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Penguins Place Ryan Graves On Waivers

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Dec. 30: Graves was formally waived today, per Elliotte Friedman of Sportsnet.

Dec. 29: After acquiring Yegor Chinakhov earlier today, the Penguins needed to open up a spot on their active roster for him.  They’ve determined how to do that, as Seth Rorabaugh of the Pittsburgh Tribune-Review reports (Twitter link) that the team has designated defenseman Ryan Graves as a non-roster player and will place him on waivers on Tuesday when the next waiver period opens.

This will be the second time this season that the 30-year-old will land on the waiver wire.  Graves also found himself on waivers during training camp as he was among Pittsburgh’s last group of training camp cuts.

Despite passing through unclaimed and starting the season with AHL Wilkes-Barre/Scranton, Graves has actually spent more time in Pittsburgh than with them.  He got into 10 games at the minor league level to start the year and was productive, picking up a goal and six assists.  That earned him a recall in early November and has been up since then, a stint that’s about to come to an end.

Graves has played in 17 games with Pittsburgh this season, albeit in a limited role as he’s barely averaging 15 minutes per night of ice time.  In those outings, he has just one point – a goal – along with 31 blocked shots.  While offense has never been his calling card, it’s fair to say that Graves isn’t living up to his $4.5MM per season contract, one that runs through the 2028-29 campaign.

Given that price tag, it’s a certainty that Graves will once again pass through unclaimed and be sent back down to Wilkes-Barre/Scranton, where he’ll join Mathew Dumba on a high-priced AHL back end.  From there, he’ll look to work his way back to Pittsburgh, an outcome that could happen should the Penguins move any of their pending UFA blueliners, a group that includes Connor Clifton, Brett Kulak, and Ryan Shea.

Penguins Acquire Yegor Chinakhov From Blue Jackets

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Forward Yegor Chinakhov will finally have his trade request honored. According to TSN’s Pierre LeBrun, the Columbus Blue Jackets are trading Chinakhov for draft capital. Sportsnet’s Elliotte Friedman later shared that Chinakhov is headed to the Pittsburgh Penguins.

In exchange, Pittsburgh is sending Columbus winger Danton Heinen, the St. Louis Blues’ 2026 second-round pick, and the Washington Capitals’ 2027 third-round pick. The Blue Jackets confirmed the deal.

Chinakhov’s story in Columbus is well known up to this point. The 21st overall pick of the 2020 NHL Draft has been with the Blue Jackets for much of the last five years, though the relationship began souring last season after Columbus hired Dean Evason as the team’s head coach.

Before Evason’s hire, during the 2023-24 season, Chinakhov had the strongest campaign of his career. The young Russian finished ninth on the team in scoring with 16 goals and 29 points in 53 games, averaging 15:10 of ice time per game. Had he played the whole season at the same pace, Chinakhov would have finished with around 25 goals and 45 points.

Still, despite the strong offensive performance, there were legitimate concerns with other areas of Chinakhov’s game, particularly on defense. He finished that season with an 89.4% on-ice save percentage at even strength despite starting a majority of his shifts in the offensive zone. Unfortunately, nothing has improved since.

Since Evason took over behind the bench, Chinakhov’s ice time has been limited. He has yet to replicate his output from the 2023-24 campaign, scoring 10 goals and 21 points in 59 games since, averaging 13:03 of ice time. His possession metrics have improved mildly, though his metrics on the defensive side of the puck have continued to fall.

Chinakhov became so disheartened with his role with the organization that he eventually requested a trade from Columbus last summer. There were reportedly teams interested in his services, though General Manager Don Waddell was only willing to include him in a player-for-player swap, thus limiting his market. By the time that preseason action had begun, there were some indications that Evason and Chinakhov had improved their relationship.

Regardless of the perceived improvements to their relationship, that hasn’t turned into more ice time for Chinakhov. In fact, he’s averaged the lowest ATOI of his young career this season. Now, instead of being isolated to a fourth-line role with the Blue Jackets, he has the opportunity to crack a middle-six role with a different Metropolitan Division team.

Given their recent play, it’s highly unlikely that the Penguins are going to break up either of their top two lines. However, Chinakhov would be an immediate improvement on Ville Koivunen, who has scored one goal and four points in 25 games on the team’s third line. Additionally, Chinakhov could find his way onto Pittsburgh’s second power-play unit.

Photo courtesy of Charles LeClaire-Imagn Images. 

Penguins Activate Blake Lizotte, Reassign Danton Heinen

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Dec. 29th: Seth Rorabaugh of the Tribune-Review reports that Heinen has cleared waivers and has been reassigned to AHL Wilkes-Barre/Scranton.

