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Dabney Cindy L

Disclosed activity across 1 company

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72214
SEC CIK
0001805631

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
SIERRA BANCORPBSRR · Entity 5450SVP/Chief Accounting OfficerDecember 03, 2025December 04, 2025

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.

SIERRA BANCORP

Report date December 03, 2025 · Filed December 04, 2025

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect7,348.492 Reported balance After 2025-12-03 transaction · row 1 Holding and transaction disclosures are not merged.
1 source row

Row 1 · 2025-12-03 · Exercise / conversion · Acquired 1,000 · Balance 7,348.492

Common StockSEC Table I · non-derivativeDirect6,465.492 Reported balance After 2025-12-03 transaction · row 2 Holding and transaction disclosures are not merged.
1 source row

Row 2 · 2025-12-03 · Sale · Disposed 883 · Balance 6,465.492

Common StockSEC Table I · non-derivativeDirect7,465.492 Reported balance After 2025-12-03 transaction · row 3 Holding and transaction disclosures are not merged.
1 source row

Row 3 · 2025-12-03 · Exercise / conversion · Acquired 1,000 · Balance 7,465.492

Common StockSEC Table I · non-derivativeDirect6,609.492 Reported balance After 2025-12-03 transaction · row 4 Holding and transaction disclosures are not merged.
1 source row

Row 4 · 2025-12-03 · Sale · Disposed 856 · Balance 6,609.492

Common StockSEC Table I · non-derivativeDirect7,609.492 Reported balance After 2025-12-03 transaction · row 5 Holding and transaction disclosures are not merged.
1 source row

Row 5 · 2025-12-03 · Exercise / conversion · Acquired 1,000 · Balance 7,609.492

Common StockSEC Table I · non-derivativeDirect6,754.492 Reported balance After 2025-12-03 transaction · row 6 Holding and transaction disclosures are not merged.
1 source row

Row 6 · 2025-12-03 · Sale · Disposed 855 · Balance 6,754.492

Common StockSEC Table I · non-derivativeDirect7,754.492 Reported balance After 2025-12-03 transaction · row 7 Holding and transaction disclosures are not merged.
1 source row

Row 7 · 2025-12-03 · Exercise / conversion · Acquired 1,000 · Balance 7,754.492

Common StockSEC Table I · non-derivativeDirect6,905.492 Reported balance After 2025-12-03 transaction · row 8 Holding and transaction disclosures are not merged.
1 source row

Row 8 · 2025-12-03 · Sale · Disposed 849 · Balance 6,905.492

Common StockSEC Table I · non-derivativeDirect1,712 Reported balance Holding disclosure · report date 2025-12-03 · row 9 Holding and transaction disclosures are not merged.
1 source row

Row 9 · Balance 1,712

Stock OptionsSEC Table II · derivative / convertible security · Conversion / exercise price $28.21 · Expires 2027-02-16Direct0 Reported balance After 2025-12-03 transaction · row 10 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 10 · 2025-12-03 · Exercise / conversion · Disposed 1,000 · Balance 0

Stock OptionsSEC Table II · derivative / convertible security · Conversion / exercise price $27.35 · Expires 2028-02-15Direct0 Reported balance After 2025-12-03 transaction · row 11 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 11 · 2025-12-03 · Exercise / conversion · Disposed 1,000 · Balance 0

Stock OptionsSEC Table II · derivative / convertible security · Conversion / exercise price $27.30 · Expires 2029-02-21Direct0 Reported balance After 2025-12-03 transaction · row 12 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 12 · 2025-12-03 · Exercise / conversion · Disposed 1,000 · Balance 0

Stock OptionsSEC Table II · derivative / convertible security · Conversion / exercise price $27.11 · Expires 2030-02-20Direct0 Reported balance After 2025-12-03 transaction · row 13 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 13 · 2025-12-03 · Exercise / conversion · Disposed 1,000 · Balance 0

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
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionStock Options · Derivative 1,000 $0.00 Strike: $27.11 $0.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · derivative · entry 13

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,000 shares

Expires 2030-02-20

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
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionStock Options · Derivative 1,000 $0.00 Strike: $27.30 $0.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · derivative · entry 12

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,000 shares

Expires 2029-02-21

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
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionStock Options · Derivative 1,000 $0.00 Strike: $27.35 $0.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · derivative · entry 11

