person · Reporting owner

Rogers Hartley R.

Disclosed activity across 3 companies

Tapewire entity: 38139
SEC CIK: 0001577084

Reported relationships

Latest disclosed role at each company.

Company	Last reported as	Report date	Published
Acadia Healthcare Company, Inc.ACHC · Entity 4312	Director	May 25, 2017	May 26, 2017
Hamilton Lane Alliance Holdings I, Inc.HLAHU · Entity 143868	Director	January 12, 2021	January 13, 2021
Hamilton Lane INCHLNE · Entity 3823	Director · Executive Co-Chairman · 10% owner	June 11, 2026	June 15, 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.

Acadia Healthcare Company, Inc.

Report date May 25, 2017 · Filed May 26, 2017

Security / award	Ownership account	Disclosed shares / units	Disclosure context
Common StockSEC Table I · non-derivative	Direct	13,450	Reported balance After 2017-05-25 transaction · row 1 1 source row Row 1 · 2017-05-25 · Grant · Acquired 3,752 · Balance 13,450 F1: Shares will vest over a 3-year period in equal annual installments beginning May 25, 2018.

Filing footnotes · ownership attribution and instrument terms

F1: Shares will vest over a 3-year period in equal annual installments beginning May 25, 2018.

Hamilton Lane Alliance Holdings I, Inc.

Report date January 12, 2021 · Filed January 13, 2021

This filing explicitly reported no securities owned.

Hamilton Lane INC

Report date June 11, 2026 · Filed June 15, 2026

Security / award	Ownership account	Disclosed shares / units	Disclosure context
Class A Common StockSEC Table I · non-derivative	Direct	93,756	Ending reported balance After 2026-06-11 transaction · row 2 2 source rows · reconciled sequence Row 1 · 2026-06-11 · Purchase · Acquired 10,612 · Balance 66,078 F1: The price reported in Column 4 is a weighted average price. These shares of Class A common stock, $0.001 par value per share (the "Class A Common Stock") were purchased in multiple transactions at prices ranging from $77.54 to $78.45 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price within the range set forth in this footnote. Row 2 · 2026-06-11 · Purchase · Acquired 27,678 · Balance 93,756 F2: The price reported in Column 4 is a weighted average price. These shares of Class A common stock, $0.001 par value per share (the "Class A Common Stock") were purchased in multiple transactions at prices ranging from $78.55 to $79.13 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price within the range set forth in this footnote.
Class A Common StockSEC Table I · non-derivative	IndirectBy LLC	55,466	Reported balance Holding disclosure · report date 2026-06-11 · row 3 Holding and transaction disclosures are not merged. 1 source row Row 3 · Balance 55,466 F3: These securities are owned directly by a limited liability company ("LLC") which is wholly owned by Reporting Person, Reporting Person 's spouse and three trusts for the benefit of Reporting Person 's children. Reporting Person's spouse serves as manager of the LLC and as trustee of the trusts. Reporting Person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein.
Class B Common StockSEC Table I · non-derivative	IndirectSee footnote	6,510,922	Reported balance Holding disclosure · report date 2026-06-11 · row 4 Holding and transaction disclosures are not merged. 1 source row Row 4 · Balance 6,510,922 F4: The Issuer Class B common stock does not carry economic value beyond the right to receive the par value of such stock upon liquidation, dissolution or exchange of those shares. However, the Class B common stock entitles its holder to ten votes per share on every matter submitted to the Issuer's stockholders for a vote. F5: These securities are owned directly by HLA Investments LLC ("HLAI"). The Reporting Person is the manager of HRHLA, LLC, the managing member of HLAI. Reporting Person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein.
Class B UnitsSEC Table II · derivative / convertible security	IndirectSee footnote	6,510,922	Reported balance Holding disclosure · report date 2026-06-11 · row 5 Instrument identity requires review; Table II rows are not merged. 1 source row Row 5 · Balance 6,510,922 F6: Pursuant to the exchange agreement entered into at the time of and in connection with a reorganization incident to the Issuer's initial public offering, the Class B Units of HLA are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units do not have an expiration date.

