Vault-13

ARES COML REAL ESTATE CORP ACRE

COM · REIT · CUSIP 04013V108

142 institutional holders +4 vs Q1 2026
25,203,78625.2m shares reported held*
45.4% of all shares outstanding*
$113.7mreported value*
18 new 49 added 49 reduced 13 sold out net bought ≈ $2.5m (+550.9k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($134.1k this quarter). Holder counts are more reliable. Shares outstanding: 55.5m as of 2026-07-30, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $4.51. Options: 5 managers hold calls ($838.4k notional), 2 hold puts ($225.4k).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 147Q4 22: 152Q1 23: 135Q2 23: 136Q3 23: 141Q4 23: 143Q1 24: 155Q2 24: 141Q3 24: 130Q4 24: 133Q1 25: 129Q2 25: 133Q3 25: 143Q4 25: 151Q1 26: 138Q2 26: 142142Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 2022147
Q4 2022152
Q1 2023135
Q2 2023136
Q3 2023141
Q4 2023143
Q1 2024155
Q2 2024141
Q3 2024130
Q4 2024133
Q1 2025129
Q2 2025133
Q3 2025143
Q4 2025151
Q1 2026138
Q2 2026142

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q3 24: 62 bought or addedQ3 24: 68 cut or sold outQ4 24: 65 bought or addedQ4 24: 53 cut or sold outQ4 24Q1 25: 53 bought or addedQ1 25: 62 cut or sold outQ2 25: 67 bought or addedQ2 25: 53 cut or sold outQ2 25Q3 25: 71 bought or addedQ3 25: 59 cut or sold outQ4 25: 70 bought or addedQ4 25: 65 cut or sold outQ4 25Q1 26: 62 bought or addedQ1 26: 78 cut or sold outQ2 26: 67 bought or addedQ2 26: 62 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20246268
Q4 20246553
Q1 20255362
Q2 20256753
Q3 20257159
Q4 20257065
Q1 20266278
Q2 20266762

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$250k$500k$750k$1mQ3 25 calls: $929.9kQ3 25 puts: $331.5kQ3 25P/C 0.36Q4 25 calls: $652.0kQ4 25 puts: $217.5kQ4 25P/C 0.33Q1 26 calls: $843.4kQ1 26 puts: $180.5kQ1 26P/C 0.21Q2 26 calls: $838.4kQ2 26 puts: $225.4kQ2 26P/C 0.27
Numbers
QuarterCallsPutsP/C
Q3 2025$929.9k$331.5k0.36
Q4 2025$652.0k$217.5k0.33
Q1 2026$843.4k$180.5k0.21
Q2 2026$838.4k$225.4k0.27

Biggest buyers

Lighthouse Investment Partners, LLC Added +540,555+540.6k
Ardent Capital Management, Inc. New +218,089+218.1k
BlackRock, Inc. Added +157,631+157.6k
Almitas Capital LLC Added +129,957+130.0k
North Ground Capital Added +112,000+112.0k
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Added +100,600+100.6k
VICTORY CAPITAL MANAGEMENT INC Added +97,000+97.0k
MAI Capital Management Added +92,051+92.1k
VANGUARD CAPITAL MANAGEMENT LLC Added +88,607+88.6k
MORGAN STANLEY Added +84,754+84.8k

Biggest sellers

BI Asset Management Fondsmaeglerselskab A/S Reduced -414,390-414.4k
EVOKE WEALTH, LLC Sold out -232,343-232.3k
UBS Group AG Reduced -219,977-220.0k
Alpine Global Management, LLC Reduced -165,992-166.0k
GSA CAPITAL PARTNERS LLP Reduced -133,931-133.9k
JPMORGAN CHASE & CO Reduced -96,702-96.7k
Canton Hathaway, LLC Sold out -88,915-88.9k
GOLDMAN SACHS GROUP INC Reduced -83,635-83.6k
ACADIAN ASSET MANAGEMENT LLC Sold out -79,136-79.1k
VAN ECK ASSOCIATES CORP Reduced -75,352-75.4k

Biggest calls

JANE STREET GROUP, LLC Added $415.4k92.3k shares
CITADEL ADVISORS LLC Reduced $280.8k62.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $103.0k22.9k shares
SIMPLEX TRADING, LLC Reduced $37.8k8.4k shares
GROUP ONE TRADING LLC Reduced $1.4k300 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $123.3k27.4k shares
CITADEL ADVISORS LLC Reduced $102.2k22.7k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-07-31 5.0% new 2.8m≈ $12.5m 2026-07-31

Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
404Q4 24: 0 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 3 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25Q4 25: 0 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 3 sellingQ1 26Q2 26: 0 buyingQ2 26: 0 sellingQ3 26: 0 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20240—0——
Q1 20250—3$199.4k—
Q2 20250—0——
Q3 20250—0——
Q4 20250—0——
Q1 20260—3$175.4k—
Q2 20260—0——
Q3 20260—0——

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.00% of their portfolio New York, NY 4,672,0924.7m $21.0m $21.0m 0.00% Added +157.6k +157,631
2 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 2,414,7322.4m $10.9m $10.9m 0.00% Added +88.6k +88,607
3 Lighthouse Investment Partners, LLC 0.22% of their portfolio Palm Beach Gardens, FL 1,563,0491.6m $7.0m $7.0m 0.22% Added +540.6k +540,555
4 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 1,440,6751.4m $6.5m $6.5m 0.00% Added +51.5k +51,486
5 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.02% of their portfolio Los Angeles, CA 1,352,8321.4m $6.1m $6.1m 0.02% Added +100.6k +100,600
6 North Ground Capital 6.65% of their portfolio Cohasset, MA 1,232,0001.2m $5.5m $5.5m 6.65% Added +112.0k +112,000
7 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,200,9611.2m $5.6m $5.6m 0.00% Added +41.3k +41,285
8 CURA WEALTH ADVISORS, LLC 1.73% of their portfolio CHICAGO, IL 902,153902.2k $4.1m $4.1m 1.73% Reduced -3.4k -3,448
9 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 627,277627.3k $2.8m $2.8m 0.00% Added +40.7k +40,685
10 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 599,627599.6k $2.7m $2.7m 0.00% Reduced -75.4k -75,352
11 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 593,720593.7k $2.7m $2.7m 0.00% Added +14.8k +14,813
12 Alpine Global Management, LLC 0.36% of their portfolio NEW YORK, NY 486,867486.9k $2.2m $2.2m 0.36% Reduced -166.0k -165,992
13 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 481,583481.6k $2.2m $2.2m 0.00% Unchanged
14 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 443,440443.4k $2.0m $2.0m 0.00% Added +48.7k +48,685
15 Dana Investment Advisors, Inc. 0.05% of their portfolio BROOKFIELD, WI 431,293431.3k $1.9m $1.9m 0.05% Reduced -7.1k -7,056
16 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 372,343372.3k $1.7m $1.7m 0.00% Added +84.8k +84,754
17 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 365,494365.5k $1.6m $1.6m 0.00% Reduced -6.2k -6,158
18 Delphi Financial Group, Inc. 0.74% of their portfolio Wilmington, DE 334,937334.9k $1.5m $1.5m 0.74% Unchanged
19 VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio San Antonio, TX 278,000278.0k $1.3m $1.3m 0.00% Added +97.0k +97,000
20 Penserra Capital Management LLC 0.01% of their portfolio ORINDA, CA 257,386257.4k $1.2m $1.2m 0.01% Added +20.7k +20,702
21 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 252,477252.5k $1.1m $1.1m 0.00% Added +34.9k +34,937
22 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 242,567242.6k $1.1m $1.1m 0.00% Reduced -96.7k -96,702
23 Ardent Capital Management, Inc. 0.41% of their portfolio Cincinnati, OH 218,089218.1k $981.4k $981.4k 0.41% New
24 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 213,857213.9k $962.4k $962.4k 0.00% Added +45.9k +45,867
25 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 204,731204.7k $921.3k $921.3k 0.00% Reduced -83.6k -83,635
26 Almitas Capital LLC 0.20% of their portfolio SANTA MONICA, CA 180,954181.0k $814.3k $814.3k 0.20% Added +130.0k +129,957
27 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 177,410177.4k $798.3k $798.3k 0.00% Reduced -74.7k -74,669
28 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 176,220176.2k $793.0k $793.0k 0.00% Added +8.8k +8,849
29 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 159,794159.8k $719.1k $719.1k 0.00% Added +12.1k +12,076
