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Espinosa Maria Angelica

Disclosed activity across 1 company

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48946
SEC CIK
0001915978

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
PORTLAND GENERAL ELECTRIC CO /OR/POR · Entity 3819SVP, CLO, CCA & CC OfficerMay 07, 2026May 08, 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.

PORTLAND GENERAL ELECTRIC CO /OR/

Report date May 07, 2026 · Filed May 08, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect24,583 Reported balance After 2026-05-07 transaction · row 1
1 source row

Row 1 · 2026-05-07 · Sale · Disposed 4,300 · Balance 24,583

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
May 07, 2026 Filed May 8, 2026 18:38 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 SaleCommon Stock 4,300 $48.81 $209,883.00
Disclosure

SEC source: 0001915978-26-000002 · ownership.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · SVP, CLO, CCA & CC Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,583

Read SEC document
February 13, 2026 Filed Feb 18, 2026 18:26 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 753 $54.00 $40,662.00
Disclosure

SEC source: 0000784977-26-000005 · ownership.xml · nonDerivative · entry 9

Espinosa Maria Angelica · CIK 0001915978 · SVP, CLO, CCA & CC Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 28,883

Read SEC document
February 13, 2026 Filed Feb 18, 2026 18:26 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 95 $54.00 $5,130.00
Disclosure

SEC source: 0000784977-26-000005 · ownership.xml · nonDerivative · entry 8

Espinosa Maria Angelica · CIK 0001915978 · SVP, CLO, CCA & CC Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 29,637

Read SEC document
February 13, 2026 Filed Feb 18, 2026 18:26 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 791 $54.00 $42,714.00
Disclosure

SEC source: 0000784977-26-000005 · ownership.xml · nonDerivative · entry 7

Espinosa Maria Angelica · CIK 0001915978 · SVP, CLO, CCA & CC Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 29,542

Read SEC document
February 13, 2026 Filed Feb 18, 2026 18:26 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 180 $54.00 $9,720.00
Disclosure

SEC source: 0000784977-26-000005 · ownership.xml · nonDerivative · entry 6

Espinosa Maria Angelica · CIK 0001915978 · SVP, CLO, CCA & CC Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,333

Read SEC document
February 13, 2026 Filed Feb 18, 2026 18:26 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 541 $54.00 $29,214.00
Disclosure

SEC source: 0000784977-26-000005 · ownership.xml · nonDerivative · entry 5

Espinosa Maria Angelica · CIK 0001915978 · SVP, CLO, CCA & CC Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,153

Read SEC document
February 13, 2026 Filed Feb 18, 2026 18:26 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 162 $54.00 $8,748.00
Disclosure

SEC source: 0000784977-26-000005 · ownership.xml · nonDerivative · entry 4

Espinosa Maria Angelica · CIK 0001915978 · SVP, CLO, CCA & CC Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,694

Read SEC document
February 13, 2026 Filed Feb 18, 2026 18:26 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 2,910 $54.00 $157,140.00
Disclosure

SEC source: 0000784977-26-000005 · ownership.xml · nonDerivative · entry 3

Espinosa Maria Angelica · CIK 0001915978 · SVP, CLO, CCA & CC Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,532

Read SEC document
February 13, 2026 Filed Feb 18, 2026 18:26 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 7,983 $54.00 $431,082.00
Disclosure

SEC source: 0000784977-26-000005 · ownership.xml · nonDerivative · entry 2

Espinosa Maria Angelica · CIK 0001915978 · SVP, CLO, CCA & CC Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 33,442

Read SEC document
February 13, 2026 Filed Feb 18, 2026 18:26 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 5,325 $54.00 $287,550.00
Disclosure

SEC source: 0000784977-26-000005 · ownership.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · SVP, CLO, CCA & CC Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,459

Read SEC document
May 30, 2025 Filed Jun 3, 2025 15:35 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 909 $42.40 $38,541.60
Disclosure

SEC source: 0000784977-25-000098 · wk-form4_1748964920.xml · nonDerivative · entry 2

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,134

Read SEC document
May 30, 2025 Filed Jun 3, 2025 15:35 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 29 $42.40 $1,229.60
Disclosure

SEC source: 0000784977-25-000098 · wk-form4_1748964920.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,043

