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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CBRE | $37.1B | 33.4× | — | 0.9× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 275 |
| TRNO | $7.2B | 16.8× | — | 15.0× | 24.5% | — | 84.6% | 9.7% | 7.9% | — | 72 |
| FSV | $6.3B | 45.6× | 13.8× | 1.1× | 5.4% | — | 3.5% | 13.9% | 7.8% | 1.8× | 47 |
| CIGI | $4.9B | 47.6× | 10.1× | 0.9× | 15.3% | — | 4.0% | 14.6% | 7.1% | 2.3× | 21 |
| CURB | $3.5B | 77.7× | — | 19.1× | 51.3% | — | 21.8% | 2.1% | 1.7% | — | 48 |
| CWK | $3.1B | 34.5× | 9.1× | 0.3× | 8.9% | — | 0.9% | 4.5% | 1.9% | 3.5× | 3 |
| UE | $2.5B | 26.6× | — | 5.3× | 6.1% | — | 19.8% | 6.8% | 6.8% | — | 45 |
| GTY | $1.9B | 20.8× | — | 8.5× | 9.0% | — | 35.7% | 7.4% | 3.8% | — | 66 |
| IIPR | $1.6B | 13.6× | 9.7× | 5.9× | -13.8% | — | 44.5% | 6.4% | 5.3% | 1.8× | 68 |
| FOR | $1.3B | 7.6× | — | 0.8× | 10.1% | 21.9% | 10.1% | 9.5% | 6.5% | — | 29 |
| HPP | $602M | — | 1.4× | 0.7× | -1.3% | 48.5% | -71.3% | -19.9% | -19.9% | -0.4× | 32 |
| AHRT | $456M | — | 14.0× | 2.2× | 2.7% | — | 2.7% | 0.9% | 0.3% | 10.3× | 43 |
| TRC | $453M | — | — | 9.1× | 18.4% | 29.2% | 0.2% | 0.0% | 0.0% | — | 26 |
| SKYH | $394M | 110.7× | — | 14.3× | 86.6% | — | 68.3% | 10.9% | 5.2% | — | 17 |
| FRPH | $364M | 105.2× | 30.2× | 8.5× | 2.6% | — | 7.8% | 0.8% | 0.5% | 10.5× | 22 |
| NTPIF | $268M | — | — | 5.6× | 64.5% | 25.7% | 0.2% | 0.1% | 0.0% | — | — |
| CHCI | $192M | — | 13.1× | 3.1× | 22.6% | 23.5% | 27.1% | 24.4% | 24.4% | -2.6× | 5 |
Peers = companies sharing TRC's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 28 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$411K FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 0%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.6M 100.0% | $41.9M 100.0% | $44.7M 100.0% | $79.2M 100.0% | — | $37.8M 100.0% | $49.5M 100.0% | $45.6M 100.0% | $35.3M 100.0% | $46.0M 100.0% |
| Gross Profit | $14.5M 29.2% | $12.8M 30.5% | $13.0M 29.1% | $31.2M 39.4% | — | — | — | — | — | — |
| Total Operating Expenses | $57.5M 116.0% | $51.1M 122.0% | $48.4M 108.3% | $65.5M 82.7% | $55.9M | $44.6M 117.8% | $51.0M 102.9% | $45.2M 99.0% | $42.8M 121.3% | $52.7M 114.7% |
| Operating Income | -$8.0M -16.0% | -$9.2M -22.0% | -$3.7M -8.3% | $13.7M 17.3% | -$260K | -$6.7M -17.8% | -$1.4M -2.9% | $436K 1.0% | -$7.5M -21.3% | -$6.8M -14.7% |
| Other Income (Expense), net | $750K 1.5% | $2.0M 4.7% | $2.4M 5.4% | $1.7M 2.2% | $221K | $2.3M 6.1% | -$585K -1.2% | $1.3M 2.8% | $187K 0.5% | $920K 2.0% |
| Pretax Income | $1.2M 2.3% | $3.7M 8.7% | $5.6M 12.5% | $23.2M 29.3% | $9.2M | $82K 0.2% | $14.6M 29.4% | $5.6M 12.2% | -$3.1M -8.8% | $1.3M 2.7% |
| Income Tax Expense | $1.1M 2.2% | $976K 2.3% | $2.3M 5.2% | $7.4M 9.3% | $3.8M | $829K 2.2% | $4.0M 8.0% | $1.3M 2.9% | -$1.3M -3.6% | $496K 1.1% |
| Net Income | $75K 0.2% | $2.7M 6.4% | $3.3M 7.3% | $15.8M 20.0% | $5.3M | -$740K -2.0% | $10.6M 21.4% | $4.3M 9.3% | -$1.8M -5.1% | $800K 1.7% |
| Per Share | ||||||||||
| EPS (Basic) | $0.00 | $0.10 | $0.12 | $0.60 | $0.20 | -$0.03 | $0.41 | $0.16 | -$0.08 | $0.04 |
| EPS (Diluted) | $0.00 | $0.10 | $0.12 | $0.59 | $0.20 | -$0.03 | $0.40 | $0.16 | -$0.08 | $0.04 |
| Weighted Avg Shares (Basic) | 26.9M | 26.8M | 26.7M | 26.5M | 26.3M | 26.2M | 26.0M | 25.9M | 21.7M | 20.7M |
