An Orangetheory franchise costs $764,577 to $1,104,920 for one studio under the FDD amended September 14, 2026: the offer now centres on 3- and 5-studio development deals, a required heart-rate technology stack and fees that can rise 10% a year.
Key takeaways
- One studio costs $764,577 to $1,104,920 to open, and $182,658 to $237,994 of that is paid to OTF Franchisor, LLC or its affiliates (cover page and Item 7 of the Orangetheory Franchise Disclosure Document, issued March 31, 2026, as amended September 14, 2026).
- Area development is priced in blocks: $150,000 for 3 studios and $237,500 for 5, paid in full at signing and non-refundable, against a $59,950 single-studio fee (Item 5, 2026 FDD).
- The Technology Fee is $899 a month and may rise 10% a year, compounded and cumulative; OTbeat heart-rate software adds $149 a month with a stated ceiling of $500 (Item 6, 2026 FDD).
- Since April 2, 2024 the franchisor has been an indirect subsidiary of Purpose Brands Holdings, LLC, with Anytime Fitness, LLC in its ownership chain (Item 1; PR Newswire release of April 2, 2024).
- Total US studios fell from 1,333 at the end of 2023 to 1,224 at the end of 2025, while transfers of franchised studios rose to 214 in 2025 (Item 20, Tables 1 and 2, 2026 FDD).
Who owns the Orangetheory franchise system since the April 2024 combination?
Since April 2, 2024, OTF Franchisor, LLC, the Delaware company that signs Orangetheory franchise agreements, has been an indirect, wholly-owned subsidiary of Purpose Brands Holdings, LLC, according to Item 1 of the 2026 FDD. Seven entities sit between the two, and one of them, Anytime Fitness, LLC, also manages the franchisor under a management agreement.
The April 2, 2024 release issued from Boca Raton and Woodbury, Minnesota described the deal as a closed “merger of equals” between Orangetheory Fitness and Self Esteem Brands, covering Orangetheory, Anytime Fitness, Waxing the City, Basecamp Fitness/SUMHIIT Fitness and The Bar Method, with approximately 7,000 franchise locations across 50 countries and territories. The same release says Roark Capital invested in Self Esteem Brands in 2014 and in Orangetheory Fitness in 2016; our private equity franchise ownership report tracks how sponsor-backed franchisors disclose that kind of chain.
| Question for a buyer | What the 2026 FDD says | Source |
|---|---|---|
| Who sits at the top? | Purpose Brands Holdings, LLC, jointly owned by Anytime Worldwide, LLC and Ultimate Fitness Holdings, LLC | Item 1 |
| What is the full chain? | Purpose Brands Holdings, LLC; Purpose Brands Intermediate, LLC (doing business as Purpose Brands); Self Esteem Brands, LLC; Anytime Fitness, LLC; SEB SPV Guarantor LLC; SEB Funding LLC; SEB Systems LLC (direct parent); OTF Franchisor, LLC | Item 1 |
| Who runs day-to-day support? | Anytime Fitness, LLC as manager; Ultimate Fitness Group, LLC as sub-manager since April 2024 (manager from March 2019 to April 2024) | Item 1 |
| Who sells equipment and OTbeat? | OTF Product Sourcing, LLC, Boca Raton | Items 1, 5, 8 |
| Who sells technology and security systems? | PV Distribution LLC (ProVision), 111 Weir Drive, Woodbury, Minnesota | Items 1, 8 |
| Which sister franchisors exist? | Anytime Fitness Franchisor, LLC (2,271 franchised US centers), The Bar Method Franchisor LLC (77 franchised US studios), Waxing the City Franchisor LLC (167 franchised US studios), all at December 31, 2025 | Item 1 |
| Who owns studios directly? | OTF Studios, LLC and OTF Property Holdings, LLC (OTFPH): 15 Affiliate-Owned Studios | Items 1, 20 |
Can an Anytime Fitness or Bar Method open next to your studio?
Yes. Item 12 says Anytime Fitness and The Bar Method “sell similar goods and services in the fitness space” and may operate in the same market. It adds: “We do not have a policy related to, and are not responsible for, resolving conflicts between an Anytime Fitness or The Bar Method franchisee and an Orangetheory franchisee.”
The sister brand’s own build-out and monthly fees are broken down in our guide to the Anytime Fitness franchise cost, which uses the Anytime filing amended on the same date.
