CHCT
Community Healthcare Trust Incorporated
NYSEUSDEQUITY
Real Estate
DELAYED
Sell
-41/100
Last price
13.63
▲ 0.27 (2.02%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
13.40
Prev close
13.36
Day high
13.64
Day low
13.40
Volume
328.91K
Market cap
$390.55M
P/E (TTM)
20.65
52W range
13.23 – 19.17
Day trading desk
Gap from prior close
+0.30%
Prior close 13.36
VWAP
13.58
+0.34% from price
Relative volume
2.23×
Unusually busy
Session range
1.79%
13.40 – 13.64
Position in range
96%
Near session high
ATR (14D)
0.29
2.16% of price
Prior day high
13.76
PDH
Prior day low
13.30
PDL
Bid / ask spread
—
Quote not published
Session volume
782.65K
Avg 351.21K
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
-5.28%
-7.2%
1M
-9.13%
-10.3%
3M
-23.81%
-28.3%
6M
-16.69%
-34.9%
YTD
-16.99%
-31.2%
1Y
-9.25%
-25.7%
3Y
-54.11%
-136.4%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on CHCT open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
1.74M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 18, 26 | STACH LEIGH ANN Officer |
STOCK | 14.81K | $228.96K | Direct |
| Aug 18, 26 | DUPUY DAVID H Chief Executive Officer |
STOCK | 26.85K | $415.15K | Direct |
| Aug 18, 26 | MONROE WILLIAM G. IV Chief Financial Officer |
STOCK | 27.57K | $426.28K | Direct |
| Aug 14, 26 | DUPUY DAVID H Chief Executive Officer |
BUY | 10.00K | $151.30K | Direct |
| Aug 11, 26 | HENSLEY ROBERT Z Director |
BUY | 8.00K | $121.68K | Direct |
| Jul 30, 26 | STACH LEIGH ANN Officer |
STOCK | 8.59K | $0 | Direct |
| Jul 30, 26 | DUPUY DAVID H Chief Executive Officer |
STOCK | 15.57K | $0 | Direct |
| Jul 30, 26 | MONROE WILLIAM G. IV Chief Financial Officer |
STOCK | 10.16K | $0 | Direct |
| May 21, 26 | HENSLEY ROBERT Z Director |
STOCK | 6.04K | $104.00K | Direct |
| May 21, 26 | VAN HORN R LAWRENCE Director |
STOCK | 7.66K | $132.00K | Direct |
| May 21, 26 | GARDNER ALAN Director |
STOCK | 7.66K | $132.00K | Direct |
| May 21, 26 | COTMAN CATHRINE Director |
STOCK | 6.04K | $104.00K | Direct |
| May 21, 26 | GULMI CLAIRE M Director |
STOCK | 7.66K | $132.00K | Direct |
| May 7, 26 | HENSLEY ROBERT Z Director |
STOCK | 6.22K | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
COTMAN CATHRINE |
Director | 49.89K | Stock Award(Grant) |
DUPUY DAVID H |
Chief Executive Officer | 584.12K | Stock Award(Grant) |
GARDNER ALAN |
Director | 104.52K | Stock Award(Grant) |
GULMI CLAIRE M |
Director | 71.52K | Stock Award(Grant) |
HENSLEY ROBERT Z |
Director | 103.70K | Purchase |
MEYER TIMOTHY L |
Officer | 202.82K | Stock Award(Grant) |
MONROE WILLIAM G. IV |
Chief Financial Officer | 255.91K | Stock Award(Grant) |
STACH LEIGH ANN |
Officer | 475.95K | Stock Award(Grant) |
VAN HORN R LAWRENCE |
Director | 102.39K | Stock Award(Grant) |
Fundamentals
Market cap$390.55M
Enterprise value$920.22M
Revenue (TTM)$124.78M
Gross profit$100.60M
EBITDA$78.16M
Net income$17.93M
EPS (TTM)$0.66
Free cash flow$65.84M
Total cash$11.72M
Total debt$563.30M
Book value / share$15.32
Shares outstanding28.65M
Float25.22M
Short % of float3.86%
Dividend yield12.93%
Beta (5Y)0.65
Valuation & profitability ratios
Trailing P/E20.65
Forward P/E34.08
PEG ratio—
Price / sales—
Price / book0.89
EV / revenue7.38
EV / EBITDA11.77
Gross margin80.62%
Operating margin31.16%
Profit margin16.81%
Return on equity4.93%
Return on assets2.12%
Debt / equity135.98
Current ratio3.03
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $121.19M | $115.79M | $112.84M | $97.68M | +4.7% |
| Operating revenue | $121.19M | $115.79M | $112.84M | $97.68M | +4.7% |
| Cost of revenue | $23.62M | $22.83M | $20.71M | $16.64M | +3.5% |
| Gross profit | $97.57M | $92.95M | $92.13M | $81.04M | +5.0% |
