DaveManuel.com · Institutional Ownership · 13F Holdings
IRON Financial LLC
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| APPLE INC | AAPL | $22.2M | 66,680 | +1.16pp | 32q | -1.3%-$303.4K | |
| CME GROUP INC | CME | $15.3M | 58,291 | +1.03pp | 32q | HELD | |
| ISHARES TR | ISTB | $14.6M | 308,558 | -0.51pp | 28q | -6.4%-$1.0M | |
| VANGUARD INDEX FDS | VTI | $12.4M | 33,156 | +0.03pp | 32q | -1.2%-$144.8K | |
| SPDR SERIES TRUST | SPTM | $11.7M | 127,472 | +0.11pp | 32q | HELD | |
| SCHWAB STRATEGIC TR | SCHY | $10.1M | 320,462 | +0.02pp | 12q | +0.8%+$80.8K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $9.3M | 12,211 | +0.11pp | 32q | HELD | |
| HARTFORD FDS EXCHANGE TRADED | HTRB | $6.3M | 196,112 | -0.09pp | 28q | +1.0%+$64.9K | |
| SCHWAB STRATEGIC TR | SCHD | $6.0M | 184,943 | +0.09pp | 16q | HELD | |
| ISHARES INC | ACWV | $5.9M | 48,433 | +0.08pp | 29q | +0.6%+$37.6K | |
| PGIM ETF TR | PULS | $5.7M | 116,135 | -0.20pp | 5q | -8.4%-$525.5K | |
| VANGUARD MUN BD FDS | VSDM | $4.9M | 66,542 | -0.03pp | 3q | +1.1%+$52.2K | |
| PUTNAM ETF TRUST | FTMS | $4.4M | 449,257 | -0.01pp | 3q | +1.0%+$42.2K | |
| SCHWAB STRATEGIC TR | SCHP | $3.9M | 156,858 | -0.06pp | 23q | +1.1%+$44.8K | |
| AMAZON COM INC | AMZN | $3.9M | 15,680 | +0.08pp | 32q | HELD | |
| NVIDIA CORPORATION | NVDA | $3.9M | 17,049 | +0.10pp | 31q | -7.1%-$296.4K | |
| ISHARES TR | ICSH | $3.9M | 76,968 | -0.50pp | 5q | -23.8%-$1.2M | |
| ISHARES U S ETF TR | NEAR | $3.7M | 74,260 | flat | 5q | +0.6%+$21.7K | |
| VANECK ETF TRUST | MOAT | $3.5M | 33,082 | +0.04pp | 26q | HELD | |
| MICROSOFT CORP | MSFT | $3.4M | 6,543 | +0.41pp | 32q | +2.4%+$78.5K | |
| SPDR SERIES TRUST | SPSB | $3.3M | 112,505 | -0.10pp | 23q | -5.9%-$207.2K | |
| JPMORGAN CHASE & CO | JPM | $2.9M | 8,870 | -0.01pp | 32q | -2.9%-$87.3K | |
| CBOE GLOBAL MKTS INC | CBOE | $2.9M | 10,396 | +0.15pp | 32q | HELD | |
| META PLATFORMS INC | META | $2.2M | 3,089 | +0.44pp | 15q | +45.2%+$697.7K | |
| VANGUARD SCOTTSDALE FDS | VGIT | $2.2M | 39,520 | -0.04pp | 23q | -1.1%-$24.6K | |
| INTEL CORP CALL | INTC | $2.2M | 12,366 | +0.21pp | 32q | HELD | |
| SPDR INDEX SHS FDS | SPDW | $2.2M | 43,046 | flat | 32q | -0.5%-$10.9K | |
| VANGUARD SPECIALIZED FUNDS | VIG | $2.1M | 8,967 | -0.01pp | 32q | HELD | |
