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Williams Jeffrey A

Disclosed activity across 1 company

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49792
SEC CIK
0001346323

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
AMERICAS CARMART INCCRMT · Entity 7678DirectorMay 01, 2026May 06, 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.

AMERICAS CARMART INC

Report date May 01, 2026 · Filed May 06, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect116,956 Reported balance After 2026-05-01 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2026-05-01 · Grant · Acquired 11,801 · Balance 116,956

F1: Represents an award of restricted stock which will vest in its entirety on May 1, 2027.

F2: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Common StockSEC Table I · non-derivativeIndirectBy 401(k) Plan5,457.7288 Reported balance Holding disclosure · report date 2026-05-01 · row 2 Holding and transaction disclosures are not merged.
1 source row

Row 2 · Balance 5,457.7288

Filing footnotes · ownership attribution and instrument terms

F1: Represents an award of restricted stock which will vest in its entirety on May 1, 2027.

F2: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

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 01, 2026 Filed May 6, 2026 01:39 UTC AMERICAS CARMART INC CRMT · Entity 7678 GrantCommon Stock 11,801 $0.00 $0.00
Disclosure

SEC source: 0001683168-26-003511 · ownership.xml · nonDerivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 116,956

F1 · shares: Represents an award of restricted stock which will vest in its entirety on May 1, 2027.

F2 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
May 01, 2025 Filed May 6, 2025 01:31 UTC AMERICAS CARMART INC CRMT · Entity 7678 GrantCommon Stock 3,135 $0.00 $0.00
Disclosure

SEC source: 0001683168-25-003156 · ownership.xml · nonDerivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 105,155

F1 · shares: Represents an award of restricted stock which will vest in its entirety on May 1, 2026.

F2 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
May 26, 2023 Filed May 31, 2023 01:37 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionEmployee Stock Option (Right to Buy) · Derivative 30,000 $0.00 Strike: $54.85 $0.00
Disclosure

SEC source: 0001683168-23-003763 · ownership.xml · derivative · entry 4

Williams Jeffrey A · CIK 0001346323 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 90,000

Underlying: Common Stock · 30,000 shares

Expires 2028-05-08

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.

Read SEC document
May 26, 2023 Filed May 31, 2023 01:37 UTC AMERICAS CARMART INC CRMT · Entity 7678 Tax withholdingCommon Stock 23,507 $89.37 $2,100,820.59
Disclosure

SEC source: 0001683168-23-003763 · ownership.xml · nonDerivative · entry 2

Williams Jeffrey A · CIK 0001346323 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 102,020

F2 · shares: Includes 18,412 shares withheld by the issuer to pay the exercise price pursuant to a "net exercise" arrangement and 5,095 shares withheld by the issuer to satisfy the reporting person's tax obligation in connection with this exercise.

F1 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
May 26, 2023 Filed May 31, 2023 01:37 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionCommon Stock 30,000 $54.85 $1,645,500.00
Disclosure

SEC source: 0001683168-23-003763 · ownership.xml · nonDerivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 125,527

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 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
February 18, 2022 Filed Feb 23, 2022 21:33 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionEmployee Stock Option (Right to Buy) · Derivative 20,000 $0.00 Strike: $46.47 $0.00
Disclosure

SEC source: 0001683168-22-001231 · ownership.xml · derivative · entry 5

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 20,000 shares

Expires 2025-08-05

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.

F4 · derivative.underlying_shares: On August 5, 2015, the reporting person was granted an option to purchase 20,000 shares of common stock. The option vested in full on the fifth anniversary of the grant date if the Company's cumulative consolidated net income growth, calculated on a compound basis, for the five fiscal years ending April 30, 2020 was equal to 10% or more. The performance criteria were met, resulting in the vesting of the option for 20,000 shares of common stock.

Read SEC document
February 18, 2022 Filed Feb 23, 2022 21:33 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionEmployee Stock Option (Right to Buy) · Derivative 10,000 $0.00 Strike: $46.47 $0.00
Disclosure

SEC source: 0001683168-22-001231 · ownership.xml · derivative · entry 4

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 10,000 shares

Expires 2025-08-05

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.

Read SEC document
February 18, 2022 Filed Feb 23, 2022 21:33 UTC AMERICAS CARMART INC CRMT · Entity 7678 Tax withholdingCommon Stock 20,587 $107.58 $2,214,749.46
Disclosure

SEC source: 0001683168-22-001231 · ownership.xml · nonDerivative · entry 2

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 95,527

F2 · shares: Includes 12,958 shares withheld by the issuer to pay the exercise price pursuant to a "net exercise" arrangement and 7,629 shares withheld by the issuer to satisfy the reporting person's tax obligation in connection with this exercise.

