FRT
Federal Realty Investment Trust
NYSEUSDEQUITY
Real Estate
DELAYED
Neutral
-3/100
Last price
107.00
▲ 1.03 (0.97%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Overlay another symbol
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
105.95
Prev close
105.97
Day high
107.16
Day low
105.78
Volume
622.28K
Market cap
$9.28B
P/E (TTM)
21.45
52W range
90.03 – 128.21
Day trading desk
Gap from prior close
-0.02%
Prior close 105.97
VWAP
106.33
+0.63% from price
Relative volume
1.45×
Normal
Session range
1.30%
105.78 – 107.16
Position in range
88%
Near session high
ATR (14D)
1.67
1.56% of price
Prior day high
107.27
PDH
Prior day low
105.78
PDL
Bid / ask spread
—
Quote not published
Session volume
1.23M
Avg 848.85K
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
-2.92%
-4.9%
1M
-9.30%
-10.5%
3M
-11.82%
-16.3%
6M
-0.82%
-19.0%
YTD
+5.36%
-8.9%
1Y
+6.83%
-9.6%
3Y
+17.18%
-65.1%
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 FRT 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
+36.88K
Net buying
Buy transactions
2
38.38K shares
Sell transactions
1
1.50K shares
Net transactions
+3
Buys less sells
Sell : buy shares
0.0 : 1
Mixed
Insider-held shares
894.09K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 30, 26 | LAMB-HALE NICOLE Director |
SELL | 1.50K | $163.34K | Direct |
| Jun 3, 26 | MCEACHIN THOMAS A Director |
STOCK | 1.34K | $0 | Direct |
| Jun 3, 26 | WOOD DONALD C. Chief Executive Officer |
STOCK | 37.04K | $0 | Direct |
| Feb 11, 26 | GUGLIELMONE DANIEL Chief Financial Officer |
STOCK | 17.95K | $0 | Direct |
| Feb 11, 26 | WOOD DONALD C. Chief Executive Officer |
STOCK | 63.71K | $0 | Direct |
| Feb 11, 26 | BECKER DAWN M Officer |
STOCK | 11.71K | $0 | Direct |
| Jan 2, 26 | MCEACHIN THOMAS A Director |
STOCK | 1.34K | $0 | Direct |
| Jan 2, 26 | HOLLAND ELIZABETH I Director |
STOCK | 1.34K | $0 | Direct |
| Jan 2, 26 | LAMB-HALE NICOLE Director |
STOCK | 1.34K | $0 | Direct |
| Jan 2, 26 | FAEDER DAVID W Director |
STOCK | 1.09K | $0 | Direct |
| Jan 2, 26 | STEINEL GAIL PATRICIA Director |
STOCK | 1.34K | $0 | Direct |
| Jan 2, 26 | NADER ANTHONY P III Director |
STOCK | 1.34K | $0 | Direct |
| Sep 29, 25 | WOOD DONALD C. Chief Executive Officer |
STOCK | 60.00K | $0 | Indirect |
| Sep 5, 25 | MCEACHIN THOMAS A Director |
STOCK | 2.54K | $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 |
|---|---|---|---|
BECKER DAWN M |
Officer | 196.62K | Stock Award(Grant) |
FAEDER DAVID W |
Director | 27.54K | Stock Award(Grant) |
GUGLIELMONE DANIEL |
Chief Financial Officer | 80.87K | Stock Award(Grant) |
HOLLAND ELIZABETH I |
Director | 9.73K | Stock Award(Grant) |
LAMB-HALE NICOLE |
Director | 4.61K | Sale |
MCEACHIN THOMAS A |
Director | 3.87K | Stock Gift |
NADER ANTHONY P III |
Director | 6.11K | Stock Award(Grant) |
STEINEL GAIL PATRICIA |
Director | 18.02K | Stock Award(Grant) |
WOOD DONALD C. |
Chief Executive Officer | 422.34K | Stock Gift |
Fundamentals
Market cap$9.28B
Enterprise value$14.38B
Revenue (TTM)$1.34B
