LINC
Lincoln Educational Services Corporation
NasdaqGSUSDEQUITY
Consumer Defensive
DELAYED
Sell
-34/100
Last price
22.90
▲ 0.70 (3.15%)
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
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Open
22.14
Prev close
22.20
Day high
22.79
Day low
21.89
Volume
414.52K
Market cap
$721.35M
P/E (TTM)
31.15
52W range
17.29 – 56.34
Day trading desk
Gap from prior close
-0.26%
Prior close 22.20
VWAP
22.61
+1.28% from price
Relative volume
0.84×
Normal
Session range
9.05%
21.00 – 22.90
Position in range
100%
Near session high
ATR (14D)
1.12
4.88% of price
Prior day high
22.59
PDH
Prior day low
21.48
PDL
Bid / ask spread
—
Quote not published
Session volume
737.81K
Avg 875.58K
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
+5.57%
+3.6%
1M
-11.31%
-12.5%
3M
-58.00%
-62.5%
6M
-45.09%
-63.3%
YTD
-5.84%
-20.1%
1Y
+0.18%
-16.2%
3Y
+169.11%
+86.9%
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
11 more panels on LINC 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
-278.94K
Net selling
Buy transactions
9
23.48K shares
Sell transactions
10
302.42K shares
Net transactions
+19
Buys less sells
Sell : buy shares
12.9 : 1
Heavily one-sided
Insider-held shares
2.26M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jun 15, 26 | LUSTER ALEXANDRA M General Counsel |
SELL | 18.01K | $803.83K | Direct |
| Jun 12, 26 | JUNIPER INVESTMENT COMPANY, LLC Affiliated Person |
SELL | 48.81K | $2.30M | Indirect |
| Jun 10, 26 | CARNEY KEVIN M Director |
SELL | 3.00K | $144.00K | Indirect |
| Jun 5, 26 | LUSTER ALEXANDRA M General Counsel |
SELL | 1.99K | $99.87K | Direct |
| Jun 4, 26 | JUNIPER INVESTMENT COMPANY, LLC Affiliated Person |
SELL | 106.71K | $5.37M | Indirect |
| Jun 3, 26 | PRYOR FELECIA J Director |
SELL | 2.00K | $99.40K | Direct |
| May 22, 26 | BURKE JAMES J JR. Director |
SELL | 15.81K | $764.43K | Direct |
| May 18, 26 | BURKE JAMES J JR. Director |
SELL | 16.19K | $802.63K | Direct |
| May 15, 26 | JUNIPER INVESTMENT COMPANY, LLC Affiliated Person |
SELL | 49.82K | $2.55M | Indirect |
| May 12, 26 | MEYERS BRIAN KEITH Chief Financial Officer |
SELL | 40.07K | $2.00M | Direct |
| May 8, 26 | BURKE JAMES J JR. Director |
STOCK | 2.50K | $110.03K | Direct |
| May 7, 26 | BARTHOLDSON JOHN A Director |
STOCK | 3.52K | $155.01K | Direct |
| May 7, 26 | PLATER MICHAEL A Director |
STOCK | 2.50K | $110.03K | Direct |
| May 7, 26 | CABRAL ANNA ESCOBEDO Director |
STOCK | 2.50K | $110.03K | 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 |
|---|---|---|---|
ACE STEPHEN E |
Officer | 150.08K | Stock Award(Grant) |
BARTHOLDSON JOHN A |
Director | 2.15M | Stock Award(Grant) |
BURKE JAMES J JR. |
Director | 44.20K | Sale |
CARNEY KEVIN M |
Director | — | Sale |
JUNIPER INVESTMENT COMPANY, LLC |
Affiliated Person | — | Sale |
LUSTER ALEXANDRA M |
General Counsel | 82.36K | Sale |
MEYERS BRIAN KEITH |
Chief Financial Officer | 160.71K | Sale |
NYCE CHAD D |
Chief Operating Officer | 174.21K | Sale |