30 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 156,200156.2k $702.9k $702.9k 0.00% Added +26.6k +26,560
31 KNIGHTSBRIDGE ASSET MANAGEMENT, LLC 0.05% of their portfolio NEWPORT BEACH, CA 148,176148.2k $690.7k $690.7k 0.05% Added +67.5k +67,490
32 Odyssean, LLC 0.11% of their portfolio DARIEN, CT 146,420146.4k $658.9k $658.9k 0.11% Added +33.7k +33,661
33 UBS Group AG 0.00% of their portfolio ZURICH, V8 134,601134.6k $605.7k $605.7k 0.00% Reduced -220.0k -219,977
34 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 126,583126.6k $569.7k $569.7k 0.00% Added +6.8k +6,840
35 BI Asset Management Fondsmaeglerselskab A/S 0.00% of their portfolio KOBENHAVN, G7 108,682108.7k $489.0k $489.0k 0.00% Reduced -414.4k -414,390
36 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 107,942107.9k $486.0k $486.0k 0.00% Added +46.2k +46,240
37 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 107,723107.7k $484.8k $484.8k 0.00% Added +2.4k +2,380
38 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 102,119102.1k $459.5k $459.5k 0.00% Unchanged
39 Access Investment Management LLC 0.12% of their portfolio ATLANTA, GA 101,200101.2k $455.4k $455.4k 0.12% Reduced -11.5k -11,500
40 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 92,15592.2k $428.5k $428.5k 0.00% Added +92.1k +92,051
41 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 84,50384.5k $380.3k $380.3k 0.00% Reduced -18.1k -18,126
42 Samalin Investment Counsel, LLC 0.12% of their portfolio CHAPPAQUA, NY 82,02182.0k $369.1k $369.1k 0.12% Reduced -28.9k -28,921
43 Atom Investors LP 0.03% of their portfolio AUSTIN, TX 79,41679.4k $357.4k $357.4k 0.03% New
44 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 79,04379.0k $355.7k $355.7k 0.00% Reduced -2.7k -2,652
45 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 74,02374.0k $334.0k $334.0k 0.00% Unchanged
46 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 67,75467.8k $304.9k $304.9k 0.00% Added +109 +109
47 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 66,00066.0k $316.8k $316.8k 0.00% Reduced -4.9k -4,900
48 GRATIA CAPITAL, LLC 0.28% of their portfolio LOS ANGELES, CA 55,05655.1k $247.8k $247.8k 0.28% New
49 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 54,21254.2k $244.4k $244.4k 0.00% Added +16.3k +16,284
50 Abel Hall, LLC 0.04% of their portfolio BATON ROUGE, LA 52,84252.8k $237.8k $237.8k 0.04% Added +1.6k +1,626
51 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 51,81451.8k $233.2k $233.2k 0.00% Added +4.4k +4,416
52 XTX Topco Ltd 0.00% of their portfolio LONDON, X0 49,87549.9k $224.4k $224.4k 0.00% New
53 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 47,65947.7k $214.5k $214.5k 0.00% Added +2.5k +2,524
54 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 44,79644.8k $201.6k $201.6k 0.00% Reduced -39.8k -39,800
55 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 44,04444.0k $198.0k $198.0k 0.00% New
56 Graham Capital Management, L.P. 0.01% of their portfolio ROWAYTON, CT 41,47941.5k $186.7k $186.7k 0.01% Added +469 +469
57 GSA CAPITAL PARTNERS LLP 0.01% of their portfolio LONDON, X0 39,09639.1k $176.0k $176.0k 0.01% Reduced -133.9k -133,931
58 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 38,39538.4k $172.8k $172.8k 0.00% Reduced -2.5k -2,472
59 AE Wealth Management LLC 0.00% of their portfolio TOPEKA, KS 34,81134.8k $156.7k $156.7k 0.00% Added +3.8k +3,849
60 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 34,80034.8k $161.8k $161.8k 0.00% Reduced -165 -165
61 LOS ANGELES CAPITAL MANAGEMENT LLC 0.00% of their portfolio LOS ANGELES, CA 33,26033.3k $149.7k $149.7k 0.00% New
62 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 31,97632.0k $143.9k $143.9k 0.00% Reduced -2.2k -2,154
63 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 31,37231.4k $141.2k $141.2k 0.00% New
64 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 31,30431.3k $140.9k $140.9k 0.00% Added +23.9k +23,910
