Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| NORTHROP GRUMMAN CORP /DE/NOC · Entity 2963 | CVP & Pres Aeronautics Systems | February 17, 2026 | February 19, 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.
NORTHROP GRUMMAN CORP /DE/
Report date February 17, 2026 · Filed February 19, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 11,204.715 |
Ending reported balance
After 2026-02-17 transaction · row 2
2 source rows · reconciled sequenceRow 1 · 2026-02-17 · Exercise / conversion · Acquired 2,152 · Balance 12,209.715 Row 2 · 2026-02-17 · Tax withholding · Disposed 1,005 · Balance 11,204.715 |
| Restricted Stock RightsSEC Table II · derivative / convertible security | Direct | 6,513 |
Reported balance
After 2026-02-17 transaction · row 3
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 3 · 2026-02-17 · Exercise / conversion · Disposed 2,152 · Balance 6,513 F1: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares in Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. F2: Shares issued upon vesting of RSRs granted under the 2011 Long-Term Incentive Stock Plan ("2011 LTISP") on 2/16/23 that vested on 2/17/26. F3: Total amount includes (i) 2,356 RSRs granted under the 2011 LTISP on 2/14/24 that will vest on 2/16/27; (ii) 2,456 RSRs granted under the 2024 LTISP on 2/18/25 that will vest on 2/18/28; and (iii) 1,701 RSRs granted under 2024 LTISP on 2/11/26 that will vest on 2/12/29. |
Filing footnotes · ownership attribution and instrument terms
F1: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares in Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock.
F2: Shares issued upon vesting of RSRs granted under the 2011 Long-Term Incentive Stock Plan ("2011 LTISP") on 2/16/23 that vested on 2/17/26.
F3: Total amount includes (i) 2,356 RSRs granted under the 2011 LTISP on 2/14/24 that will vest on 2/16/27; (ii) 2,456 RSRs granted under the 2024 LTISP on 2/18/25 that will vest on 2/18/28; and (iii) 1,701 RSRs granted under 2024 LTISP on 2/11/26 that will vest on 2/12/29.
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 15, 2022 Filed Feb 17, 2022 21:43 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | GrantRestricted Performance Stock Rights · Derivative | 5,937 | $0.00 | $0.00 |
DisclosureSEC source: 0001628280-22-003041 · wf-form4_164513421182985.xml · derivative · entry 5 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 14,956 Underlying: Common Stock · 5,937 shares Expires not disclosed F3 · derivative.exercise_price: Each Restricted Stock Performance Right ("RPSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant measurement period. Grants awarded pursuant to Rule 16b-3(d). F4 · shares: The RPSRs acquired include (i) 556 vested RPSRs with respect to the measurement period ended 12/31/21 acquired due to settlement of the RPSRs granted under the 2011 Long-Term Incentive Stock Plan ("LTISP") on 2/13/19 that resulted in settlement at 158% of the target award; and (ii) 5,381 unvested RPSRs granted under the LTISP on 2/15/22 with a measurement period ending on 12/31/24. A total of 1,514 shares were issued in settlement of the 2019 RPSRs with a measurement period that ended 12/31/21, and the target award amount of 958 RPSRs was previously reported in connection with the grant of the 2019 RPSRs. F3 · derivative.exercise_date: Each Restricted Stock Performance Right ("RPSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant measurement period. Grants awarded pursuant to Rule 16b-3(d). F3 · derivative.expiration_date: Each Restricted Stock Performance Right ("RPSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant measurement period. Grants awarded pursuant to Rule 16b-3(d). Read SEC document |
| February 15, 2022 Filed Feb 17, 2022 21:43 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | GrantRestricted Stock Rights · Derivative | 2,457 | $0.00 | $0.00 |
DisclosureSEC source: 0001628280-22-003041 · wf-form4_164513421182985.xml · derivative · entry 4 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 6,100 Underlying: Common Stock · 2,457 shares Expires not disclosed F2 · derivative.exercise_price: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares in Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. The RSRs were granted under the Long-Term Incentive Stock Plan ("LTISP") on 2/15/22 and will vest on 2/18/25. F2 · derivative.exercise_date: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares in Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. The RSRs were granted under the Long-Term Incentive Stock Plan ("LTISP") on 2/15/22 and will vest on 2/18/25. F2 · derivative.expiration_date: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares in Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. The RSRs were granted under the Long-Term Incentive Stock Plan ("LTISP") on 2/15/22 and will vest on 2/18/25. Read SEC document |
| February 15, 2022 Filed Feb 17, 2022 21:43 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Tax withholdingCommon Stock | 524 | $384.77 | $201,619.48 |
DisclosureSEC source: 0001628280-22-003041 · wf-form4_164513421182985.xml · nonDerivative · entry 2 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 4,314.815 Read SEC document |