PLATER MICHAEL A |
Director | 20.06K | Stock Award(Grant) |
SHAW SCOTT M |
Chief Executive Officer | 1.10M | Stock Award(Grant) |
Fundamentals
Market cap$721.35M
Enterprise value$905.27M
Revenue (TTM)$570.78M
Gross profit$341.56M
EBITDA$60.64M
Net income$22.80M
EPS (TTM)$0.73
Free cash flow$5.24M
Total cash$44.18M
Total debt$228.10M
Book value / share$6.38
Shares outstanding31.72M
Float27.80M
Short % of float10.41%
Dividend yield0.00%
Beta (5Y)0.83
Valuation & profitability ratios
Trailing P/E31.15
Forward P/E21.74
PEG ratio1.59
Price / sales—
Price / book3.56
EV / revenue1.59
EV / EBITDA14.93
Gross margin59.84%
Operating margin2.30%
Profit margin4.00%
Return on equity11.90%
Return on assets4.20%
Debt / equity112.70
Current ratio0.96
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $518.24M | $440.06M | $378.07M | $348.29M | +17.8% |
| Operating revenue | $518.24M | $440.06M | $378.07M | $348.29M | +17.8% |
| Cost of revenue | $205.39M | $181.76M | $162.28M | $148.75M | +13.0% |
| Gross profit | $312.85M | $258.31M | $215.79M | $199.54M | +21.1% |
| Selling, general & admin | $282.95M | $243.80M | $209.13M | $182.39M | +16.1% |
| Total operating expense | $283.87M | $243.80M | $209.13M | $182.39M | +16.4% |
| Operating income | $28.98M | $14.50M | $6.66M | $17.15M | +99.8% |
| Net interest income | -$3.27M | -$466.00K | $2.28M | $158.00K | -601.3% |
| Pre-tax income | $26.12M | $14.71M | $35.64M | $16.44M | +77.5% |
| Tax provision | $6.12M | $4.82M | $9.64M | $3.80M | +27.0% |
| Net income | $20.00M | $9.89M | $26.00M | $12.63M | +102.2% |
| Net income to common | $20.00M | $9.89M | $26.00M | $9.21M | +102.2% |
| Basic EPS | 0.65 | 0.32 | 0.86 | 0.36 | +103.1% |
| Diluted EPS | 0.64 | 0.32 | 0.85 | 0.36 | +100.0% |
| EBIT | $29.51M | $17.28M | $35.99M | $16.60M | +70.8% |
| EBITDA | $48.67M | $28.61M | $42.58M | $22.96M | +70.1% |
| Basic shares | 30.94M | 30.58M | 30.11M | 25.88M | +1.2% |
| Diluted shares | 31.26M | 30.89M | 30.54M | 25.88M | +1.2% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $28.52M | $59.27M | $75.99M | $46.07M | -51.9% |
| Cash & short-term investments | $28.52M | $59.27M | $75.99M | $60.83M | -51.9% |
| Accounts receivable | $36.93M | $42.98M | $35.69M | $37.17M | -14.1% |
| Inventory | $3.99M | $3.05M | $2.95M | $2.62M | +30.6% |
| Total current assets | $87.03M | $111.25M | $134.66M | $114.14M | -21.8% |
| Property, plant & equipment | $350.90M | $266.31M | $156.58M | $117.04M | +31.8% |
| Goodwill & intangibles | $10.74M | $10.74M | $10.74M | $14.54M | 0.0% |
| Total assets | $493.16M | $436.56M | $345.25M | $291.57M | +13.0% |
| Total current liabilities | $100.71M | $90.21M | $73.41M | $55.02M | +11.6% |
| Total debt | $203.86M | $177.56M | $116.79M | $100.63M | +14.8% |
| Total liabilities | $293.48M | $258.29M | $178.44M | $146.69M | +13.6% |
| Retained earnings | $99.17M | $79.17M | $69.28M | $51.23M | +25.3% |
| Shareholder equity | $199.69M | $178.26M | $166.80M | $144.88M | +12.0% |
