$TRT Deep Dive

Written Sep 8, 2026 Subscribers only

Xxxx: Xxxxxxxxx 0, 0000 Xxxxx xx xxxx xx xxxxxxx: $00.00 (XXXX Xxxxxxxx, xxxxxx xx Xxxxxx Xxxxxx Xxxxxx xx Xxxxxxxxx 00, 0000) Xxxxxxxxx: Xxxxxxxxx_Xxxx.xx (xxx xxxxxxxxxx, XX/xxxx xxxxxxxxx, Xxxxxxxxxxx 0-0 xxxxxxx)

0. XXXXXXXX

Xxxxxx	XXX	XXXX (xxx xxxxxxxxxx)
Xxxxx	$00.00	$00.00
Xxxxxx xxxxxxxxxxx	00.00X (xxxx 0:0 xxxxx Xxx 0000, xxxx $00X xxxxx Xxx 0000)	00.0X
Xxxxxx xxx	~$000X	~$0.0X
Xxx xxxx (xxx xxxxx)	~$00X ($00.0X xxxx/xxxxxxxx/xxxxxxxxxx xx Xxx 00 + ~$0.0X xxx xxxx Xxxxx xxxxx; $0.0X xxxx xxxx)	~$000X ($000.0X xxxx, $0.0X xxxx)
Xxxxxxxxxx xxxxx	~$00X	~$0.0X
Xxxxxx xxxxxxx xxxxxxx	$00.0X (X0 XX00, Xxx xxxxxxx), +000% XxX	$00.0X (X0 XX00, Xxx xxxxxxx), +00% XxX
XXX xxxxxxx	$00.0X (xx Xxx 0000)	$00.0X (XX00, −00% XxX)
XX00X xxxxxxx (Xxxx XX)	~$00X (+00% XxX)	$00.0X xxxxxx
XX00 xxxxxxx	Xx xxxxxxxx. Xxxx xxxx $00X / Xxxx $000X	Xxxxxx $000-000X (+000-000%)
Xxxxx xxxxxx	00.0% (X0 XX00), xxxx xxxx 00.0%	00.0% (X0 XX00), 00.0% XX
Xxx xxxxxx	$0.00X 0X XX00; XXX ~$0.00X	XX00 XXXX −$0.0X; xxx-XXXX +$0.0X
XX / XXX xxxxx	0.0x	00x
XX / xxxxxxx xxxxx	0.0x (XX00X) / 0.00x (XX00 xxxx)	00.0x (XX00 xxxxx xxxxxxxx)
XX / xxxxx xxxxxx (xxxxxxx)	~0.0x (XX00X) / ~0.0x (XX00 xxxx)	~00x (XX00 xx 00% XX)
Xxxxxxx	Xxx xxxxxxxxx xx $; $00.0X xx XX XXX xxxx-xx xxxxx xxxxxx xxxxxxxxx Xxx-Xxx 0000	$00.0X xxxxxxx, $000.0X xxxxxxxxx
Xxxxxxxx xxxxxxxxxxxxx	Xxxxxxxx X = 00% xx 0X xxxxxxx; xxx 0 = ~00%	Xxxx XX xxxxxxxx + xxxx xxxxxxxxxxx (xxxxxxxxxxx %)
Xxxxxxx xxxxxxxxx	~00% (xxxxxxxx/xxxxxxxxx), XXX ~00%	Xxx xxxxxx xxxxxx
Xxxxxxx xxxxxxxx	Xxxx	0 (Xxxxxx Xxx, xxx XX $000)
Xxxxx xxxxxxxx	0.0% xx xxxxxx xxx (00.0% xx xxxxx)	00.0% xx xxxxx
00 xxxx xxxxx	$0.00 – $00.00 (xxxxx xxxxxxxx)	$00.00 – $000.00
Xxx xxxxx $ xxxxxx (00x)	~$0.0X	~$000X
Xxxx xxxxx	X0 XX00 + 00-X, xxxxxxxx ~Xxxx 00-00, 0000 (xxxx xxx xxxxx: Xxxx 00, Xxxx 00)	X0 XX00, ~xxx Xxxxxxx 0000

0. XXXXXXXX XXXXXXXXXXX

Xxxx-Xxxx xxx xxxxxxx xx 0000 xxx xxx xxxx xxx xxx xx Xxxxxxxxx xxxxx 0000. Xx xx x xxxxx, xxx, xxxxxxxxxxx xxxx xxx xxxxxxxxxxxxx xxxxxxx xxxx, xx xxx xxxx xxxxxx xxxxxx, xxxxxx xx xxx xxxxxx xx xxx XX xxxx xxxxxxxxxxx xxxxxxx xxxx.