| February 15, 2022 Filed Feb 17, 2022 21:43 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Exercise / conversionCommon Stock | 1,514 | $0.00 | $0.00 |
DisclosureSEC source: 0001628280-22-003041 · wf-form4_164513421182985.xml · nonDerivative · entry 1 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 4,838.815 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 14, 2022 Filed Feb 16, 2022 21:51 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Exercise / conversionRestricted Stock Rights · Derivative | 410 | $0.00 | $0.00 |
DisclosureSEC source: 0001628280-22-002859 · wf-form4_164504822511012.xml · derivative · entry 4 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 3,643 Underlying: Common Stock · 410 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. F2 · derivative.exercise_price: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. F2 · derivative.exercise_date: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. F3 · derivative.expiration_date: Shares issued upon vesting of RSRs granted under the Long-Term Incentive Stock Plan ("LTISP") on 2/13/19 that vested on 2/14/22. Read SEC document |
| February 14, 2022 Filed Feb 16, 2022 21:51 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | SaleCommon Stock | 117 | $397.00 | $46,449.00 |
DisclosureSEC source: 0001628280-22-002859 · wf-form4_164504822511012.xml · nonDerivative · entry 3 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 3,324.815 F1 · shares: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person. Read SEC document |
| February 14, 2022 Filed Feb 16, 2022 21:51 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Tax withholdingCommon Stock | 174 | $390.60 | $67,964.40 |
DisclosureSEC source: 0001628280-22-002859 · wf-form4_164504822511012.xml · nonDerivative · entry 2 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 3,441.815 Read SEC document |
| February 14, 2022 Filed Feb 16, 2022 21:51 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Exercise / conversionCommon Stock | 410 | $0.00 | $0.00 |
DisclosureSEC source: 0001628280-22-002859 · wf-form4_164504822511012.xml · nonDerivative · entry 1 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 3,615.815 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 |
| August 17, 2021 Filed Aug 18, 2021 21:53 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | SaleCommon Stock | 235 | $370.00 | $86,950.00 |
DisclosureSEC source: 0001628280-21-017259 · wf-form4_162932360038914.xml · nonDerivative · entry 1 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 2,267.91 F1 · shares: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person. Read SEC document |
| August 03, 2021 Filed Aug 5, 2021 22:48 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | SaleCommon Stock | 470 | $361.35 | $169,834.50 |
DisclosureSEC source: 0001628280-21-015957 · wf-form4_162820362673867.xml · nonDerivative · entry 1 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 2,502.91 F1 · shares: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person. Read SEC document |
| May 20, 2021 Filed May 21, 2021 23:27 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | GiftCommon Stock | 540 | $0.00 | $0.00 |
DisclosureSEC source: 0001628280-21-010943 · wf-form4_162163963436528.xml · nonDerivative · entry 1 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 2,972.91 Read SEC document |
| February 16, 2021 Filed Feb 19, 2021 01:41 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Exercise / conversionRestricted Stock Rights · Derivative | 361 | $0.00 | $0.00 |
DisclosureSEC source: 0001225208-21-003090 · doc4.xml · derivative · entry 8 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 4,053 Underlying: Common Stock · 361 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. F3 · derivative.exercise_price: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. F3 · derivative.exercise_date: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. F4 · derivative.expiration_date: Shares issued upon vesting of Restricted Stock Rights ("RSRs") granted under the LTISP on 2/13/18 that vested on 2/16/21. Read SEC document |
| February 16, 2021 Filed Feb 19, 2021 01:41 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | GrantRestricted Stock Rights · Derivative | 3,284 | $0.00 | $0.00 |
DisclosureSEC source: 0001225208-21-003090 · doc4.xml · derivative · entry 7 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 4,414 Underlying: Common Stock · 3,284 shares Expires not disclosed F2 · derivative.exercise_price: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. The RSRs were granted under the LTISP on 2/16/21 and will vest on 2/16/24. F2 · derivative.exercise_date: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. The RSRs were granted under the LTISP on 2/16/21 and will vest on 2/16/24. F2 · derivative.expiration_date: Each Restricted Stock Right ("RSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the election of the Issuer's Compensation Committee, cash or a combination of cash and Issuer common stock. The RSRs were granted under the LTISP on 2/16/21 and will vest on 2/16/24. Read SEC document |
