Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| Angi Inc.ANGI · Entity 6364 | Director · CEO | September 29, 2017 | October 03, 2017 |
| Porch Group, Inc.PRCH · Entity 4527 | Director | December 23, 2021 | December 28, 2021 |
| YELP INCYELP · Entity 1782 | Director | June 13, 2024 | June 17, 2024 |
| Z-Work Acquisition Corp.ZWRK · Entity 143341 | Director · Executive Co-Chairman | January 28, 2021 | January 28, 2021 |
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.
Angi Inc.
Report date September 29, 2017 · Filed October 03, 2017
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Stock Appreciation RightsSEC Table II · derivative / convertible security · Conversion / exercise price $0.74 · Expires 2020-04-30 | Direct | 3,716,300 |
Reported balance
After 2017-09-29 transaction · row 1
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 1 · 2017-09-29 · Other · Acquired 3,716,300 · Balance 3,716,300 F1: Represents vested stock appreciation rights. |
| Stock Appreciation RightsSEC Table II · derivative / convertible security · Conversion / exercise price $0.98 · Expires 2025-02-11 | Direct | 3,716,300 |
Reported balance
After 2017-09-29 transaction · row 2
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 2 · 2017-09-29 · Other · Acquired 3,716,300 · Balance 3,716,300 F2: Represents 1,858,150 vested stock appreciation rights and 1,858,150 unvested stock appreciation rights that vest in equal installments (50%) on each of February 11, 2018 and 2019, subject to continued service. |
| Stock Appreciation RightsSEC Table II · derivative / convertible security · Conversion / exercise price $4.53 · Expires 2027-02-14 | Direct | 3,716,300 |
Reported balance
After 2017-09-29 transaction · row 3
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 3 · 2017-09-29 · Other · Acquired 3,716,300 · Balance 3,716,300 F3: Represents unvested stock appreciation rights that vest in equal installments (25%) on each of February 14, 2018, 2019, 2020 and 2021, subject to continued service. |
Filing footnotes · ownership attribution and instrument terms
F1: Represents vested stock appreciation rights.
F2: Represents 1,858,150 vested stock appreciation rights and 1,858,150 unvested stock appreciation rights that vest in equal installments (50%) on each of February 11, 2018 and 2019, subject to continued service.
F3: Represents unvested stock appreciation rights that vest in equal installments (25%) on each of February 14, 2018, 2019, 2020 and 2021, subject to continued service.
Porch Group, Inc.
Report date December 23, 2021 · Filed December 28, 2021
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 7,361 |
Reported balance
After 2021-12-23 transaction · row 1
1 source rowRow 1 · 2021-12-23 · Grant · Acquired 210 · Balance 7,361 F1: The shares represent restricted stock units for Board Committee service under the Porch Group, Inc. Non-Employee Director Compensation Policy. |
Filing footnotes · ownership attribution and instrument terms
F1: The shares represent restricted stock units for Board Committee service under the Porch Group, Inc. Non-Employee Director Compensation Policy.
YELP INC
Report date June 13, 2024 · Filed June 17, 2024
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 24,329 |
Reported balance
After 2024-06-13 transaction · row 1
1 source rowRow 1 · 2024-06-13 · Grant · Acquired 5,588 · Balance 24,329 F1: Represents the grant of restricted stock units that vest on the earlier of (a) one year from the date of grant or (b) the date of the Issuer's next annual meeting of stockholders. |
Filing footnotes · ownership attribution and instrument terms
F1: Represents the grant of restricted stock units that vest on the earlier of (a) one year from the date of grant or (b) the date of the Issuer's next annual meeting of stockholders.
Z-Work Acquisition Corp.
Report date January 28, 2021 · Filed January 28, 2021
This filing explicitly reported no securities owned.
Past disclosures · reporting ended (3)
No longer tracked through insider filings. These historical balances do not imply present ownership or a zero position.
Anywhere Real Estate Inc.
Report date January 09, 2026 · Filed January 09, 2026
Section 16 reporting ended · disclosed 2026-01-09. Current position is not established by this disclosure.