Is a single Orangetheory studio still on offer, or is the deal built around three or five?
The single-studio Franchise Agreement is still in the filing at a $59,950 Initial Franchise Fee, and Item 5 reports that fees actually paid in 2025 ranged from $0 to $59,950. Since April 2025, though, OTF Franchisor has also sold area development rights, priced in blocks of 3 studios for $150,000 and 5 studios for $237,500, all due when the Area Development Agreement is signed.
| Buyer type (Item 5) | 3 studios | Per studio | 5 studios | Per studio | Each added studio |
|---|---|---|---|---|---|
| New franchisee | $150,000 | $50,000 | $237,500 | $47,500 | $47,500 |
| New franchisee, veteran | $135,000 | $45,000 | $213,750 | $42,750 | $42,750 |
| Existing franchisee | $135,000 | $45,000 | $212,500 | $42,500 | $42,500 |
| Existing franchisee, veteran | $121,500 | $40,500 | $191,250 | $38,250 | $38,250 |
Per-studio columns are our division of the Item 5 totals. Against three single fees of $59,950 ($179,850), the 3-studio price is $29,850 lower; against five ($299,750), the 5-studio price is $62,250 lower. “Existing franchisee” pricing covers owners of Orangetheory, Anytime Fitness, The Bar Method or Waxing the City units that are open and free of uncured default notices, and the veteran price requires current US military service or an honorable discharge (Item 5).
The discount comes with risk. Item 5 says the Development Fee is “deemed fully earned” once paid and is non-refundable, and Item 6 adds liquidated damages of $10,000 multiplied by the number of undeveloped studios if the agreement is terminated. A developer who signs for 5 studios and has opened 2 when the agreement ends would owe $30,000 under that formula, by our arithmetic. Our area development agreements report compares that kind of clause across filings.
How much cash does the first studio of a development deal need?
The Illinois addendum in the same filing restates the totals: $854,627 for a 3-studio deal to $1,282,470 for a 5-studio deal, which “includes the total initial investment for one studio,” and $272,708 to $415,544 of it goes to the franchisor or an affiliate. Studios 2 onward need their own build-out budget, and each is signed on the Franchise Agreement form in use at that time, which Item 11 says “may contain materially different terms.”
Two studios or three: what is the minimum commitment?
The filing words this three ways. Item 7, Note 1 to the single-studio table says “at least two Studios”; Note 1 to the area development table says “a minimum of three Studio”; and the Illinois addendum says “more than one Studio.” The Item 5 price table lists only 3, 5 and additional locations.
Ask OTF Franchisor to state the number in the Rider before you sign, since Item 17 says the agreement typically runs 1 to 5 years and cannot be renewed.
What does the heart-rate and screen package cost, and who sells each piece?
Orangetheory’s heart-rate system is spread across two Item 7 lines. Fitness equipment with the proprietary OTbeat System and OT Connect tablets runs $119,122 to $163,424, and a separate Technology System for computers, screens, audio and the tablets on every treadmill and rower runs $46,760 to $62,108. Together that is $165,882 to $225,532, about 21.7% of the low total, by our arithmetic.
| Component | Cost in the 2026 FDD | Who sells it | Source |
|---|---|---|---|
| Fitness equipment, OTbeat System, OT Connect tablets or displays, starting stock of heart rate monitors and straps | $114,323 (1,750 sq ft studio) to $158,624 (4,800 sq ft) | OTF Product Sourcing, LLC, the only approved supplier | Items 5, 8 |
| Same package with installation and a body composition scanner | $119,122 (8 stations) to $163,424 (12 stations) | OTF Sourcing and outside suppliers | Item 7, Note 4 |
| Extra heart rate monitors | $75 each | Not named | Item 7, Note 4 |
| Extra straps | About $4.75 to $6.50 each, by size | Not named | Item 7, Note 4 |
| Technology System: computers, internet, TV displays, laptops or tablets, audio, OT Connect tablets for treadmills and rowers, music licences | $46,760 to $62,108 | A single designated vendor, depending on the item | Items 7, 8, 11 |
| Management Software account setup | $575 | OTF Franchisor, the only approved supplier | Items 5, 6, 8 |
| OTbeat setup | $250, may rise to $500 | Franchisor and/or affiliate | Item 6 |
Item 8 says affiliates received rebates of 1% to 18% of item prices in 2025, OTF Sourcing earned $1,839,787 in rebates and $44,132,565 from franchisees’ required purchases, and the franchisor estimates that about 90% of what it costs to equip a studio is bought from required sources or to its specifications. Our franchise supplier rebates report sets those disclosures against other systems.
