Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| TRANSCAT INCTRNS · Entity 1920 | Chief Human Resources Officer | May 27, 2026 | May 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.
TRANSCAT INC
Report date May 27, 2026 · Filed May 28, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common Stock, $.50 par valueSEC Table I · non-derivative | Direct | 2,696 |
Reported balance
After 2026-05-27 transaction · row 1
Account or security details depend on footnotes; rows are not merged.
1 source rowRow 1 · 2026-05-27 · Grant · Acquired 759 · Balance 2,696 F1: These shares were awarded to Ms. Conroy upon the vesting of performance-based restricted stock units granted to her under the Transcat, Inc. 2021 Stock Incentive Plan, as amended (the "Plan"), in a transaction exempt under Rule 16b-3. The shares underlying this award vested after three years based on the Company's achievement of certain pre-determined adjusted EBITDA thresholds over the eligible three-year period that ended in fiscal year 2026. F2: Includes 6 shares acquired under the Transcat, Inc. Employee Stock Purchase Plan. |
| Common Stock, $.50 par valueSEC Table I · non-derivative | Direct | 2,361 |
Reported balance
After 2026-05-27 transaction · row 2
Account or security details depend on footnotes; rows are not merged.
1 source rowRow 2 · 2026-05-27 · Tax withholding · Disposed 335 · Balance 2,361 F3: Shares withheld to cover tax withholding obligations on the vesting of performance-based restricted stock units. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security · Conversion / exercise price $0.00 | Direct | 1,382 |
Reported balance
After 2026-05-27 transaction · row 3
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 3 · 2026-05-27 · Grant · Acquired 1,382 · Balance 1,382 F4: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F5: These RSUs were granted under the Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 31, 2029. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security · Conversion / exercise price $0.00 | Direct | 10,380 |
Reported balance
Holding disclosure · report date 2026-05-27 · row 4
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 4 · Balance 10,380 F4: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F6: These RSUs vest on January 6, 2028, except as otherwise provided in the award notice. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security · Conversion / exercise price $0.00 | Direct | 1,098 |
Reported balance
Holding disclosure · report date 2026-05-27 · row 5
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 5 · Balance 1,098 F4: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F7: These RSUs vest on March 25, 2028, except as otherwise provided in the award notice. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security · Conversion / exercise price $0.00 | Direct | 783 |
Reported balance
Holding disclosure · report date 2026-05-27 · row 6
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 6 · Balance 783 F4: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F8: These RSUs vest on March 27, 2027, except as otherwise provided in the award notice. |
| Stock Option (Right to Buy)SEC Table II · derivative / convertible security · Conversion / exercise price $63.17 · Expires 2027-05-25 | Direct | 2,000 |
Reported balance
Holding disclosure · report date 2026-05-27 · row 7
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 7 · Balance 2,000 F9: This option is fully exercisable as of the date of this report. |
Filing footnotes · ownership attribution and instrument terms
F1: These shares were awarded to Ms. Conroy upon the vesting of performance-based restricted stock units granted to her under the Transcat, Inc. 2021 Stock Incentive Plan, as amended (the "Plan"), in a transaction exempt under Rule 16b-3. The shares underlying this award vested after three years based on the Company's achievement of certain pre-determined adjusted EBITDA thresholds over the eligible three-year period that ended in fiscal year 2026.
F2: Includes 6 shares acquired under the Transcat, Inc. Employee Stock Purchase Plan.
F3: Shares withheld to cover tax withholding obligations on the vesting of performance-based restricted stock units.
F4: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
F5: These RSUs were granted under the Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 31, 2029.
F6: These RSUs vest on January 6, 2028, except as otherwise provided in the award notice.
F7: These RSUs vest on March 25, 2028, except as otherwise provided in the award notice.
F8: These RSUs vest on March 27, 2027, except as otherwise provided in the award notice.
F9: This option is fully exercisable as of the date of this report.
