person · Reporting owner
Smith Christopher Brent
Disclosed activity across 1 company
Sign in to followReported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| Piedmont Realty Trust, Inc.PDM · Entity 4841 | Director · President & Chief Exec. Off | February 23, 2026 | February 25, 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.
Piedmont Realty Trust, Inc.
Report date February 23, 2026 · Filed February 25, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 694,746 |
Ending reported balance
After 2026-02-23 transaction · row 2
2 source rows · reconciled sequenceRow 1 · 2026-02-23 · Exercise / conversion · Acquired 33,791 · Balance 709,797 F1: On February 23, 2023, the reporting person was granted 135,164 deferred stock units, vesting in four equal, annual installments beginning on the anniversary of the grant date. On February 23, 2026, the third 25% of the grant vested (33,791 shares) and were settled in PDM common stock. In connection with this vesting, 15,051 shares were forfeited by the employee and delivered to PDM to satisfy tax withholding obligations. F2: Each deferred stock unit represents a contingent right to receive one share of PDM common stock. Deferred stock units may be settled in cash or common stock at PDM's election. Row 2 · 2026-02-23 · Tax withholding · Disposed 15,051 · Balance 694,746 F1: On February 23, 2023, the reporting person was granted 135,164 deferred stock units, vesting in four equal, annual installments beginning on the anniversary of the grant date. On February 23, 2026, the third 25% of the grant vested (33,791 shares) and were settled in PDM common stock. In connection with this vesting, 15,051 shares were forfeited by the employee and delivered to PDM to satisfy tax withholding obligations. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security · Conversion / exercise price $0.00 | Direct | 423,180 |
Reported balance
After 2026-02-23 transaction · row 3
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 3 · 2026-02-23 · Exercise / conversion · Disposed 33,791 · Balance 423,180 F2: Each deferred stock unit represents a contingent right to receive one share of PDM common stock. Deferred stock units may be settled in cash or common stock at PDM's election. F1: On February 23, 2023, the reporting person was granted 135,164 deferred stock units, vesting in four equal, annual installments beginning on the anniversary of the grant date. On February 23, 2026, the third 25% of the grant vested (33,791 shares) and were settled in PDM common stock. In connection with this vesting, 15,051 shares were forfeited by the employee and delivered to PDM to satisfy tax withholding obligations. |
Filing footnotes · ownership attribution and instrument terms
F1: On February 23, 2023, the reporting person was granted 135,164 deferred stock units, vesting in four equal, annual installments beginning on the anniversary of the grant date. On February 23, 2026, the third 25% of the grant vested (33,791 shares) and were settled in PDM common stock. In connection with this vesting, 15,051 shares were forfeited by the employee and delivered to PDM to satisfy tax withholding obligations.
F2: Each deferred stock unit represents a contingent right to receive one share of PDM common stock. Deferred stock units may be settled in cash or common stock at PDM's election.
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 |
|---|---|---|---|---|---|---|
| February 04, 2020 Filed Feb 6, 2020 21:42 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | GrantCommon Stock | 16,370 | $0.00 | $0.00 |
DisclosureSEC source: 0001042776-20-000025 · wf-form4_158102533226437.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Director · President & Chief Inv. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 149,510 F1 · shares: Such shares were granted without restriction pursuant to the performance share component of the 2017-2019 Long Term Incentive Compensation plan. Read SEC document |
| February 04, 2020 Filed May 19, 2020 20:30 UTC Amendment | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 10,563 | $24.03 | $253,828.89 |
DisclosureSEC source: 0001042776-20-000166 · wf-form4a_158992021668343.xml · nonDerivative · entry 2 Smith Christopher Brent · CIK 0001657666 · Director · President & Chief Exec. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 138,947 F2 · shares: In connection with the grant of the unrestricted stock award (16,370 shares) on February 4, 2020, 10,563 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. In the original Form 4 filing on February 6, 2020, due to a clerical processing error, the number of shares forfeited by the employee was incorrectly reported as 5,069 shares. Read SEC document |
| February 04, 2020 Filed May 19, 2020 20:30 UTC Amendment | Piedmont Realty Trust, Inc. PDM · Entity 4841 | GrantCommon Stock | 16,370 | $0.00 | $0.00 |
DisclosureSEC source: 0001042776-20-000166 · wf-form4a_158992021668343.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Director · President & Chief Exec. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 149,510 F1 · shares: Such shares were granted without restriction pursuant to the performance share component of the 2017-2019 Long Term Incentive Compensation plan. The transaction is reproduced for context without alteration from the original Form 4 filing on February 6, 2020. Read SEC document |
| May 24, 2019 Filed May 28, 2019 20:36 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 1,273 | $20.44 | $26,020.12 |
DisclosureSEC source: 0001042776-19-000131 · wf-form4_155907577769179.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Director · President & Chief Inv. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 133,140 F1 · shares: In connection with the vesting of 2,009 shares on May 24, 2019 (representing 25% of restricted stock units granted on May 24, 2016), 1,273 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 18, 2019 Filed May 21, 2019 20:33 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 1,465 | $20.74 | $30,384.10 |