Two clauses in Item 11 shape the long-run tech bill. The franchisee must “replace, upgrade, or update at your expense the Technology System as we may require periodically without limitation,” and must give the franchisor “unrestricted and independent electronic access” to studio data. Item 8 also requires $250,000 per occurrence of cybersecurity insurance.
How far can the Technology Fee and OTbeat fees climb over a 10-year term?
The Technology Fee is $899 a month today, and Item 6 lets OTF Franchisor raise it 10% a year, compounded and cumulative, so years with no increase can be caught up later. If every allowed increase were taken, the monthly fee would reach $2,120 in fee year 10, by our arithmetic. OTbeat software costs $149 a month, and Item 6 caps it at $500.
At the Item 6 ceiling the $899 monthly Technology Fee could reach $2,120 in fee year 10, or $171,933 over ten years. Source: Orangetheory FDD amended September 14, 2026, Items 5 and 6; our arithmetic.
| Fee year | Maximum monthly Technology Fee | Maximum for the year |
|---|---|---|
| Fee year 1 | $899 | $10,788 |
| Fee year 2 | $989 | $11,867 |
| Fee year 3 | $1,088 | $13,053 |
| Fee year 4 | $1,197 | $14,359 |
| Fee year 5 | $1,316 | $15,795 |
| Fee year 6 | $1,448 | $17,374 |
| Fee year 7 | $1,593 | $19,112 |
| Fee year 8 | $1,752 | $21,023 |
| Fee year 9 | $1,927 | $23,125 |
| Fee year 10 | $2,120 | $25,437 |
The table applies the 10% ceiling from Item 6 to $899 and rounds to whole dollars; it is a ceiling, not a forecast. Ten years at the ceiling add up to $171,933, against $107,880 if the fee never moved. The fee covers the Management Software, the OTCONNECT intranet, Orange University, the Splat TV video platform, music and CRM tools, and Item 5 says it starts when the Management Software account opens, “typically, five months before opening.” Five months at $899 is $4,495 before the first member pays dues. Our franchise technology requirements report compares escalator clauses like this one.
Where does the rest of the $764,577 to $1,104,920 go?
Leasehold improvements and construction are the largest Item 7 line at $245,000 to $418,317, which is 32.0% of the low total and 37.9% of the high, for studios of 1,750 to 4,800 square feet (typical: 3,100). The second-largest fixed figure is $171,239 of additional funds for the first three months, identical at both ends of the range.
| Item 7 line | Low | High | Paid to |
|---|---|---|---|
| Initial Franchise Fee | $59,950 | $59,950 | OTF Franchisor |
| 3 months rent and security deposit | $21,492 | $57,312 | Landlord |
| Architect and design fees | $10,000 | $24,000 | Outside suppliers |
| Furniture, fixtures and equipment | $10,362 | $18,918 | Outside suppliers |
| Construction management fees | $0 | $12,500 | Outside suppliers |
| Office and cleaning supplies | $3,000 | $3,800 | Outside suppliers |
| Leasehold improvements and construction | $245,000 | $418,317 | Contractors and suppliers |
| Fitness equipment and OTbeat System | $119,122 | $163,424 | OTF Sourcing and outside suppliers |
| Initial retail merchandise | $3,315 | $5,850 | OTF Sourcing |
| Interior and exterior signage | $17,666 | $28,436 | Outside suppliers |
| Technology System | $46,760 | $62,108 | Outside supplier |
| Pre-sale and grand opening advertising | $36,000 | $45,000 | Outside suppliers |
| Training expenses and launch trainings | $5,000 | $8,850 | Franchisor and suppliers |
| Miscellaneous opening costs (permits, AED, legal, accounting) | $11,671 | $20,216 | Franchisor and suppliers |
| Insurance | $4,000 | $5,000 | Insurer |
| Additional funds, 3 months | $171,239 | $171,239 | Franchisor and suppliers |
| Total, excluding real estate purchase | $764,577 | $1,104,920 |
Note 3 says franchisees reported tenant improvement allowances of $0 to $100 per square foot last year, averaging $28.62, and Note 2 says the rent line leaves out free-rent periods that landlords often grant. Both notes warn that New York, San Francisco and Chicago can run higher. This page is general information, not legal, financial or investment advice.