| ISHARES TR | DIVB | $2.0M | 30,659 | +0.05pp | 6q | +0.6%+$11.7K | |
| PROCTER & GAMBLE CO | PG | $1.8M | 12,686 | +0.39pp | 32q | +105.7%+$947.1K | |
| VANGUARD STAR FDS | VXUS | $1.8M | 21,341 | flat | 32q | HELD | |
| FIDELITY MERRIMACK STR TR | FBND | $1.7M | 39,154 | -0.03pp | 26q | HELD | |
| ABBVIE INC | ABBV | $1.7M | 6,441 | +0.40pp | 32q | +122.4%+$927.4K | |
| SPDR INDEX SHS FDS | SPEM | $1.6M | 30,410 | +0.01pp | 32q | HELD | |
| JOHNSON & JOHNSON | JNJ | $1.6M | 5,890 | +0.03pp | 32q | HELD | |
| J P MORGAN EXCHANGE TRADED F | JPST | $1.4M | 28,297 | flat | 4q | HELD | |
| J P MORGAN EXCHANGE TRADED F | JPLD | $1.4M | 26,338 | flat | 3q | +0.5%+$7.0K | |
| EXXONMOBIL HOLDINGS CORP | XOM | $1.3M | 8,291 | - | new | NEW | |
| ALPHABET INC | GOOGL | $1.3M | 3,894 | -0.04pp | 32q | -3.6%-$49.9K | |
| J P MORGAN EXCHANGE TRADED F | JQUA | $1.3M | 17,460 | +0.01pp | 7q | HELD | |
| COCA COLA CO | KO | $1.2M | 14,254 | +0.38pp | 22q | +278.0%+$902.4K | |
| CISCO SYS INC | CSCO | $1.1M | 10,540 | +0.36pp | 2q | +369.9%+$893.0K | |
| ISHARES TR | USMV | $1.1M | 11,163 | flat | 29q | -0.8%-$8.4K | |
| ISHARES TR | IBDR | $1.1M | 44,044 | -1.05pp | 22q | DEBT | |
| AMGEN INC | AMGN | $1.0M | 2,418 | - | new | NEW | |
| ROSS STORES INC | ROST | $980.0K | 4,199 | - | new | NEW | |
| CONOCOPHILLIPS | COP | $951.4K | 7,602 | +0.15pp | 7q | +30.5%+$222.3K | |
| REGENCY CTRS CORP | REG | $899.8K | 12,519 | +0.24pp | 3q | +209.2%+$608.8K | |
| FRANKLIN TEMPLETON ETF TR | DIVI | $892.3K | 20,917 | +0.01pp | 3q | +1.1%+$10.1K | |
| ISHARES TR | IQLT | $874.2K | 17,671 | flat | 7q | HELD | |
| KINDER MORGAN INC DEL | KMI | $872.1K | 28,927 | +0.27pp | 3q | +295.1%+$651.4K | |
| KRAFT HEINZ CO | KHC | $871.1K | 38,341 | -0.02pp | 5q | -2.6%-$23.6K | |
| Ventas Inc | VTR | $858.2K | 10,094 | - | new | NEW | |
| SPDR INDEX SHS FDS | EDIV | $852.4K | 21,225 | flat | 3q | +2.7%+$22.3K | |
| EXPAND ENERGY CORPORATION | EXE | $838.6K | 9,972 | +0.01pp | 5q | +11.3%+$85.3K | |
| DIAMONDBACK ENERGY INC | FANG | $817.2K | 4,446 | +0.20pp | 7q | +128.0%+$458.8K | |
| INVESCO QQQ TR | QQQ | $807.8K | 1,092 | flat | 23q | HELD | |
| PAYCHEX INC | PAYX | $774.2K | 7,860 | - | new | NEW | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $719.0K | 1,444 | -0.01pp | 22q | -2.3%-$16.9K | |
| TESLA INC | TSLA | $693.3K | 1,954 | -0.05pp | 8q | -1.1%-$7.5K | |