Filing footnotes · ownership attribution and instrument terms

F1: The price reported in Column 4 is a weighted average price. These shares of Class A common stock, $0.001 par value per share (the "Class A Common Stock") were purchased in multiple transactions at prices ranging from $77.54 to $78.45 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price within the range set forth in this footnote.

F2: The price reported in Column 4 is a weighted average price. These shares of Class A common stock, $0.001 par value per share (the "Class A Common Stock") were purchased in multiple transactions at prices ranging from $78.55 to $79.13 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price within the range set forth in this footnote.

F3: These securities are owned directly by a limited liability company ("LLC") which is wholly owned by Reporting Person, Reporting Person 's spouse and three trusts for the benefit of Reporting Person 's children. Reporting Person's spouse serves as manager of the LLC and as trustee of the trusts. Reporting Person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein.

F4: The Issuer Class B common stock does not carry economic value beyond the right to receive the par value of such stock upon liquidation, dissolution or exchange of those shares. However, the Class B common stock entitles its holder to ten votes per share on every matter submitted to the Issuer's stockholders for a vote.

F5: These securities are owned directly by HLA Investments LLC ("HLAI"). The Reporting Person is the manager of HRHLA, LLC, the managing member of HLAI. Reporting Person disclaims beneficial ownership over such securities except to the extent of his pecuniary interest therein.

F6: Pursuant to the exchange agreement entered into at the time of and in connection with a reorganization incident to the Issuer's initial public offering, the Class B Units of HLA are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units do not have an expiration date.