Which percentage fees and sales floors apply once members are paying?
Once the studio opens, three charges are set as a share of Gross Sales: an 8% royalty debited weekly, a Brand Fund contribution of 3% that Item 6 allows up to 5%, and local advertising of at least the greater of 2% or $2,500 a month. Item 6 also sets Performance Standards that work as a royalty floor in each contract year.
| Ongoing fee | Amount | Due | Source |
|---|---|---|---|
| Royalty | 8% of Gross Sales | Weekly | Item 6 |
| Brand Fund | 3% of Gross Sales, up to 5% | Monthly | Items 6, 11 |
| Local advertising spend | Greater of 2% of prior month’s Gross Sales or $2,500 | Monthly | Items 6, 11 |
| Technology Fee | $899 a month, up 10% a year at most | As invoiced | Item 6 |
| OTbeat Fees | $149 a month, up to $500 | As invoiced | Item 6 |
| Product and promotional purchases | Typically $5,000 to $11,000 a year | On invoice | Item 6 |
| Conference fees | $600 to $1,500 per person | On demand | Item 6 |
| Non-Compliance Fee | Up to $3,000 per notice | 10 days after notice | Item 6 |
| Successor (renewal) fee | 50% of the then-current initial fee | Before renewal | Items 6, 17 |
| Transfer fee | 50% of the then-current initial fee for a Control Transfer; 25% for others | Before the transfer closes | Item 6 |
The fixed parts alone come to $3,548 a month after opening: $899 for technology, $149 for OTbeat and the $2,500 local advertising floor. Item 11 reports that the Brand Fund spent 74.1% on marketing, media and social, 12.2% on administration and 13.7% on production and promotional items in 2025.
What does the Performance Standards clause cost if sales fall short?
Item 6, Note 2 and Item 12 set Gross Sales thresholds of $300,000 in Year 1, $350,000 in Year 2 and $400,000 from Year 3 onward. A studio below the threshold pays the gap between royalties paid and royalties due at the threshold within 10 days of invoice and must adopt a business plan the franchisor approves. These are contract thresholds, not a forecast or a report of studio sales.
| Contract year | Gross Sales threshold | Royalty floor at 8% (our arithmetic) | If missed |
|---|---|---|---|
| Year 1 | $300,000 | $24,000 | Pay shortfall; approved business plan |
| Year 2 | $350,000 | $28,000 | Same; a second straight miss allows territory cuts or termination |
| Year 3 and later | $400,000 | $32,000 | Same; Item 17 lists two straight misses as a non-curable default |
From signed agreement to first class, which deadlines bind you?
Item 11 puts the typical gap between signing and opening at 9 to 12 months, and the Franchise Agreement turns it into three hard dates: an accepted site within 4 months, a signed Site Agreement within 6 months and an open studio within 12 months. Item 17 lists failure to open by the Mandatory Opening Date as a default with no cure period.
- Sign the Franchise Agreement and pay the $59,950 fee, or the full Development Fee under an area deal (Item 5).
- Propose a site; OTF Franchisor accepts or rejects within 15 days of a complete proposal, and an accepted site is due within 4 months (Items 11, 12).
- Submit the lease at least 30 days before signing it, get the landlord to sign the Lease Addendum, and deliver a signed Site Agreement within 6 months (Items 8, 11).
- Hire a designated or approved architect and contractors to adapt the prototype plans (Item 8).
- Open the Management Software account about 5 months before opening: $575 setup, then the $899 Technology Fee each month (Item 5).
- Run the presale and grand opening program from at least 12 to 16 weeks before opening to 30 days after, spending $36,000 to $45,000, and reach at least 250 qualified presale memberships (Item 11).
- Complete the four-day Initial Training Program (up to 3 trainees free), Studio Launch Training for up to 8 coaches and 4 sales associates, and Presales Launch Training ($2,500 if the franchisor delivers it) (Items 5, 11).
- Open by month 12; the OTbeat $250 setup and $149 monthly fee, the 8% royalty and the Brand Fund begin (Items 6, 11).