Xxx xxxxxxxxxx xxxxxxxx:

Xxxxxxxxxxxxx Xxxx-xxx Xxxxxxxxx (XXX) — ~00% xx 0X XX00 xxxxxxx. Xxxxx xxx-xxxxxxxxxx xxxx xxx 00-X xxxx xxx xxxxx xxx: - Xxxxxxx xxxxxxxx. Xxxxxxxxxx, xxxxxxxxxxxxx, xxxx-xx xxx xxxxx xxxx xxxx xx Xxxxxxxxx, Xxxxxxxx, Xxxxxxxx xxx Xxxxx. Xxxx xx xxx xxxxxxxx xxxx xxxxxxxx xx XX00: xxxxx xxxx xxxxxxxx xxx XX xxxxx xxxxx xx xxx xxxx xxxxx xx X0 XX00 xxxxx "x xxxxxxxx xxxxxxx xxxxxxx xxxxxxxxxx xx xxxxxxxxxxx xxxxxxxxxxx," xxxxx xx xxx xxxxxx xxx xx xxxxxx x xxxxxxx XX xxxx xxxxxxx xxxxx xxxx xxxxxx xxx xx Xxxxx xxxx Xxxxxxxxx Xxxx xxx Xxxx-Xxxx xxx xxxxxxxx xxxxx xxxx xxxxxxxx xxx x 00 xxxx xxxxx xxxxxx. Xxxxxxx xxxxxxx xx X0 xxx $00.0X xx $0.0X x xxxx xxxxxxx. - Xxxx-xx xxxxxx (XXXx). Xxxxxx xxxxxxx xxxxxxx xxxxxx xxxx xxxx xxxxxxx xxxxxx xxxx-xx (xxx xxxxxxx xx xxxxxxx xxxxx xxx xxx xx xxxxxxxx xxxxxxx xxx xxxxx xx xxxx xxxxx xxxx xx xxx xxxxxxx xxxxxx xxxx xx xxx xxxx xxxxxx). Xxxxx Xxxxx 0000 xxx xxxxxxx xxx xxxxxxxxx $00.0X xx XXX xxxxxx xxx x "xxxx-xxxxxxxxxx XX XXX xxxxxxxx" ($0.0X Xxxxx, $0.0X Xxx xxx xx xxxxxxxxxx XXX, $0.0X Xxxx, $0.0X Xxxx). Xxxx-xx xxxxx xxxxxxx xxxxx xxxx xx 00.0% XxX xxx xxx xxxx xxxxxx xxxx xxxxxx xxxx xx xxxxx xxxx. - Xxxx-xx xxx xxxxxxxxxxx xxxxxxxxx. Xxxx-xx xxxxxxx, XXXX (xxxxxx xxxxxxxxxxx xxxxxx xxxx) xxxxxxxx xxx xxxxxxx xxxx. Xxxxx, xxxxxx, xxxxx.

Xxxxxxxxxx Xxxxxxxxxxx (XX) — ~00%. Xxxxxxxxxxxxx xxxxxxxx, xxxx xxxxxxxxx, xxxxxxxxxxx, XXXX xxxxxxx, xxxx xxxxx xxxxx xxxxxxxxxxxx xx xxxxxxxxxx xxx xxxxxxxx. Xxxxxxx xx xxxxxxxxx xxxxxxx xxxx (+00% xxx 0X), xxx xxx xxxxxx xxx xxxxxxxxxxxx xx xxx xxxxxxx'x xxx xxxxxxxxxxx.

Xxxxxxxxx. Xxxxxxxxx, Xxxxxxxx (00,000 xx xx xxxxx xx Xxxxxxxx xxxx x xxx 000,000 xx xx xxxxxx xxxx xxxxxxxx xxxx Xxxx 0000), Xxxxxxxx (00,000 xx xx xxxxx xx Xxxxxxx), Xxxxx (Xxxxxxx xxxxx xxxxxxx Xxxxx 0000, Xxxxxx xx 0000; Xxxxx xxxxxxx xxxx 00% xxx 0X xxx xxxxx xxxxx xxxx xx x xxxxx xx xxx xxxxxxxx). Xxxxxx xxx xxx xxxxxxxxx 00% xx Xxxx-Xxxx Xxxxxxxx xx Xxxxxxxx 0000 xxx $0.0X.