Transaction history

JSON API

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 date	Company	Activity / security	Shares / units	Reported price	Reported value	Details
March 14, 2019 Filed Mar 18, 2019 22:42 UTC	Hamilton Lane INC HLNE · Entity 3823	Tax withholdingClass A Common Stock	19,236	$43.55	$837,727.80	Disclosure SEC source: 0001433642-19-000053 · wf-form4_155294893049873.xml · nonDerivative · entry 2 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 143,989 F2 · kind: Shares delivered to the issuer for the payment of withholding taxes due upon the vesting of previously granted restricted stock awards. Read SEC document
March 14, 2019 Filed Mar 18, 2019 22:42 UTC	Hamilton Lane INC HLNE · Entity 3823	GrantClass A Common Stock	16,103	Not disclosed	Not disclosed	Disclosure SEC source: 0001433642-19-000053 · wf-form4_155294893049873.xml · nonDerivative · entry 1 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 163,225 F1 · kind: Shares issued to the reporting person pursuant to an award of restricted stock under the Issuer's 2017 Equity Incentive Plan. The shares vest in four equal annual installments. F1 · price: Shares issued to the reporting person pursuant to an award of restricted stock under the Issuer's 2017 Equity Incentive Plan. The shares vest in four equal annual installments. Read SEC document
September 17, 2018 Filed Sep 20, 2018 00:26 UTC	Hamilton Lane INC HLNE · Entity 3823	OtherClass B Units · Derivative	417,837	$47.26	$19,746,976.62	Disclosure SEC source: 0001433642-18-000104 · wf-form4_153740317510532.xml · derivative · entry 3 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Indirect · See footnote Disclosed balance after: 10,938,611 Underlying: Class A Common Stock · 417,837 shares Expires not disclosed F4 · derivative.exercise_price: Pursuant to the Exchange Agreement, the Class B Units of Hamilton Lane Advisors, L.L.C. are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units do not have an expiration date. F2 · kind: The reporting person exchanged Class B Units (and corresponding shares of Class B common stock) with the Issuer pursuant to an exchange agreement entered into at the time of and in connection with a reorganization incident to the Issuer's initial public offering (the "Exchange Agreement"). At the Issuer's election, the exchange was settled in cash. F4 · derivative.exercise_date: Pursuant to the Exchange Agreement, the Class B Units of Hamilton Lane Advisors, L.L.C. are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units do not have an expiration date. F4 · derivative.expiration_date: Pursuant to the Exchange Agreement, the Class B Units of Hamilton Lane Advisors, L.L.C. are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units do not have an expiration date. F5 · ownership.nature: These securities are owned directly by HLAI. The reporting person is the manager of HRHLA, LLC, the managing member of HLAI. Read SEC document
September 17, 2018 Filed Sep 20, 2018 00:26 UTC	Hamilton Lane INC HLNE · Entity 3823	OtherClass B Common Stock	417,837	$0.00	$417.84	Disclosure SEC source: 0001433642-18-000104 · wf-form4_153740317510532.xml · nonDerivative · entry 2 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Indirect · See footnote Disclosed balance after: 10,938,611 F2 · kind: The reporting person exchanged Class B Units (and corresponding shares of Class B common stock) with the Issuer pursuant to an exchange agreement entered into at the time of and in connection with a reorganization incident to the Issuer's initial public offering (the "Exchange Agreement"). At the Issuer's election, the exchange was settled in cash. F3 · ownership.nature: The Class B common stock does not carry economic value beyond the right to receive the par value of such stock upon liquidation, dissolution or exchange of those shares. However, the Class B common stock entitles its holder to ten votes per share on every matter submitted to the Issuer's stockholders for a vote. These securities are owned directly by HLA Investments, LLC ("HLAI"). The reporting person is the manager of HRHLA, LLC, the managing member of HLAI. Read SEC document
September 17, 2018 Filed Sep 20, 2018 00:26 UTC	Hamilton Lane INC HLNE · Entity 3823	SaleClass A Common Stock	28,087	$47.26	$1,327,391.62	Disclosure SEC source: 0001433642-18-000104 · wf-form4_153740317510532.xml · nonDerivative · entry 1 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 147,122 F1 · kind: Sold by the reporting person in a registered underwritten offering pursuant to an underwriting agreement dated September 12, 2018. Read SEC document
March 14, 2018 Filed Mar 16, 2018 20:45 UTC	Hamilton Lane INC HLNE · Entity 3823	Tax withholdingClass A Common Stock	26,294	$38.07	$1,001,012.58	Disclosure SEC source: 0001698032-18-000002 · wf-form4_152123313288174.xml · nonDerivative · entry 2 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 175,209 F2 · kind: Shares delivered to the issuer for the payment of withholding taxes due upon the vesting of previously granted restricted stock awards. Read SEC document
