the director compensation policy. Par value is $0.001 per share.

Read SEC document
June 11, 2018 Filed Jul 3, 2018 18:02 UTC Triumph Financial, Inc. TBK · Entity 4635 GiftCommon Stock 610 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-040729 · doc4.xml · nonDerivative · entry 2

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 519,873

F3 · kind: The transaction reported involved two separate gifts made on June 11, 2018 by the reporting person to 501(c)(3) charitable organizations.

F4 · balance_after: Consists of (i) 364,847 shares beneficially owned by reporting person, and (ii) 155,026 shares beneficially owned jointly with spouse Susan S. Sepulveda.

Read SEC document
June 04, 2018 Filed Jul 3, 2018 18:02 UTC Triumph Financial, Inc. TBK · Entity 4635 GiftCommon Stock 3,895 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-040729 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 520,483

F1 · kind: The transaction reported involved two separate gifts made on June 4, 2018 by the reporting person to 501(c)(3) charitable organizations.

F2 · balance_after: Consists of (i) 365,457 shares beneficially owned by reporting person, and (ii) 155,026 shares beneficially owned jointly with spouse Susan S. Sepulveda.

Read SEC document
May 15, 2018 Filed May 15, 2018 22:02 UTC Triumph Financial, Inc. TBK · Entity 4635 SaleCommon Stock 86,479 $39.50 $3,415,920.50
Disclosure

SEC source: 0001209191-18-030281 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 524,378

F1 · balance_after: Consists of (i) 369,352 shares beneficially owned by reporting person, and (ii) 155,026 shares beneficially owned jointly with spouse Susan S. Sepulveda.

Read SEC document
January 31, 2018 Filed Feb 2, 2018 22:08 UTC Triumph Financial, Inc. TBK · Entity 4635 GrantCommon Stock 827 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-007005 · doc4.xml · nonDerivative · entry 5

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 610,857

F6 · shares: Represents shares of common stock of Issuer granted to the reporting person under Issuer's 2014 Omnibus Incentive Plan. All of such shares were fully vested as of the date of grant.

F6 · price: Represents shares of common stock of Issuer granted to the reporting person under Issuer's 2014 Omnibus Incentive Plan. All of such shares were fully vested as of the date of grant.

F7 · balance_after: Consists of (i) 455,214 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 617 shares of restricted stock of the reporting person subject to future vesting requirements.

Read SEC document
December 29, 2017 Filed Feb 2, 2018 22:08 UTC Triumph Financial, Inc. TBK · Entity 4635 GiftCommon Stock 3,000 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-007005 · doc4.xml · nonDerivative · entry 4

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 610,030

F1 · kind: The transaction reported involved a gift by the reporting person to a 501(c)(3) charitable organization.

F5 · balance_after: Consists of (i) 454,387 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 617 shares of restricted stock of the reporting person subject to future vesting requirements.

Read SEC document
December 06, 2017 Filed Feb 2, 2018 22:08 UTC Triumph Financial, Inc. TBK · Entity 4635 GiftCommon Stock 3,680 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-007005 · doc4.xml · nonDerivative · entry 3

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 613,030

F1 · kind: The transaction reported involved a gift by the reporting person to a 501(c)(3) charitable organization.

F4 · balance_after: Consists of (i) 457,387 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 617 shares of restricted stock of the reporting person subject to future vesting requirements.

Read SEC document
December 01, 2017 Filed Feb 2, 2018 22:08 UTC Triumph Financial, Inc. TBK · Entity 4635 GiftCommon Stock 3,682 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-007005 · doc4.xml · nonDerivative · entry 2

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 616,710

F1 · kind: The transaction reported involved a gift by the reporting person to a 501(c)(3) charitable organization.

F3 · balance_after: Consists of (i) 461,067 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 617 shares of restricted stock of the reporting person subject to future vesting requirements.

Read SEC document
November 30, 2017 Filed Feb 2, 2018 22:08 UTC Triumph Financial, Inc. TBK · Entity 4635 GiftCommon Stock 3,271 $0.00 $0.00
Disclosure

SEC source: 0001209191-18-007005 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 620,392

F1 · kind: The transaction reported involved a gift by the reporting person to a 501(c)(3) charitable organization.

