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Form 8-K

sec.gov

8-K — Tri Pointe Homes, Inc.

Accession: 0001561680-26-000022

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001561680

SIC: 1531 (OPERATIVE BUILDERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tph-20260429.htm (Primary)

EX-99.1 (tphex991q12026.htm)

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8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________________________

FORM 8-K

_______________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 29, 2026

_______________________________________________________________________________________

Tri Pointe Homes, Inc.

(Exact name of registrant as specified in its charter)

_______________________________________________________________________________________

Delaware   1-35796   61-1763235

(State or other jurisdiction

of incorporation)   (Commission

File Number)   (IRS Employer

Identification No.)

940 Southwood Blvd, Suite 200

Incline Village, Nevada 89451

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (775) 413-1030

Not Applicable

(Former name or former address, if changed since last report.)

_______________________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.01 per share TPH New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition

On April 29, 2026, Tri Pointe Homes, Inc., a Delaware corporation (the “Company”), announced in a press release its financial results for the quarter ended March 31, 2026. A copy of the Company’s press release announcing these financial results is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including the exhibits attached hereto, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth in such filing. In addition, the press release furnished as an exhibit to this report includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

Item 9.01     Financial Statements and Exhibits

(d)Exhibits

99.1          Press Release dated April 29, 2026

104           Cover Page Interactive Data File, formatted in Inline XBRL

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Tri Pointe Homes, Inc.

Date: April 29, 2026 By: /s/ Glenn J. Keeler

Glenn J. Keeler,

Chief Financial Officer

3

EX-99.1

EX-99.1

Filename: tphex991q12026.htm · Sequence: 2

Document

Exhibit 99.1

TRI POINTE HOMES, INC. REPORTS 2026 FIRST QUARTER RESULTS

INCLINE VILLAGE, Nev., April 29, 2026 / Tri Pointe Homes, Inc. (the “Company”) (NYSE:TPH) today announced results for the first quarter ended March 31, 2026. As previously announced on February 13, 2026, the Company entered into the Agreement and Plan of Merger, dated February 13, 2026 (the “Merger Agreement”), with Sumitomo Forestry Co., Ltd., a Japanese corporation (kabushiki kaisha) (“Sumitomo Forestry”), and Teton NewCo, Inc., a Delaware corporation and an indirect wholly owned subsidiary of Sumitomo Forestry (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and an indirect wholly owned subsidiary of Sumitomo Forestry (the “Merger”). As of the date hereof, the portions of the conditions to the Merger relating to stockholder approval of the Merger and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, have been satisfied. The Merger continues to be subject to the remaining conditions set forth in the Merger Agreement.

Results and Operational Data for First Quarter 2026 and Comparisons to First Quarter 2025

•Net income available to common stockholders was $6.8 million, or $0.08 per diluted share, compared to $64.0 million, or $0.70 per diluted share

•Home sales revenue of $506.5 million compared to $720.8 million

◦New home deliveries of 736 homes compared to 1,040 homes

◦Average sales price of homes delivered of $688,000 compared to $693,000

•Homebuilding gross margin percentage of 18.8% compared to 23.9%

◦Excluding interest and impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 22.3%*

•SG&A expense as a percentage of home sales revenue of 17.9% compared to 14.0%

•Net new home orders of 1,234 compared to 1,238

•Active selling communities averaged 158.0 compared to 145.5

◦Net new home orders per average selling community were 7.8 orders (2.6 monthly) compared to 8.5 orders (2.8 monthly)

◦Cancellation rate of 9% compared to 10%

•Backlog units at quarter end of 1,360 homes compared to 1,715

◦Dollar value of backlog at quarter end of $989.9 million compared to $1.3 billion

◦Average sales price of homes in backlog at quarter end of $728,000 compared to $763,000

•Ratios of homebuilding debt-to-capital and net homebuilding debt-to-net capital of 25.0% and 7.2%*, respectively, as of March 31, 2026

•Ended the first quarter of 2026 with total liquidity of $1.7 billion, including cash and cash equivalents of $847.9 million and $827.5 million of availability under our revolving credit facility.

* See “Reconciliation of Non-GAAP Financial Measures”

Page 1

About Tri Pointe Homes, Inc.