Dec. 28th: The Penguins announced they’ve activated center Blake Lizotte from injured reserve and placed winger Danton Heinen on waivers in the corresponding move. Since Heinen’s waiver placement comes in conjunction with an IR activation, he can be designated non-roster until tomorrow while he’s on the wire to open a roster spot.

Lizotte has been listed as day-to-day with an upper-body injury for the past few weeks. He last played on Dec. 7 against the Stars, then was placed on IR two days later.

The 28-year-old was a pleasant surprise for the Pens last year after inking a two-year, $3.7MM deal in free agency. In 59 appearances, he tied his career high in goals (11) and won 51.2% of his draws while averaging 12:43 of ice time per game.

That offensive production hasn’t quite carried over into this year, but the high-energy pivot has still scored five points in 27 games while serving as part of one of the league’s better checking lines. His unit with Noel Acciari and Connor Dewar may not generate much offensively, but they’ve limited opponents to just 2.10 goals against per 60 minutes at 5-on-5.

Lizotte and Dewar also comprise Pittsburgh’s top penalty kill unit. He’s been a big part of a respectable shorthanded complement that clicks at 81.1%, 14th in the league.

Meanwhile, Heinen lands on the waiver wire for the second time this season. The veteran of 579 NHL games was a surprising cut from Penguins training camp and, as expected, cleared without incident, given his $2.25MM cap hit.

The versatile 30-year-old won’t be happy with today’s news, though. He’s been outright dominant in the AHL, rattling off 17 points in 12 games for Wilkes-Barre/Scranton. He’s gotten a few recalls throughout the year, and although he’s been a healthy scratch in three straight, he’s gotten into 13 NHL contests for Pittsburgh with a goal and an assist.

Heinen’s high cap hit remains a likely deterrent for a claim, but given his minor-league production, it stands to reason he can still be a fourth-line piece at worst on more than a few teams. With a base salary of $775K this season – most of his money was paid out via a preseason signing bonus – he wouldn’t be walking away from much if he refused to report to WBS and triggered a contract termination. That would allow him to catch on with another team down the stretch on a new deal with a lower cap impact.

Lizotte A Full Participant In Practice, Could Play Sunday

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  • Penguins center Blake Lizotte returned to a full practice with contact today, notes Seth Rorabaugh of the Pittsburgh Tribune-Review (Twitter link). He has missed the last nine games with an undisclosed injury and is a possibility to return on Sunday which would necessitate another roster move first.  The 28-year-old is in a contract year but was rather quiet offensively before being injured, tallying just three goals and two assists in 27 games although he was being used in a very heavy defense-first role.  If Pittsburgh falls out of the playoff race, he’s a candidate to be moved before the March 6th trade deadline.

Latest On Brett Kulak

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The Pittsburgh Penguins acquired veteran defenseman Brett Kulak from the Edmonton Oilers as part of the trade between the two clubs that swapped netminder Tristan Jarry for Stuart Skinner. While Kulak adds a level of experience to Pittsburgh’s back end that could be valuable, the club only recently ended an eight-game losing streak that raised significant questions about their ability to compete for a playoff spot this season. That losing streak raised a few questions as to whether the Penguins are best served keeping Kulak for the rest of the year (his $2.75MM AAV deal expires at the end of the season) or if they would benefit from trading him to another team.

Sportsnet’s Elliotte Friedman reported that before Kulak was traded to Pittsburgh, “there were teams interested” in acquiring him from the Oilers, but a trade never materialized largely for salary cap reasons. Friedman cited the Penguins’ trade of Luke Schenn to the Winnipeg Jets, very shortly after acquiring him from the Nashville Predators, as a notable precedent here that the team set regarding its willingness to quickly flip a veteran blueliner. While there has not been any concrete indication that Pittsburgh is actively exploring this route with Kulak, Friedman’s reporting indicates it’s something to keep in mind at the very least.

The Penguins Should Look Into Moving Some Veterans

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The Pittsburgh Penguins are currently spiralling in freefall after the past two weeks and have gone from a comfortable playoff spot to the bottom of the Metropolitan Division. The Penguins have exhibited much of the same behaviours over the past couple of weeks that were on full display in the previous three seasons, when they missed the postseason, and they might not be ready to compete for the playoffs just yet. The difference this season in Pittsburgh is that the organization has hope in their young prospects and a ton of cap space available next summer.

The Penguins talked in the summer about going young, but in the past few weeks, they’ve injected a few veterans in favor of their young players, and the results haven’t been pretty. Pittsburgh also has several veterans on expiring contracts who don’t figure into the team’s long-term future, and given their recent stretch of play, they should begin unloading some of those veterans to bring in more young talent for their surging cupboard of futures.