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,000 shares

Expires 2028-02-15

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
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionStock Options · Derivative 1,000 $0.00 Strike: $28.21 $0.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · derivative · entry 10

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,000 shares

Expires 2027-02-16

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 SaleCommon Stock 849 $32.00 $27,168.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · nonDerivative · entry 8

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,905.492

Read SEC document
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionCommon Stock 1,000 $27.11 $27,110.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · nonDerivative · entry 7

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,754.492

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
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 SaleCommon Stock 855 $32.00 $27,360.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · nonDerivative · entry 6

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,754.492

Read SEC document
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionCommon Stock 1,000 $27.30 $27,300.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · nonDerivative · entry 5

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,609.492

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
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 SaleCommon Stock 856 $32.00 $27,392.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · nonDerivative · entry 4

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,609.492

Read SEC document
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionCommon Stock 1,000 $27.35 $27,350.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · nonDerivative · entry 3

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,465.492

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
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 SaleCommon Stock 883 $32.00 $28,256.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · nonDerivative · entry 2

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,465.492

Read SEC document
December 03, 2025 Filed Dec 4, 2025 15:50 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionCommon Stock 1,000 $28.21 $28,210.00
Disclosure

SEC source: 0001130144-25-000039 · form4.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,348.492

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
March 21, 2025 Filed Mar 25, 2025 20:05 UTC SIERRA BANCORP BSRR · Entity 5450 Tax withholdingCommon Stock 216 $28.53 $6,162.48
Disclosure

SEC source: 0001127602-25-010342 · form4.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,712

F1 · shares: Withholding of shares of common stock to satisfy tax withholding obligations in connection with the vesting of previously awarded shares of restricted stock.

Read SEC document
November 19, 2024 Filed Nov 20, 2024 23:59 UTC SIERRA BANCORP BSRR · Entity 5450 Tax withholdingCommon Stock 66 $31.06 $2,049.96
Disclosure

SEC source: 0001127602-24-027749 · form4.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,928

F1 · shares: Withholding of shares of common stock to satisfy tax withholding obligations in connection with the vesting of previously awarded shares of restricted stock.

Read SEC document
November 06, 2024 Filed Nov 7, 2024 01:17 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionStock Options · Derivative 1,000 $0.00 Strike: $17.25 $0.00
Disclosure

SEC source: 0001127602-24-026633 · form4.xml · derivative · entry 4

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,000 shares

Expires 2026-02-18

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_date: 5 year vesting with first vesting 02/18/2016 and last 02/18/21

Read SEC document
November 06, 2024 Filed Nov 7, 2024 01:17 UTC SIERRA BANCORP BSRR · Entity 5450 SaleCommon Stock 516 $34.79 $17,951.90
Disclosure

SEC source: 0001127602-24-026633 · form4.xml · nonDerivative · entry 2

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,348.492

Read SEC document
November 06, 2024 Filed Nov 7, 2024 01:17 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionCommon Stock 1,000 $17.25 $17,250.00
Disclosure

SEC source: 0001127602-24-026633 · form4.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,864.492

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
March 21, 2024 Filed Mar 26, 2024 15:05 UTC SIERRA BANCORP BSRR · Entity 5450 GrantCommon Stock 1,570 $0.00 $0.00
Disclosure

SEC source: 0001127602-24-011158 · form4.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,994

F1 · price: Represents an award of time-based restricted stock pursuant to a grant under the Issuer's 2023 Equity Incentive Plan that vest ratably over three years, subject to forfeiture upon the occurrence of certain events specified in the agreement underlying such grant.

Read SEC document
November 19, 2023 Filed Nov 21, 2023 00:40 UTC SIERRA BANCORP BSRR · Entity 5450 Tax withholdingCommon Stock 64 $19.13 $1,224.32
Disclosure

SEC source: 0001127602-23-028079 · form4.xml · nonDerivative · entry 2

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 424

F1 · shares: Withholding of shares of common stock to satisfy tax withholding obligations in connection with the vesting of previously awarded shares of restricted stock.