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common Stock, $0.01 par valueSEC Table I · non-derivative | Direct | 0 |
Reported balance
After 2026-01-09 transaction · row 1
1 source rowRow 1 · 2026-01-09 · Disposition to issuer · Disposed 169,019 · Balance 0 F1: On January 9, 2026, pursuant to the previously announced Agreement and Plan of Merger, dated as of September 22, 2025 (the Merger Agreement), by and among Anywhere Real Estate Inc. (the Company), Compass, Inc. (Compass), and Velocity Merger Sub, Inc., a wholly owned subsidiary of Compass (Merger Sub), Merger Sub merged with and into the Company (the Merger), with the Company surviving the Merger as a wholly owned subsidiary of Compass. F2: Pursuant to the Merger Agreement, each share of Company common stock, par value $0.01 per share issued and outstanding immediately prior to the effective time of the Merger (the Effective Time), was converted into the right to receive 1.436 fully paid and nonassessable shares (the Exchange Ratio) of class A common stock of Compass (the Compass Shares) and, if applicable, cash in lieu of fractional shares. F3: Pursuant to the Merger Agreement, at the Effective Time, each outstanding RSU award was canceled and converted into a RSU award in respect of Compass Shares covering that number of Compass Shares equal to the product of (i) the number of shares of Company common stock subject to the award multiplied by (ii) the Exchange Ratio. |
Filing footnotes · ownership attribution and instrument terms
F1: On January 9, 2026, pursuant to the previously announced Agreement and Plan of Merger, dated as of September 22, 2025 (the Merger Agreement), by and among Anywhere Real Estate Inc. (the Company), Compass, Inc. (Compass), and Velocity Merger Sub, Inc., a wholly owned subsidiary of Compass (Merger Sub), Merger Sub merged with and into the Company (the Merger), with the Company surviving the Merger as a wholly owned subsidiary of Compass.
F2: Pursuant to the Merger Agreement, each share of Company common stock, par value $0.01 per share issued and outstanding immediately prior to the effective time of the Merger (the Effective Time), was converted into the right to receive 1.436 fully paid and nonassessable shares (the Exchange Ratio) of class A common stock of Compass (the Compass Shares) and, if applicable, cash in lieu of fractional shares.
F3: Pursuant to the Merger Agreement, at the Effective Time, each outstanding RSU award was canceled and converted into a RSU award in respect of Compass Shares covering that number of Compass Shares equal to the product of (i) the number of shares of Company common stock subject to the award multiplied by (ii) the Exchange Ratio.
TERMINIX GLOBAL HOLDINGS INC
Report date October 12, 2022 · Filed October 14, 2022
Section 16 reporting ended · disclosed 2022-10-14. Current position is not established by this disclosure.
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 0 |
Reported balance
After 2022-10-12 transaction · row 1
1 source rowRow 1 · 2022-10-12 · Disposition to issuer · Disposed 5,526 · Balance 0 F1: Represents shares of Terminix Global Holdings, Inc. ("Terminix") common stock disposed of in connection with the Agreement and Plan of Merger, dated as of December 13, 2021, as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated as of March 14, 2022 (the "Merger Agreement"), by and among Terminix, Rentokil Initial plc ("Rentokil Initial") and certain of Rentokil Initial's subsidiaries. In accordance with the Merger Agreement, at the First Effective Time (as defined in the Merger Agreement), each share of Terminix common stock (other than certain excluded shares as described in the Merger Agreement) was converted into the right to receive either: (x) 1.4899 American depositary shares of Rentokil Initial ("Rentokil Initial ADSs"); or (y) $34.57 in cash and 0.1447 Rentokil Initial ADSs. |
Filing footnotes · ownership attribution and instrument terms
F1: Represents shares of Terminix Global Holdings, Inc. ("Terminix") common stock disposed of in connection with the Agreement and Plan of Merger, dated as of December 13, 2021, as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated as of March 14, 2022 (the "Merger Agreement"), by and among Terminix, Rentokil Initial plc ("Rentokil Initial") and certain of Rentokil Initial's subsidiaries. In accordance with the Merger Agreement, at the First Effective Time (as defined in the Merger Agreement), each share of Terminix common stock (other than certain excluded shares as described in the Merger Agreement) was converted into the right to receive either: (x) 1.4899 American depositary shares of Rentokil Initial ("Rentokil Initial ADSs"); or (y) $34.57 in cash and 0.1447 Rentokil Initial ADSs.
Vacasa, Inc.
Report date April 30, 2025 · Filed May 01, 2025
Section 16 reporting ended · disclosed 2025-05-01. Current position is not established by this disclosure.