DisclosureSEC source: 0001042776-19-000116 · wf-form4_155847078369041.xml · nonDerivative · entry 2 Smith Christopher Brent · CIK 0001657666 · Director · President & Chief Inv. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 134,413 F2 · shares: In connection with the vesting of 2,312 shares on May 18, 2019 (representing 25% of restricted stock units granted on May 18, 2017), 1,465 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 17, 2019 Filed May 21, 2019 20:33 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 3,551 | $20.74 | $73,647.74 |
DisclosureSEC source: 0001042776-19-000116 · wf-form4_155847078369041.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Director · President & Chief Inv. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 135,878 F1 · shares: In connection with the vesting of 5,605 shares on May 17, 2019 (representing 25% of restricted stock units granted on May 17, 2018), 3,551 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 03, 2019 Filed May 7, 2019 20:38 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 3,041 | $21.04 | $63,982.64 |
DisclosureSEC source: 0001042776-19-000070 · wf-form4_155726147686834.xml · nonDerivative · entry 2 Smith Christopher Brent · CIK 0001657666 · Director · President & Chief Inv. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 139,429 F3 · shares: In connection with the vesting of 25% of the restricted stock units upon grant (4,799 shares on May 3, 2019), 3,041 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 03, 2019 Filed May 7, 2019 20:38 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | GrantCommon Stock | 66,722 | $0.00 | $0.00 |
DisclosureSEC source: 0001042776-19-000070 · wf-form4_155726147686834.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Director · President & Chief Inv. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 142,470 F1 · shares: Of the 66,722 restricted stock units granted on May 3, 2019, 19,193 restricted stock units vest on a schedule of 25% vesting on the grant date, and the remaining 75% vesting ratably on each anniversary of the grant date over the following three years. F2 · shares: Of the 66,722 restricted stock units granted on May 3, 2019, 47,529 restricted stock units vest on a schedule of 20% vesting on July 1, 2020, and the remaining 80% vesting ratably on each anniversary of July 1st over the following four years. Read SEC document |
| February 12, 2019 Filed Feb 13, 2019 21:43 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 2,118 | $20.47 | $43,355.46 |
DisclosureSEC source: 0001042776-19-000025 · wf-form4_155009420340060.xml · nonDerivative · entry 2 Smith Christopher Brent · CIK 0001657666 · President & Chief Inv. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 75,748 F2 · shares: In connection with the grant of the unrestricted stock award (6,906 shares) on February 12, 2019, 2,118 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| February 12, 2019 Filed Feb 13, 2019 21:43 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | GrantCommon Stock | 6,906 | $0.00 | $0.00 |
DisclosureSEC source: 0001042776-19-000025 · wf-form4_155009420340060.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · President & Chief Inv. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 77,866 F1 · shares: Such shares were granted without restriction pursuant to the performance share component of the 2016-2018 Long Term Incentive Compensation plan. Read SEC document |
| January 03, 2019 Filed Jan 7, 2019 21:46 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 868 | $17.15 | $14,886.20 |
DisclosureSEC source: 0001042776-19-000005 · wf-form4_154689755751408.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · President & Chief Inv. Off 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 70,960 F1 · shares: In connection with the vesting of 2,432 shares of deferred stock on January 3, 2019 (representing 20% of an initial grant made on January 3, 2014), 868 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 24, 2018 Filed May 29, 2018 20:54 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 610 | $18.64 | $11,370.40 |
DisclosureSEC source: 0001042776-18-000143 · wf-form4_152762719406723.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 71,828 F1 · shares: In connection with the vesting of 2,009 shares of deferred stock on May 24, 2018 (representing 25% of an initial grant made on May 24, 2016), 610 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 18, 2018 Filed May 22, 2018 20:55 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 702 | $17.93 | $12,586.86 |
DisclosureSEC source: 0001042776-18-000126 · wf-form4_152702251651016.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 72,438 F1 · shares: In connection with the vesting of 2,312 shares of deferred stock on May 18, 2018 (representing 25% of an initial grant made on May 18, 2017), 702 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 17, 2018 Filed May 18, 2018 20:57 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 1,702 | $17.84 | $30,363.68 |
DisclosureSEC source: 0001042776-18-000106 · wf-form4_152667706397797.xml · nonDerivative · entry 2 Smith Christopher Brent · CIK 0001657666 · Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 73,140 F2 · shares: In connection with the vesting of 25% of the restricted stock award (5,605 shares) on May 17, 2018, 1,702 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 17, 2018 Filed May 18, 2018 20:57 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | GrantCommon Stock | 22,422 | $0.00 | $0.00 |
DisclosureSEC source: 0001042776-18-000106 · wf-form4_152667706397797.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 74,842 F1 · shares: Of the shares granted, 25% vest on the day of the grant, and the remaining shares vest ratably on the anniversary date of the grant date over the following three years. Read SEC document |
| May 01, 2018 Filed May 3, 2018 20:44 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 607 | $18.10 | $10,986.70 |