F1 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
February 18, 2022 Filed Feb 23, 2022 21:33 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionCommon Stock 30,000 $46.47 $1,394,100.00
Disclosure

SEC source: 0001683168-22-001231 · ownership.xml · nonDerivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 116,114

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 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
August 05, 2020 Filed Aug 6, 2020 22:07 UTC AMERICAS CARMART INC CRMT · Entity 7678 GrantEmployee Stock Option (Right to Buy) · Derivative 20,000 $0.00 Strike: $46.47 $0.00
Disclosure

SEC source: 0001683168-20-002559 · ownership.xml · derivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,000

Underlying: Common Stock · 20,000 shares

Expires 2025-08-05

F1 · balance_after: On August 5, 2015, the reporting person was granted an option to purchase 20,000 shares of common stock. The option vested in full on the fifth anniversary of the grant date if the Company's cumulative consolidated net income growth, calculated on a compound basis, for the five fiscal years ending April 30, 2020 was equal to 10% or more. The performance criteria were met, resulting in the vesting of the option for 20,000 shares of common stock.

Read SEC document
December 30, 2019 Filed Jan 2, 2020 19:36 UTC AMERICAS CARMART INC CRMT · Entity 7678 GrantEmployee Stock Option (Right to Buy) · Derivative 100,000 $0.00 Strike: $109.06 $0.00
Disclosure

SEC source: 0001683168-20-000006 · ownership.xml · derivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,000

Underlying: Common Stock · 100,000 shares

Expires 2029-12-30

F1 · derivative.exercise_date: The option vests in five equal annual installments beginning on December 30, 2020.

Read SEC document
November 27, 2019 Filed Dec 2, 2019 21:11 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionEmployee Stock Option (Right to Buy) · Derivative 30,000 $0.00 Strike: $24.47 $0.00
Disclosure

SEC source: 0001683168-19-003863 · ownership.xml · derivative · entry 4

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 30,000 shares

Expires 2019-11-27

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.

F4 · derivative.exercise_date: The option vested in five equal installments beginning on April 30, 2011.

F5 · derivative.expiration_date: The expiration date of this option was incorrectly reported as November 26, 2019 in the reporting person's prior Form 4 filings but has been correctly reported in the issuer's prior proxy statements.

Read SEC document
November 27, 2019 Filed Dec 2, 2019 21:11 UTC AMERICAS CARMART INC CRMT · Entity 7678 Tax withholdingCommon Stock 17,616 $104.78 $1,845,804.48
Disclosure

SEC source: 0001683168-19-003863 · ownership.xml · nonDerivative · entry 2

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 86,114

F2 · shares: Includes 7,006 shares withheld by the issuer to pay the exercise price pursuant to a "net exercise" arrangement and 10,610 shares withheld by the issuer to satisfy the reporting person's tax obligation in connection with this exercise.

F1 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
November 27, 2019 Filed Dec 2, 2019 21:11 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionCommon Stock 30,000 $24.47 $734,100.00
Disclosure

SEC source: 0001683168-19-003863 · ownership.xml · nonDerivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 103,730

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 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
December 12, 2018 Filed Dec 15, 2018 00:25 UTC AMERICAS CARMART INC CRMT · Entity 7678 OtherCommon Stock 2,306.2779 $73.16 $168,718.07
Disclosure

SEC source: 0001683168-18-003721 · ownership.xml · nonDerivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Indirect · By 401(k) Plan

Disclosed balance after: 4,922.3352

F1 · balance_after: Between May 24, 2018 and December 12, 2018, the reporting person acquired 51.3499 shares under the America's Car-Mart, Inc. 401(k) Plan.

Read SEC document
May 24, 2018 Filed May 25, 2018 22:12 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionEmployee Stock Option (Right to Buy) · Derivative 30,000 $0.00 Strike: $24.47 $0.00
Disclosure

SEC source: 0001683168-18-001541 · williams_f4-052418.xml · derivative · entry 4

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,000

Underlying: Common Stock · 30,000 shares

Expires 2019-11-26

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.

F4 · derivative.exercise_date: The option vested in five equal installments beginning on April 30, 2011.

Read SEC document
May 24, 2018 Filed May 25, 2018 22:12 UTC AMERICAS CARMART INC CRMT · Entity 7678 Tax withholdingCommon Stock 20,001 $64.00 $1,280,064.00
Disclosure

SEC source: 0001683168-18-001541 · williams_f4-052418.xml · nonDerivative · entry 2

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 73,730

F2 · shares: Includes 11,470 shares withheld by the issuer to pay the exercise price pursuant to a "net exercise" arrangement and 8,531 shares withheld by the issuer to satisfy the reporting person's tax obligation in connection with this exercise.

