SONIC AUTOMOTIVE INC CLASS A (SAH)
Consumer Discretionary · automotive retail · NYSE
Sonic Automotive is a major US automotive retailer operating a broad network of franchised dealerships providing vehicle sales, parts, and maintenance services.
What SONIC AUTOMOTIVE INC CLASS A does
Sonic Automotive is a diversified automotive retailer that operates a network of franchised automotive dealerships representing various brands. The company generates revenue through the sale of new and used vehicles, parts and collision repair services, and finance and insurance products. In addition to its dealership operations, it provides comprehensive vehicle maintenance and related after-sales services.
Themes: automotive retail, after-sales services, vehicle financing
Fundamentals
- Price$61.51 as of 2026-10-08 close
- Market cap$1.9B as of 2025-10-21 (share count; price 2026-10-08)
- 1-year return-14.6% 2025-10-08 close $72.02 → 2026-10-08 close $61.51
- P/E9.81 as of 2026-10-08
- Net margin+0.8% FY2025, SEC XBRL
- Gross margin+15.7% FY2025, SEC XBRL
- ROE+11.1% FY2025, SEC XBRL
- Debt / equity4.28 as of 2026-09-02
- Revenue growth (YoY)+5.3% as of 2026-09-02
- Revenue CAGR (3y)+2.7% SEC XBRL
- Beta0.92 as of 2026-09-02
- Last reported earnings2026-07-30 SEC EDGAR Form 8-K (Item 2.02)
Dividend: yield +2.6%; at least 9 years of non-decreasing per-share dividends (SEC XBRL) — we do not hold the year before it, so the real streak may be longer.
How SAH compares in its sector
- price-to-earnings ratiobottom 25% 258 covered Consumer Discretionary peers, as of 2026-10-08
- net profit marginmiddle range 314 covered Consumer Discretionary peers, as of 2026-09-02
- operating marginmiddle range 281 covered Consumer Discretionary peers, as of 2026-09-02
- gross marginbottom 10% 191 covered Consumer Discretionary peers, as of 2026-09-02
- return on equitymiddle range 293 covered Consumer Discretionary peers, as of 2026-09-02
- 3-year revenue CAGRmiddle range 326 covered Consumer Discretionary peers
- indicated dividend yieldmiddle range 169 covered Consumer Discretionary peers, as of 2026-09-02
- free cash flow (absolute dollars, latest fiscal year)top 25% 311 covered Consumer Discretionary peers, as of FY2025
Position among covered Consumer Discretionary companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Top 10 scores & list membership
SAH is not currently in any published Top 10 list. Its scores are below.
Top 10 score
40.7 #1183 of 1,386 scored · #123 of 157 in Consumer Discretionary
Valuation 80th (price to earnings 10.2, price to book 2) and capital return 67th (consecutive years of dividend increases 9 years, net share count bought back over the year 0.9); weakest is financial health (19th, debt to equity 4.3, free cash flow margin 4.7%).
Scores as of 1 Oct 2026. Each bar is a percentile: how this company ranked against every company the score ranked, 0–100. A list is a published formula and its output, not a recommendation. Method version 4. SAH was not in the scored universe at the latest run on 8 Oct 2026, so these scores are its last ones.
Dividend coverage (FY2025)
Covered by reported results. In FY2025, SAH's dividend was covered by reported results (earnings payout 41%, free-cash-flow payout 7%). This describes past coverage, not a forecast.
- Earnings payout41% dividends / net income
- Free-cash-flow payout7% dividends / (operating cash flow − capex)
Coverage derived from reported SEC EDGAR XBRL figures for FY2025 (dividends paid vs. net income and free cash flow, same fiscal year). This describes PAST coverage for one fiscal year — it does not predict whether a dividend will be maintained, raised, or cut, and a one-year payout ratio can be distorted by non-recurring items. Informational only — not financial advice.
How SONIC AUTOMOTIVE INC CLASS A looks technically
SONIC AUTOMOTIVE INC CLASS A (SAH) is trading 15.9% below its 200-day average, the long-term trend line — a long-term downtrend. Its 50-day average crossed above its 200-day average about 99 trading days ago — a "golden cross", a bullish long-term signal. A strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 29, with sellers in control. Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 36, neither overbought (above 70) nor oversold (below 30). MACD, a trend-momentum gauge, turned bullish about 4 trading days ago (its momentum flipped positive). It made a new 20-day low about 8 trading days ago. It is 45.9% below its highest point of the past year.