| Working capital | -$13.68M | $21.04M | $61.25M | $59.12M | -165.0% |
| Net tangible assets | $188.95M | $167.52M | $156.06M | $130.34M | +12.8% |
| Shares issued | 31.62M | 31.46M | 31.36M | 31.15M | +0.5% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Net income | $20.00M | $9.89M | $26.00M | $12.63M | — | +102.2% |
| Depreciation & amortisation | $19.16M | $11.33M | $6.60M | $6.36M | — | +69.1% |
| Stock-based compensation | $5.49M | $4.63M | $5.89M | $3.11M | — | +18.6% |
| Change in working capital | -$47.14M | -$54.48M | -$29.44M | -$57.90M | — | +13.5% |
| Operating cash flow | $59.31M | $29.31M | $25.56M | $882.00K | — | +102.4% |
| Capital expenditure | -$86.63M | -$56.87M | -$40.70M | -$8.99M | — | -52.3% |
| Investing cash flow | -$86.20M | -$46.97M | $7.37M | -$21.35M | — | -83.5% |
| Share buybacks | — | $0 | -$891.00K | -$9.45M | $0 | — |
| Dividends paid | — | $0 | $0 | -$1.11M | -$1.22M | — |
| Financing cash flow | -$3.87M | -$3.33M | -$2.94M | -$12.55M | — | -16.1% |
| Free cash flow | -$27.32M | -$27.56M | -$15.14M | -$8.10M | — | +0.9% |
| End cash position | $28.52M | $59.27M | $80.27M | $50.29M | — | -51.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $142.56M | $143.96M | $142.87M | $141.39M | $116.47M | -1.0% |
| Operating revenue | $142.56M | $143.96M | $142.87M | $141.39M | $116.47M | -1.0% |
| Cost of revenue | $59.63M | $58.39M | $53.91M | $57.28M | $46.79M | +2.1% |
| Gross profit | $82.93M | $85.56M | $88.97M | $84.11M | $69.68M | -3.1% |
| Selling, general & admin | $79.65M | $79.15M | $71.17M | $77.81M | $67.06M | +0.6% |
| Total operating expense | $79.65M | $79.15M | $72.10M | $77.81M | $67.06M | +0.6% |
| Operating income | $3.28M | $6.41M | $16.87M | $6.29M | $2.62M | -48.9% |
| Net interest income | -$1.05M | -$807.00K | -$888.00K | -$991.00K | -$802.00K | -30.2% |
| Pre-tax income | $2.26M | $5.60M | $15.92M | $5.29M | $2.08M | -59.6% |
| Tax provision | $315.00K | $1.24M | $3.22M | $1.50M | $522.00K | -74.7% |
| Net income | $1.95M | $4.36M | $12.70M | $3.80M | $1.55M | -55.3% |
| Net income to common | $1.95M | $4.36M | $12.70M | $3.80M | $1.55M | -55.3% |
| Basic EPS | 0.06 | 0.14 | 0.41 | 0.12 | 0.05 | -57.1% |
| Diluted EPS | 0.06 | 0.14 | 0.40 | 0.12 | 0.05 | -57.1% |
| EBIT | $3.32M | $6.44M | $16.81M | $6.29M | $2.89M | -48.4% |
| EBITDA | $10.69M | $13.65M | $23.29M | $11.33M | $7.18M | -21.7% |
| Basic shares | 31.26M | 31.13M | 31.01M | 31.00M | 30.99M | +0.4% |
| Diluted shares | 31.42M | 31.33M | 31.38M | 31.32M | 31.27M | +0.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $44.18M | $16.69M | $28.52M | $13.48M | $16.70M | +164.7% |
| Cash & short-term investments | $44.18M | $16.69M | $28.52M | $13.48M | $16.70M | +164.7% |
| Accounts receivable | $45.87M | $41.73M | $36.93M | $51.13M | $47.26M | +9.9% |
| Inventory | $4.08M | $2.49M | $3.99M | $3.09M | $4.50M | +63.9% |
| Total current assets | $106.25M | $76.40M | $87.03M | $77.33M | $79.63M | +39.1% |