March 14, 2018 Filed Mar 16, 2018 20:45 UTC	Hamilton Lane INC HLNE · Entity 3823	GrantClass A Common Stock	18,388	Not disclosed	Not disclosed	Disclosure SEC source: 0001698032-18-000002 · wf-form4_152123313288174.xml · nonDerivative · entry 1 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 201,503 F1 · kind: Shares issued to the reporting person pursuant to an award of restricted stock under the Issuer's 2017 Equity Incentive Plan. The shares vest in four equal annual installments. F1 · price: Shares issued to the reporting person pursuant to an award of restricted stock under the Issuer's 2017 Equity Incentive Plan. The shares vest in four equal annual installments. Read SEC document
March 05, 2018 Filed Mar 8, 2018 00:37 UTC	Hamilton Lane INC HLNE · Entity 3823	OtherClass B Units · Derivative	285,715	$32.79	$9,368,594.85	Disclosure SEC source: 0001698396-18-000008 · wf-form4_152046943168346.xml · derivative · entry 3 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Indirect · See footnote Disclosed balance after: 11,356,448 Underlying: Class A Common Stock · 285,715 shares Expires not disclosed F4 · derivative.exercise_price: Pursuant to the Exchange Agreement, the Class B Units of Hamilton Lane Advisors, L.L.C. are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units do not have an expiration date. F1 · kind: The reporting person exchanged Class B Units (and corresponding shares of Class B common stock) with the Issuer pursuant to an exchange agreement (the "Exchange Agreement") entered into at the time of and in connection with a reorganization incident to the Issuer's initial public offering. At the Issuer's election, the exchange was settled in cash. F4 · derivative.exercise_date: Pursuant to the Exchange Agreement, the Class B Units of Hamilton Lane Advisors, L.L.C. are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units do not have an expiration date. F4 · derivative.expiration_date: Pursuant to the Exchange Agreement, the Class B Units of Hamilton Lane Advisors, L.L.C. are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units do not have an expiration date. F5 · ownership.nature: These securities are owned directly by HLAI. The reporting person is the manager of HRHLA, LLC, the managing member of HLAI. Read SEC document
March 05, 2018 Filed Mar 8, 2018 00:37 UTC	Hamilton Lane INC HLNE · Entity 3823	OtherClass B Common Stock	285,715	$0.00	$285.72	Disclosure SEC source: 0001698396-18-000008 · wf-form4_152046943168346.xml · nonDerivative · entry 1 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Indirect · See footnote Disclosed balance after: 11,356,448 F1 · kind: The reporting person exchanged Class B Units (and corresponding shares of Class B common stock) with the Issuer pursuant to an exchange agreement (the "Exchange Agreement") entered into at the time of and in connection with a reorganization incident to the Issuer's initial public offering. At the Issuer's election, the exchange was settled in cash. F2 · ownership.nature: The Class B common stock does not carry economic value beyond the right to receive the par value of such stock upon liquidation, dissolution or exchange of those shares. However, the Class B common stock entitles its holder to ten votes per share on every matter submitted to the Issuer's stockholders for a vote. These securities are owned directly by HLA Investments, LLC ("HLAI"). The reporting person is the manager of HRHLA, LLC, the managing member of HLAI. Read SEC document
May 25, 2017 Filed May 26, 2017 21:02 UTC	Acadia Healthcare Company, Inc. ACHC · Entity 4312	GrantCommon Stock	3,752	$0.00	$0.00	Disclosure SEC source: 0000899243-17-014573 · doc4.xml · nonDerivative · entry 1 Rogers Hartley R. · CIK 0001577084 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 13,450 F1 · shares: Shares will vest over a 3-year period in equal annual installments beginning May 25, 2018. Read SEC document
March 17, 2017 Filed Mar 21, 2017 20:48 UTC	Hamilton Lane INC HLNE · Entity 3823	GrantRestricted Class A Common Stock	39,915	Not disclosed	Not disclosed	Disclosure SEC source: 0001577084-17-000002 · wf-form4_149012926840210.xml · nonDerivative · entry 1 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 183,115 F1 · shares: Represents the number of shares issued to the reporting person pursuant to an award of restricted stock under the Issuer's 2017 Equity Incentive Plan. The shares vest in four equal annual installments. F1 · price: Represents the number of shares issued to the reporting person pursuant to an award of restricted stock under the Issuer's 2017 Equity Incentive Plan. The shares vest in four equal annual installments. Read SEC document