One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company operating in 12 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards and was named 2024 Developer of the Year. The company is one of the 2026 Fortune World’s Most Admired Companies, 2023 and 2025 Fortune 100 Best Companies to Work For® and was designated as one of the PEOPLE Companies That Care® for three consecutive years (2023 through 2025). The company was also named as a Great Place To Work-Certified™ company for five years in a row (2021 through 2025) and was named on several Great Place To Work® Best Workplaces list (2022 through 2025). For more information, please visit TriPointeHomes.com.

Forward-Looking Statements

Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects, and capital spending, as well as the expected timetable for completing the proposed transactions contemplated by the Merger

Agreement, future opportunities for the combined businesses and the expected benefits of the Merger. Forward-looking statements that are included in this press release are generally accompanied by words such as “anticipate,” “assuming,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “project,” “projection,” “should,” “strategy,” “target,” “will,” “would,” or other words that convey future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release, and we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. These forward-looking statements are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. The following factors, among others, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements: the effects of general economic conditions, including employment rates, housing starts, interest rate levels, home affordability, inflation, consumer sentiment, availability of financing for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such parcels; access to adequate capital on acceptable terms; geographic concentration of our operations; levels of competition; the successful execution of our internal performance plans, including restructuring and cost reduction initiatives; the prices and availability of supply chain inputs, including raw materials, labor and home components; oil and other energy prices; the effects of U.S. trade policies, including the imposition of tariffs and duties on homebuilding products and retaliatory measures taken by other countries; the effects of weather, including the occurrence of drought conditions in parts of the western United States; the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters; the risk of loss from acts of war, terrorism, civil unrest or public health emergencies, including outbreaks of contagious diseases, such as COVID-19; transportation costs; federal and state tax policies; the effects of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our homebuyers’ confidential information or other forms of cyber-attack; risks related to the failure

Page 2

to consummate the Merger and the transactions contemplated thereby; risks related to any litigation arising out of or as a result of the Merger and the transactions contemplated thereby; and additional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed with the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business.

Investor Relations Contact:

InvestorRelations@TriPointeHomes.com, 949-478-8696

Page 3

KEY OPERATIONS AND FINANCIAL DATA

(dollars in thousands)

(unaudited)

Three Months Ended March 31,

2026 2025 Change % Change

Operating Data: (unaudited)

Home sales revenue $ 506,496  $ 720,786  $ (214,290) (29.7) %

Homebuilding gross margin $ 95,430  $ 172,513  $ (77,083) (44.7) %

Homebuilding gross margin % 18.8  % 23.9  % (5.1) %

Adjusted homebuilding gross margin %* 22.3  % 27.3  % (5.0) %

SG&A expense $ 90,846  $ 100,617  $ (9,771) (9.7) %

SG&A expense as a % of home sales revenue 17.9  % 14.0  % 3.9  %

Net income available to common stockholders $ 6,786  $ 64,036  $ (57,250) (89.4) %

Adjusted EBITDA* $ 39,857  $ 125,698  $ (85,841) (68.3) %

Interest incurred $ 18,585  $ 21,319  $ (2,734) (12.8) %

Interest in cost of home sales $ 16,470  $ 23,035  $ (6,565) (28.5) %

Other Data:

Net new home orders 1,234  1,238  (4) (0.3) %

New homes delivered 736  1,040  (304) (29.2) %

Cancellation rate 9  % 10  % (1) %

Average selling price of homes delivered $ 688  $ 693  $ (5) (0.7) %

Average selling communities 158.0  145.5  12.5  8.6  %

Selling communities at end of period 161  147  14  9.5  %

Backlog (estimated dollar value) $ 989,906  $ 1,307,786  $ (317,880) (24.3) %

Backlog (homes) 1,360  1,715  (355) (20.7) %

Average selling price in backlog $ 728  $ 763  $ (35) (4.6) %

March 31, December 31,

2026 2025 Change % Change

Balance Sheet Data: (unaudited)

Cash and cash equivalents $ 847,903  $ 982,814  $ (134,911) (13.7) %

Real estate inventories $ 3,302,319  $ 3,178,248  $ 124,071  3.9  %

Lots owned or controlled 32,937  32,219  718  2.2  %

Homes under construction (1)

1,855  1,392  463  33.3  %

Homes completed, unsold 469  681  (212) (31.1) %

Total homebuilding debt $ 1,104,326  $ 1,104,054  $ 272  0.0  %

Stockholders’ equity $ 3,307,043  $ 3,315,834  $ (8,791) (0.3) %

Book capitalization $ 4,411,369  $ 4,419,888  $ (8,519) (0.2) %

Ratio of homebuilding debt-to-capital 25.0  % 25.0  % 0.0  %

Ratio of net homebuilding debt-to-net capital* 7.2  % 3.5  % 3.7  %

__________

(1)     Homes under construction included 56 and 48 models as of March 31, 2026 and December 31, 2025, respectively.