Gross profit$909.90M
EBITDA$837.70M
Net income$426.71M
EPS (TTM)$4.95
Free cash flow$456.14M
Total cash$115.28M
Total debt$4.85B
Book value / share$36.89
Shares outstanding86.89M
Float80.14M
Short % of float5.01%
Dividend yield4.38%
Beta (5Y)0.94
Valuation & profitability ratios
Trailing P/E21.45
Forward P/E34.35
PEG ratio3.59
Price / sales—
Price / book2.88
EV / revenue10.77
EV / EBITDA17.16
Gross margin68.14%
Operating margin35.03%
Profit margin32.66%
Return on equity12.55%
Return on assets3.26%
Debt / equity134.11
Current ratio0.56
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $1.28B | $1.20B | $1.13B | $1.07B | +6.4% |
| Operating revenue | $1.25B | $1.17B | $1.10B | $1.05B | +6.4% |
| Cost of revenue | $418.88M | $391.80M | $363.10M | $356.78M | +6.9% |
| Gross profit | $860.09M | $810.65M | $769.06M | $717.60M | +6.1% |
| Selling, general & admin | $46.91M | $49.74M | $50.71M | $52.64M | -5.7% |
| Total operating expense | $400.58M | $392.34M | $372.47M | $355.05M | +2.1% |
| Operating income | $459.51M | $418.32M | $396.59M | $362.55M | +9.8% |
| Net interest income | -$180.47M | -$171.18M | -$163.12M | -$135.92M | -5.4% |
| Pre-tax income | $423.65M | $304.33M | $247.22M | $395.66M | +39.2% |
| Net income | $411.08M | $295.21M | $236.99M | $385.49M | +39.2% |
| Net income to common | $401.70M | $285.89M | $227.67M | $376.13M | +40.5% |
| Basic EPS | 4.68 | 3.42 | 2.80 | 4.71 | +36.8% |
| Diluted EPS | 4.68 | 3.42 | 2.80 | 4.71 | +36.8% |
| EBIT | $607.26M | $479.81M | $415.03M | $532.65M | +26.6% |
| EBITDA | $975.10M | $822.41M | $736.79M | $835.06M | +18.6% |
| Basic shares | 85.85M | 83.56M | 81.31M | 79.85M | +2.7% |
| Diluted shares | 86.41M | 83.57M | 81.31M | 80.51M | +3.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $107.42M | $123.41M | $250.82M | $85.56M | -13.0% |
| Cash & short-term investments | $107.42M | $123.41M | $250.82M | $85.56M | -13.0% |
| Accounts receivable | $249.75M | $229.08M | $201.73M | $197.65M | +9.0% |
| Total current assets | $366.26M | $361.63M | $461.75M | $292.66M | +1.3% |
| Property, plant & equipment | $89.53M | $92.44M | $93.84M | $140.04M | -3.1% |
| Total assets | $9.13B | $8.52B | $8.44B | $8.23B | +7.1% |
| Total current liabilities | $351.02M | $311.25M | $297.83M | $309.11M | +12.8% |
| Long-term debt | $4.94B | $4.47B | $4.60B | $4.33B | +10.5% |
| Total debt | $5.03B | $4.56B | $4.69B | $4.47B | +10.2% |
| Total liabilities | $5.63B | $5.10B | $5.21B | $5.02B | +10.4% |
| Retained earnings | -$1.22B | -$1.24B | -$1.16B | -$1.03B | +1.5% |
| Shareholder equity | $3.25B | $3.17B | $2.96B | $2.95B | +2.4% |
| Working capital | $15.24M | $50.38M | $163.92M | -$16.45M | -69.7% |
| Net tangible assets | $3.25B | $3.17B | $2.96B | $2.95B | +2.4% |
| Shares issued | 86.27M | 85.67M | 82.78M | 81.34M | +0.7% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $423.65M | $304.33M | $247.22M | $395.66M | +39.2% |
| Depreciation & amortisation | $367.84M | $342.60M | $321.76M | $302.41M | +7.4% |