Xxxx xx xx, xxxxxxx. Xx xxxxxxxxxx xxxxxxxxxxx xxxx xxxxx xxxx x xxxxxxxxxxx (XXX) xxxxx, xxxx x xxxxxx xxxxxxxxx xxxx. Xxxxx xx x xxxxx, Xxxxxxxxx Xxxxx, XX xxxxxx xxxxxx xx Xxxxxx'x Xxxx Xxxx Xxxxxxxxxxx (XXXX), xxxxxxxxx xx x xxxxx xx XXXX'x xxxxx xxxxxx.

0. XXXXXX XXXXXXX

XX xxxxx xxxx xxxxxxxx xxx xx Xxxxx xxxx Xxxxxxxxx Xxxx. X0 XX00 xxxxxxx +00%, X0 +00%, X0 +000% XxX, xxx xxxxxx xx XXX xxxxxxx xxxxxxxx (+000% xx X0). Xxxxxxxxxx: xxxxxx "xxxxxxxx xxxxxx" xxx xx xxxxxxxx xx xxxxxxxx "xxxxxxx xxxxxx 0000, xxxxxxxxx xx xxxxxxxx xxxxxxxx xxx xxxxxxxx xxx XX-xxxxxxx xxxxxxx." Xxx xxxxxxxxxx xxxxxxxxxx xxxxx (xxxxxxx, xxxxxx xxxxxxxx, Xxxxx xx-xxxxxxx) xx xxxxxxxxxx, xxx xxxxxxxx, xxx Xxxx-Xxxx'x Xxxxxxxx xxx Xxxxxxxxx xxxxxxxxx xx xxx xxxxxx xx xxxxxx xxx xxxxxx.
XX XXX xxxx-xx xxxxx xxxxxxx: $00.0X xxxxxxxxx xx xxxx xxxxxx. $0.0X (Xxx 00), $0.0X (Xxx, xxxxxxxxxx XXX xxxxxxxxxx xxxx-xx), $0.0X (Xxx 0), $0.0X (Xxx 00). Xxxxx xxxxx xxxxxx xx xxxx "xxxx xxx xxxx xxx xx xxxxx xxxxxxxx," xx xxxx xx xxxx xxxxxxx xxxxx xx X0 XX00 xxx X0-X0 XX00. Xxxxxxxxxx, xxxx xxxxxx xxxxxxx xxxx xx xxxxxxx xx xxxxxxx $00X+ xx xxxxxx xxxxxxx XX00 xxxxx XXX xxxxxxx xxxxx xxxx xxxx x xxxxxxxx xx xxxx. XXXx xxx xxxxxxx xxxxxxx xx xxxxxxxxxx xxxxxx xxxxxxx xxxx xxxxx xxxxx xxxx xxxxxxxx, xx xxx xxxxxxxxxxx xx xxxxxxxx xx xxx xxxxx xxxx.
Xxxxxxxx xxxx xx: 000,000 xx xx Xxxxxxxx xxxx xxxxxxxx xxxx Xxxx 0, 0000. Xxxxx xx Xxx 0000 xxxx x xxx xxxx xxxxxx, ~$000X/xxxxx xxxx xxxx, $000X xxxxxxx, xxxxxxxxxx "xx xxxxxxx xxxxxxxx xxxxxxxx, xxxx xxxxxxxxxxx xxxxxx xx xxxxxxxxx xxxxxx xxxxxxx xx xxx xxxxxxxx xxx xxxxxxx xx xxxxxxxxxx xxxxxxxxxxxxx xxxxxxx." Xxxx xx x 00% xxxxxxxx xx xxx xxxxxxx'x xxxxxxxx Xxxxxxxxx Xxxxx xxxxx xxxxx (~000X xx xx) xxx xxx xxxx "xxxxxxxx" xxxxxxx xxx xxx xxxxx xxxx. X xxxxxxx xxxx xxxx xxxxxx $00X xxx xxxxxx x $0.0X/xxxx xxxxx xxx xxxxxxxxxx xx xxx xxx xxx x xxxxxx xx.
Xxxxxx Xxxxxx Xxxxxx xxxxxxx, Xxxxxxxxx 00, 0000. Xxxxxx xxxxxxxxx. Xxxxxx xxxxxxxxx xx xxxxxxxxxxxxx xxxxxxxxxx. Xxxx xxxx xxxxxxx xxxxxxxx xxx 00% xxxxxxxxxxxxx xxxxxxxxx, xxxx xx xxx xxxxxxxxxx xxxxxxxx xxx xxx xxxxxxxxxx xxx xx xxxxx xxxxxxx. Xx xxxxx xxx xx xxxx xxxx xxxxxx xxx XX00 xxxxx.
Xxxxxxxxxx Xxxxxxxxxxx xxxxxxxxx xxxxxxx. +00% xxx 0X XX00, XX xxxxx xx xxx xxxxxxxxxxx xxxxxxxx. Xxxxx, xxx xx xxxxxxxxxxx xxx xxxxxxx xxxx xxxx xxxx Xxxxxxxx X xxx xxx xxxxxxx xxxxxxx $000X xx xxxxxx xxxx xxxxxxxxx xx X0, xx xx xx xxx xxxx xx xxxxx.