F2 · balance_after: Consists of (i) 464,749 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 617 shares of restricted stock of the reporting person subject to future vesting requirements.

Read SEC document
November 13, 2017 Filed Nov 15, 2017 21:31 UTC Triumph Financial, Inc. TBK · Entity 4635 OtherCommon Stock 52,405 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-17-060900 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 623,663

F1 · shares: Shares were distributed to the reporting person as the ultimate recipient of a distribution made by Triumph Consolidated Cos., LLC, under the terms of its operating agreement. See Footnote 1 to "Security Ownership of Certain Beneficial Owners and Management" of Issuer's most recent proxy statement on Form 14-A filed with the Securities and Exchange Commission on March 24, 2017.

F1 · price: Shares were distributed to the reporting person as the ultimate recipient of a distribution made by Triumph Consolidated Cos., LLC, under the terms of its operating agreement. See Footnote 1 to "Security Ownership of Certain Beneficial Owners and Management" of Issuer's most recent proxy statement on Form 14-A filed with the Securities and Exchange Commission on March 24, 2017.

F2 · balance_after: Consists of (i) 468,020 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 617 shares of restricted stock of the reporting person subject to future time vesting requirements.

Read SEC document
August 14, 2017 Filed Aug 16, 2017 20:39 UTC Triumph Financial, Inc. TBK · Entity 4635 OtherCommon Stock 5,617 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-17-049224 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 571,258

F1 · shares: Shares were distributed to the reporting person as the ultimate recipient of a distribution made by Triumph Consolidated Cos., LLC, under the terms of its operating agreement. See Footnote 1 to "Security Ownership of Certain Beneficial Owners and Management" of Issuer's most recent proxy statement on Form 14-A filed with the Securities and Exchange Commission on March 24, 2017.

F1 · price: Shares were distributed to the reporting person as the ultimate recipient of a distribution made by Triumph Consolidated Cos., LLC, under the terms of its operating agreement. See Footnote 1 to "Security Ownership of Certain Beneficial Owners and Management" of Issuer's most recent proxy statement on Form 14-A filed with the Securities and Exchange Commission on March 24, 2017.

F2 · balance_after: Consists of (i) 415,615 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 617 shares of restricted stock of the reporting person subject to future time vesting requirements.

Read SEC document
July 01, 2017 Filed Jul 5, 2017 22:25 UTC Triumph Financial, Inc. TBK · Entity 4635 GrantCommon Stock 610 $0.00 $0.00
Disclosure

SEC source: 0001209191-17-043663 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 565,641

F1 · shares: Represents shares of common stock of Issuer granted to the reporting person under Issuer's 2014 Omnibus Incentive Plan. All of such shares were fully vested as of the date of grant.

F1 · price: Represents shares of common stock of Issuer granted to the reporting person under Issuer's 2014 Omnibus Incentive Plan. All of such shares were fully vested as of the date of grant.

F2 · balance_after: Consists of (i) 409,998 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 617 shares of restricted stock of the reporting person subject to future time vesting requirements.

Read SEC document
June 15, 2017 Filed Jun 16, 2017 18:41 UTC Cinemark Holdings, Inc. CNK · Entity 1653 GrantCommon stock 2,822 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-17-040365 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 54,327

F1 · price: Annual award of restricted stock pursuant to the director compensation policy. Par value is $0.001 per share.

Read SEC document
May 03, 2017 Filed May 4, 2017 21:04 UTC Triumph Financial, Inc. TBK · Entity 4635 PurchaseCommon Stock 1,000 $21.70 $21,700.00
Disclosure

SEC source: 0001209191-17-030058 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 565,031

F1 · balance_after: Consists of (i) 409,388 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 617 unvested shares of restricted stock of the reporting person subject to future vesting requirements.

Read SEC document
February 15, 2017 Filed Feb 17, 2017 21:13 UTC Triumph Financial, Inc. TBK · Entity 4635 OtherCommon Stock 48,032 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-17-012075 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 564,031

F1 · shares: Shares were distributed to the reporting person as the ultimate recipient of a distribution made by Triumph Consolidated Cos., LLC, under the terms of its operating agreement. See Footnote 1 to "Security Ownership of Certain Beneficial Owners and Management" of Issuer's most recent proxy statement on Form 14-A filed with the Securities and Exchange Commission on April 1, 2016.