| Stock-based compensation | $14.61M | $16.36M | $14.31M | $13.70M | -10.7% |
| Change in working capital | $6.15M | -$2.54M | $2.83M | -$2.84M | +342.7% |
| Operating cash flow | $622.38M | $574.56M | $555.83M | $516.77M | +8.3% |
| Capital expenditure | -$291.34M | -$246.76M | -$311.12M | -$416.70M | -18.1% |
| Investing cash flow | -$743.07M | -$446.83M | -$358.32M | -$786.00M | -66.3% |
| Share buybacks | -$4.91M | -$6.71M | -$5.02M | -$4.90M | +26.8% |
| Dividends paid | -$388.06M | -$371.59M | -$359.19M | -$347.28M | -4.4% |
| Financing cash flow | $102.95M | -$252.30M | -$33.85M | $190.41M | +140.8% |
| Free cash flow | $331.04M | $327.80M | $244.71M | $100.07M | +1.0% |
| End cash position | $117.71M | $135.44M | $260.00M | $96.35M | -13.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $335.71M | $341.08M | $336.05M | $322.25M | $311.52M | -1.6% |
| Operating revenue | $325.91M | $333.19M | $327.82M | $313.46M | $302.75M | -2.2% |
| Cost of revenue | $103.57M | $113.67M | $110.56M | $105.66M | $98.29M | -8.9% |
| Gross profit | $232.14M | $227.42M | $225.48M | $216.59M | $213.23M | +2.1% |
| Selling, general & admin | $13.47M | $11.93M | $12.46M | $11.65M | $11.93M | +13.0% |
| Total operating expense | $114.09M | $111.14M | $109.84M | $105.93M | $86.99M | +2.7% |
| Operating income | $118.05M | $116.27M | $115.64M | $110.67M | $126.24M | +1.5% |
| Net interest income | -$49.45M | -$48.08M | -$48.27M | -$46.77M | -$43.69M | -2.8% |
| Pre-tax income | $88.55M | $161.07M | $132.62M | $64.50M | $159.96M | -45.0% |
| Net income | $85.70M | $159.10M | $129.74M | $61.65M | $155.92M | -46.1% |
| Net income to common | $83.69M | $156.54M | $126.39M | $59.64M | $153.91M | -46.5% |
| Basic EPS | 0.97 | 1.82 | 1.48 | 0.69 | 1.78 | -46.7% |
| Diluted EPS | 0.97 | 1.81 | 1.48 | 0.69 | 1.78 | -46.4% |
| EBIT | $138.56M | $210.19M | $181.54M | $112.12M | $204.55M | -34.1% |
| EBITDA | $239.18M | $309.40M | $278.92M | $206.40M | $293.80M | -22.7% |
| Basic shares | 86.18M | 86.04M | 85.98M | 85.98M | 85.97M | +0.2% |
| Diluted shares | 86.18M | 86.66M | 86.60M | 85.98M | 86.61M | -0.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $107.25M | $115.63M | $107.42M | $111.31M | $177.00M | -7.3% |
| Cash & short-term investments | $107.25M | $115.63M | $107.42M | $111.31M | $177.00M | -7.3% |
| Accounts receivable | $262.11M | $249.43M | $249.75M | $239.89M | $225.94M | +5.1% |
| Total current assets | $369.35M | $365.06M | $366.26M | $360.30M | $412.06M | +1.2% |
| Property, plant & equipment | $87.94M | $88.59M | $89.53M | $90.33M | $91.04M | -0.7% |
| Total assets | $9.06B | $9.10B | $9.13B | $8.86B | $8.62B | -0.4% |
| Total current liabilities | $350.85M | $354.60M | $351.02M | $355.61M | $323.34M | -1.1% |
| Long-term debt | $4.77B | $4.85B | $4.94B | $4.72B | $4.49B | -1.7% |
| Total debt | $4.85B | $4.93B | $5.03B | $4.81B | $4.57B | -1.7% |
| Total liabilities | $5.44B | $5.53B | $5.63B | $5.40B | $5.12B | -1.6% |