Trend
8
| Distance from the 200-day | it is trading 15.9% below its 200-day average, the long-term trend line — a long-term downtrend | -15.9% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $74.66 | $74.66 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $73.11 | $73.11 |
| Swing structure | each recent peak has been lower than the one before it and each dip deeper — the pattern chart-watchers call a downtrend, which describes where price has already been and not where it goes next | lower highs and lower lows |
| Last swing turn | its last significant turn was a swing low 8 calendar days ago — the swings before that are what the structure reading is measured on | 8 sessions |
| Wave structure | its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in the fourth leg, a pullback against that downward direction; the labelling fails if price closes above 74.91. It is the only labelling that fits, though not with textbook proportions, and it describes the swings already printed, not what comes next. | possible downward five-wave sequence, in wave 4 (atypical proportions) |
| Since the 50/200 cross | its 50-day average crossed above its 200-day average about 99 trading days ago — a "golden cross", a bullish long-term signal | 99 sessions |
| Trend strength (14-day ADX) | a strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 29, with sellers in control | 29.2 |
Momentum
3
| 14-day RSI | momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 36, neither overbought (above 70) nor oversold (below 30) | 35.6 |
|---|---|---|
| Position in its 14-day range | it is trading in the lower half of its 14-day range ($58.46 to $67.90) — its "stochastic" reading is 32 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been climbing within that range over the last few sessions. | 32.3 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, turned bullish about 4 trading days ago (its momentum flipped positive) | 4 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $113.67 | $113.67 |
|---|---|---|
| From the 52-week high | it is 45.9% below its 52-week high (its highest price of the past year) | -45.9% |
| Above the 52-week low | it is 13.7% above its 52-week low (its lowest price of the past year) | +13.7% |
| Below the 52-week high | it is 45.9% below its highest point of the past year | 45.9% |
| Since a 20-day breakout | it made a new 20-day low about 8 trading days ago | 8 sessions |
| Since a 55-day breakout | it made a new 55-day low about 8 trading days ago | 8 sessions |
| All-time high | its highest closing price on record is $113.67 (set on 2026-07-29) | $113.67 |
| Given back of the 52-week move | over the past year its closes ranged ($58.28 to $112.66), and it has given back almost all of its rise from last year’s low — 94% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $77.31 to $79.05. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 94.1% |
| From the all-time high | it is 45.9% below its all-time high | -45.9% |
| Nearest price level | it is sitting right on a resistance level at $61.68 — a price it turned at twice since 2025-01-03, most recently on 2026-04-06. Since 2024-10-08 it has 3 such levels below the current price and 10 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | +0.3% |
| All-time low | its lowest closing price on record is $0.72 (set on 2009-04-01) | $0.72 |
| Above the all-time low | it is 8443.1% above its all-time low | +8,443% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are unusually wide versus its own recent history (wider than about 82% of the past ~6 months) | 82nd percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $3.00 between its high and its low — about 4.9% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $3.00 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $54.95 and $75.57 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $54.95 – $65.26 – $75.57 |
| Typical daily range (% of price) | its price moves about 4.9% in a typical session — about typical for the companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 4.9% |
| Stretch from the 200-day average | it is trading 3.9 daily ranges below its 200-day average price (15.9% below it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 3.9 daily ranges below its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 1.11× |
|---|
Analyst
2
| Change in the average price target | analysts have cut their average price target by 1.4% since the prior reading | -1.4% |
|---|---|---|
| Change in the consensus rating | the analyst consensus rating is unchanged since the prior reading | unchanged |
Candlestick patterns
1
| Since a doji | 6 sessions ago it opened and closed at almost the same price after trading through a wider range — a "doji", the classic picture of buyers and sellers finishing the session level | 6 sessions ago |
|---|
Price gaps
3
| Gap at the open | it opened on 2026-10-08 0.4% above the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and traded back through that level before the close | +0.4% |
|---|---|---|
| Open gap | it gapped 2.7% below the previous close 43 sessions ago and has not traded back through the level it left behind at 84.89 — an "unfilled gap", which describes a price range no trade has since crossed and is not a forecast that it will be crossed | -2.7% |