| SCHWAB STRATEGIC TR | SCHB | $686.6K | 23,426 | +0.01pp | 31q | HELD | |
| VANGUARD ADMIRAL FDS INC | IVOO | $676.5K | 5,556 | -0.02pp | 32q | HELD | |
| ALPHABET INC | GOOG | $667.2K | 1,958 | -0.01pp | 13q | HELD | |
| VANGUARD INDEX FDS | VTV | $642.0K | 2,971 | -0.04pp | 4q | -13.3%-$98.7K | |
| VANECK BITCOIN ETF | HODL | $616.3K | 26,094 | +0.08pp | 8q | +2.3%+$13.9K | |
| ISHARES BITCOIN TRUST ETF | IBIT | $603.5K | 12,748 | +0.07pp | 8q | -5.3%-$34.0K | |
| DATADOG INC | DDOG | $579.1K | 2,115 | +0.01pp | 5q | -3.2%-$19.4K | |
| ISHARES TR | IWF | $574.4K | 4,586 | flat | 31q | -3.5%-$20.5K | |
| PIMCO ETF TR | LTPZ | $559.4K | 12,403 | -0.04pp | 23q | -6.3%-$37.8K | |
| WOODWARD INC | WWD | $544.1K | 1,656 | -0.06pp | 14q | HELD | |
| ISHARES TR | DVY | $544.0K | 3,578 | flat | 16q | HELD | |
| PHILIP MORRIS INTL INC | PM | $543.8K | 2,850 | -0.27pp | 3q | -57.3%-$730.4K | |
| MICRON TECHNOLOGY INC | MU | $460.1K | 432 | -0.40pp | 3q | -65.0%-$853.2K | |
| VANGUARD INDEX FDS | VUG | $430.6K | 4,779 | +0.01pp | 14q | HELD | |
| INVITATION HOMES INC | INVH | $421.7K | 16,017 | +0.06pp | 3q | +74.9%+$180.5K | |
| WISDOMTREE TR | DGRW | $395.9K | 4,071 | flat | 6q | HELD | |
| ISHARES TR | IWP | $394.9K | 2,868 | -0.02pp | 31q | -6.1%-$25.5K | |
| PALANTIR TECHNOLOGIES INC | PLTR | $369.8K | 1,977 | +0.06pp | 8q | -2.0%-$7.5K | |
| VISA INC | V | $367.2K | 1,022 | +0.01pp | 12q | HELD | |
| SCHWAB STRATEGIC TR | SCHF | $359.3K | 13,081 | flat | 16q | HELD | |
| COSTCO WHOLESALE CORPORATION | COST | $356.3K | 391 | - | new | NEW | |
| VANGUARD MUN BD FDS | VTEB | $354.3K | 7,480 | -0.01pp | 6q | +0.9%+$3.0K | |
| VANGUARD WHITEHALL FDS | VYMI | $351.2K | 3,472 | +0.01pp | 7q | HELD | |
| ISHARES TR | SGOV | $347.9K | 3,455 | flat | 3q | HELD | |
| ISHARES INC | EEMV | $346.8K | 4,683 | -0.03pp | 15q | -17.8%-$74.9K | |
| GE AEROSPACE | GE | $339.8K | 1,088 | -0.03pp | 2q | HELD | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $337.6K | 740 | -0.01pp | 3q | -3.1%-$10.9K | |
| BLACKSTONE INC | BX | $337.1K | 3,008 | -0.01pp | 25q | +0.5%+$1.7K | |
| INVESCO EXCH TRADED FD TR II | IPKW | $328.1K | 5,532 | +0.01pp | 4q | HELD | |
| WALMART INC | WMT | $327.1K | 3,148 | -0.37pp | 15q | -71.1%-$804.3K | |
| PHILLIPS 66 | PSX | $322.4K | 1,263 | - | new | NEW | |