F1 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
May 24, 2018 Filed May 25, 2018 22:12 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionCommon Stock 30,000 $24.47 $734,100.00
Disclosure

SEC source: 0001683168-18-001541 · williams_f4-052418.xml · nonDerivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 93,731

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 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
May 08, 2018 Filed May 10, 2018 23:57 UTC AMERICAS CARMART INC CRMT · Entity 7678 GrantEmployee Stock Option (right to buy) · Derivative 120,000 $0.00 Strike: $54.85 $0.00
Disclosure

SEC source: 0001683168-18-001263 · williams_frm4.xml · derivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,000

Underlying: Common Stock · 120,000 shares

Expires 2028-05-08

Read SEC document
February 26, 2018 Filed Feb 27, 2018 23:08 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionEmployee Stock Option Right to Buy · Derivative 30,000 $0.00 Strike: $24.47 $0.00
Disclosure

SEC source: 0001683168-18-000522 · williams_frm4.xml · derivative · entry 4

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,000

Underlying: Common Stock · 30,000 shares

Expires 2019-11-26

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.

F4 · derivative.exercise_date: The option vested in five equal installments beginning on April 30, 2011.

Read SEC document
February 26, 2018 Filed Feb 27, 2018 23:08 UTC AMERICAS CARMART INC CRMT · Entity 7678 Tax withholdingCommon Stock 21,548 $51.35 $1,106,489.80
Disclosure

SEC source: 0001683168-18-000522 · williams_frm4.xml · nonDerivative · entry 2

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,731

F2 · shares: Includes 14,296 shares withheld by the issuer to pay the exercise price pursuant to a "net exercise" arrangement and 7,252 shares withheld by the issuer to satisfy the reporting person's tax obligation in connection with this exercise.

F1 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
February 26, 2018 Filed Feb 27, 2018 23:08 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionCommon Stock 30,000 $24.47 $734,100.00
Disclosure

SEC source: 0001683168-18-000522 · williams_frm4.xml · nonDerivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 85,279

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 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
September 26, 2017 Filed Sep 28, 2017 23:38 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionEmployee Stock Option Right to Buy · Derivative 57,000 $0.00 Strike: $11.90 $0.00
Disclosure

SEC source: 0001683168-17-002512 · williams_f4-092617.xml · derivative · entry 4

Williams Jeffrey A · CIK 0001346323 · Director · CFO and Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 57,000 shares

Expires 2017-10-16

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.

Read SEC document
September 26, 2017 Filed Sep 28, 2017 23:38 UTC AMERICAS CARMART INC CRMT · Entity 7678 Tax withholdingCommon Stock 36,171 $41.40 $1,497,479.40
Disclosure

SEC source: 0001683168-17-002512 · williams_f4-092617.xml · nonDerivative · entry 2

Williams Jeffrey A · CIK 0001346323 · Director · CFO and Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 55,279

F2 · shares: Includes 16,384 shares withheld by the issuer to pay the exercise price pursuant to a "net exercise" arrangement and 19,787 shares withheld by the issuer to satisfy the reporting person's tax obligation in connection with this exercise.

F1 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
September 26, 2017 Filed Sep 28, 2017 23:38 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionCommon Stock 57,000 $11.90 $678,300.00
Disclosure

SEC source: 0001683168-17-002512 · williams_f4-092617.xml · nonDerivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · CFO and Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 91,450

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 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
January 05, 2017 Filed Jan 10, 2017 01:39 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionEmployee Stock Option Right to Buy · Derivative 30,000 $0.00 Strike: $24.47 $0.00
Disclosure

SEC source: 0001683168-17-000049 · williams_frm4.xml · derivative · entry 4

Williams Jeffrey A · CIK 0001346323 · Director · Pres., CFO and Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 90,000

Underlying: Common Stock · 30,000 shares

Expires 2019-11-26

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.

F4 · derivative.exercise_date: The option vested in five equal installments beginning on April 30, 2011.

Read SEC document
January 05, 2017 Filed Jan 10, 2017 01:39 UTC AMERICAS CARMART INC CRMT · Entity 7678 Tax withholdingCommon Stock 22,967 $45.55 $1,046,146.85
Disclosure

SEC source: 0001683168-17-000049 · williams_frm4.xml · nonDerivative · entry 2

Williams Jeffrey A · CIK 0001346323 · Director · Pres., CFO and Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,450

F2 · shares: Includes 16,116 shares withheld by the issuer to pay the exercise price pursuant to a "net exercise" arrangement and 6,851 shares withheld by the issuer to satisfy the reporting person's tax obligation in connection with this exercise.

F1 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock Purchase Plan.

Read SEC document
January 05, 2017 Filed Jan 10, 2017 01:39 UTC AMERICAS CARMART INC CRMT · Entity 7678 Exercise / conversionCommon Stock 30,000 $24.47 $734,100.00
Disclosure

SEC source: 0001683168-17-000049 · williams_frm4.xml · nonDerivative · entry 1

Williams Jeffrey A · CIK 0001346323 · Director · Pres., CFO and Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 57,417

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 · balance_after: Includes 2,014 shares held by the reporting person under the America's Car-Mart, Inc. Employee Stock 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.