| Property, plant & equipment | $366.49M | $355.22M | $350.90M | $328.07M | $307.76M | +3.2% |
| Goodwill & intangibles | $10.74M | $10.74M | $10.74M | $10.74M | $10.74M | 0.0% |
| Total assets | $529.78M | $486.73M | $493.16M | $466.94M | $447.32M | +8.8% |
| Total current liabilities | $110.95M | $92.30M | $100.71M | $95.88M | $88.25M | +20.2% |
| Long-term debt | $26.00M | $5.00M | — | $8.00M | $13.00M | +420.0% |
| Total debt | $228.10M | $206.55M | $203.86M | $195.73M | $189.13M | +10.4% |
| Total liabilities | $327.39M | $287.91M | $293.48M | $281.08M | $266.64M | +13.7% |
| Retained earnings | $105.47M | $103.52M | $99.17M | $86.47M | $82.67M | +1.9% |
| Shareholder equity | $202.39M | $198.83M | $199.69M | $185.85M | $180.68M | +1.8% |
| Working capital | -$4.70M | -$15.90M | -$13.68M | -$18.55M | -$8.62M | +70.4% |
| Net tangible assets | $191.65M | $188.09M | $188.95M | $175.11M | $169.94M | +1.9% |
| Shares issued | 31.72M | 31.70M | 31.62M | 31.62M | 31.59M | +0.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $1.95M | $4.36M | $12.70M | $3.80M | $1.55M | -55.3% |
| Depreciation & amortisation | $7.37M | $7.21M | $6.48M | $5.04M | $4.29M | +2.2% |
| Stock-based compensation | $1.61M | $1.44M | $1.41M | $1.53M | $1.34M | +11.8% |
| Change in working capital | -$5.32M | -$22.50M | $4.95M | -$4.51M | -$20.25M | +76.4% |
| Operating cash flow | $22.07M | $4.57M | $43.51M | $23.88M | $299.00K | +383.3% |
| Capital expenditure | -$14.50M | — | — | — | — | — |
| Investing cash flow | -$14.47M | -$14.63M | -$18.57M | -$21.86M | -$26.13M | +1.1% |
| Financing cash flow | $19.89M | -$1.76M | -$9.90M | -$5.24M | $13.88M | +1,229.6% |
| Free cash flow | $7.57M | -$10.07M | $25.00M | $2.03M | -$26.09M | +175.2% |
| End cash position | $44.18M | $16.69M | $28.52M | $13.48M | $16.70M | +164.7% |
Options analytics
Put / call volume
3.10
Put-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
17.50
-23.0% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
+12.5%
Puts bid over calls
Call volume
20
Contracts, this expiry
Put volume
62
Contracts, this expiry
Heaviest call OI
20.00
0 contracts
Heaviest put OI
17.50
0 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 | -0.01 | 0.06 | +1,100.0% |
| Mar 2026 | 0.04 | 0.14 | +250.0% |
| Dec 2025 | 0.42 | 0.50 | +20.1% |
| Sep 2025 | 0.12 | 0.20 | +68.7% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.12 | 5 | $152.27M | +7.7% |
| Next quarter | 0.45 | 5 | $155.15M | +8.6% |
| Current year | 0.77 | 5 | $593.94M | +14.6% |
| Next year | 1.05 | 5 | $647.90M | +9.1% |
Analyst targets & ownership
Mean target$48.20
High target$56.00
Low target$40.00
Implied upside110.48%
Analyst count5
ConsensusSTRONG BUY
Strong buy / Buy1 / 4
Hold0
Sell / Strong sell0 / 0
Held by insiders7.14%
Held by institutions95.18%
Institutions holding298
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
22.46
+1.97% from price
SMA 20
23.69
-4.03% from price
SMA 50
28.31
-19.67% from price
SMA 100
38.16