Read SEC document
February 18, 2025 Filed Feb 19, 2025 16:08 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 SaleCommon Stock 2,618 $41.32 $108,175.76
Disclosure

SEC source: 0000784977-25-000040 · wk-form4_1739981320.xml · nonDerivative · entry 7

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 21,014

Read SEC document
February 14, 2025 Filed Feb 19, 2025 16:08 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 713 $41.64 $29,689.32
Disclosure

SEC source: 0000784977-25-000040 · wk-form4_1739981320.xml · nonDerivative · entry 6

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 23,632

Read SEC document
February 14, 2025 Filed Feb 19, 2025 16:08 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 86 $41.64 $3,581.04
Disclosure

SEC source: 0000784977-25-000040 · wk-form4_1739981320.xml · nonDerivative · entry 5

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 24,345

Read SEC document
February 14, 2025 Filed Feb 19, 2025 16:08 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 450 $41.64 $18,738.00
Disclosure

SEC source: 0000784977-25-000040 · wk-form4_1739981320.xml · nonDerivative · entry 4

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 24,259

Read SEC document
February 14, 2025 Filed Feb 19, 2025 16:08 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 102 $41.64 $4,247.28
Disclosure

SEC source: 0000784977-25-000040 · wk-form4_1739981320.xml · nonDerivative · entry 3

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 24,709

Read SEC document
February 14, 2025 Filed Feb 19, 2025 16:08 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 340 $41.64 $14,157.60
Disclosure

SEC source: 0000784977-25-000040 · wk-form4_1739981320.xml · nonDerivative · entry 2

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 24,607

Read SEC document
February 14, 2025 Filed Feb 19, 2025 16:08 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 108 $41.64 $4,497.12
Disclosure

SEC source: 0000784977-25-000040 · wk-form4_1739981320.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 24,947

Read SEC document
February 13, 2025 Filed Feb 14, 2025 15:35 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 SaleCommon Stock 2,199 $41.90 $92,138.10
Disclosure

SEC source: 0000784977-25-000030 · wk-form4_1739547344.xml · nonDerivative · entry 4

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 24,839

Read SEC document
February 12, 2025 Filed Feb 14, 2025 15:35 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 2,743 $41.85 $114,794.55
Disclosure

SEC source: 0000784977-25-000030 · wk-form4_1739547344.xml · nonDerivative · entry 3

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 27,038

Read SEC document
February 12, 2025 Filed Feb 14, 2025 15:35 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 7,140 $41.85 $298,809.00
Disclosure

SEC source: 0000784977-25-000030 · wk-form4_1739547344.xml · nonDerivative · entry 2

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 29,781

Read SEC document
February 12, 2025 Filed Feb 14, 2025 15:35 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 5,913 $41.85 $247,459.05
Disclosure

SEC source: 0000784977-25-000030 · wk-form4_1739547344.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 22,641

Read SEC document
January 10, 2025 Filed Jan 14, 2025 00:44 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 2,465 $40.56 $99,980.40
Disclosure

SEC source: 0000784977-25-000002 · wk-form4_1736815476.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,728

Read SEC document
September 10, 2024 Filed Sep 11, 2024 20:48 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 SaleCommon Stock 1,100 $48.31 $53,141.00
Disclosure

SEC source: 0000784977-24-000157 · wk-form4_1726087722.xml · nonDerivative · entry 3

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,263

Read SEC document
September 10, 2024 Filed Sep 11, 2024 20:48 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 SaleCommon Stock 75 $48.31 $3,622.88
Disclosure

SEC source: 0000784977-24-000157 · wk-form4_1726087722.xml · nonDerivative · entry 2

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,363

Read SEC document
September 10, 2024 Filed Sep 11, 2024 20:48 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 SaleCommon Stock 1,325 $48.30 $63,997.50
Disclosure

SEC source: 0000784977-24-000157 · wk-form4_1726087722.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,438

Read SEC document
May 07, 2024 Filed May 8, 2024 15:09 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 SaleCommon Stock 200 $44.31 $8,862.00
Disclosure

SEC source: 0000784977-24-000091 · wk-form4_1715180969.xml · nonDerivative · entry 2

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,763

Read SEC document
May 07, 2024 Filed May 8, 2024 15:09 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 SaleCommon Stock 1,800 $44.30 $79,740.00
Disclosure