| Weighted Avg Shares (Diluted) | 26.9M | 26.8M | 26.7M | 26.7M | 26.4M | 26.3M | 26.1M | 26.0M | 21.7M | 20.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $31.9M covers the $0 due within a year 31907000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2023-12-31 (10-K).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-20 | Mccall Jeffrey Joseph Director | Grant | 1,791 | $16.22 | $29k |
| 2026-10-20 | Dakos Andrew Director | Grant | 1,021 | $16.22 | $17k |
| 2026-10-20 | 2 co-filers Group filing | Grant | 2,023 | $16.22 | $33k |
| 2026-10-20 | Metcalfe Norman J Director | Grantindirect | 1,406 | $16.22 | $23k |
| 2026-10-20 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
EOD close · as of 2026-10-30
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | -14.7% | 1.7% |
| FY2017 | not reported | -21.3% | -5.1% |
| FY2018 | not reported | 1.0% | 9.3% |
| FY2019 | not reported | -2.9% | 21.4% |
| FY2020 | not reported | -17.8% | -2.0% |
| FY2022 | 39.4% | 17.3% | 20.0% |
| FY2023 | 29.1% | -8.3% | 7.3% |
| FY2024 | 30.5% | -22.0% | 6.4% |
| FY2025 | 29.2% | -16.0% | 0.2% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Speron Eric H. Director |
| Grant |
| 1,791 |
| $16.22 |
| $29k |
| 2026-10-20 | Gammon Denise A Director | Grant | 1,021 | $16.22 | $17k |
| 2026-10-20 | Leggio Anthony L. Director | Grant | 1,252 | $16.22 | $20k |
| 2026-10-20 | Betts Steven A. Director | Grant | 1,483 | $16.22 | $24k |
| 2026-10-20 | Bielli Gregory S. Director | Grant | 1,021 | $16.22 | $17k |
| 2026-07-28 | 2 co-filers Sr. VP & General Counsel | Grant | 2,808 | $18.47 | $52k |
| 2026-07-28 | 2 co-filers Executive VP- Real Estate | Grant | 2,876 | $18.47 | $53k |
| 2026-07-28 | 2 co-filers SVP Finance/CAO | Grant | 2,854 | $18.47 | $53k |
| 2026-07-28 | 2 co-filers Executive VP- Real Estate | Tax withholding | 1,385 | $18.47 | $26k |
| 2026-07-28 | 2 co-filers SVP Finance/CAO | Tax withholding | 1,458 | $18.47 | $27k |
| 2026-07-28 | 2 co-filers Sr. VP & General Counsel | Tax withholding | 1,119 | $18.47 | $21k |
| 2026-07-14 | Yee Kenneth Director | Grant | 565 | $18.70 | $11k |
| 2026-07-14 | Dakos Andrew Director | Grant | 918 | $18.70 | $17k |
| 2026-07-14 | Speron Eric H. Director | Grant | 1,587 | $18.70 | $30k |
| 2026-07-14 | Metcalfe Norman J Director | Grantindirect | 1,253 | $18.70 | $23k |
| 2026-07-14 | Mccall Jeffrey Joseph Director | Grant | 1,587 | $18.70 | $30k |
| 2026-07-14 | Gammon Denise A Director | Grant | 918 | $18.70 | $17k |
| 2026-07-14 | Bielli Gregory S. Director | Grant | 918 | $18.70 | $17k |
| 2026-07-14 | Betts Steven A. Director | Grant | 1,320 | $18.70 | $25k |
| 2026-07-14 | Leggio Anthony L. Director | Grant | 1,119 | $18.70 | $21k |
| 2026-07-14 | 2 co-filers Group filing | Grant | 1,787 | $18.70 | $33k |
| 2026-04-07 | Metcalfe Norman J Director | Grantindirect | 1,245 | $18.84 | $23k |
| 2026-04-07 | Dakos Andrew Director | Grant | 913 | $18.84 | $17k |
| 2026-04-07 | Betts Steven A. Director | Grant | 1,312 | $18.84 | $25k |
| 2026-04-07 | Leggio Anthony L. Director | Grant | 1,113 | $18.84 | $21k |
| 2026-04-07 | Gammon Denise A Director | Grant | 913 | $18.84 | $17k |
| 2026-04-07 | Bielli Gregory S. Director | Grant | 913 | $18.84 | $17k |