DisclosureSEC source: 0001042776-18-000068 · wf-form4_152538021676610.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 52,420 F1 · shares: In connection with the vesting of 1,999 shares of deferred stock on May 1, 2018 (representing 25% of an initial grant made on May 1, 2015), 607 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| February 12, 2018 Filed Feb 14, 2018 22:22 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | PurchaseCommon Stock | 2,800 | $17.80 | $49,840.00 |
DisclosureSEC source: 0001042776-18-000036 · wf-form4_151864597590307.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 53,027 Read SEC document |
| February 08, 2018 Filed Feb 12, 2018 21:34 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 1,710 | $17.47 | $29,873.70 |
DisclosureSEC source: 0001042776-18-000029 · wf-form4_151847124566101.xml · nonDerivative · entry 2 Smith Christopher Brent · CIK 0001657666 · Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 50,227 F2 · shares: In connection with the grant of the unrestricted stock award (5,355 shares) on February 8, 2018, 1,710 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| February 08, 2018 Filed Feb 12, 2018 21:34 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | GrantCommon Stock | 5,355 | $0.00 | $0.00 |
DisclosureSEC source: 0001042776-18-000029 · wf-form4_151847124566101.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 51,937 F1 · shares: Such shares were granted without restriction pursuant to the performance share component of the 2015-2017 Long Term Incentive Compensation plan. Read SEC document |
| January 03, 2018 Filed Jan 5, 2018 21:41 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 940 | $19.51 | $18,339.40 |
DisclosureSEC source: 0001042776-18-000005 · wf-form4_151518850139784.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 46,582 F1 · shares: In connection with the vesting of 2,431 shares of deferred stock on January 3, 2018 (representing 20% of an initial grant made on January 3, 2014), 940 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 24, 2017 Filed May 26, 2017 10:45 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 671 | $21.59 | $14,486.89 |
DisclosureSEC source: 0001042776-17-000157 · wf-form4_149579552908961.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Co-Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 47,522 F1 · shares: In connection with the vesting of 2,009 shares of deferred stock on May 24, 2017 (representing 25% of an initial grant made on May 24, 2016), 671 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 18, 2017 Filed May 22, 2017 20:54 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 772 | $21.38 | $16,505.36 |
DisclosureSEC source: 0001042776-17-000130 · wf-form4_149548647686457.xml · nonDerivative · entry 2 Smith Christopher Brent · CIK 0001657666 · Co-Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 48,193 F2 · shares: In connection with the vesting of 25% of the restricted stock award (2,312 shares) on May 18, 2017, 772 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 18, 2017 Filed May 22, 2017 20:54 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | GrantCommon Stock | 9,249 | $0.00 | $0.00 |
DisclosureSEC source: 0001042776-17-000130 · wf-form4_149548647686457.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Co-Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 48,965 F1 · shares: Of the shares granted, 25% vest on the day of the grant, and the remaining shares vest ratably on the anniversary date of the grant date over the following three years. Read SEC document |
| May 09, 2017 Filed May 11, 2017 21:03 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 451 | $21.38 | $9,642.38 |
DisclosureSEC source: 0001042776-17-000088 · wf-form4_149453661275179.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Co-Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 39,716 F1 · shares: In connection with the vesting of 25% of the restricted stock award (1,351 shares) on May 9, 2017, 451 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| May 01, 2017 Filed May 3, 2017 20:56 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 667 | $22.09 | $14,734.03 |
DisclosureSEC source: 0001042776-17-000065 · wf-form4_149384495704330.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Co-Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 40,167 F1 · shares: In connection with the vesting of 1,999 shares of deferred stock on May 1, 2017 (representing 25% of an initial grant made on May 1, 2015), 667 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| February 10, 2017 Filed Feb 14, 2017 23:00 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 1,765 | $22.00 | $38,830.00 |
DisclosureSEC source: 0001042776-17-000031 · wf-form4_148711319544946.xml · nonDerivative · entry 2 Smith Christopher Brent · CIK 0001657666 · Co-Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 40,834 F2 · shares: In connection with the grant of the unrestricted stock award (5,089 shares) on February 10, 2017, 1,765 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. Read SEC document |
| February 10, 2017 Filed Feb 14, 2017 23:00 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | GrantCommon Stock | 5,089 | $0.00 | $0.00 |
DisclosureSEC source: 0001042776-17-000031 · wf-form4_148711319544946.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Co-Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 42,599 F1 · shares: Such shares were granted without restriction pursuant to the performance share component of the 2014 Long Term Incentive Compensation plan. Read SEC document |
| January 03, 2017 Filed Jan 5, 2017 22:02 UTC | Piedmont Realty Trust, Inc. PDM · Entity 4841 | Tax withholdingCommon Stock | 940 | $21.03 | $19,768.20 |
DisclosureSEC source: 0001042776-17-000007 · wf-form4_148365371521656.xml · nonDerivative · entry 1 Smith Christopher Brent · CIK 0001657666 · Co-Chief Inv. Off & EVP-NE Reg 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 37,510 F1 · shares: In connection with the vesting of 2,432 shares of deferred stock on January 3, 2017 (representing 20% of an initial grant made on January 3, 2014), 940 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations. 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.