| February 16, 2021 Filed Feb 19, 2021 01:41 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Exercise / conversionRestricted Performance Stock Rights · Derivative | 1,188.63 | $0.00 | $0.00 |
DisclosureSEC source: 0001225208-21-003090 · doc4.xml · derivative · entry 6 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 9,019 Underlying: Common Stock · 1,188.63 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: Each RPSR represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant measurement period. Grants awarded pursuant to Rule 16b-3(d). F1 · derivative.exercise_date: Each RPSR represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant measurement period. Grants awarded pursuant to Rule 16b-3(d). F1 · derivative.expiration_date: Each RPSR represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant measurement period. Grants awarded pursuant to Rule 16b-3(d). Read SEC document |
| February 16, 2021 Filed Feb 19, 2021 01:41 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | GrantRestricted Performance Stock Rights · Derivative | 7,568.63 | $0.00 | $0.00 |
DisclosureSEC source: 0001225208-21-003090 · doc4.xml · derivative · entry 5 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 10,207.63 Underlying: Common Stock · 7,568.63 shares Expires not disclosed F1 · derivative.exercise_price: Each RPSR represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant measurement period. Grants awarded pursuant to Rule 16b-3(d). F1 · derivative.exercise_date: Each RPSR represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant measurement period. Grants awarded pursuant to Rule 16b-3(d). F1 · derivative.expiration_date: Each RPSR represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant measurement period. Grants awarded pursuant to Rule 16b-3(d). Read SEC document |
| February 16, 2021 Filed Feb 19, 2021 01:41 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Tax withholdingCommon Stock | 418 | $0.00 | $0.00 |
DisclosureSEC source: 0001225208-21-003090 · doc4.xml · nonDerivative · entry 4 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 3,512.91 Read SEC document |
| February 16, 2021 Filed Feb 19, 2021 01:41 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Tax withholdingCommon Stock | 126 | $0.00 | $0.00 |
DisclosureSEC source: 0001225208-21-003090 · doc4.xml · nonDerivative · entry 3 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 3,930.91 Read SEC document |
| February 16, 2021 Filed Feb 19, 2021 01:41 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Exercise / conversionCommon Stock | 361 | $0.00 | $0.00 |
DisclosureSEC source: 0001225208-21-003090 · doc4.xml · nonDerivative · entry 2 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 4,056.91 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 16, 2021 Filed Feb 19, 2021 01:41 UTC | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | Exercise / conversionCommon Stock | 1,188.63 | $0.00 | $0.00 |
DisclosureSEC source: 0001225208-21-003090 · doc4.xml · nonDerivative · entry 1 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 3,695.91 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 16, 2021 Filed Mar 1, 2021 13:41 UTC Amendment | NORTHROP GRUMMAN CORP /DE/ NOC · Entity 2963 | GrantRestricted Performance Stock Rights · Derivative | 7,568.63 | $0.00 | $0.00 |
DisclosureSEC source: 0001225208-21-003986 · doc4a.xml · derivative · entry 1 Jones Thomas H · CIK 0001834674 · CVP & Pres Aeronautics Systems 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 10,207.63 Underlying: Common Stock · 7,568.63 shares Expires not disclosed F1 · derivative.exercise_price: Each Restricted Performance Stock Right ("RPSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant valuation of performance measurement period ("measurement period"). F2 · shares: The RSPRs acquired include (i) 345.63 vested RPSRs with respect to the measurement period ended 12/31/20 acquired due to settlement of the RPSRs granted under the 2011 Long-Term Incentive Stock Plan ("LTISP") on 2/13/18 that resulted in settlement at 141% of the target award; and (ii) 7,223 unvested RPSRs granted under the LTISP on 2/16/21 with a measurement period ending on 12/31/23. A total of 1,188.63 shares were issued in settlement of the 2018 RPSRs with a measurement period that ended 12/31/20, and the target award amount of 843 RPSRs was previously reported in connection with the grant of the 2018 RPSRs. F1 · derivative.exercise_date: Each Restricted Performance Stock Right ("RPSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant valuation of performance measurement period ("measurement period"). F1 · derivative.expiration_date: Each Restricted Performance Stock Right ("RPSR") represents a contingent right to receive an equivalent number of shares of Issuer common stock, or, at the Issuer's election, cash or a combination of cash and Issuer common stock. The RPSRs vest if the applicable performance metric is satisfied for the relevant valuation of performance measurement period ("measurement period"). 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.