65 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 30,26130.3k $136.2k $136.2k 0.00% Added +12.0k +11,986
66 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 29,96430.0k $134.8k $134.8k 0.00% Added +16.7k +16,678
67 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 29,94729.9k $134.8k $134.8k 0.00% Added +6.4k +6,431
68 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 29,70729.7k $133.7k $133.7k 0.00% Reduced -5.4k -5,442
69 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 28,84628.8k $130.0k $130.0k 0.00% Reduced -17.0k -16,984
70 Virtu Financial LLC 0.00% of their portfolio New York, NY 25,62225.6k $115.0k $115.0k 0.00% New
71 Equitable Holdings, Inc. 0.00% of their portfolio NEW YORK, NY 25,50025.5k $114.8k $114.8k 0.00% Unchanged
72 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 24,63824.6k $110.9k $110.9k 0.00% Added +22.2k +22,183
73 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 24,58224.6k $110.6k $110.6k 0.00% Reduced -554 -554
74 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio TALLAHASSEE, FL 24,23224.2k $109.0k $109.0k 0.00% Unchanged
75 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 23,68523.7k $106.6k $106.6k 0.00% Unchanged
76 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 21,25721.3k $95.7k $95.7k 0.00% Reduced -19.6k -19,637
77 Baker Avenue Asset Management, LP 0.00% of their portfolio SAN FRANCISCO, CA 20,36620.4k $91.6k $91.6k 0.00% Reduced -275 -275
78 Curated Wealth Partners LLC 0.01% of their portfolio EL SEGUNDO, CA 20,12320.1k $90.6k $90.6k 0.01% Reduced -184 -184
79 IEQ CAPITAL, LLC 0.00% of their portfolio Foster City, CA 20,06920.1k $90.3k $90.3k 0.00% Added +3.2k +3,157
80 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 19,77819.8k $89.0k $89.0k 0.00% Added +151 +151
81 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 18,22418.2k $82.0k $82.0k 0.00% Added +3.2k +3,184
82 Attessa Capital LLC 0.03% of their portfolio TUCSON, AZ 17,00017.0k $76.5k $76.5k 0.03% New
83 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 16,90616.9k $76.1k $76.1k 0.00% Added +109 +109
84 M&T Bank Corp 0.00% of their portfolio BUFFALO, NY 16,59416.6k $74.7k $74.7k 0.00% Unchanged
85 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 15,69815.7k $70.6k $70.6k 0.00% Added +2.5k +2,518
86 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 15,63915.6k $70.4k $70.4k 0.00% Unchanged
87 WESTBOURNE INVESTMENTS, INC. 0.03% of their portfolio ALEXANDRIA, VA 15,00015.0k $67.5k $67.5k 0.03% New
88 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 13,73013.7k $60.8k $60.8k 0.00% New
89 Mariner, LLC 0.00% of their portfolio Overland Park, KS 13,62013.6k $61.3k $61.3k 0.00% New
90 Eurizon Capital SGR S.p.A. 0.00% of their portfolio MILAN, L6 13,16113.2k $59.8k $59.8k 0.00% Unchanged
91 State of Wyoming 0.01% of their portfolio CHEYENNE, WY 13,10513.1k $59.0k $59.0k 0.01% Reduced -28.3k -28,296
92 ZACKS INVESTMENT MANAGEMENT 0.00% of their portfolio Chicago, IL 12,55112.6k $56.5k $56.5k 0.00% Reduced -288 -288
93 INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio WEST PALM BEACH, FL 12,21712.2k $55.0k $55.0k 0.00% Reduced -1.5k -1,548
94 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 11,83811.8k $53.3k $53.3k 0.00% Unchanged
95 Morey & Quinn Wealth Partners, LLC 0.03% of their portfolio OMAHA, NE 11,26611.3k $50.7k $50.7k 0.03% Reduced -1.2k -1,200
96 HUB Investment Partners, LLC 0.00% of their portfolio AUSTIN, TX 10,59110.6k $47.7k $47.7k 0.00% Unchanged
97 180 WEALTH ADVISORS, LLC 0.00% of their portfolio FEDERAL WAY, WA 10,25810.3k $46.2k $46.2k 0.00% Unchanged
98 STRS OHIO 0.00% of their portfolio COLUMBUS, OH 10,20010.2k $45.9k $45.9k 0.00% Unchanged
99 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 10,15610.2k $45.7k $45.7k 0.00% Reduced -449 -449
100 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 10,00010.0k $45.0k $45.0k 0.00% Unchanged