-39.99% from price
SMA 200
36.11
-37.03% from price
EMA 12
22.85
+0.21% from price
EMA 26
24.57
-6.80% from price
EMA 50
28.37
-19.27% from price
RSI (14)
35.0
Neutral
MACD (12,26,9)
-1.72
Hist 0.24
ATR (14)
1.12
4.92% of price
Realised vol 30D
34.1%
Annualised
Bollinger upper
26.51
20, 2σ
Bollinger lower
20.88
20, 2σ
50 / 200 cross
Death
28.31 vs 36.11
Trend bias
Below 200
-37.03%
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
0.73
Less volatile than market
Correlation to SPY
0.17
Largely independent
Realised vol 30D
34.1%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-61.3%
Peak to trough
Max drawdown 5Y
-61.3%
Peak to trough
ATR 14
1.12
4.92% of price
Beta (reported)
0.83
5Y monthly, from filing
Short interest
Shares short
2.84M
Prior 2.06M
Change vs prior
+37.9%
Shorts adding
% of float
10.41%
Elevated
% of shares out
8.94%
Against total outstanding
Days to cover
3.0
Liquid
Float
27.80M
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 |
|---|---|---|---|---|
| Aug 11, 26 | Lake Street | MAINTAINED | Buy | Buy |
| Aug 11, 26 | Rosenblatt | MAINTAINED | Buy | Buy |
| Jun 11, 26 | Rosenblatt | MAINTAINED | Buy | Buy |
| May 12, 26 | Rosenblatt | MAINTAINED | Buy | Buy |
| May 12, 26 | Barrington Research | MAINTAINED | Outperform | Outperform |
| May 12, 26 | B. Riley Securities | MAINTAINED | Buy | Buy |
| Mar 20, 26 | B. Riley Securities | MAINTAINED | Buy | Buy |
| Mar 20, 26 | Barrington Research | MAINTAINED | Outperform | Outperform |
| Mar 20, 26 | Lake Street | MAINTAINED | Buy | Buy |
| Mar 20, 26 | Rosenblatt | MAINTAINED | Buy | Buy |
| Feb 24, 26 | Lake Street | MAINTAINED | Buy | Buy |
| Feb 24, 26 | B. Riley Securities | MAINTAINED | Buy | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield4.69%
Payout ratio0.00%
Ex-dividend dateDec 11, 2014
Next pay dateDec 31, 2014
Last split—
Split date—
SEC filings
Periodic Financial Reports
10-Q · 2026-08-10
Corporate Changes & Voting Matters
8-K · 2026-07-10
Corporate Changes & Voting Matters
8-K · 2026-05-13
Periodic Financial Reports
10-Q · 2026-05-11
Corporate Changes & Voting Matters
8-K · 2026-04-16
Proxy Statements
DEFA14A · 2026-03-26
Corporate Changes & Voting Matters
8-K · 2026-03-19
Periodic Financial Reports
10-K · 2026-03-02
Headlines
Consumer Discretionary - Education Services Stocks Q2 Earnings: Lincoln Educational (NASDAQ:LINC) Best of the Bunch
StockStory · 8d ago
1 Cash-Producing Stock on Our Buy List and 2 We Ignore
StockStory · 12d ago
TAL or LINC: Which Is the Better Value Stock Right Now?
Zacks · 14d ago
3 Low-Volatility Stocks We Find Risky
StockStory · 15d ago
Lincoln Tech’s Grand Prairie, TX Campus Named a School of Excellence
GlobeNewswire · 16d ago
3 Reasons to Sell LINC and 1 Stock to Buy Instead
StockStory · 19d ago
Lincoln Tech’s WorkforceLinc Division Expands Collaboration with CMC
GlobeNewswire · 19d ago
TAL or LINC: Which Is the Better Value Stock Right Now?
Zacks · 30d 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.