Shrinking footprint, busy resale market: what does Item 20 show?
Item 20 shows the Orangetheory system getting smaller and changing hands faster. Total US studios fell from 1,333 at the end of 2023 to 1,224 at the end of 2025, transfers of franchised studios jumped from 43 in 2024 to 214 in 2025, and only 13 new franchised studios opened in 2025.
In 2025, 13 franchised Orangetheory studios opened, 87 left the system and 214 changed owners. Source: Orangetheory FDD amended September 14, 2026, Item 20, Tables 2 and 3.
| Year | Franchised at start | Opened | Non-renewals | Ceased operations, other | Transfers | Franchised at end |
|---|---|---|---|---|---|---|
| 2023 | 1,281 | 53 | 1 | 22 | 33 | 1,311 |
| 2024 | 1,311 | 27 | 8 | 47 | 43 | 1,283 |
| 2025 | 1,283 | 13 | 26 | 61 | 214 | 1,209 |
In 2025, 87 franchised studios left through non-renewal or ceased operations, 6.78% of the 1,283 open at the start of the year, by our arithmetic; Table 3 shows no terminations in any of the three years. Table 5 lists 85 signed agreements for studios not yet open and 15 projected franchised openings in 2026, and Exhibit H-2 lists 362 franchisees who left or did not respond during 2025. The fitness franchise statistics report puts these flows next to other gym systems.
For buyers who want an open studio, Item 20 says OTF Franchisor is “not offering any existing franchised Studios,” so purchases run through franchisee-to-franchisee transfers, which need the franchisor’s approval and a transfer fee of 50% of the then-current initial fee for a Control Transfer (Item 6). Our franchise resale report tracks SBA-financed changes of ownership by brand.
Which Orangetheory figures in circulation are out of date?
Top-ranking cost pages still quote the 2025 or older filings; the most-cited guide’s range sits $57,045 above the current Item 7 low and $272,240 above its high. The table pairs claims seen on top-ranking pages in November 2026 with the September 2026 filing.
| Claim seen in top results | What the September 2026 filing says | Source |
|---|---|---|
| A top-ranking cost guide updated January 2026 gives $821,622 to $1,377,160 | $764,577 to $1,104,920 for one studio | Item 7 |
| A franchise directory lists $729,352 to $1,628,992 | $764,577 to $1,104,920; area deals add $150,000 to $237,500 | Items 5, 7 |
| Search summaries show a $29,500 franchise fee (a Canadian listing) | US Initial Franchise Fee $59,950 | Item 5 |
| Technology Fee shown as a flat $899 a month | $899 now, subject to a 10% annual increase, compounded and cumulative | Item 6 |
| A search summary mentions a 2023 merger with another fitness company | Indirect subsidiary of Purpose Brands Holdings, LLC since April 2, 2024, through the Self Esteem Brands chain | Item 1 |
| “1500+ franchises awarded in 25 countries” (brand page) | 1,224 US studios open at December 31, 2025: 1,209 franchised and 15 affiliate-owned | Item 20 |
Which Orangetheory entry path fits your capital and timeline?
The route depends on liquid capital, how many studios one metro can hold and whether you already own a Purpose Brands unit. The brand’s franchising page asks for “$350K liquid capital with $1M net worth,” and our franchise affordability report estimates that 8.6% of US families meet both bars, using 2022 Federal Reserve household data.
| If you… | Then look at | Figure or threshold | Source |
|---|---|---|---|
| Hold less than $350,000 liquid or $1 million net worth | A lower-cost format; this brand states those minimums | $350K liquid, $1M net worth | Brand page |
| Can fund one studio but not three | Single Franchise Agreement; ask in writing whether single units are sold in your market | $59,950 fee; $764,577 to $1,104,920 total | Items 5, 7 |
| Plan 3 or more studios in one metro | Area Development Agreement | $150,000 (3) or $237,500 (5); $10,000 per undeveloped studio if terminated | Items 5, 6 |
| Already own Anytime Fitness, The Bar Method or Waxing the City in good standing | Existing-franchisee development pricing | $135,000 (3) or $212,500 (5) | Item 5 |
| Are a veteran with an honorable discharge | Veteran development pricing | $135,000 (3) or $213,750 (5) | Item 5 |
| Want an open studio now | Transfer from a current owner | 214 transfers in 2025; fee 50% of the initial fee | Items 6, 20 |
| Need to finance treadmills | Ascentium Capital lease, 60 months, no prepayment | 7.99% to 10.99%; $1,200 to $2,400 a month for most studios | Item 10 |
| Need to finance the full equipment list | United Leasing loan or lease | Up to $5 million; 9.2% to 11.5%; 24 to 60 months | Item 10 |
Before signing, read Items 5, 6, 7, 12 and 20 side by side and ask the franchisor to fill in the area development Rider, including the Site Approval and Site Acquisition Deadlines for each studio. Our walkthrough of the franchise disclosure document explains where each of the 23 Items sits under 16 CFR 436.5.