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Class A Common StockSEC Table I · non-derivative | Direct | 0 |
Ending reported balance
After 2025-04-30 transaction · row 2
2 source rows · reconciled sequenceRow 1 · 2025-04-30 · Conversion · Acquired 25,377 · Balance 60,491 F1: Pursuant to that certain Agreement and Plan of Merger, dated December 30, 2024 and amended on March 17, 2025 and March 28, 2025 (as amended to date, the "Merger Agreement"), by and among the Issuer, Vacasa Holdings LLC, Casago Holdings, LLC ("Parent"), Vista Merger Sub II Inc., a wholly owned subsidiary of Parent ("Company Merger Sub"), and Vista Merger Sub LLC, a wholly owned subsidiary of Parent ("LLC Merger Sub" and together with Company Merger Sub, "Merger Subs"), LLC Merger Sub merged with and into Vacasa Holdings LLC with Vacasa Holdings LLC surviving such merger as a subsidiary of Parent (the "LLC Merger"), and immediately after the LLC Merger, Company Merger Sub merged with and into the Issuer (the "Issuer Merger" and, together with the LLC Merger, the "Mergers"), with the Issuer surviving such merger as a wholly owned subsidiary of Parent and Vacasa Holdings LLC indirectly becoming a wholly owned subsidiary of Parent. F2: Immediately prior to the LLC Merger, the Common Units of Vacasa Holdings LLC were redeemed pursuant to which such Common Units and such shares of Class B Common Stock were exchanged for shares of Class A Common Stock in accordance with the Vacasa LLC Agreement. The newly issued shares of Class A Common Stock are entitled to the Merger Consideration (as defined below). Row 2 · 2025-04-30 · Disposition to issuer · Disposed 60,491 · Balance 0 F1: Pursuant to that certain Agreement and Plan of Merger, dated December 30, 2024 and amended on March 17, 2025 and March 28, 2025 (as amended to date, the "Merger Agreement"), by and among the Issuer, Vacasa Holdings LLC, Casago Holdings, LLC ("Parent"), Vista Merger Sub II Inc., a wholly owned subsidiary of Parent ("Company Merger Sub"), and Vista Merger Sub LLC, a wholly owned subsidiary of Parent ("LLC Merger Sub" and together with Company Merger Sub, "Merger Subs"), LLC Merger Sub merged with and into Vacasa Holdings LLC with Vacasa Holdings LLC surviving such merger as a subsidiary of Parent (the "LLC Merger"), and immediately after the LLC Merger, Company Merger Sub merged with and into the Issuer (the "Issuer Merger" and, together with the LLC Merger, the "Mergers"), with the Issuer surviving such merger as a wholly owned subsidiary of Parent and Vacasa Holdings LLC indirectly becoming a wholly owned subsidiary of Parent. F3: Upon consummation of the Company Merger, each (i) outstanding share of Class A Common Stock was automatically converted into the right to receive $5.30 in cash (the "Merger Consideration") and (ii) outstanding award of restricted stock units automatically converted into the right to receive the product of (a) the aggregate number of shares of Class A Common Stock underlying such award and (b) the Merger Consideration, subject to applicable vesting terms. |
| Vacasa Employee Holdings LLC InterestsSEC Table II · derivative / convertible security | Direct | 0 |
Reported balance
After 2025-04-30 transaction · row 3
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 3 · 2025-04-30 · Conversion · Disposed 8,158 · Balance 0 F1: Pursuant to that certain Agreement and Plan of Merger, dated December 30, 2024 and amended on March 17, 2025 and March 28, 2025 (as amended to date, the "Merger Agreement"), by and among the Issuer, Vacasa Holdings LLC, Casago Holdings, LLC ("Parent"), Vista Merger Sub II Inc., a wholly owned subsidiary of Parent ("Company Merger Sub"), and Vista Merger Sub LLC, a wholly owned subsidiary of Parent ("LLC Merger Sub" and together with Company Merger Sub, "Merger Subs"), LLC Merger Sub merged with and into Vacasa Holdings LLC with Vacasa Holdings LLC surviving such merger as a subsidiary of Parent (the "LLC Merger"), and immediately after the LLC Merger, Company Merger Sub merged with and into the Issuer (the "Issuer Merger" and, together with the LLC Merger, the "Mergers"), with the Issuer surviving such merger as a wholly owned subsidiary of Parent and Vacasa Holdings LLC indirectly becoming a wholly owned subsidiary of Parent. F2: Immediately prior to the LLC Merger, the Common Units of Vacasa Holdings LLC were redeemed pursuant to which such Common Units and such shares of Class B Common Stock were exchanged for shares of Class A Common Stock in accordance with the Vacasa LLC Agreement. The newly issued shares of Class A Common Stock are entitled to the Merger Consideration (as defined below). |
| Vacasa Holdings UnitsSEC Table II · derivative / convertible security | Direct | 25,377 |
Reported balance
After 2025-04-30 transaction · row 4
