Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| NELNET INCNNI · Entity 3982 | Chief Financial Officer | October 05, 2026 | October 07, 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.
NELNET INC
Report date October 05, 2026 · Filed October 07, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Class A Common StockSEC Table I · non-derivative | IndirectBy GRAT | 0 |
Reported balance
After 2026-10-05 transaction · row 1
Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source rowRow 1 · 2026-10-05 · Gift · Disposed 4,080 · Balance 0 F1: Represents the transfer of shares upon the termination of a grantor retained annuity trust ("GRAT") established by the reporting person on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person of 2,720 shares on September 24, 2026. |
| Class A Common StockSEC Table I · non-derivative | IndirectBy GRAT | 0 |
Reported balance
After 2026-10-05 transaction · row 5
Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source rowRow 5 · 2026-10-05 · Gift · Disposed 4,080 · Balance 0 F5: Represents the transfer of shares upon the termination of a GRAT established by the reporting person's spouse on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person's spouse of 2,720 shares on September 24, 2026. |
| Class A Common StockSEC Table I · non-derivative | IndirectBy Trust | 3,860 |
Reported balance
After 2026-10-05 transaction · row 2
Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source rowRow 2 · 2026-10-05 · Gift · Acquired 1,360 · Balance 3,860 F1: Represents the transfer of shares upon the termination of a grantor retained annuity trust ("GRAT") established by the reporting person on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person of 2,720 shares on September 24, 2026. F2: Shares held by a trust for the benefit of an adult son of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. |
| Class A Common StockSEC Table I · non-derivative | IndirectBy Trust | 6,360 |
Reported balance
After 2026-10-05 transaction · row 3
Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source rowRow 3 · 2026-10-05 · Gift · Acquired 1,360 · Balance 6,360 F1: Represents the transfer of shares upon the termination of a grantor retained annuity trust ("GRAT") established by the reporting person on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person of 2,720 shares on September 24, 2026. F3: Shares held by a trust for the benefit of another adult son of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. |
| Class A Common StockSEC Table I · non-derivative | IndirectBy Trust | 11,360 |
Reported balance
After 2026-10-05 transaction · row 4
Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source rowRow 4 · 2026-10-05 · Gift · Acquired 1,360 · Balance 11,360 F1: Represents the transfer of shares upon the termination of a grantor retained annuity trust ("GRAT") established by the reporting person on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person of 2,720 shares on September 24, 2026. F4: Shares held by a trust for the benefit of an adult daughter of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. |
| Class A Common StockSEC Table I · non-derivative | IndirectBy Trust | 5,220 |
Reported balance
After 2026-10-05 transaction · row 6
Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source rowRow 6 · 2026-10-05 · Gift · Acquired 1,360 · Balance 5,220 F5: Represents the transfer of shares upon the termination of a GRAT established by the reporting person's spouse on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person's spouse of 2,720 shares on September 24, 2026. F2: Shares held by a trust for the benefit of an adult son of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. |
| Class A Common StockSEC Table I · non-derivative | IndirectBy Trust | 7,720 |
Reported balance
After 2026-10-05 transaction · row 7
Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source rowRow 7 · 2026-10-05 · Gift · Acquired 1,360 · Balance 7,720 F5: Represents the transfer of shares upon the termination of a GRAT established by the reporting person's spouse on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person's spouse of 2,720 shares on September 24, 2026. F3: Shares held by a trust for the benefit of another adult son of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. |
| Class A Common StockSEC Table I · non-derivative | IndirectBy Trust | 12,720 |
Reported balance
After 2026-10-05 transaction · row 8
Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source rowRow 8 · 2026-10-05 · Gift · Acquired 1,360 · Balance 12,720 F5: Represents the transfer of shares upon the termination of a GRAT established by the reporting person's spouse on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person's spouse of 2,720 shares on September 24, 2026. F4: Shares held by a trust for the benefit of an adult daughter of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein. |
| Class A Common StockSEC Table I · non-derivative | Direct | 72,289 |
Reported balance
Holding disclosure · report date 2026-10-05 · row 9
Holding and transaction disclosures are not merged.
1 source rowRow 9 · Balance 72,289 F6: Includes 4,729 shares issued pursuant to the issuer's Employee Share Purchase Plan. Also includes (i) 1,000 shares held jointly with spouse and (ii) 2,720 shares distributed to the reporting person by a GRAT as discussed in footnote (1) above. |
| Class A Common StockSEC Table I · non-derivative | IndirectBy revocable trust | 45,192 |
Reported balance
Holding disclosure · report date 2026-10-05 · row 10
Holding and transaction disclosures are not merged.