| Gap filled | a 2.1% gap down opened on 2026-10-05 has been "filled" 3 sessions ago — price traded back through the level the gap left behind, and it closed again during the very session that opened it | 3 sessions ago |
Price streaks
1
| Closing streak | it closed higher in its latest session, after a session that did not close higher — a single up day rather than a run | 1 session up |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 20.1 percentage points (the stock lost 19.1% while the market gained 1.0%) | -20.1% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 33.9 percentage points (the stock lost 30.1% while the market gained 3.8%) | -33.9% |
| vs market, 6 months | over the past 6 months this stock lagged the market by 20.3 percentage points (the stock lost 2.8% while the market gained 17.5%) | -20.3% |
| vs market, 12 months | over the past 12 months this stock lagged the market by 29.6 percentage points (the stock lost 14.6% while the market gained 15.0%) | -29.6% |
Signal agreement
2
| Bullish technical signals | 2 of the 9 technical signals we can compute for it are currently in a bullish state: a "golden cross" — its 50-day average is above its 200-day, MACD momentum is positive — these describe past price behaviour, not a forecast | 2 of 9 |
|---|---|---|
| Bearish technical signals | 4 of the 9 technical signals we can compute for it are currently in a bearish state: trading below its 200-day average, a strong downtrend, with sellers in control, lagging the market over 6 months, trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 4 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 29% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-09-01 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is thick, spanning 12.8% of the share price, which is taken to mean a barrier that has held for a while and takes effort to cross. | -28.8% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 16% below the average price paid so far this year, so the typical buyer over that stretch is under water. That average is $73.25 — a volume-weighted average of daily closes over 191 sessions, not a true tick-by-tick VWAP. | -16.0% |
|---|---|---|
| Vs the average paid since it last reported | the price is 16% below the average price paid since it last reported on 2026-07-30 (its 10-Q), so the typical buyer over that stretch is under water. That average is $73.49 — a volume-weighted average of daily closes over 50 sessions, not a true tick-by-tick VWAP. | -16.3% |
Price levels it has turned at before
SAH last closed at $61.51 on 2026-10-08. Since 2024-10-08 it has turned at 3 prices below its last close and 10 above; the 3 nearest below and the 3 nearest above are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $61.68 | Resistance | 0.3% above the last close | turned there twice · 2025-01-03 to 2026-04-06 |
| $60.53 | Support | 1.6% below the last close | turned there four times · 2024-10-24 to 2026-01-02 |
| $63.25 | Resistance | 2.8% above the last close | turned there five times · 2025-03-04 to 2025-12-19 |
| $58.59 | Support | 4.8% below the last close | turned there six times · 2025-03-14 to 2026-09-30 |
| $65.00 | Resistance | 5.7% above the last close | turned there 7 times · 2025-04-09 to 2026-04-16 |
| $54.09 | Support | 12.1% below the last close | turned there twice · 2024-10-22 to 2026-02-18 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in leg 4 of five, a pullback against that direction.
This labelling fails — stops being a possible reading at all — if it closes above $74.91.
It is the only labelling that fits these swings, though its proportions are not the textbook ones.
On past moves of this shape the leg has usually ended somewhere between $64.06 and $70.33 — that is where it has tended to end if the count holds, not a forecast of where the price goes.
This reading has stood for 2 trading days, since 2026-10-07.
Read from daily closes as of 2026-10-08.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading below the 200-day moving average · Pulled back from the 12-month high · MACD just crossed bullish (12/26/9) · Analyst price target recently CUT · lagging the market · Under water since its last earnings report (below the anchored VWAP) | Learn: moving average · golden cross · adx · rsi · macd · breakout · fifty two week high low
Based on daily closing prices as of 2026-10-08. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Consensus ratingBuy (2.42 mean, 1=Strong Buy…5=Strong Sell) — 11 analysts
- Mean price target$97.18 range $57.00 – $139.00; median $98.00
Analyst estimates, as of 2026-10-05. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for SAH
- Consensus EPS estimate$1.82 next reporting period, as of 2026-10-05
- Estimate change, 30 days-$0.006 (-0.3%) from $1.82, on 2026-08-31, 35-day window
- Readings revised upward0% of 8 comparable readings
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["fluctuations in vehicle inventory supply and demand","dependence on automotive manufacturers for vehicle supply and brand representation agreements","risks associated with high levels of floor plan financing and long-term debt"]
What changed in the latest 10-Q
AI-assisted comparison of SAH's 10-Q filed 2026-04-30 against the prior one filed 2025-10-23.
