Quarterly Results
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2026
2025
Fourth Quarter
- 4Q25 Shareholder Letter 213.2 KB
Third Quarter
- 3Q25 Shareholder Letter 5.7 MB
Second Quarter
- 2Q25 Shareholder Letter 480.7 KB
First Quarter
- 1Q25 Shareholder Letter 171.2 KB
- Get to Know Peter Stern 472.5 KB
2024
Fourth Quarter
- 4Q24 Shareholder Letter 176.4 KB
Third Quarter
- 3Q24 Shareholder Letter 168.4 KB
Second Quarter
- 2Q24 Shareholder Letter 174.7 KB
First Quarter
- 1Q24 Shareholder Letter 218.9 KB
2023
Fourth Quarter
- 4Q23 Shareholder Letter 266.6 KB
- 4Q23 Earnings Call Transcript 216.1 KB
Third Quarter
- 3Q23 Shareholder Letter 272.2 KB
- 3Q23 Earnings Call Transcript 228.9 KB
Second Quarter
- 2Q23 Shareholder Letter 266 KB
- 2Q23 Earnings Call Transcript 220.1 KB
First Quarter
- 1Q23 Shareholder Letter 252.5 KB
- 1Q23 Earnings Call Transcript 229.8 KB
2022
Fourth Quarter
- 4Q22 Shareholder Letter 283.1 KB
- 4Q22 Earnings Call Transcript 224.4 KB
Third Quarter
- 3Q22 Shareholder Letter 185.6 KB
- 3Q22 Earnings Call Transcript 220.1 KB
Second Quarter
- 2Q22 Shareholder Letter 862.2 KB
First Quarter
- 1Q22 Shareholder Letter 883.6 KB
- 1Q21 Earnings Call Transcript 224.3 KB
2021
Fourth Quarter
- 4Q21 Earnings Call Transcript 233.6 KB
Third Quarter
- 3Q21 Shareholder Letter 4.8 MB
- 3Q21 Earnings Call Transcript 226.5 KB
Second Quarter
- 2Q21 Earnings Call Transcript 234.9 KB
First Quarter
- 1Q21 Shareholder Letter 972.8 KB
- 1Q21 Earnings Call Transcript 243.9 KB
2020
Fourth Quarter
- 4Q20 Shareholder Letter 8.2 MB
Third Quarter
- 3Q20 Shareholder Letter 3.3 MB
Second Quarter
- 2Q20 Shareholder Letter 1.9 MB
First Quarter
- 1Q20 Shareholder Letter 6.2 MB