| 2026-04-07 | Mccall Jeffrey Joseph Director | Grant | 1,577 | $18.84 | $30k |
| 2026-04-07 | Speron Eric H. Director | Grant | 1,577 | $18.84 | $30k |
| 2026-04-07 | Yee Kenneth Director | Grant | 913 | $18.84 | $17k |
| 2026-04-07 | 2 co-filers Group filing | Grant | 1,776 | $18.84 | $33k |
| 2026-03-31 | 2 co-filers CEO, President | Grant | 32,435 | $17.92 | $581k |
| 2026-03-31 | 2 co-filers CEO, President | Tax withholding | 13,509 | $17.92 | $242k |
| 2026-03-24 | 2 co-filers Sr. VP & General Counsel | Grant | 20,473 | $18.90 | $387k |
| 2026-03-24 | 2 co-filers Executive VP- Real Estate | Grant | 26,042 | $18.90 | $492k |
| 2026-03-24 | 2 co-filers SVP Finance/CAO | Grant | 17,221 | $18.90 | $325k |
Where each multiple sits in its own 14-yr range · 51th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 0% against ROIC 0% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Gross Profit | — | — | — | — | 39.4 | 29.1 | 30.5 | 29.2 |
| Operating Income | 1.0 | -2.9 | -17.8 | — | 17.3 | -8.3 | -22.0 | -16.0 |
| Income Tax | 2.9 | 8.0 | 2.2 | — | 9.3 | 5.2 | 2.3 | 2.2 |
| Net Income | 9.3 | 21.4 | -2.0 | — | 20.0 | 7.3 | 6.4 | 0.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TRC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Return on equity (0%) and return on invested capital (0%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
Free cash flow has fallen short of reported profit in 3 of the last three years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $75,000 | $75,000 |
| Share-based comp | $2M | $2M |
| Other non-cash & working capital | $4M | $6M |
| Operating cash flow | $6M | $6M |
| Capex | −$7M | −$411,000 |
| Free cash flow | −$411,000 | −$411,000 |
| FCF after SBC | −$2M | −$2M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -23.6% | -53.9% | -30.2 points |
| FY2021 | not reported | 41.0% | not reported |
| FY2022 | not reported | -31.2% | not reported |
| FY2023 | -43.5% | 87.6% | 131.1 points |
| FY2024 | -6.4% | -5.2% | 1.2 points |
| FY2025 | 18.4% | 18.6% | 0.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 73.3 days | not reported | not reported | not reported |
| FY2020 | 44.3 days | not reported | not reported | not reported |
| FY2021 | not reported | not reported | not reported | not reported |
| FY2022 | 20.5 days | not reported | not reported | not reported |
| FY2023 | 68.1 days | not reported | not reported | not reported |
| FY2024 | 69 days | not reported | not reported | not reported |
| FY2025 | 69.1 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.0 percent |
| FY2020 | -3.0 percent |
| FY2021 | 0.5 percent |
| FY2022 | 1.3 percent |
| FY2023 | -1.8 percent |
| FY2024 | -1.9 percent |
| FY2025 | -1.0 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
Reported free cash flow is -$411,000; after share-based compensation it is -$2M. The difference is a real cost that the cash flow statement adds back.
Leverage is not measurable this way for a reit.
This schedule comes from a filing dated 2023-12-31, 1034 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2023-12-31 (10-K); cash from the 2023-12-31 balance sheet; FCF from FY2023. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2023-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.