SEC source: 0000784977-24-000091 · wk-form4_1715180969.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,963

Read SEC document
February 14, 2024 Filed Feb 16, 2024 18:21 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 1,553 $40.03 $62,166.59
Disclosure

SEC source: 0000784977-24-000022 · wk-form4_1708107699.xml · nonDerivative · entry 7

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 18,763

Read SEC document
February 14, 2024 Filed Feb 16, 2024 18:21 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 316 $40.03 $12,649.48
Disclosure

SEC source: 0000784977-24-000022 · wk-form4_1708107699.xml · nonDerivative · entry 6

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,316

Read SEC document
February 14, 2024 Filed Feb 16, 2024 18:21 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 493 $40.03 $19,734.79
Disclosure

SEC source: 0000784977-24-000022 · wk-form4_1708107699.xml · nonDerivative · entry 5

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,000

Read SEC document
February 14, 2024 Filed Feb 16, 2024 18:21 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 48 $40.03 $1,921.44
Disclosure

SEC source: 0000784977-24-000022 · wk-form4_1708107699.xml · nonDerivative · entry 4

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,493

Read SEC document
February 14, 2024 Filed Feb 16, 2024 18:21 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 372 $40.03 $14,891.16
Disclosure

SEC source: 0000784977-24-000022 · wk-form4_1708107699.xml · nonDerivative · entry 3

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,445

Read SEC document
February 14, 2024 Filed Feb 16, 2024 18:21 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 67 $40.03 $2,682.01
Disclosure

SEC source: 0000784977-24-000022 · wk-form4_1708107699.xml · nonDerivative · entry 2

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,817

Read SEC document
February 09, 2024 Filed Feb 16, 2024 18:21 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 5,609 $40.11 $224,976.99
Disclosure

SEC source: 0000784977-24-000022 · wk-form4_1708107699.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,750

F1 · balance_after: Balance adjusted due to trailing dividends on an award that vested 12/31/2023

Read SEC document
December 29, 2023 Filed Jan 2, 2024 21:04 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 1,659 $43.34 $71,901.06
Disclosure

SEC source: 0000784977-24-000002 · wk-form4_1704229461.xml · nonDerivative · entry 2

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,114

Read SEC document
December 29, 2023 Filed Jan 2, 2024 21:04 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 392 $0.00 $0.00
Disclosure

SEC source: 0000784977-24-000002 · wk-form4_1704229461.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · SVP, Chief Legal & Compliance

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,773

Read SEC document
February 14, 2023 Filed Feb 16, 2023 18:49 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 312 $47.07 $14,685.84
Disclosure

SEC source: 0000784977-23-000016 · wf-form4_167657335440244.xml · nonDerivative · entry 2

Espinosa Maria Angelica · CIK 0001915978 · V. P., General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,381

Read SEC document
February 14, 2023 Filed Feb 16, 2023 18:49 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 31 $0.00 $0.00
Disclosure

SEC source: 0000784977-23-000016 · wf-form4_167657335440244.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · V. P., General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,693

F1 · shares: Represents dividend equivalent units associated with the vesting of restricted stock units awarded on February 11, 2022.

Read SEC document
February 10, 2023 Filed Feb 13, 2023 23:53 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 3,396 $0.00 $0.00
Disclosure

SEC source: 0001915978-23-000002 · wf-form4_167633237550605.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · V. P., General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,662

F1 · shares: Reflects vesting of 1/3 of restricted stock units granted on February 10, 2023.

Read SEC document
December 30, 2022 Filed Jan 4, 2023 23:12 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 Tax withholdingCommon Stock 1,583 $49.00 $77,567.00
Disclosure

SEC source: 0001214659-23-000229 · marketforms-58109.xml · nonDerivative · entry 2

Espinosa Maria Angelica · CIK 0001915978 · V. P., General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,266

Read SEC document
December 30, 2022 Filed Jan 4, 2023 23:12 UTC PORTLAND GENERAL ELECTRIC CO /OR/ POR · Entity 3819 GrantCommon Stock 185 $0.00 $0.00
Disclosure

SEC source: 0001214659-23-000229 · marketforms-58109.xml · nonDerivative · entry 1

Espinosa Maria Angelica · CIK 0001915978 · V. P., General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,849

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.