| Retained earnings | -$1.18B | -$1.16B | -$1.22B | -$1.25B | -$1.22B | -1.2% |
| Shareholder equity | $3.36B | $3.31B | $3.25B | $3.21B | $3.25B | +1.6% |
| Working capital | $18.51M | $10.46M | $15.24M | $4.70M | $88.72M | +76.9% |
| Net tangible assets | $3.36B | $3.31B | $3.25B | $3.21B | $3.25B | +1.6% |
| Shares issued | 86.88M | 86.39M | 86.27M | 86.27M | 86.26M | +0.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $88.55M | $161.07M | $132.62M | $64.50M | $159.96M | -45.0% |
| Depreciation & amortisation | $100.62M | $99.22M | $97.38M | $94.28M | $89.24M | +1.4% |
| Stock-based compensation | $3.57M | $4.30M | $3.69M | $3.45M | $3.58M | -17.1% |
| Change in working capital | -$11.48M | $23.41M | -$15.31M | -$6.02M | -$3.33M | -149.1% |
| Operating cash flow | $153.74M | $184.59M | $144.85M | $147.79M | $150.69M | -16.7% |
| Capital expenditure | -$70.07M | -$64.95M | -$94.13M | -$72.60M | -$65.58M | -7.9% |
| Investing cash flow | -$30.47M | $20.52M | -$269.56M | -$357.19M | $65.44M | -248.5% |
| Share buybacks | -$22.00K | -$4.96M | -$55.00K | -$181.00K | -$68.00K | +99.6% |
| Dividends paid | -$99.25M | -$99.11M | -$99.07M | -$96.49M | -$96.53M | -0.1% |
| Financing cash flow | -$132.37M | -$198.92M | $114.73M | $133.46M | -$135.22M | +33.5% |
| Free cash flow | $83.67M | $119.64M | $50.71M | $75.20M | $85.11M | -30.1% |
| End cash position | $114.78M | $123.89M | $117.71M | $127.68M | $203.62M | -7.4% |
Options analytics
Put / call volume
0.25
Call-heavy session
Put / call open interest
0.02
Positioning, not flow
Max pain
110.00
+3.6% from spot
ATM implied vol
46.8%
Nearest strike to spot
Skew (10% OTM)
+17.9%
Puts bid over calls
Call volume
60
Contracts, this expiry
Put volume
15
Contracts, this expiry
Heaviest call OI
110.00
758 contracts
Heaviest put OI
105.00
7 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 |
|---|---|---|---|
| Jun 2026 | 0.72 | 0.97 | +35.3% |
| Mar 2026 | 0.68 | 1.81 | +165.2% |
| Dec 2025 | 0.76 | 1.56 | +104.7% |
| Sep 2025 | 0.78 | 0.69 | -11.3% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.72 | 4 | $338.21M | +5.0% |
| Next quarter | 0.76 | 4 | $348.32M | +3.7% |
| Current year | 4.26 | 4 | $1.36B | +6.7% |
| Next year | 3.09 | 5 | $1.43B | +4.9% |
Analyst targets & ownership
Mean target$130.74
High target$149.00
Low target$116.00
Implied upside22.18%
Analyst count19
ConsensusBUY
Strong buy / Buy5 / 8
Hold6
Sell / Strong sell0 / 0
Held by insiders1.03%
Held by institutions101.05%
Institutions holding853
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
108.47
-1.35% from price
SMA 20
110.68
-4.05% from price
SMA 50
115.66
-8.18% from price
SMA 100
118.74
-9.89% from price
SMA 200
112.53
-5.63% from price
EMA 12
108.76
-1.62% from price
EMA 26
111.42
-3.97% from price
EMA 50
114.16
-6.27% from price
RSI (14)
19.1
Oversold
MACD (12,26,9)
-2.67
Hist -0.28
ATR (14)
1.67
1.57% of price
Realised vol 30D
9.7%
Annualised
Bollinger upper
116.26
20, 2σ
Bollinger lower
105.10
20, 2σ
50 / 200 cross
Golden