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 |
|---|---|---|---|---|---|---|
| May 27, 2026 Filed May 28, 2026 20:31 UTC | TRANSCAT INC TRNS · Entity 1920 | GrantRestricted Stock Units · Derivative | 1,382 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0000891839-26-000194 · form4.xml · derivative · entry 3 Conroy Theresa A. · CIK 0001976248 · Chief Human Resources Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 1,382 Underlying: Common Stock, $.50 par value · 1,382 shares Expires not disclosed F4 · derivative.exercise_price: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F5 · derivative.exercise_date: These RSUs were granted under the Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 31, 2029. F5 · derivative.expiration_date: These RSUs were granted under the Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 31, 2029. Read SEC document |
| May 27, 2026 Filed May 28, 2026 20:31 UTC | TRANSCAT INC TRNS · Entity 1920 | Tax withholdingCommon Stock, $.50 par value | 335 | $76.45 | $25,610.75 |
DisclosureSEC source: 0000891839-26-000194 · form4.xml · nonDerivative · entry 2 Conroy Theresa A. · CIK 0001976248 · Chief Human Resources Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,361 F3 · shares: Shares withheld to cover tax withholding obligations on the vesting of performance-based restricted stock units. Read SEC document |
| May 27, 2026 Filed May 28, 2026 20:31 UTC | TRANSCAT INC TRNS · Entity 1920 | GrantCommon Stock, $.50 par value | 759 | $0.00 | $0.00 |
DisclosureSEC source: 0000891839-26-000194 · form4.xml · nonDerivative · entry 1 Conroy Theresa A. · CIK 0001976248 · Chief Human Resources Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,696 F1 · shares: These shares were awarded to Ms. Conroy upon the vesting of performance-based restricted stock units granted to her under the Transcat, Inc. 2021 Stock Incentive Plan, as amended (the "Plan"), in a transaction exempt under Rule 16b-3. The shares underlying this award vested after three years based on the Company's achievement of certain pre-determined adjusted EBITDA thresholds over the eligible three-year period that ended in fiscal year 2026. F2 · balance_after: Includes 6 shares acquired under the Transcat, Inc. Employee Stock Purchase Plan. Read SEC document |
| March 28, 2026 Filed Apr 1, 2026 20:31 UTC | TRANSCAT INC TRNS · Entity 1920 | Exercise / conversionRestricted Stock Units · Derivative | 524 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0000891839-26-000109 · form4.xml · derivative · entry 6 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 0 Underlying: Common Stock, $.50 par value · 524 shares Expires not disclosed Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · derivative.exercise_price: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F4 · derivative.exercise_date: 1,500 RSUs vested on March 26, 2026 and the remaining 524 RSUs vested on March 28, 2026 F4 · derivative.expiration_date: 1,500 RSUs vested on March 26, 2026 and the remaining 524 RSUs vested on March 28, 2026 Read SEC document |
| March 28, 2026 Filed Apr 1, 2026 20:31 UTC | TRANSCAT INC TRNS · Entity 1920 | Tax withholdingCommon Stock, $.50 par value | 232 | $71.32 | $16,546.24 |
DisclosureSEC source: 0000891839-26-000109 · form4.xml · nonDerivative · entry 4 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 1,931 F3 · shares: Shares withheld to cover tax withholding obligations on the vesting of RSUs. Read SEC document |
| March 28, 2026 Filed Apr 1, 2026 20:31 UTC | TRANSCAT INC TRNS · Entity 1920 | Exercise / conversionCommon Stock, $.50 par value | 524 | $0.00 | $0.00 |
DisclosureSEC source: 0000891839-26-000109 · form4.xml · nonDerivative · entry 3 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,163 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · price: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. Read SEC document |
| March 26, 2026 Filed Apr 1, 2026 20:31 UTC | TRANSCAT INC TRNS · Entity 1920 | Exercise / conversionRestricted Stock Units · Derivative | 1,500 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0000891839-26-000109 · form4.xml · derivative · entry 5 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 524 Underlying: Common Stock, $.50 par value · 1,500 shares Expires not disclosed Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · derivative.exercise_price: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F4 · derivative.exercise_date: 1,500 RSUs vested on March 26, 2026 and the remaining 524 RSUs vested on March 28, 2026 F4 · derivative.expiration_date: 1,500 RSUs vested on March 26, 2026 and the remaining 524 RSUs vested on March 28, 2026 Read SEC document |