| INVESCO EXCH TRADED FD TR II | QQQM | $319.7K | 1,050 | flat | 5q | HELD | |
| FORD MTR CO | F | $309.8K | 25,688 | -0.03pp | 3q | -8.1%-$27.1K | |
| SPDR GOLD TR | GLD | $309.6K | 813 | +0.01pp | 7q | HELD | |
| ADVANCED MICRO DEVICES INC | AMD | $307.1K | 502 | +0.01pp | 2q | -1.0%-$3.1K | |
| CATERPILLAR INC | CAT | $306.5K | 378 | -0.04pp | 3q | -0.5%-$1.6K | |
| ELI LILLY & CO | LLY | $306.4K | 265 | flat | 2q | HELD | |
| CHEVRON CORPORATION | CVX | $299.0K | 1,464 | +0.02pp | 7q | -4.3%-$13.5K | |
| MARATHON PETE CORP | MPC | $288.2K | 729 | - | new | NEW | |
| INVESCO EXCH TRD SLF IDX FD | BSJQ | $286.7K | 12,563 | -0.09pp | 21q | -43.5%-$220.5K | |
| QUALCOMM INC | QCOM | $282.2K | 1,534 | flat | 2q | +0.5%+$1.5K | |
| BROADCOM INC | AVGO | $282.0K | 803 | -0.04pp | 5q | -19.9%-$70.2K | |
| CROWDSTRIKE HLDGS INC | CRWD | $282.0K | 1,065 | -0.70pp | 9q | -89.7%-$2.5M | |
| AT&T INC | T | $281.2K | 11,523 | +0.01pp | 9q | -7.7%-$23.3K | |
| OCCIDENTAL PETE CORP | OXY | $279.0K | 5,044 | -0.24pp | 5q | -71.7%-$708.1K | |
| MERCK & CO INC | MRK | $270.4K | 1,861 | +0.01pp | 3q | +0.8%+$2.0K | |
| ISHARES TR | USHY | $266.2K | 7,453 | flat | 16q | HELD | |
| ADVISORSHARES TR | CWS | $266.1K | 4,000 | flat | 15q | HELD | |
| ISHARES TR | GOVT | $265.9K | 12,159 | flat | 17q | HELD | |
| VIATRIS INC | VTRS | $256.5K | 14,477 | - | new | NEW | |
| AMERICAN EXPRESS CO | AXP | $254.6K | 837 | -0.01pp | 9q | HELD | |
| PARKER HANNIFIN CORP | PH | $254.5K | 266 | - | new | NEW | |
| ISHARES TR | IJR | $250.6K | 1,842 | -0.04pp | 4q | -22.9%-$74.3K | |
| HASBRO INC | HAS | $249.6K | 2,847 | - | new | NEW | |
| INTERNATIONAL BUSINESS MACHS | IBM | $249.4K | 1,134 | -0.04pp | 9q | -9.9%-$27.3K | |
| VANGUARD SCOTTSDALE FDS | VCIT | $247.6K | 3,162 | flat | 4q | HELD | |
| DIREXION SHARES ETF TRUST | COM | $246.1K | 7,064 | -0.01pp | 22q | -18.6%-$56.4K | |
| PRICE T ROWE GROUP INC | TROW | $245.9K | 2,364 | -0.02pp | 5q | -11.1%-$30.7K | |
| AIR PRODUCTS AND CHEMICALS I | APD | $244.6K | 879 | - | new | NEW | |
| BAXTER INTL INC | BAX | $243.7K | 10,155 | - | new | NEW | |
| GE VERNOVA INC | GEV | $239.6K | 252 | -0.02pp | 2q | HELD | |
| BRISTOL-MYERS SQUIBB CO | BMY | $238.5K | 3,822 | +0.01pp | 3q | -3.2%-$7.9K | |
| ISHARES TR | USRT | $236.2K | 3,836 | -0.01pp | 9q | +0.7%+$1.7K | |