March 06, 2017 Filed Mar 8, 2017 21:57 UTC	Hamilton Lane INC HLNE · Entity 3823	OtherClass B Units · Derivative	11,642,163	Not disclosed	Not disclosed	Disclosure SEC source: 0001698450-17-000024 · wf-form4_148901026038715.xml · derivative · entry 3 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Indirect · See footnote Disclosed balance after: 11,642,163 Underlying: Class A Common Stock · 11,642,163 shares Expires not disclosed F4 · derivative.exercise_price: In the Reorganization, the voting interests of HLA held prior to the IPO were converted into Class B Units and the non-voting interests of HLA were converted into Class C Units. Pursuant to an Exchange Agreement entered into in connection with the Reorganization, the Class B Units and Class C Units of HLA are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units and Class C Units of HLA do not have an expiration date. F4 · price: In the Reorganization, the voting interests of HLA held prior to the IPO were converted into Class B Units and the non-voting interests of HLA were converted into Class C Units. Pursuant to an Exchange Agreement entered into in connection with the Reorganization, the Class B Units and Class C Units of HLA are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units and Class C Units of HLA do not have an expiration date. F4 · derivative.exercise_date: In the Reorganization, the voting interests of HLA held prior to the IPO were converted into Class B Units and the non-voting interests of HLA were converted into Class C Units. Pursuant to an Exchange Agreement entered into in connection with the Reorganization, the Class B Units and Class C Units of HLA are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units and Class C Units of HLA do not have an expiration date. F4 · derivative.expiration_date: In the Reorganization, the voting interests of HLA held prior to the IPO were converted into Class B Units and the non-voting interests of HLA were converted into Class C Units. Pursuant to an Exchange Agreement entered into in connection with the Reorganization, the Class B Units and Class C Units of HLA are exchangeable, on a one-for-one basis, for shares of Class A common stock or, at the Issuer's election, for cash. Upon exchange of a Class B Unit, the corresponding share of Class B common stock will be redeemed at par value and cancelled. The Class B Units and Class C Units of HLA do not have an expiration date. F3 · ownership.nature: These securities are owned directly by HLA Investments, LLC ("HLAI"). Mr. Rogers is the manager of HRHLA, LLC, the managing member of HLAI. Read SEC document
March 06, 2017 Filed Mar 8, 2017 21:57 UTC	Hamilton Lane INC HLNE · Entity 3823	OtherClass B Common Stock	11,642,163	$0.00	$11,642.16	Disclosure SEC source: 0001698450-17-000024 · wf-form4_148901026038715.xml · nonDerivative · entry 2 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Indirect · See footnote Disclosed balance after: 11,642,163 F2 · kind: In the reorganization (the "Reorganization") of HLA in connection with the IPO, shares of the Class B common stock of the Issuer, par value $0.001 per share, were issued and sold at par value to certain persons who held voting interests in HLA prior to the Reorganization. The Class B common stock does not carry economic value beyond the right to receive the par value of such stock upon liquidation, dissolution or exchange of those shares. However, the Class B common stock entitles its holder to ten votes per share on every matter submitted to the Issuer's stockholders for a vote. F3 · ownership.nature: These securities are owned directly by HLA Investments, LLC ("HLAI"). Mr. Rogers is the manager of HRHLA, LLC, the managing member of HLAI. Read SEC document
March 06, 2017 Filed Mar 8, 2017 21:57 UTC	Hamilton Lane INC HLNE · Entity 3823	OtherRestricted Class A Common Stock	143,200	Not disclosed	Not disclosed	Disclosure SEC source: 0001698450-17-000024 · wf-form4_148901026038715.xml · nonDerivative · entry 1 Rogers Hartley R. · CIK 0001577084 · Director · Chairman · 10% owner 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 143,200 F1 · kind: Represents the number of shares issued to the reporting person pursuant to an award of restricted stock under the Issuer's 2017 Equity Incentive Plan. The award was issued in substitution for existing awards of restricted interests in Hamilton Lane Advisors, L.L.C. ("HLA") that were issued annually in the years prior to the Issuer's initial public offering (the "IPO"), and the new award vests according to the same vesting schedule as the replaced awards: in four equal annual installments each March. Accordingly, one tranche will vest in 2017, one in 2018, one in 2019 and one in 2020. F1 · price: Represents the number of shares issued to the reporting person pursuant to an award of restricted stock under the Issuer's 2017 Equity Incentive Plan. The award was issued in substitution for existing awards of restricted interests in Hamilton Lane Advisors, L.L.C. ("HLA") that were issued annually in the years prior to the Issuer's initial public offering (the "IPO"), and the new award vests according to the same vesting schedule as the replaced awards: in four equal annual installments each March. Accordingly, one tranche will vest in 2017, one in 2018, one in 2019 and one in 2020. 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.