| March 26, 2026 Filed Apr 1, 2026 20:31 UTC | TRANSCAT INC TRNS · Entity 1920 | Tax withholdingCommon Stock, $.50 par value | 743 | $72.97 | $54,216.71 |
DisclosureSEC source: 0000891839-26-000109 · form4.xml · nonDerivative · entry 2 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 1,639 F3 · shares: Shares withheld to cover tax withholding obligations on the vesting of RSUs. Read SEC document |
| March 26, 2026 Filed Apr 1, 2026 20:31 UTC | TRANSCAT INC TRNS · Entity 1920 | Exercise / conversionCommon Stock, $.50 par value | 1,500 | $0.00 | $0.00 |
DisclosureSEC source: 0000891839-26-000109 · form4.xml · nonDerivative · entry 1 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,382 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · price: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F2 · balance_after: Includes 46 shares acquired under the Transcat, Inc. Employee Stock Purchase Plan. Read SEC document |
| January 06, 2026 Filed Jan 8, 2026 14:03 UTC | TRANSCAT INC TRNS · Entity 1920 | GrantRestricted Stock Units · Derivative | 10,380 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0000891839-26-000028 · form4.xml · derivative · entry 2 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 10,380 Underlying: Common Stock, $.50 par value · 10,380 shares Expires not disclosed F1 · derivative.exercise_price: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F2 · derivative.exercise_date: These RSUs were granted under the Transcat, Inc. 2021 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on January 6, 2028. F2 · derivative.expiration_date: These RSUs were granted under the Transcat, Inc. 2021 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on January 6, 2028. Read SEC document |
| May 27, 2025 Filed May 29, 2025 20:15 UTC | TRANSCAT INC TRNS · Entity 1920 | GrantRestricted Stock Units · Derivative | 1,098 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001062993-25-010485 · form4.xml · derivative · entry 2 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 1,098 Underlying: Common Stock, $.50 par value · 1,098 shares Expires not disclosed F1 · derivative.exercise_price: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F2 · derivative.exercise_date: These RSUs were granted under the Transcat, Inc. 2021 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 25, 2028. F2 · derivative.expiration_date: These RSUs were granted under the Transcat, Inc. 2021 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 25, 2028. Read SEC document |
| March 28, 2025 Filed Apr 1, 2025 20:32 UTC | TRANSCAT INC TRNS · Entity 1920 | Exercise / conversionRestricted Stock Units · Derivative | 633 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001062993-25-006655 · form4.xml · derivative · entry 3 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 0 Underlying: Common Stock, $.50 par value · 633 shares Expires not disclosed Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · derivative.exercise_price: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F4 · derivative.exercise_date: These RSUs vested on March 28, 2025. F4 · derivative.expiration_date: These RSUs vested on March 28, 2025. Read SEC document |
| March 28, 2025 Filed Apr 1, 2025 20:32 UTC | TRANSCAT INC TRNS · Entity 1920 | Tax withholdingCommon Stock, $.50 par value | 313 | $72.93 | $22,827.09 |
DisclosureSEC source: 0001062993-25-006655 · form4.xml · nonDerivative · entry 2 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 836 F3 · shares: Shares withheld to cover tax withholding obligations on the vesting of RSUs. Read SEC document |
| March 28, 2025 Filed Apr 1, 2025 20:32 UTC | TRANSCAT INC TRNS · Entity 1920 | Exercise / conversionCommon Stock, $.50 par value | 633 | $0.00 | $0.00 |
DisclosureSEC source: 0001062993-25-006655 · form4.xml · nonDerivative · entry 1 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 1,149 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · price: These restricted stock units ("RSUs") convert into common stock on a one-for-one basis. F2 · balance_after: Includes 22 shares acquired under the Transcat, Inc. Employee Stock Purchase Plan. Read SEC document |
