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SIMPSON WENDY

Disclosed activity across 1 company

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61883
SEC CIK
0001198417

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
LTC PROPERTIES INCLTC · Entity 4431Director · EXECUTIVE CHAIRMANMarch 09, 2026March 10, 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.

LTC PROPERTIES INC

Report date March 09, 2026 · Filed March 10, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect393,543 Ending reported balance After 2026-03-09 transaction · row 2
2 source rows · reconciled sequence

Row 1 · 2026-03-09 · Grant · Acquired 67,721 · Balance 430,079

F1: Vesting of Performance Based Stock Unit Award.

Row 2 · 2026-03-09 · Tax withholding · Disposed 36,536 · Balance 393,543

F2: Represents tax withholding on vesting of previously reported Performance Based Stock Unit Award.

Filing footnotes · ownership attribution and instrument terms

F1: Vesting of Performance Based Stock Unit Award.

F2: Represents tax withholding on vesting of previously reported Performance Based Stock Unit Award.

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
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 2,600 $48.99 $127,374.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 24

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 344,659

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 500 $48.98 $24,490.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 23

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 347,259

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 900 $48.97 $44,073.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 22

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 347,759

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 2,100 $48.96 $102,816.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 21

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 348,659

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 1,500 $48.94 $73,410.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 20

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 350,759

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 500 $48.92 $24,460.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 19

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 352,259

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 800 $48.90 $39,120.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 18

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 352,759

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 5,000 $48.88 $244,400.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 17

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 353,559

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 2,800 $48.85 $136,780.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 16

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 358,559

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 500 $48.82 $24,410.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 15

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 361,359

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 500 $48.81 $24,405.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 14

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 361,859

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 500 $48.80 $24,400.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 13

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 362,359

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 4,116 $48.79 $200,819.64
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 12

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 362,859

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 900 $48.75 $43,875.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 11

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 366,975

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 300 $48.73 $14,619.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 10

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 367,875

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 1,000 $48.71 $48,710.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 9

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 368,175

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 2,250 $48.68 $109,530.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 8

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 369,175

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 1,100 $48.65 $53,515.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 7

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 371,425

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 1,000 $48.62 $48,620.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 6

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 372,525

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 2,434 $48.61 $118,316.74
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 5

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 373,525

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 1,706 $48.56 $82,843.36
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 4

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 375,959

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 900 $48.55 $43,695.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 3

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 377,665

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 800 $48.53 $38,824.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 2

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 378,565

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
August 26, 2019 Filed Aug 27, 2019 21:20 UTC LTC PROPERTIES INC LTC · Entity 4431 SaleCommon Stock 3,000 $48.50 $145,500.00
Disclosure

SEC source: 0001179110-19-009878 · edgar.xml · nonDerivative · entry 1

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 379,365

F1 · kind: The sales reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Read SEC document
March 05, 2019 Filed Mar 6, 2019 22:45 UTC LTC PROPERTIES INC LTC · Entity 4431 Tax withholdingCommon Stock 10,114 $44.42 $449,263.88
Disclosure

SEC source: 0001179110-19-003455 · edgar.xml · nonDerivative · entry 2

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 382,365

F2 · kind: Represents tax withholding on vesting of previously reported Performance Based Market Stock Unit Award.

Read SEC document
March 05, 2019 Filed Mar 6, 2019 22:45 UTC LTC PROPERTIES INC LTC · Entity 4431 GrantCommon Stock 19,209 $44.42 $853,263.78
Disclosure

SEC source: 0001179110-19-003455 · edgar.xml · nonDerivative · entry 1

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 392,479

F1 · kind: Vesting of Performance Based Market Stock Unit Award.

Read SEC document
February 19, 2019 Filed Feb 20, 2019 02:24 UTC LTC PROPERTIES INC LTC · Entity 4431 GrantCommon Stock 25,247 $46.54 $1,174,995.38
Disclosure

SEC source: 0001179110-19-002124 · edgar.xml · nonDerivative · entry 1

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 373,270

F1 · kind: Restricted stock grant. Shares vest equally over three years based on the reporting person's continued employment at each vesting date.

Read SEC document
February 18, 2018 Filed Feb 20, 2018 23:56 UTC LTC PROPERTIES INC LTC · Entity 4431 Tax withholdingCommon Stock 3,967 $37.81 $149,992.27
Disclosure

SEC source: 0001179110-18-002446 · edgar.xml · nonDerivative · entry 2

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 348,023

F2 · kind: Represents tax withholding on vesting of previously reported restricted stock grant.

Read SEC document
February 16, 2018 Filed Feb 20, 2018 23:56 UTC LTC PROPERTIES INC LTC · Entity 4431 GrantCommon Stock 22,181 $38.18 $846,870.58
Disclosure

SEC source: 0001179110-18-002446 · edgar.xml · nonDerivative · entry 1

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 351,990

F1 · kind: Restricted stock grant. Shares vest equally over three years based on the reporting person's continued employment at each vesting date.

Read SEC document
February 14, 2018 Filed Feb 14, 2018 23:58 UTC LTC PROPERTIES INC LTC · Entity 4431 Tax withholdingCommon Stock 3,893 $37.31 $145,247.83
Disclosure

SEC source: 0001179110-18-002141 · edgar.xml · nonDerivative · entry 2

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 329,809

F1 · kind: Represents tax withholding on vesting of previously reported restricted stock grant.

Read SEC document
February 10, 2018 Filed Feb 14, 2018 23:58 UTC LTC PROPERTIES INC LTC · Entity 4431 Tax withholdingCommon Stock 4,076 $37.89 $154,439.64
Disclosure

SEC source: 0001179110-18-002141 · edgar.xml · nonDerivative · entry 1

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 333,702

F1 · kind: Represents tax withholding on vesting of previously reported restricted stock grant.

Read SEC document
February 18, 2017 Filed Feb 23, 2017 00:54 UTC LTC PROPERTIES INC LTC · Entity 4431 Tax withholdingCommon Stock 4,162 $46.89 $195,156.18
Disclosure

SEC source: 0001179110-17-002997 · edgar.xml · nonDerivative · entry 1

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 337,778

F1 · kind: Represents tax withholding on vesting of previously reported restricted stock grant.

Read SEC document
February 14, 2017 Filed Feb 15, 2017 00:48 UTC LTC PROPERTIES INC LTC · Entity 4431 GrantCommon Stock 22,181 $45.76 $1,015,002.56
Disclosure

SEC source: 0001179110-17-002406 · edgar.xml · nonDerivative · entry 3

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 341,940

F2 · kind: Restricted stock grant. Shares vest equally over three years based on the reporting person's continued employment at each vesting date.

Read SEC document
February 12, 2017 Filed Feb 15, 2017 00:48 UTC LTC PROPERTIES INC LTC · Entity 4431 Tax withholdingCommon Stock 3,684 $46.16 $170,053.44
Disclosure

SEC source: 0001179110-17-002406 · edgar.xml · nonDerivative · entry 2

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 319,759

F1 · kind: Represents tax withholding on vesting of previously reported restricted stock grant.

Read SEC document
February 10, 2017 Filed Feb 15, 2017 00:48 UTC LTC PROPERTIES INC LTC · Entity 4431 Tax withholdingCommon Stock 4,269 $46.26 $197,483.94
Disclosure

SEC source: 0001179110-17-002406 · edgar.xml · nonDerivative · entry 1

SIMPSON WENDY · CIK 0001198417 · Director · Chairman CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 323,443

F1 · kind: Represents tax withholding on vesting of previously reported restricted stock grant.

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.