*    See “Reconciliation of Non-GAAP Financial Measures”

Page 4

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

March 31, December 31,

2026 2025

Assets (unaudited)

Cash and cash equivalents $ 847,903  $ 982,814

Receivables 144,641  147,250

Real estate inventories 3,302,319  3,178,248

Investments in unconsolidated entities 217,019  183,075

Mortgage loans held for sale 66,152  98,514

Goodwill and other intangible assets, net 156,603  156,603

Deferred tax assets, net 43,132  43,132

Other assets 184,555  187,899

Total assets $ 4,962,324  $ 4,977,535

Liabilities

Accounts payable $ 63,155  $ 41,693

Accrued expenses and other liabilities 428,366  425,289

Loans payable 456,468  456,468

Senior notes 647,858  647,586

Mortgage repurchase facilities 59,315  90,570

Total liabilities 1,655,162  1,661,606

Commitments and contingencies

Equity

Stockholders’ equity:

Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively —  —

Common stock, $0.01 par value, 500,000,000 shares authorized; 85,135,803 and 84,478,836 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 851  844

Additional paid-in capital —  —

Retained earnings 3,306,192  3,314,990

Total stockholders’ equity

3,307,043  3,315,834

Noncontrolling interests 119  95

Total equity 3,307,162  3,315,929

Total liabilities and equity $ 4,962,324  $ 4,977,535

Page 5

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

Three Months Ended March 31,

2026 2025

Homebuilding:

Home sales revenue $ 506,496  $ 720,786

Land and lot sales revenue 575  1,821

Other operations revenue 825  820

Total revenues 507,896  723,427

Cost of home sales 411,066  548,273

Cost of land and lot sales 979  1,741

Other operations expense 813  794

Sales and marketing 37,887  42,942

General and administrative 52,959  57,675

Homebuilding income from operations 4,192  72,002

Equity in (loss) income of unconsolidated entities (88) 495

Transaction expense (5,877) —

Other income, net 7,236  9,129

Homebuilding income before income taxes 5,463  81,626

Financial Services:

Revenues 13,493  17,501

Expenses 12,065  12,617

Financial services income before income taxes 1,428  4,884

Income before income taxes 6,891  86,510

Provision for income taxes (81) (22,493)

Net income 6,810  64,017

Net (income) loss attributable to noncontrolling interests (24) 19

Net income available to common stockholders $ 6,786  $ 64,036

Earnings per share

Basic $ 0.08  $ 0.70

Diluted $ 0.08  $ 0.70

Weighted average shares outstanding

Basic 84,796,116  91,638,960

Diluted 85,176,744  92,077,680

Page 6

MARKET DATA BY REPORTING SEGMENT & GEOGRAPHY

(dollars in thousands)

(unaudited)

Three Months Ended March 31,

2026 2025

New

Homes

Delivered Average

Sales

Price New

Homes

Delivered Average

Sales

Price

West 342 $ 778  521 $ 769

Central 274 563  377 558

East 120 719  142 773

Total 736 $ 688  1,040 $ 693

Three Months Ended March 31,

2026 2025

Net New

Home

Orders Average

Selling

Communities Net New

Home

Orders Average

Selling

Communities

West 605 72.3  644 66.3

Central 436 61.7  413 60.5

East 193 24.0  181 18.7

Total 1,234 158.0 1,238 145.5

As of March 31, 2026 As of March 31, 2025

Backlog Units Backlog Dollar Value Average Sales Price Backlog Units Backlog Dollar Value Average Sales Price

West 687  $ 564,180  $ 821  930  $ 757,952  $ 815

Central 422  251,486  596  508  296,636  584

East 251  174,240  694  277  253,198  914

Total 1,360 $ 989,906  $ 728  1,715 $ 1,307,786  $ 763

As of March 31, 2026 As of December 31, 2025

Lots Owned Lots Controlled (1) Lots Owned or Controlled Lots Owned Lots Controlled (1) Lots Owned or Controlled

West 8,690  4,010  12,700  8,629  3,864  12,493

Central 5,157  8,576  13,733  5,188  8,017  13,205

East 2,055  4,449  6,504  2,137  4,384  6,521

Total 15,902 17,035 32,937 15,954 16,265 32,219

(1)     As of March 31, 2026 and December 31, 2025, lots controlled included lots that were under land option contracts or purchase contracts. As of March 31, 2026 and December 31, 2025, lots controlled for Central include 5,709 and 5,356 lots, respectively, which represent our expected share of lots owned by our investments in unconsolidated land development joint ventures.