| Selling, general & admin | $25.09M | $19.06M | $27.34M | $14.84M | +31.7% |
| Total operating expense | $77.31M | $72.84M | $67.03M | $47.18M | +6.1% |
| Operating income | $20.27M | $20.12M | $25.10M | $33.87M | +0.7% |
| Net interest income | -$26.94M | -$23.18M | -$16.98M | -$11.81M | -16.3% |
| Pre-tax income | $5.13M | -$3.18M | $8.02M | $22.06M | +261.1% |
| Tax provision | $23.00K | $0 | $306.00K | $41.00K | — |
| Net income | $5.10M | -$3.18M | $7.71M | $22.02M | +260.4% |
| Net income to common | $2.08M | -$5.98M | $5.09M | $19.17M | +134.8% |
| Basic EPS | 0.08 | -0.23 | 0.20 | 0.81 | +134.8% |
| Diluted EPS | 0.08 | -0.23 | 0.20 | 0.81 | +134.8% |
| EBIT | $32.10M | $20.52M | $25.81M | $33.93M | +56.4% |
| EBITDA | $76.97M | $64.23M | $66.25M | $67.13M | +19.8% |
| Basic shares | 26.86M | 26.53M | 25.20M | 23.63M | +1.2% |
| Diluted shares | 26.86M | 26.53M | 25.20M | 23.63M | +1.2% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $3.34M | $4.38M | $3.49M | $11.23M | — | -23.8% |
| Cash & short-term investments | $3.34M | $4.38M | $3.49M | $11.23M | — | -23.8% |
| Accounts receivable | $25.57M | $24.56M | $23.13M | $18.11M | — | +4.1% |
| Total current assets | $47.45M | $58.11M | $70.23M | $66.90M | — | -18.3% |
| Property, plant & equipment | $3.04M | $3.13M | $3.21M | $3.30M | — | -2.9% |
| Goodwill & intangibles | $1.31M | $1.93M | $2.65M | $2.40M | — | -32.3% |
| Total assets | $990.76M | $992.56M | $945.41M | $876.42M | — | -0.2% |
| Total current liabilities | $278.96M | $232.79M | $67.41M | $15.23M | — | +19.8% |
| Current debt | $258.00M | $212.00M | $50.00M | — | $12.00M | +21.7% |
| Long-term debt | $274.20M | $273.95M | $353.26M | $353.00M | — | +0.1% |
| Total debt | $536.20M | $489.98M | $407.31M | $357.06M | — | +9.4% |
| Total liabilities | $561.37M | $516.60M | $432.16M | $379.61M | — | +8.7% |
| Retained earnings | $90.78M | $85.67M | $88.86M | $81.14M | — | +6.0% |
| Shareholder equity | $429.39M | $475.96M | $513.26M | $496.81M | — | -9.8% |
| Working capital | -$231.51M | -$174.69M | $2.82M | $51.67M | — | -32.5% |
| Net tangible assets | $428.08M | $474.03M | $510.61M | $494.42M | — | -9.7% |
| Shares issued | 28.47M | 28.24M | 27.61M | 25.90M | — | +0.8% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $5.10M | -$3.18M | $7.71M | $22.02M | +260.4% |
| Depreciation & amortisation | $44.87M | $43.70M | $40.44M | $33.19M | +2.7% |
| Stock-based compensation | $14.90M | $9.99M | $19.96M | $9.41M | +49.2% |
| Change in working capital | -$1.61M | -$809.00K | -$3.38M | -$943.00K | -98.6% |
| Operating cash flow | $56.43M | $58.88M | $61.38M | $60.28M | -4.2% |
| Capital expenditure | -$20.52M | -$24.64M | -$18.98M | -$10.38M | +16.7% |
| Investing cash flow | -$47.70M | -$92.66M | -$113.67M | -$113.77M | +48.5% |
| Dividends paid | -$53.67M | -$51.70M | -$48.06M | -$44.48M | -3.8% |
| Financing cash flow | -$9.78M | $33.53M | $44.86M | $62.69M | -129.2% |
| Free cash flow | $35.91M | $34.24M | $42.40M | $49.90M | +4.9% |
| End cash position | $3.34M | $4.38M | $4.63M | $12.07M | -23.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $31.22M | $31.52M | $30.95M | $31.09M | $29.09M | -1.0% |
| Operating revenue | $31.22M | $31.52M | $30.95M | $31.09M | $29.09M | -1.0% |
| Cost of revenue | $5.87M | $6.37M | $6.01M | $5.93M | $5.58M | -7.9% |
| Gross profit | $25.36M | $25.16M | $24.93M | $25.16M | $23.50M | +0.8% |
| Selling, general & admin | $4.89M | $5.11M | $10.68M | $4.66M | $4.66M | -4.3% |
| Total operating expense | $15.63M | $15.77M | $21.49M | $15.56M | $24.21M | -0.9% |
| Operating income | $9.73M | $9.39M | $3.44M | $9.60M | -$710.00K | +3.6% |