F1 · price: Shares were distributed to the reporting person as the ultimate recipient of a distribution made by Triumph Consolidated Cos., LLC, under the terms of its operating agreement. See Footnote 1 to "Security Ownership of Certain Beneficial Owners and Management" of Issuer's most recent proxy statement on Form 14-A filed with the Securities and Exchange Commission on April 1, 2016.

F2 · balance_after: Consists of (i) 407,771 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 1,234 unvested shares of restricted stock of the reporting person subject to future vesting requirements.

Read SEC document
January 31, 2017 Filed Feb 2, 2017 22:13 UTC Triumph Financial, Inc. TBK · Entity 4635 GrantCommon Stock 554 $0.00 $0.00
Disclosure

SEC source: 0001209191-17-007186 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 515,999

F1 · shares: Represents shares of common stock of Issuer granted to the reporting person under Issuer's 2014 Omnibus Incentive Plan. All of such shares were fully vested as of the date of grant.

F1 · price: Represents shares of common stock of Issuer granted to the reporting person under Issuer's 2014 Omnibus Incentive Plan. All of such shares were fully vested as of the date of grant.

F2 · balance_after: Consists of (i) 359,739 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S. Sepulveda, and (iii) 1,234 shares of restricted stock of the reporting person subject to future time vesting requirements.

Read SEC document
December 19, 2016 Filed Dec 21, 2016 21:19 UTC Triumph Financial, Inc. TBK · Entity 4635 GiftCommon Stock 9,006 $0.00 $0.00
Disclosure

SEC source: 0001209191-16-156322 · doc4.xml · nonDerivative · entry 2

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 515,445

F1 · kind: Represents a charitable donation of shares by the reporting person.

F2 · balance_after: Consists of (i) 359,185 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S. Sepulveda, and (iii) 1,234 shares of restricted stock of the reporting person subject to future vesting requirements.

Read SEC document
December 19, 2016 Filed Dec 21, 2016 21:19 UTC Triumph Financial, Inc. TBK · Entity 4635 GiftCommon Stock 9,006 $0.00 $0.00
Disclosure

SEC source: 0001209191-16-156322 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 524,451

F1 · kind: Represents a charitable donation of shares by the reporting person.

Read SEC document
November 16, 2016 Filed Nov 16, 2016 22:38 UTC Triumph Financial, Inc. TBK · Entity 4635 OtherCommon Stock 68,175 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-16-150620 · doc4.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 533,457

F1 · shares: Shares were distributed to the reporting person as the ultimate recipient of a distribution made by Triumph Consolidated Cos., LLC, under the terms of its operating agreement. See Footnote 1 to "Security Ownership of Certain Beneficial Owners and Management" of Issuer's most recent proxy statement on Form 14-A filed with the Securities and Exchange Commission on April 1, 2016.

F1 · price: Shares were distributed to the reporting person as the ultimate recipient of a distribution made by Triumph Consolidated Cos., LLC, under the terms of its operating agreement. See Footnote 1 to "Security Ownership of Certain Beneficial Owners and Management" of Issuer's most recent proxy statement on Form 14-A filed with the Securities and Exchange Commission on April 1, 2016.

F2 · balance_after: Consists of (i) 377,197 shares beneficially owned by reporting person, (ii) 155,026 shares beneficially owned jointly with spouse Susan S Sepulveda, and (iii) 1,234 unvested shares of restricted common stock of Issuer granted to reporting person on 04/01/2015 of which 617 shares will vest on 04/01/2017, and 617 shares will vest on 04/01/2018.

Read SEC document
October 28, 2016 Filed Nov 2, 2016 01:50 UTC Matador Resources Co MTDR · Entity 3681 GrantCommon Stock 1,468 $0.00 $0.00
Disclosure

SEC source: 0001520006-16-000378 · wf-form4_147805144509140.xml · nonDerivative · entry 1

Sepulveda Carlos M · CIK 0001405703 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 313,525

F1 · shares: Represents restricted stock units granted to the reporting person on October 28, 2016. Such restricted stock units will vest, and an equal number of shares of common stock will be deliverable to the reporting person, in equal annual installments on the first, second and third anniversaries of the date of grant.

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.