| HEALTHPEAK PROPERTIES INC | DOC | $235.9K | 11,811 | -0.03pp | 3q | -16.5%-$46.5K | |
| MARVELL TECHNOLOGY INC | MRVL | $235.6K | 892 | +0.01pp | 2q | +28.9%+$52.8K | |
| ERIE INDTY CO | ERIE | $234.8K | 1,071 | -0.24pp | 5q | -68.6%-$513.8K | |
| SPDR INDEX SHS FDS | QEFA | $233.3K | 2,392 | flat | 3q | HELD | |
| ISHARES TR | EFA | $232.6K | 2,239 | flat | 7q | HELD | |
| TEXAS PACIFIC LAND CORPORATI | TPL | $230.7K | 708 | +0.01pp | 7q | +54.6%+$81.5K | |
| UDR INC | UDR | $228.9K | 6,821 | -0.02pp | 9q | +1.0%+$2.2K | |
| HOST HOTELS & RESORTS INC | HST | $228.4K | 10,201 | - | new | NEW | |
| EXTRA SPACE STORAGE INC | EXR | $227.6K | 1,731 | flat | 2q | +5.7%+$12.4K | |
| DEXCOM INC | DXCM | $221.8K | 2,570 | - | new | NEW | |
| MID-AMER APT CMNTYS INC | MAA | $221.4K | 1,880 | -0.01pp | 9q | +4.4%+$9.3K | |
| ABBOTT LABORATORIES | ABT | $221.3K | 2,239 | +0.01pp | 12q | HELD | |
| CUMMINS INC | CMI | $221.0K | 428 | - | new | NEW | |
| KIMCO REALTY CORP | KIM | $219.7K | 9,894 | -0.02pp | 3q | -3.5%-$8.1K | |
| DOW HLDGS INC | DOW | $216.6K | 7,863 | flat | 5q | -4.0%-$9.0K | |
| REALTY INCOME CORP | O | $214.2K | 3,945 | -0.01pp | 3q | HELD | |
| MOLSON COORS BEVERAGE CO | TAP | $214.1K | 5,872 | - | new | NEW | |
| BXP INC | BXP | $212.1K | 3,471 | - | new | NEW | |
| MCDONALDS CORP | MCD | $211.2K | 915 | -0.03pp | 10q | -10.6%-$24.9K | |
| LYONDELLBASELL INDUSTRIES NV | LYB | $210.6K | 3,664 | flat | 3q | -13.0%-$31.5K | |
| Domino's Pizza, Inc. | DPZ | $210.3K | 702 | - | new | NEW | |
| CAMDEN PPTY TR | CPT | $209.5K | 2,165 | - | new | NEW | |
| DISNEY WALT CO | DIS | $207.5K | 1,978 | - | new | NEW | |
| ARK ETF TR | ARKK | $201.9K | 2,266 | - | new | NEW | |
| DNP SELECT INCOME FD INC | DNP | $179.9K | 18,802 | -0.01pp | 32q | +1.8%+$3.2K |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Computer Hardware | $23.6M | 9.8% |
| Capital Markets | $20.2M | 8.4% |
| Funds & ETFs | $9.5M | 3.9% |
| Semiconductors & Electronics | $9.1M | 3.8% |
| Software & IT Services | $8.8M | 3.7% |
| Energy | $6.0M | 2.5% |
| Retail & Consumer | $5.8M | 2.4% |
| Biotech & Pharma | $5.6M | 2.3% |
| Real Estate | $4.2M | 1.7% |
| Other sectors | $14.1M | 5.9% |
| Not classified | $133.7M | 55.6% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | +2.6% | +2.1% | +0.5% | 99% |