| Net interest income | -$7.42M | -$6.80M | -$6.94M | -$7.07M | -$6.59M | -9.3% |
| Pre-tax income | $2.35M | $2.55M | $14.45M | $1.64M | -$12.56M | -7.7% |
| Tax provision | -$12.00K | — | — | — | $0 | — |
| Net income | $2.36M | $2.55M | $14.43M | $1.64M | -$12.56M | -7.2% |
| Net income to common | $1.58M | $1.77M | $13.68M | $890.00K | -$13.33M | -11.0% |
| Basic EPS | 0.06 | 0.07 | 0.51 | 0.03 | -0.50 | -14.3% |
| Diluted EPS | 0.06 | 0.07 | 0.51 | 0.03 | -0.50 | -14.3% |
| EBIT | $9.78M | $9.35M | $21.41M | $8.71M | -$5.96M | +4.6% |
| EBITDA | $20.92M | $20.40M | $32.65M | $19.98M | $5.11M | +2.6% |
| Basic shares | 27.02M | 26.99M | 26.95M | 26.93M | 26.80M | +0.1% |
| Diluted shares | 27.02M | 26.99M | 26.95M | 26.93M | 26.80M | +0.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $2.67M | $2.62M | $3.34M | $3.38M | $4.86M | +2.1% |
| Cash & short-term investments | $2.67M | $2.62M | $3.34M | $3.38M | $4.86M | +2.1% |
| Accounts receivable | $25.85M | $26.18M | $25.57M | $24.73M | $23.96M | -1.3% |
| Total current assets | $40.50M | $41.56M | $47.45M | $48.41M | $48.32M | -2.6% |
| Property, plant & equipment | $2.99M | $3.01M | $3.04M | $3.06M | $3.08M | -0.7% |
| Goodwill & intangibles | $1.09M | $1.19M | $1.31M | $1.48M | $1.63M | -8.7% |
| Total assets | $1.00B | $1.01B | $990.76M | $987.26M | $966.29M | -0.6% |
| Total current liabilities | $307.12M | $306.42M | $278.96M | $277.87M | $245.76M | +0.2% |
| Current debt | $285.00M | $285.00M | $258.00M | $256.00M | $226.00M | 0.0% |
| Long-term debt | $274.32M | $274.26M | $274.20M | $274.14M | $274.08M | +0.0% |
| Total debt | $563.30M | $563.25M | $536.20M | $534.14M | $504.09M | +0.0% |
| Total liabilities | $589.35M | $588.75M | $561.37M | $560.44M | $528.47M | +0.1% |
| Retained earnings | $95.69M | $93.33M | $90.78M | $76.35M | $74.71M | +2.5% |
| Shareholder equity | $414.24M | $421.34M | $429.39M | $426.82M | $437.82M | -1.7% |
| Working capital | -$266.62M | -$264.85M | -$231.51M | -$229.46M | -$197.44M | -0.7% |
| Net tangible assets | $413.15M | $420.15M | $428.08M | $425.34M | $436.19M | -1.7% |
| Shares issued | 28.66M | 28.57M | 28.47M | 28.47M | 28.37M | +0.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $2.36M | $2.55M | $14.43M | $1.64M | -$12.56M | -7.2% |
| Depreciation & amortisation | $11.14M | $11.05M | $11.24M | $11.26M | $11.08M | +0.8% |
| Stock-based compensation | $2.78M | $2.71M | $2.60M | $2.46M | $7.12M | +2.5% |
| Change in working capital | $1.89M | -$1.85M | $247.00K | -$2.62M | $1.31M | +201.9% |
| Operating cash flow | $17.53M | $13.74M | $15.50M | $12.72M | $13.80M | +27.6% |
| Capital expenditure | -$4.19M | -$4.97M | -$6.54M | -$5.08M | -$4.23M | +15.7% |
| Investing cash flow | -$3.62M | -$27.47M | -$4.00M | -$30.67M | -$441.00K | +86.8% |
| Dividends paid | -$13.75M | -$13.67M | -$13.55M | -$13.48M | -$13.39M | -0.6% |
| Financing cash flow | -$13.85M | $13.00M | -$11.55M | $16.47M | -$10.77M | -206.5% |
| Free cash flow | $13.35M | $8.77M | $8.96M | $7.65M | $9.57M | +52.1% |
| End cash position | $2.67M | $2.62M | $3.34M | $3.38M | $4.86M | +2.1% |
Options analytics
Put / call volume
1.00
Call-heavy session
Put / call open interest
0.33
Positioning, not flow
Max pain
7.50
-45.0% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
43
Contracts, this expiry
Put volume
43
Contracts, this expiry
Heaviest call OI
22.50
9 contracts
Heaviest put OI
5.00
2 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Sep 2025 | 0.08 | 0.09 | +17.4% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | — | — | $31.56M | +1.5% |
| Next quarter | — | — | $32.14M | +3.9% |