| May 20, 2024 Filed May 22, 2024 20:42 UTC | TRANSCAT INC TRNS · Entity 1920 | GrantRestricted Stock Units · Derivative | 783 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001062993-24-010967 · form4.xml · derivative · entry 3 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 783 Underlying: Common Stock, $.50 par value · 783 shares Expires not disclosed F4 · derivative.exercise_price: These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Transcat, Inc. 2021 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 27, 2027. F4 · derivative.exercise_date: These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Transcat, Inc. 2021 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 27, 2027. F4 · derivative.expiration_date: These restricted stock units, which convert into common stock on a one-for-one basis, were granted under the Transcat, Inc. 2021 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 27, 2027. Read SEC document |
| May 20, 2024 Filed May 22, 2024 20:42 UTC | TRANSCAT INC TRNS · Entity 1920 | Tax withholdingCommon Stock, $.50 par value | 211 | $124.12 | $26,189.32 |
DisclosureSEC source: 0001062993-24-010967 · form4.xml · nonDerivative · entry 2 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 494 F3 · shares: Shares withheld to cover tax withholding obligations on the vesting of performance-based restricted stock units. Read SEC document |
| May 20, 2024 Filed May 22, 2024 20:42 UTC | TRANSCAT INC TRNS · Entity 1920 | GrantCommon Stock, $.50 par value | 441 | $0.00 | $0.00 |
DisclosureSEC source: 0001062993-24-010967 · form4.xml · nonDerivative · entry 1 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 705 F1 · shares: These shares were awarded to Ms. Conroy upon the vesting of performance-based restricted stock units granted to her under the Transcat, Inc. 2021 Stock Incentive Plan, as amended, in a transaction exempt under Rule 16b-3. The shares underlying this award vested after three years based on the Company's achievement on certain pre-determined earnings per share thresholds over the eligible three-year period that ended in fiscal year 2024. F2 · balance_after: Includes 4 shares acquired under the Transcat, Inc. Employee Stock Purchase Plan. Read SEC document |
| March 30, 2024 Filed Apr 2, 2024 20:33 UTC | TRANSCAT INC TRNS · Entity 1920 | Exercise / conversionRestricted Stock Units · Derivative | 342 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001062993-24-007714 · form4.xml · derivative · entry 3 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 0 Underlying: Common Stock, $.50 par value · 342 shares Expires not disclosed Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · derivative.exercise_price: These restricted stock units convert into common stock on a one-for-one basis. F4 · derivative.exercise_date: These restricted stock units vested on March 30, 2024. F4 · derivative.expiration_date: These restricted stock units vested on March 30, 2024. Read SEC document |
| March 30, 2024 Filed Apr 2, 2024 20:33 UTC | TRANSCAT INC TRNS · Entity 1920 | Tax withholdingCommon Stock, $.50 par value | 169 | $111.43 | $18,831.67 |
DisclosureSEC source: 0001062993-24-007714 · form4.xml · nonDerivative · entry 2 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 260 F3 · shares: Shares withheld to cover tax withholding obligations on the vesting of restricted stock units. Read SEC document |
| March 30, 2024 Filed Apr 2, 2024 20:33 UTC | TRANSCAT INC TRNS · Entity 1920 | Exercise / conversionCommon Stock, $.50 par value | 342 | $0.00 | $0.00 |
DisclosureSEC source: 0001062993-24-007714 · form4.xml · nonDerivative · entry 1 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 429 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · price: These restricted stock units convert into common stock on a one-for-one basis. F2 · balance_after: Includes 71 shares acquired under the Transcat, Inc. Employee Stock Purchase Plan. Read SEC document |
| May 25, 2023 Filed May 26, 2023 20:40 UTC | TRANSCAT INC TRNS · Entity 1920 | GrantRestricted Stock Units · Derivative | 2,024 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001062993-23-012332 · form4.xml · derivative · entry 2 Conroy Theresa A. · CIK 0001976248 · Sr. VP, Human Resources 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,024 Underlying: Common Stock, $.50 par value · 2,024 shares Expires not disclosed F2 · derivative.exercise_price: These restricted stock units convert into common stock on a one-for-one basis. F3 · derivative.exercise_date: These restricted stock units were granted under the Transcat, Inc. 2021 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 28, 2026. F3 · derivative.expiration_date: These restricted stock units were granted under the Transcat, Inc. 2021 Stock Incentive Plan in a transaction exempt under Rule 16b-3 and, except as otherwise provided in the award notice, vest on March 28, 2026. 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.