0. XXXXXXXXXX XXXXXXXX

Xxx xxxxxxxxxx. - X.X. Xxxx, 00 — Xxxxxxxx, XXX xxx Xxxxxxxxx xxxxx 0000. Xxxxxx xxx Xxxxxxxxx xxxxxxxxxx xx 0000, Xxxxxxxx Xxxxxxxx xxxx 0000, 00 xxxxx xx xxx xxxxxxx. Xxx xxx Xxxx-Xxxx xxxxxxx xxxxx xxxxxxxxxxxxx xxxxx xxxxx xxx 0000x xxxxxxx x xxxxxxxxxxx, x xxxxx xxxxxxx xxxx, xx x xxxxxxxx xxxxxxxx. Xxx xxxx xxxxx xxxxxx xxx xxxxxxx xxxx $00X xx xxxxxxx xx 00 xxxxx xx XXX. XX00 xx xxx xxxxx xxxxxxx xxxxxxxxxx xx xxx xxxxxx. - Xxxx Xxx Xxx, 00 — Xxxxxx Xxxxxxxxx XX xxx XXX (Xxxxxxx Xxxxx). Xxxxxx 0000, xxx xxx xxx Xxxxxxxxx Xxxxx xxxx xxxxxxxxxx xxxxx Xxxxxxxx 0000. Xxx XX xxxxx xxxx xxxx xxx xxx Xxxxxxxx xxxxxxxx xxx xxx xxxxxxxxxxx xxxxxxxxxxxxxx. Xxxx, xxxxxx, xxx xxx xxxxx xxxxxx xxx x xxxxxxxx xxxx. - Xxxxxx Xxxxxxxxxx, 00 — XXX xxxxx Xxxx 0000. Xxxxxxxxx Xxxxxxxxxx, xx xxxxxxxx xxxxx xxxx xxxxxx xx xxx xxxxxxx. Xxxxxxxx xxx 0:0 xxxxx, xxx $00X xxxxxxxxxx xxxxxx xx $0.00 (00% xxxxxxxx, xxxxxx xx xxx xxxxxx xx x 00% xxxxxx xxx xxx, xxx xx xxx xxxxxx), xxx Xxxxxxxx xxxxxx xxx xxx Xxxxxx xxxxxxxxxxx xx x xxxx xxxxx xxxxxx. Xxxxxxxxx, xxx xxxxxxx.

Xxxxxxx xxxxxxxxx. Xxxxxxxx xxx xxxxxxxxx xxxx 00.0% xxx-xxxxxxxx (xxxxx, Xxxx 00, 0000). Xxxx xxxxx xxx xxxx xxxxxxxx xxxx xx xxxxxxx 00%. XXX Xxxx ~0.00X xxxxxx (~00.0%). Xxxxxxxx Xxxxxxxx ~000X (~0.0%). Xxxxxx XXX X. Xxxxxxx Xxxxxx 00.0% xxx-xxxxxxxx. Xxxx Xxxxxxx 0.0%. Xxxx xxxx xx xxx xxxx xx xxx xxx.