1 source rowRow 10 · Balance 45,192 F7: Shares held by a revocable trust established by the reporting person, of which trust the reporting person is the sole trustee and sole lifetime beneficiary. |
| Class A Common StockSEC Table I · non-derivative | IndirectBy revocable trust | 45,000 |
Reported balance
Holding disclosure · report date 2026-10-05 · row 11
Holding and transaction disclosures are not merged.
1 source rowRow 11 · Balance 45,000 F8: Shares held by a revocable trust established by the reporting person's spouse, of which trust the reporting person's spouse is the sole trustee and sole lifetime beneficiary. |
| Class A Common StockSEC Table I · non-derivative | IndirectBy spouse | 10,920 |
Reported balance
Holding disclosure · report date 2026-10-05 · row 12
Holding and transaction disclosures are not merged.
1 source rowRow 12 · Balance 10,920 F9: Includes 2,720 shares distributed to the reporting person's spouse by a GRAT as discussed in footnote (5) above. |
Filing footnotes · ownership attribution and instrument terms
F1: Represents the transfer of shares upon the termination of a grantor retained annuity trust ("GRAT") established by the reporting person on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person of 2,720 shares on September 24, 2026.
F2: Shares held by a trust for the benefit of an adult son of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F3: Shares held by a trust for the benefit of another adult son of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F4: Shares held by a trust for the benefit of an adult daughter of the reporting person. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of his pecuniary interest therein.
F5: Represents the transfer of shares upon the termination of a GRAT established by the reporting person's spouse on September 1, 2021, pursuant to its terms. Prior to the termination of the GRAT, the number of Class A Common Stock held by the GRAT reflected an annuity distribution from the GRAT to the reporting person's spouse of 2,720 shares on September 24, 2026.
F6: Includes 4,729 shares issued pursuant to the issuer's Employee Share Purchase Plan. Also includes (i) 1,000 shares held jointly with spouse and (ii) 2,720 shares distributed to the reporting person by a GRAT as discussed in footnote (1) above.
F7: Shares held by a revocable trust established by the reporting person, of which trust the reporting person is the sole trustee and sole lifetime beneficiary.
F8: Shares held by a revocable trust established by the reporting person's spouse, of which trust the reporting person's spouse is the sole trustee and sole lifetime beneficiary.
F9: Includes 2,720 shares distributed to the reporting person's spouse by a GRAT as discussed in footnote (5) above.
Transaction history
JSON APIPurchases/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 date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| March 10, 2020 Filed Mar 12, 2020 20:25 UTC | NELNET INC NNI · Entity 3982 | GrantClass A Common Stock | 8,064 | $0.00 | $0.00 |
DisclosureSEC source: 0001437749-20-004946 · rdgdoc.xml · nonDerivative · entry 2 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 161,928 F4 · shares: Issued pursuant to the issuer's Restricted Stock Plan, as the annual personal performance-based incentive bonus compensation for 2019 paid in stock, which the reporting person became entitled to receive on March 10, 2020. F3 · balance_after: Includes 2,672 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of a total of 442 shares under the issuer's Employee Share Purchase Plan since March 12, 2019. Read SEC document |
| March 10, 2020 Filed Mar 12, 2020 20:25 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 250 | $50.33 | $12,582.50 |
DisclosureSEC source: 0001437749-20-004946 · rdgdoc.xml · nonDerivative · entry 1 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 153,864 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F2 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares on March 10, 2020. F3 · balance_after: Includes 2,672 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of a total of 442 shares under the issuer's Employee Share Purchase Plan since March 12, 2019. Read SEC document |
| March 10, 2019 Filed Mar 12, 2019 20:47 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 251 | $54.29 | $13,626.79 |
DisclosureSEC source: 0001437749-19-004688 · rdgdoc.xml · nonDerivative · entry 2 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 153,672 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F2 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares as of March 11, 2019. F3 · balance_after: Includes 149,485 shares held jointly with spouse. F4 · balance_after: Includes 2,230 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of a total of 456 shares under the issuer's Employee Share Purchase Plan since March 13, 2018. Read SEC document |
| March 10, 2019 Filed Mar 12, 2019 20:47 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 211 | $54.29 | $11,455.19 |
DisclosureSEC source: 0001437749-19-004688 · rdgdoc.xml · nonDerivative · entry 1 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 153,923 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F2 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares as of March 11, 2019. F3 · balance_after: Includes 149,485 shares held jointly with spouse. F4 · balance_after: Includes 2,230 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of a total of 456 shares under the issuer's Employee Share Purchase Plan since March 13, 2018. Read SEC document |
| March 10, 2018 Filed Mar 13, 2018 22:28 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 251 | $55.36 | $13,895.36 |