Read SEC document
November 19, 2022 Filed Nov 22, 2022 01:47 UTC SIERRA BANCORP BSRR · Entity 5450 Tax withholdingCommon Stock 64 $21.32 $1,364.48
Disclosure

SEC source: 0001127602-22-026205 · form4.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 488

F1 · shares: Withholding of shares of common stock to satisfy tax withholding obligations in connection with the vesting of previously awarded shares of restricted stock

Read SEC document
August 24, 2022 Filed Aug 25, 2022 16:39 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionStock Options · Derivative 1,600 $0.00 Strike: $10.21 $0.00
Disclosure

SEC source: 0001127602-22-021566 · form4.xml · derivative · entry 4

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,600 shares

Expires 2022-11-15

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 24, 2022 Filed Aug 25, 2022 16:39 UTC SIERRA BANCORP BSRR · Entity 5450 SaleCommon Stock 765 $21.43 $16,397.32
Disclosure

SEC source: 0001127602-22-021566 · form4.xml · nonDerivative · entry 2

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,864.492

F1 · shares: Sold shares to cover cost of exercising certain stock options

Read SEC document
August 24, 2022 Filed Aug 25, 2022 16:39 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionCommon Stock 1,600 $10.21 $16,336.00
Disclosure

SEC source: 0001127602-22-021566 · form4.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,629.492

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
November 19, 2021 Filed Nov 24, 2021 02:13 UTC SIERRA BANCORP BSRR · Entity 5450 GrantCommon Stock 552 $0.00 $0.00
Disclosure

SEC source: 0001104659-21-143210 · tm2133836-7_4seq1.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 552

F1 · price: Represents an award of time-based restricted stock pursuant to a grant under the Issuer's 2017 Stock Incentive Plan that vest ratably over three years, subject to forfeiture upon the occurrence of certain events specified in the agreement underlying such grant.

Read SEC document
November 11, 2021 Filed Mar 17, 2022 23:18 UTC SIERRA BANCORP BSRR · Entity 5450 OtherCommon Stock 9.988 $26.66 $266.30
Disclosure

SEC source: 0001127602-22-009833 · form4.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,029.492

Read SEC document
August 12, 2021 Filed Mar 17, 2022 23:18 UTC SIERRA BANCORP BSRR · Entity 5450 OtherCommon Stock 10.504 $23.13 $242.99
Disclosure

SEC source: 0001127602-22-009833 · form4.xml · nonDerivative · entry 2

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,019.504

Read SEC document
July 19, 2021 Filed Jul 20, 2021 18:20 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionStock Options · Derivative 1,200 $0.00 Strike: $10.58 $0.00
Disclosure

SEC source: 0001127602-21-022272 · form4.xml · derivative · entry 2

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,200 shares

Expires 2021-11-17

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
July 19, 2021 Filed Jul 20, 2021 18:20 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionCommon Stock 1,200 $10.58 $12,696.00
Disclosure

SEC source: 0001127602-21-022272 · form4.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,009

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
November 09, 2020 Filed Nov 9, 2020 23:04 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionStock Options · Derivative 800 $0.00 Strike: $10.73 $0.00
Disclosure

SEC source: 0001127602-20-028524 · form4.xml · derivative · entry 3

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 800 shares

Expires 2020-11-18

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
November 09, 2020 Filed Nov 9, 2020 23:04 UTC SIERRA BANCORP BSRR · Entity 5450 SaleCommon Stock 800 $21.72 $17,374.72
Disclosure

SEC source: 0001127602-20-028524 · form4.xml · nonDerivative · entry 2

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,809

Read SEC document
November 09, 2020 Filed Nov 9, 2020 23:04 UTC SIERRA BANCORP BSRR · Entity 5450 Exercise / conversionCommon Stock 800 $10.73 $8,584.00
Disclosure

SEC source: 0001127602-20-028524 · form4.xml · nonDerivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,609

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 20, 2020 Filed Mar 6, 2020 17:52 UTC SIERRA BANCORP BSRR · Entity 5450 GrantStock Options · Derivative 1,000 $27.11 Strike: $27.11 $27,110.00
Disclosure

SEC source: 0001127602-20-009734 · form4.xml · derivative · entry 1

Dabney Cindy L · CIK 0001805631 · SVP/Chief Accounting Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,000

Underlying: Common Stock · 1,000 shares

Expires 2030-02-20

F1 · derivative.exercise_date: 5 year vesting with first vesting 02/20/2021 and last 02/20/2025

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.