Page 7

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited)

In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

The following table reconciles the homebuilding gross margin percentage, as reported and prepared in accordance with GAAP, to the non-GAAP measure adjusted homebuilding gross margin percentage. We believe this information is meaningful as it isolates the impact that leverage has on homebuilding gross margin and permits investors to make better comparisons with our competitors, who adjust gross margins in a similar fashion.

Three Months Ended March 31,

2026 % 2025 %

(dollars in thousands)

Home sales revenue $ 506,496  100.0  % $ 720,786  100.0  %

Cost of home sales 411,066  81.2  % 548,273  76.1  %

Homebuilding gross margin 95,430  18.8  % 172,513  23.9  %

Add:  interest in cost of home sales 16,470  3.3  % 23,035  3.2  %

Add:  impairments and lot option abandonments 1,068  0.2  % 1,073  0.1  %

Adjusted homebuilding gross margin $ 112,968  22.3  % $ 196,621  27.3  %

Homebuilding gross margin percentage 18.8  %   23.9  %

Adjusted homebuilding gross margin percentage 22.3  %   27.3  %

Page 8

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)

(unaudited)

The following table reconciles the Company’s ratio of homebuilding debt-to-capital to the non-GAAP ratio of net homebuilding debt-to-net capital. We believe that the ratio of net homebuilding debt-to-net capital is a relevant financial measure for management and investors to understand the leverage employed in our operations and as an indicator of the Company’s ability to obtain financing.

March 31, 2026 December 31, 2025

Loans payable $ 456,468  $ 456,468

Senior notes 647,858  647,586

Mortgage repurchase facilities 59,315  90,570

Total debt 1,163,641  1,194,624

Less: mortgage repurchase facilities (59,315) (90,570)

Total homebuilding debt 1,104,326  1,104,054

Stockholders’ equity 3,307,043  3,315,834

Total capital $ 4,411,369  $ 4,419,888

Ratio of homebuilding debt-to-capital(1) 25.0  % 25.0  %

Total homebuilding debt $ 1,104,326  $ 1,104,054

Less: Cash and cash equivalents (847,903) (982,814)

Net homebuilding debt 256,423  121,240

Stockholders’ equity 3,307,043  3,315,834

Net capital $ 3,563,466  $ 3,437,074

Ratio of net homebuilding debt-to-net capital(2) 7.2  % 3.5  %

__________

(1)    The ratio of homebuilding debt-to-capital is computed as the quotient obtained by dividing total homebuilding debt by the sum of total homebuilding debt plus stockholders’ equity.

(2)    The ratio of net homebuilding debt-to-net capital is computed as the quotient obtained by dividing net homebuilding debt (which is total homebuilding debt less cash and cash equivalents) by the sum of net homebuilding debt plus stockholders’ equity.

Page 9

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)

(unaudited)

The following table calculates the non-GAAP financial measures of EBITDA and Adjusted EBITDA and reconciles those amounts to net income available to common stockholders, as reported and prepared in accordance with GAAP. EBITDA means net income available to common stockholders before (a) interest expense, (b) expensing of previously capitalized interest included in costs of home sales, (c) income taxes and (d) depreciation and amortization. Adjusted EBITDA means EBITDA before (e) amortization of stock-based compensation and (f) impairments and lot option abandonments. Other companies may calculate EBITDA and Adjusted EBITDA (or similarly titled measures) differently. We believe EBITDA and Adjusted EBITDA are useful measures of the Company’s ability to service debt and obtain financing.

Three Months Ended March 31,

2026 2025

(in thousands)

Net income available to common stockholders $ 6,786  $ 64,036

Interest expense:

Interest incurred 18,585  21,319

Interest capitalized (18,585) (21,319)

Amortization of interest in cost of sales 16,470  23,153

Provision for income taxes 81  22,493

Depreciation and amortization 7,618  7,387

EBITDA 30,955  117,069

Amortization of stock-based compensation 1,957  7,556

Impairments and lot option abandonments 1,068  1,073

Transaction expense 5,877  —

Adjusted EBITDA $ 39,857  $ 125,698

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Number 240

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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