115.66 vs 112.53
Trend bias
Below 200
-5.63%
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
0.17
Less volatile than market
Correlation to SPY
0.14
Largely independent
Realised vol 30D
9.7%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-16.6%
Peak to trough
Max drawdown 5Y
-40.0%
Peak to trough
ATR 14
1.67
1.57% of price
Beta (reported)
0.94
5Y monthly, from filing
Short interest
Shares short
3.68M
Prior 3.49M
Change vs prior
+5.5%
Shorts adding
% of float
5.01%
Normal
% of shares out
4.24%
Against total outstanding
Days to cover
5.7
Crowded exit
Float
80.14M
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 |
|---|---|---|---|---|
| Oct 5, 26 | Wells Fargo | MAINTAINED | Overweight | Overweight |
| Sep 28, 26 | Barclays | MAINTAINED | Equal-Weight | Equal-Weight |
| Sep 24, 26 | Mizuho | MAINTAINED | Outperform | Outperform |
| Sep 21, 26 | Evercore ISI Group | MAINTAINED | In-Line | In-Line |
| Sep 17, 26 | Scotiabank | MAINTAINED | Sector Outperform | Sector Outperform |
| Sep 4, 26 | JP Morgan | MAINTAINED | Overweight | Overweight |
| Aug 17, 26 | Barclays | MAINTAINED | Equal-Weight | Equal-Weight |
| Aug 5, 26 | Citigroup | MAINTAINED | Neutral | Neutral |
| Jul 23, 26 | Wells Fargo | MAINTAINED | Overweight | Overweight |
| Jul 21, 26 | Piper Sandler | MAINTAINED | Overweight | Overweight |
| Jul 9, 26 | UBS | MAINTAINED | Neutral | Neutral |
| Jul 7, 26 | Evercore ISI Group | MAINTAINED | In-Line | In-Line |
Dividends & splits
Forward rate$4.64 / yr
Forward yield4.38%
5-year avg yield4.12%
Payout ratio91.31%
Ex-dividend dateOct 1, 2026
Next pay dateOct 15, 2026
Last split3:2
Split dateNov 6, 1985
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-08-11
Periodic Financial Reports
10-Q · 2026-07-31
Corporate Changes & Voting Matters
8-K · 2026-05-06
Periodic Financial Reports
10-Q · 2026-05-01
Corporate Changes & Voting Matters
8-K · 2026-04-15
Annual Report to Shareholders
ARS · 2026-03-27
Corporate Changes & Voting Matters
8-K · 2026-02-12
Corporate Changes & Voting Matters
8-K · 2025-11-20
Headlines
JPMorgan Adjusts Price Target on Federal Realty Investment Trust to $120 From $129, Keeps Overweight Rating
MT Newswires · 13h ago
Wells Fargo Adjusts Federal Realty Investment Trust Price Target to $126 From $134, Maintains Overweight Rating
MT Newswires · 2d ago
October’s Income Picks: 2 Stocks Yielding Over 4% That Have Raised Payouts for 25 Years
24/7 Wall St. · 5d ago
Truist Trims Price Target on Federal Realty Investment Trust to $116 From $118, Keeps Hold Rating
MT Newswires · 5d ago
Federal Realty Acquires The Summit in Alabama for $508 Million
MT Newswires · 5d ago
Federal Realty Acquires The Summit, Alabama's Premier Retail Destination
PR Newswire · 5d ago
Federal Realty Investment Trust's Dividend Analysis
GuruFocus.com · 6d ago
Federal Realty Investment Trust Announces Third Quarter 2026 Earnings Release Date and Conference Call Information
PR Newswire · 6d 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.