Xxxx xxxxxx xxxxxxxx, xxxx 00 xxxxxx. Xxxx xxxx xxxxxx xxxxxxxxx. Xxxxx: Xxxxxxxx Xxxxxxxx xxxx 00,000 xxxxxx xx $00.00 xx Xxx 00 (~$0.00X, xxxxx 00% xx xxx xxxxxxxx). Xxxxxxxx Xxxx xxxx xx xxxxx xxxxx xxxx Xxxxxxx xxxxxxx Xxx xx $0.00 xx $00.00 (~$000X xxxxx). Xxxxxxxx Xxxxxxx xxxx 00,000 xx $00.00 xx Xxxx (~$000X) xxxxx xxxxxxxxxx 00,000 xxxxxxx. Xxxxx xxxxxxx xxxxxxx ~$0.0X, xxx xx xxx xxxxxxxxx xxxxxxxxx, xxx xxxxx $0.00. XXX xxx XXX xxxx xxxx xxxxxxxxx xxx xxxx. Xxx xxxx: xxxxxxxxx xxx xxxx xxxxx xxxx xxxxx xxx 00 xxxxx xx $0-0 xxxx xxxxx xxx xxx xxxxx xx x 0x xxxx. Xxx x xxx xxxx, xxx xxx xxxxxxx xx x xxxxxx xxx xx $0-00 xxxxx xxx xxxxxxxx xx x xxxx xxxxx xxx xxxx xxx xx xxxxx.

Xxxxxxxx xxxxx xxxxxx. Xxxx-Xxxx xxxx xxx xxxxx xxxxxxxxx xxxxxxxx xxx xxxxx xxx. Xxxxx xx xx xxxxx-xxx-xxx xxxxxxx xxxxxxx xxxxx xx xx xxx. Xxxxxxxxxx'x xxxxxxxxxxx xxxxxxxxxx xxxx xxx xxxx xxxx xxxxxxxx ("xxxxxx xxxxxxxx," "xxxxxx xxxxxxxx xxxxxx," "xxxxxxx xxxxxxxxx xxxxxx xxxxxxx xxxxxx 0000") xxxx xxx xxxx xxxxxxxx xx xxxxxx xxxx xxxxxxxxx xxxx. Xxx xxx xxxxxxx xx xxxxxxxx xxxx xxxxx xxx xxxxxx xxx xx xxxxxx, xxxxx xx xxxx xx xxx xxx xxxxx xxx xx $00 xxx xxxx xx $0 xx xxx xxxx xxxxxxxxxxxx.

Xxxxxxxxxx xxx xxx xxxx xxxxx. Xxx xxxxxxxxxx xx xxxx x $00X xxxxxxxxx xxxx xxxxx xx xx $00-000X XX xxxxxxxxxxx xxxx xxx xxxxxxxxxxx xxxxxxxx xxxx x 000X xx xx xxxxxxxx xx xxxx. Xxxx xxxx xxx xxx xxxx xxxx. Xxxx xxxx xxxx 00 xxxxx xx xxx xxxxxxx xx, xxxxx xx x xxxxxxxxx xxxxx. Xxxxx xxx xxxxxxxxx, xxxxxxxx xx xxx xxxx xxxxx xxxx xxxxxxxxxxx xxx xxxx xx xxx xxxx xxxxxx xx 0. Xxxxxxxxxx xxxxx xx xxxx.

Xxx xxxxx / xxxxxxxxxx. - Xxxx xxxxxx xxxxx, xxxx xxxxx xxxxxxxxxxx, xxx xx xxxx (Xxxxxxxx, 00, xxxxxxxx xxxxx 0000, xxx Xxxxxxx, xxxxxxxx xxxxx 0000) xxxxx xxxxx xxxxxxxxx. Xxxxxxxxxxxx xx xxxx; x 00 xxxx xxx 00 xxxx xxxxxx xx xxxxxxxxx. - Xxxxxxxx'x xxxxxxxxx xxxxxxx xxx xxx xxxxxxx xx x 0000 XXX xxxxxxxxxxxxxx xxxxxxxxxx, xxxxxxx xx 0000 xxxxxxx xxxxxxxxx. Xxxxxxxxx, xxx, xxx xxxxxxxxx xx Xxxx-Xxxx. - Xx xxxxxxxxxx xxxx xxxxxxxxx xxx x 00 xxxx xxx XXX xxx xxx xxxx xx xxx xxxx xxx 00 xxxxx. - Xx xxxxxxx xxxxx xxxxxxxxxxxx. Xxxxxxx Xxxxxx Xxxxxx (Xxxxxxxxx) xxxxx 0000, xx XXXx, xx xxxxxxxx xxxxxxxxxx. Xxx xxxxxxxxxxx xxxxx, xx xx 000(x) xxxxxxxxxxx. - Xxxxxxxxxx xx xxxx: xx xxxxxxx xxxxxxxxx xx xxxx xx XXX xx xxxxxxxxx, xx xxxxxxx xx xxxxxxx, xx xxxxxxxx xxxxx, xx xxxxxxxx.

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