How we compiled this
We read the OTF Franchisor, LLC disclosure document issued March 31, 2026 and amended September 14, 2026 (Minnesota CARDS file 10934), Items 1 to 22 and the Area Development Agreement form, in November 2026. We added 3 other primary sources: the brand’s franchising page, the April 2, 2024 PR Newswire release and 16 CFR 436.5 from the GPO’s govinfo copy. We excluded every Item 19 figure by site rule and label all arithmetic as ours.
Frequently asked questions
How much does it cost to open an Orangetheory franchise?
Item 7 of the OTF Franchisor disclosure document amended September 14, 2026 estimates $764,577 to $1,104,920 for one studio of 1,750 to 4,800 square feet, excluding any real estate purchase. Of that, $182,658 to $237,994 goes to the franchisor or its affiliates. Leasehold work of $245,000 to $418,317 is the largest line, and a 3-studio development deal adds a $150,000 Development Fee at signing.
How much do Orangetheory franchise owners make?
This site does not publish earnings figures. Item 19 of the 2026 FDD contains a financial performance representation built on Gross Sales that franchised studios reported for the 12 months ended February 28, 2026. Read it in the filing, then set it against Items 6 and 7: an 8% royalty, a 3% Brand Fund, local advertising of at least 2% and the Technology Fee. Our Item 19 report explains how to read one.
Is Orangetheory owned by Anytime Fitness?
Indirectly, yes. Item 1 of the 2026 FDD says OTF Franchisor, LLC became an indirect, wholly-owned subsidiary of Purpose Brands Holdings, LLC on April 2, 2024, and its chain of owners runs through Self Esteem Brands, LLC and Anytime Fitness, LLC, which also manages the franchisor. Anytime Fitness Franchisor, LLC is a sister company, and Item 12 says no policy exists for conflicts between the two brands’ franchisees.
What do you need to qualify for an Orangetheory franchise?
The brand’s franchising page asks for $350K in liquid capital and a $1M net worth, checked November 3, 2026. The FDD adds that one individual must serve as Principal Owner, that the four-day Initial Training Program must be completed, and that the studio needs at least 250 qualified presale memberships before the franchisor approves opening (Items 1 and 11).
Can you buy an existing Orangetheory studio?
Yes, through a transfer from a current owner. Item 20 of the 2026 FDD says the franchisor is not offering any existing studios itself, but franchisees transferred 214 studios in 2025, up from 43 in 2024. The franchisor must approve the buyer, and Item 6 sets the transfer fee at 50% of the then-current initial franchise fee for a Control Transfer.
Does Orangetheory help finance a new studio?
Not directly. Item 10 says OTF Franchisor offers no financing but has arrangements with equipment lenders: Ascentium Capital, a division of Regions Bank, leases treadmills for 60 months at 7.99% to 10.99% with no prepayment, and United Leasing offers up to $5 million in equipment loans or leases at 9.2% to 11.5% for 24 to 60 months. Personal guarantees are typical.
Sources
- Orangetheory Franchise Disclosure Document, issued March 31, 2026, as amended September 14, 2026, OTF Franchisor, LLC via the Minnesota Department of Commerce CARDS database, document 37265-202609-04, accessed November 3, 2026.
- Orangetheory Fitness franchising page, Orangetheory Fitness, accessed November 3, 2026.
- Orangetheory Fitness and Self Esteem Brands Complete Merger, PR Newswire, April 2, 2024, accessed November 3, 2026.
- 16 CFR 436.5, Disclosure items (2025 edition), U.S. Government Publishing Office, govinfo, accessed November 3, 2026.