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 4 · 2025-04-30 · Conversion · Acquired 8,158 · Balance 25,377 F1: Pursuant to that certain Agreement and Plan of Merger, dated December 30, 2024 and amended on March 17, 2025 and March 28, 2025 (as amended to date, the "Merger Agreement"), by and among the Issuer, Vacasa Holdings LLC, Casago Holdings, LLC ("Parent"), Vista Merger Sub II Inc., a wholly owned subsidiary of Parent ("Company Merger Sub"), and Vista Merger Sub LLC, a wholly owned subsidiary of Parent ("LLC Merger Sub" and together with Company Merger Sub, "Merger Subs"), LLC Merger Sub merged with and into Vacasa Holdings LLC with Vacasa Holdings LLC surviving such merger as a subsidiary of Parent (the "LLC Merger"), and immediately after the LLC Merger, Company Merger Sub merged with and into the Issuer (the "Issuer Merger" and, together with the LLC Merger, the "Mergers"), with the Issuer surviving such merger as a wholly owned subsidiary of Parent and Vacasa Holdings LLC indirectly becoming a wholly owned subsidiary of Parent. F2: Immediately prior to the LLC Merger, the Common Units of Vacasa Holdings LLC were redeemed pursuant to which such Common Units and such shares of Class B Common Stock were exchanged for shares of Class A Common Stock in accordance with the Vacasa LLC Agreement. The newly issued shares of Class A Common Stock are entitled to the Merger Consideration (as defined below). |
| Vacasa Holdings UnitsSEC Table II · derivative / convertible security | Direct | 0 |
Reported balance
After 2025-04-30 transaction · row 5
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 5 · 2025-04-30 · Conversion · Disposed 25,377 · Balance 0 F1: Pursuant to that certain Agreement and Plan of Merger, dated December 30, 2024 and amended on March 17, 2025 and March 28, 2025 (as amended to date, the "Merger Agreement"), by and among the Issuer, Vacasa Holdings LLC, Casago Holdings, LLC ("Parent"), Vista Merger Sub II Inc., a wholly owned subsidiary of Parent ("Company Merger Sub"), and Vista Merger Sub LLC, a wholly owned subsidiary of Parent ("LLC Merger Sub" and together with Company Merger Sub, "Merger Subs"), LLC Merger Sub merged with and into Vacasa Holdings LLC with Vacasa Holdings LLC surviving such merger as a subsidiary of Parent (the "LLC Merger"), and immediately after the LLC Merger, Company Merger Sub merged with and into the Issuer (the "Issuer Merger" and, together with the LLC Merger, the "Mergers"), with the Issuer surviving such merger as a wholly owned subsidiary of Parent and Vacasa Holdings LLC indirectly becoming a wholly owned subsidiary of Parent. F2: Immediately prior to the LLC Merger, the Common Units of Vacasa Holdings LLC were redeemed pursuant to which such Common Units and such shares of Class B Common Stock were exchanged for shares of Class A Common Stock in accordance with the Vacasa LLC Agreement. The newly issued shares of Class A Common Stock are entitled to the Merger Consideration (as defined below). |
Filing footnotes · ownership attribution and instrument terms
F1: Pursuant to that certain Agreement and Plan of Merger, dated December 30, 2024 and amended on March 17, 2025 and March 28, 2025 (as amended to date, the "Merger Agreement"), by and among the Issuer, Vacasa Holdings LLC, Casago Holdings, LLC ("Parent"), Vista Merger Sub II Inc., a wholly owned subsidiary of Parent ("Company Merger Sub"), and Vista Merger Sub LLC, a wholly owned subsidiary of Parent ("LLC Merger Sub" and together with Company Merger Sub, "Merger Subs"), LLC Merger Sub merged with and into Vacasa Holdings LLC with Vacasa Holdings LLC surviving such merger as a subsidiary of Parent (the "LLC Merger"), and immediately after the LLC Merger, Company Merger Sub merged with and into the Issuer (the "Issuer Merger" and, together with the LLC Merger, the "Mergers"), with the Issuer surviving such merger as a wholly owned subsidiary of Parent and Vacasa Holdings LLC indirectly becoming a wholly owned subsidiary of Parent.
F2: Immediately prior to the LLC Merger, the Common Units of Vacasa Holdings LLC were redeemed pursuant to which such Common Units and such shares of Class B Common Stock were exchanged for shares of Class A Common Stock in accordance with the Vacasa LLC Agreement. The newly issued shares of Class A Common Stock are entitled to the Merger Consideration (as defined below).
F3: Upon consummation of the Company Merger, each (i) outstanding share of Class A Common Stock was automatically converted into the right to receive $5.30 in cash (the "Merger Consideration") and (ii) outstanding award of restricted stock units automatically converted into the right to receive the product of (a) the aggregate number of shares of Class A Common Stock underlying such award and (b) the Merger Consideration, subject to applicable vesting terms.