| Q2 2026 | +4.2% | +14.8% | -10.6% | 98% |
| Q1 2026 | -0.3% | -4.6% | +4.3% | 98% |
| Q4 2025 | +1.2% | +2.4% | -1.1% | 97% |
| Q3 2025 | +5.3% | +7.8% | -2.6% | 95% |
| Q2 2025 | +4.5% | +10.5% | -6.0% | 96% |
| Q1 2025 | +0.5% | -4.6% | +5.1% | 95% |
| Q4 2024 | -0.1% | +2.1% | -2.3% | 95% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $240.6M | 148 | 22 | 35 | 48 | 25 | 47.3% | 23 |
| Q2 2026 | $242.3M | 151 | 11 | 75 | 40 | 5 | 45.5% | 22 |
| Q1 2026 | $228.8M | 145 | 35 | 39 | 46 | 22 | 47.7% | 27 |
| Q4 2025 | $217.6M | 132 | 8 | 37 | 54 | 15 | 50.7% | 22 |
| Q3 2025 | $208.8M | 139 | 40 | 36 | 34 | 24 | 52.6% | 24 |
| Q2 2025 | $192.9M | 123 | 14 | 52 | 17 | 4 | 51.8% | 25 |
| Q1 2025 | $178.4M | 113 | 31 | 23 | 31 | 22 | 54.7% | 25 |
| Q4 2024 | $178.0M | 104 | 8 | 43 | 29 | 12 | 55.4% | 22 |
| Q3 2024 | $183.7M | 108 | 27 | 11 | 49 | 20 | 52.9% | 28 |
| Q2 2024 | $178.3M | 101 | 5 | 42 | 26 | 2 | 51.7% | 29 |
| Q1 2024 | $179.4M | 98 | 19 | 26 | 31 | 19 | 52.7% | 23 |
| Q4 2023 | $176.2M | 98 | 6 | 8 | 59 | 5 | 53.6% | 19 |
| Q3 2023 | $172.3M | 97 | 17 | 20 | 38 | 20 | 52.5% | 31 |
| Q2 2023 | $186.3M | 100 | 8 | 17 | 44 | 5 | 51.9% | 24 |
| Q1 2023 | $182.2M | 97 | 19 | 25 | 29 | 19 | 51.9% | 26 |
| Q4 2022 | $174.2M | 97 | 13 | 19 | 51 | 9 | 51.8% | 45 |
| Q3 2022 | $182.1M | 93 | 7 | 41 | 32 | 10 | 52.0% | 45 |
| Q2 2022 | $191.0M | 96 | 3 | 40 | 39 | 18 | 53.4% | 27 |
| Q1 2022 | $217.0M | 111 | 19 | 31 | 41 | 23 | 55.2% | 34 |
| Q4 2021 | $224.2M | 115 | 6 | 69 | 18 | 1 | 56.4% | 42 |
| Q3 2021 | $208.5M | 110 | 22 | 37 | 33 | 19 | 57.1% | 33 |
| Q2 2021 | $213.7M | 107 | 20 | 35 | 36 | 17 | 58.7% | 28 |
| Q1 2021 | $189.5M | 104 | 28 | 16 | 44 | 46 | 62.7% | 37 |
| Q4 2020 | $198.7M | 122 | 27 | 25 | 55 | 7 | 63.1% | 13 |
| Q3 2020 | $181.0M | 102 | 12 | 27 | 48 | 20 | 64.1% | 40 |
| Q2 2020 | $194.0M | 110 | 21 | 28 | 47 | 18 | 57.9% | 15 |
| Q1 2020 | $159.8M | 107 | 5 | 30 | 46 | 16 | 61.7% | 20 |
| Q4 2019 | $209.9M | 118 | 27 | 42 | 38 | 9 | 56.8% | 30 |
| Q3 2019 | $134.3M | 100 | 20 | 42 | 20 | 8 | 61.8% | 21 |
| Q2 2019 | $107.2M | 88 | 7 | 38 | 22 | 13 | 64.7% | 33 |
| Q1 2019 | $158.1M | 94 | 22 | 28 | 33 | 7 | 72.6% | 38 |
| Q4 2018 | $128.4M | 79 | 0 | 0 | 0 | 0 | 74.5% | 15 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.