DisclosureSEC source: 0001437749-18-004552 · rdgdoc.xml · nonDerivative · entry 3 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 153,678 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F2 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares as of March 12, 2018. F3 · balance_after: Includes 1,774 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of a total of 528 shares under the issuer's Employee Share Purchase Plan since March 17, 2017. Read SEC document |
| March 10, 2018 Filed Mar 13, 2018 22:28 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 212 | $55.36 | $11,736.32 |
DisclosureSEC source: 0001437749-18-004552 · rdgdoc.xml · nonDerivative · entry 2 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 153,929 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F2 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares as of March 12, 2018. F3 · balance_after: Includes 1,774 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of a total of 528 shares under the issuer's Employee Share Purchase Plan since March 17, 2017. Read SEC document |
| March 10, 2018 Filed Mar 13, 2018 22:28 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 260 | $55.36 | $14,393.60 |
DisclosureSEC source: 0001437749-18-004552 · rdgdoc.xml · nonDerivative · entry 1 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 154,141 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F2 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares as of March 12, 2018. F3 · balance_after: Includes 1,774 shares issued pursuant to the issuer's Employee Share Purchase Plan, which number of shares reflects the acquisition of a total of 528 shares under the issuer's Employee Share Purchase Plan since March 17, 2017. Read SEC document |
| March 15, 2017 Filed Mar 17, 2017 20:35 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 122 | $43.30 | $5,282.60 |
DisclosureSEC source: 0001437749-17-004839 · rdgdoc.xml · nonDerivative · entry 1 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 153,873 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F2 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares as of March 15, 2017. F3 · balance_after: Includes 1,246 shares issued pursuant to the issuer's Employee Share Purchase Plan. Read SEC document |
| March 10, 2017 Filed Mar 13, 2017 20:40 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 4,625 | $45.67 | $211,223.75 |
DisclosureSEC source: 0001437749-17-004406 · rdgdoc.xml · nonDerivative · entry 6 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 153,995 F6 · shares: Shares that were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the March 10, 2017 award by the issuer of 14,165 shares of bonus compensation stock. F7 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the average market closing price of the shares for February 28, 2017 through March 6, 2017. F3 · balance_after: Includes 1,246 shares issued pursuant to the issuer's Employee Share Purchase Plan. Read SEC document |
| March 10, 2017 Filed Mar 13, 2017 20:40 UTC | NELNET INC NNI · Entity 3982 | GrantClass A Common Stock | 14,165 | $0.00 | $0.00 |
DisclosureSEC source: 0001437749-17-004406 · rdgdoc.xml · nonDerivative · entry 5 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 158,620 F5 · shares: Issued pursuant to the issuer's Restricted Stock Plan, as the annual personal performance-based incentive bonus compensation for 2016 paid in stock, which the reporting person became entitled to receive on March 10, 2017. F3 · balance_after: Includes 1,246 shares issued pursuant to the issuer's Employee Share Purchase Plan. Read SEC document |
| March 10, 2017 Filed Mar 13, 2017 20:40 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 276 | $43.08 | $11,890.08 |
DisclosureSEC source: 0001437749-17-004406 · rdgdoc.xml · nonDerivative · entry 4 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 144,455 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F4 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares on March 10, 2017. F3 · balance_after: Includes 1,246 shares issued pursuant to the issuer's Employee Share Purchase Plan. Read SEC document |
| March 10, 2017 Filed Mar 13, 2017 20:40 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 233 | $43.08 | $10,037.64 |
DisclosureSEC source: 0001437749-17-004406 · rdgdoc.xml · nonDerivative · entry 3 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 144,731 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F4 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares on March 10, 2017. F3 · balance_after: Includes 1,246 shares issued pursuant to the issuer's Employee Share Purchase Plan. Read SEC document |
| March 10, 2017 Filed Mar 13, 2017 20:40 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 287 | $43.08 | $12,363.96 |
DisclosureSEC source: 0001437749-17-004406 · rdgdoc.xml · nonDerivative · entry 2 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 144,964 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F4 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares on March 10, 2017. F3 · balance_after: Includes 1,246 shares issued pursuant to the issuer's Employee Share Purchase Plan. Read SEC document |
| March 09, 2017 Filed Mar 13, 2017 20:40 UTC | NELNET INC NNI · Entity 3982 | Tax withholdingClass A Common Stock | 364 | $42.97 | $15,641.08 |
DisclosureSEC source: 0001437749-17-004406 · rdgdoc.xml · nonDerivative · entry 1 Kruger James D · CIK 0001593432 · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 145,251 F1 · shares: These shares were tax-withheld by the issuer to satisfy the reporting person's tax obligation resulting from the vesting of a previously reported grant of shares pursuant to Rule 16b-3(d). F2 · price: Per share value assigned by the issuer to the tax withholding shares under the tax withholding arrangement, and based on the market closing price of the shares on March 9, 2017. F3 · balance_after: Includes 1,246 shares issued pursuant to the issuer's Employee Share Purchase Plan. 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.