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 |
|---|---|---|---|---|---|---|
| September 29, 2017 Filed Oct 3, 2017 20:35 UTC | Angi Inc. ANGI · Entity 6364 | OtherStock Appreciation Rights · Derivative | 3,716,300 | $0.00 Strike: $0.74 | $0.00 |
DisclosureSEC source: 0001179110-17-012961 · edgar.xml · derivative · entry 1 Terrill Chris · CIK 0001467382 · Director · CEO 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 3,716,300 Underlying: Class A Common Stock, par value $0.001 · 3,716,300 shares Expires 2020-04-30 F1 · derivative.exercise_date: Represents vested stock appreciation rights. F1 · derivative.expiration_date: Represents vested stock appreciation rights. Read SEC document |
| August 30, 2017 Filed Sep 1, 2017 16:20 UTC | Anywhere Real Estate Inc. RLGY · Entity 69629 | GrantCommon Stock, $0.01 par value | 18 | $0.00 | $0.00 |
DisclosureSEC source: 0001398987-17-000188 · edgar.xml · nonDerivative · entry 1 Terrill Chris · CIK 0001467382 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 12,268 F1 · shares: Consist of shares underlying dividend equivalent units ("DEUs") on restricted stock units. The DEUs accrued in connection with a quarterly cash dividend paid on August 30, 2017. The DEUs vest on the same terms as the underlying restricted stock units. Read SEC document |
| May 31, 2017 Filed Jun 2, 2017 17:08 UTC | Anywhere Real Estate Inc. RLGY · Entity 69629 | GrantCommon Stock, $0.01 par value | 23 | $0.00 | $0.00 |
DisclosureSEC source: 0001398987-17-000140 · edgar.xml · nonDerivative · entry 1 Terrill Chris · CIK 0001467382 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 12,250 F1 · shares: Consist of shares underlying dividend equivalent units ("DEUs") on restricted stock units. The DEUs accrued in connection with a quarterly cash dividend paid on May 31, 2017. The DEUs vest on the same terms as the underlying restricted stock units. Read SEC document |
| May 03, 2017 Filed May 5, 2017 16:05 UTC | Anywhere Real Estate Inc. RLGY · Entity 69629 | GrantCommon Stock, $0.01 par value | 493 | $0.00 | $0.00 |
DisclosureSEC source: 0001398987-17-000129 · edgar.xml · nonDerivative · entry 2 Terrill Chris · CIK 0001467382 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 12,227 F2 · shares: Represents fully vested shares issued for service as a member of the Ad Hoc Strategy Committee. Read SEC document |
| May 03, 2017 Filed May 5, 2017 16:05 UTC | Anywhere Real Estate Inc. RLGY · Entity 69629 | GrantCommon Stock, $0.01 par value | 4,598 | $0.00 | $0.00 |
DisclosureSEC source: 0001398987-17-000129 · edgar.xml · nonDerivative · entry 1 Terrill Chris · CIK 0001467382 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 11,734 F1 · shares: Represents shares issuable upon settlement of a restricted stock unit award issued under the Amended and Restated 2012 Long Term Incentive Plan. Read SEC document |
| March 23, 2017 Filed Mar 27, 2017 16:50 UTC | Anywhere Real Estate Inc. RLGY · Entity 69629 | GrantCommon Stock, $0.01 par value | 22 | $0.00 | $0.00 |
DisclosureSEC source: 0001398987-17-000084 · edgar.xml · nonDerivative · entry 1 Terrill Chris · CIK 0001467382 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 7,136 F1 · shares: Consist of shares underlying dividend equivalent units ("DEUs") on restricted stock units. The DEUs accrued in connection with a quarterly cash dividend paid on March 23, 2017. The DEUs vest on the same terms as the underlying restricted stock units. Read SEC document |
| December 01, 2016 Filed Dec 5, 2016 16:50 UTC | Anywhere Real Estate Inc. RLGY · Entity 69629 | GrantCommon Stock, $0.01 par value | 26 | $0.00 | $0.00 |
DisclosureSEC source: 0001398987-16-000395 · edgar.xml · nonDerivative · entry 1 Terrill Chris · CIK 0001467382 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 7,114 F1 · shares: Consist of shares underlying dividend equivalent units ("DEUs") on restricted stock units. The DEUs accrued in connection with a quarterly cash dividend paid on December 1, 2016. The DEUs vest on the same terms as the underlying restricted stock units. 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.