Management's Discussion & Analysis (MD&A)
- Added:
- Reference to Annual Report on Form 10-K for year ended December 31, 2025 (added in newer filing)
- Description of three reportable segments as of March 31, 2026: Franchised Dealerships, EchoPark, and Powersports (added in newer filing)
- Store count details: 107 stores in Franchised Dealerships, 18 in EchoPark, 14 in Powersports as of March 31, 2026 (added in newer filing)
- Detailed description of Franchised Dealerships Segment operations including 127 franchises and 16 collision repair centers (added in newer filing)
- Detailed description of EchoPark Segment operations (added in newer filing)
- Detailed description of Powersports Segment operations (added in newer filing)
- Executive Summary section with Retail Automotive Industry Performance analysis (added in newer filing)
- Total new vehicle SAAR decreased 7% to approximately 15.5 million for Q1 2026 vs Q1 2025 (added in newer filing)
- 2026 new vehicle industry volume estimate of 15.5 million to 16.0 million vehicles (added in newer filing)
- Retail new vehicle SAAR decreased 9% to approximately 12.8 million for Q1 2026 vs 14.0 million for Q1 2025 (added in newer filing)
- Franchised Dealerships Segment same store retail new vehicle revenue decreased 8% with 10% unit sales decline and 3% ASP increase (added in newer filing)
- Retail new vehicle gross profit decreased 14% with per-unit decrease of $133 to $3,002 (added in newer filing)
- New vehicle inventory days' supply of approximately 58 days as of March 31, 2026 vs 51 days as of March 31, 2025 (added in newer filing)
- Same store retail used vehicle revenue increased 2% with 3% unit sales volume increase (added in newer filing)
- Removed:
- Reference to 'accompanying unaudited condensed consolidated financial statements and related notes thereto' (removed in newer filing)
- Generic statement 'should be read in conjunction with the accompanying unaudited condensed consolidated financial statements' (removed in newer filing)
- Reworded:
- Item numbering changed from 'Item 2' (older) to 'Item 7' (newer) indicating different document structure
- Opening reference changed from discussing items to be read with financial statements to reference of Annual Report on Form 10-K
- Notes:
- Older filing text appears truncated at 'Item 2. Management's Discussion and Analysis...' making full comparative analysis limited
- Newer filing contains substantially more detailed operational and financial data that may not have direct counterparts in the truncated older filing
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
3 open-market purchases and 0 open-market sales by insiders in the last 90 days, of which we have read Form 4 filings through 2026-10-04. The 5 days since 2026-10-04 have not been checked yet.
- Last 30 days · read to 2026-10-043 buys ($3M) · 0 sells — 1 buying insider
- Last 90 days · read to 2026-10-043 buys ($3M) · 0 sells — 1 buying insider
- Last 180 days · read to 2026-10-043 buys ($3M) · 5 sells ($10M) — 1 buying, 2 selling insiders
Activity heuristic: net buying (a transparent product heuristic from the counts above, not a prediction or advice)
Most recent open-market transaction: 2026-10-06. Based on Form 4 filings read through 2026-10-04; anything filed since is not yet included.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about SAH's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
5 institutional 13F filers reported holding SAH as of 2026-06-30 (quarter-end position, filed within 45 days).
- Distinct 13F filers 5
- Reported shares held 3,163,930
- Reported value $268,544,608
reported quarterly holdings change (2026-03-31 → 2026-06-30): 0 new, 1 increased, 4 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Ask about SAH's institutional holders → See what each manager we track holds →
Short interest (FINRA)
SAH had 2,196,717 shares of reported short interest as of the 2026-09-15 FINRA settlement date (delayed, bi-monthly; not real-time).
Short interest as a percent of shares outstanding is not shown for SAH because we do not hold a verified share count to divide it by. The reported figures above are unaffected.
- Reported short interest (shares) 2,196,717
- Prior settlement (shares) 2,071,647
- Reported change 6.04%
- Days to cover (reported) 9.73
Reported to FINRA as of the 2026-09-15 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- AutoNation (AN)
- Group 1 Automotive (GPI)
- Lithia Motors (LAD)
- Asbury Automotive Group (ABG)
- Penske Automotive Group (PAG)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
Compare SAH vs…
SONIC AUTOMOTIVE INC CLASS A is found in…
Frequently asked questions
What does SONIC AUTOMOTIVE INC CLASS A (SAH) do?
Sonic Automotive is a diversified automotive retailer that operates a network of franchised automotive dealerships representing various brands. The company generates revenue through the sale of new and used vehicles, parts and collision repair services, and finance and insurance products. In addition to its dealership operations, it provides comprehensive vehicle maintenance and related after-sales services.
What sector is SONIC AUTOMOTIVE INC CLASS A (SAH) in?
SONIC AUTOMOTIVE INC CLASS A (SAH) is classified in the Consumer Discretionary sector. Its industry is automotive retail. It trades on NYSE.
Does SAH pay a dividend?
Yes — SONIC AUTOMOTIVE INC CLASS A (SAH) pays a dividend, with an indicated yield of about 2.58% and at least 9 years of non-decreasing per-share dividends (SEC EDGAR XBRL) — we do not hold the year before it, so the real streak may be longer (market data, as of 2026-09-02). Informational only — not financial advice.
Who are SONIC AUTOMOTIVE INC CLASS A's (SAH) competitors?
Notable peers of SONIC AUTOMOTIVE INC CLASS A (SAH) include AutoNation, Group 1 Automotive, Lithia Motors, Asbury Automotive Group and Penske Automotive Group. This peer set is informational only — not financial advice.
Is SONIC AUTOMOTIVE INC CLASS A (SAH) overbought or oversold right now?
SONIC AUTOMOTIVE INC CLASS A (SAH) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 36, in the neutral middle (as of 2026-10-08). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on SAH come from?
Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest; prices are market data, as of 2026-09-02; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-10-08.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.