| Current year | — | — | $126.33M | +4.2% |
| Next year | — | — | $133.19M | +5.4% |
Analyst targets & ownership
Mean target$17.50
High target$18.00
Low target$17.00
Implied upside28.39%
Analyst count4
ConsensusBUY
Strong buy / Buy1 / 1
Hold2
Sell / Strong sell0 / 0
Held by insiders6.42%
Held by institutions84.17%
Institutions holding252
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
14.06
-3.04% from price
SMA 20
14.29
-4.60% from price
SMA 50
15.14
-9.96% from price
SMA 100
16.49
-17.36% from price
SMA 200
16.68
-18.28% from price
EMA 12
14.03
-2.86% from price
EMA 26
14.44
-5.58% from price
EMA 50
15.09
-9.66% from price
RSI (14)
32.1
Neutral
MACD (12,26,9)
-0.40
Hist -0.03
ATR (14)
0.29
2.16% of price
Realised vol 30D
19.3%
Annualised
Bollinger upper
15.01
20, 2σ
Bollinger lower
13.56
20, 2σ
50 / 200 cross
Death
15.14 vs 16.68
Trend bias
Below 200
-18.28%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.24
Less volatile than market
Correlation to SPY
0.11
Largely independent
Realised vol 30D
19.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-29.8%
Peak to trough
Max drawdown 5Y
-72.7%
Peak to trough
ATR 14
0.29
2.16% of price
Beta (reported)
0.65
5Y monthly, from filing
Short interest
Shares short
935.75K
Prior 943.62K
Change vs prior
-0.8%
Shorts covering
% of float
3.86%
Normal
% of shares out
3.27%
Against total outstanding
Days to cover
2.6
Liquid
Float
25.22M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 21, 26 | Evercore ISI Group | MAINTAINED | In-Line | In-Line |
| Aug 6, 26 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| Aug 6, 26 | Evercore ISI Group | MAINTAINED | In-Line | In-Line |
| Jul 21, 26 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| Jun 11, 26 | Truist Securities | MAINTAINED | Buy | Buy |
| Mar 10, 26 | Truist Securities | MAINTAINED | Buy | Buy |
| Feb 19, 26 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| Feb 19, 26 | Evercore ISI Group | MAINTAINED | In-Line | In-Line |
| Jan 20, 26 | Truist Securities | MAINTAINED | Buy | Buy |
| Aug 13, 25 | Truist Securities | MAINTAINED | Buy | Buy |
| Aug 4, 25 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| May 23, 25 | Piper Sandler | MAINTAINED | Neutral | Neutral |
Dividends & splits
Forward rate$1.76 / yr
Forward yield12.93%
5-year avg yield6.68%
Payout ratio288.64%
Ex-dividend dateAug 19, 2026
Next pay dateAug 31, 2026
Last split—
Split date—
SEC filings
Periodic Financial Reports
10-Q · 2026-08-04
Corporate Changes & Voting Matters
8-K · 2026-05-07
Periodic Financial Reports
10-Q · 2026-05-05
Proxy Statements
DEFA14A · 2026-03-12
Corporate Changes & Voting Matters
8-K · 2026-02-17
Corporate Changes & Voting Matters
8-K · 2026-01-09
Corporate Changes & Voting Matters
8-K/A · 2025-10-29
Corporate Changes & Voting Matters
8-K · 2025-10-28
Headlines
Should Value Investors Buy Community Healthcare Trust (CHCT) Stock?
Zacks · 30d ago
Truist Lowers Price Target on Community Healthcare Trust to $18 From $20, Keeps Buy Rating
MT Newswires · 40d ago
Huntington Adjusts PT on Community Healthcare Trust to $17 From $18.50, Keeps Outperform Rating
MT Newswires · 56d ago
CHCT Q2 2026 Earnings Call Transcript
Motley Fool · 56d ago
Down 14.0% in 4 Weeks, Here's Why Community Healthcare Trust (CHCT) Looks Ripe for a Turnaround
Zacks · 62d ago
Community Healthcare Trust Q2 Earnings Call Highlights
MarketBeat · 62d ago
Community Healthcare Trust Inc (CHCT) (Q2 2026) Earnings Call Highlights: Strategic Dividend ...
GuruFocus.com · 62d ago
Is Community Healthcare Trust (CHCT) Stock Undervalued Right Now?
Zacks · 63d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.