Some might assume a headline like that means moving Bryan Rust, Rickard Rakell or Erik Karlsson, but quite the opposite is true. The Penguins have many capable veterans who can play in the NHL, but their age and contracts make their prospects in Pittsburgh very murky. The likes of Noel Acciari, Connor Clifton, Brett Kulak, Stuart Skinner and Anthony Mantha are five players Pittsburgh should be actively shopping to acquire assets and move a few young players up from the AHL.

That list could be much longer, as Pittsburgh has several other UFAs they could move, such as Matt Dumba, Danton Heinen, Connor Dewar, Kevin Hayes, and Ryan Shea. Dewar and Shea are likely candidates to receive extensions or, at the very least, be offered contracts to remain in Pittsburgh, as they both seem to be favorites of Penguins general manager Kyle Dubas. By contrast, Heinen and Hayes hold little to no trade value at their current levels of play. Depending on how things go for Pittsburgh and the trade market, Hayes and Heinen could find a small trade market close to the deadline.

Back to the other four players: their trade value varies widely, and, to be perfectly honest, none of them is going to carry a high price tag. But that doesn’t mean they don’t have any value. Mantha, for example, has 22 points in 33 games and has been a great offensive piece for the Penguins. He, along with Justin Brazeau and Evgeni Malkin, formed a formidable second line in Pittsburgh and was lights out when all three were healthy. That trifecta was short-lived, however, as both Brazeau and Malkin were injured for a significant stretch, and Mantha bounced between linemates. Speaking of injuries, Mantha has dealt with them in the past, including last season, when he played only a handful of games and missed much of the year. If the Penguins want to maximize the asset that is Mantha, they would be wise to move him early in the new year, unless they go on a heater over the next couple of weeks.

Mantha is 6’5” and 240 lbs, but he plays smaller than his size and has never been overly physical for a big man. He skates well for a bigger player and produces offense at a solid clip, particularly when he has skilled linemates. There should be a market for his services if the Penguins decide to move him, especially for teams that want a capable top-six forward without giving up a ton of assets.

Acciari is another forward the Penguins should seriously consider moving, as he is in the final year of his contract and carries a $2MM cap hit. Acciari has been a good soldier for the Penguins, but has been handed ridiculous deployment over his three seasons, starting nearly 90% of his shifts in the defensive zone this season. As you can imagine, his offensive numbers aren’t good, with just 25 points in 154 games as a member of the Penguins. Credit to the 34-year-old, he continues to play hard-nosed hockey and should net the Penguins a late-round pick. In 20 games this season, Acciari has a goal and five assists and has 27 hits, but he can kill penalties and provide leadership as a fourth liner on a playoff-bound team. Acciari isn’t part of the Penguins’ plans, and at this point, the Penguins might be wise to get out in front of the trade market so they aren’t left holding players after the deadline, as they were last year when they couldn’t move Matt Grzelcyk.

Kulak has been a member of the Penguins for only over a week, having arrived in the Jarry trade to make the cap hits work. He likely isn’t destined to remain in Pittsburgh, and it makes little sense for either side to reach terms on an extension. Kulak is serviceable and was actually quite good in the playoffs last year for the Edmonton Oilers. Still, the Penguins already have a ton of defense at or around Kulak’s skill level, and there was reportedly interest in him before he was traded. With the Penguins eyeing a youth movement and Kulak approaching the end of his career, the Penguins should move him and get what they can. If the goal is still to go young and build for the future, hanging onto Kulak makes little sense, especially with the team plummeting down the standings.

Then there is Skinner, who also came over in the Jarry trade from Edmonton. It’s hard to pin down what Skinner is because of his inconsistency in the NHL. People might forget, but the 27-year-old was a runner-up for the Calder Trophy in 2022-23 and was fantastic that season, but has been all over the map over the last two and a half years, which is why he was dealt from a Stanley Cup contender to a rebuilding club. He has a fantastic regular-season win-loss record (109-63-18), but his playoff numbers leave a lot to be desired (26-22). Unfortunately for him, he has been prone to gaffes and meltdowns at the worst possible times.

Now, in Pittsburgh, there doesn’t appear to be a fit, at least not on the surface. Skinner is approaching free agency, and the Penguins already have their goalie of the future in Sergey Murashov. However, the backup position is a bit of a question mark, as Arturs Silovs has struggled in his last dozen starts and may not be an NHL netminder. Pittsburgh also has youngster Joel Blomqvist waiting in the AHL, so they appear to be set for the near future.

Skinner could also have some value on the trade market, as teams are always desperate for netminding near the playoffs. Skinner has a minimal cap hit of just $2.6MM this season, which should be manageable for just about every team in the league should they want to add him. With Skinner, a lot is riding on his playing well the rest of this year. AFP Analytics projected earlier in the year that Skinner could get four years at $6.14MM per season, which seems wildly inflated after his start to the season. But being a UFA should give Skinner plenty of motivation to prove his detractors wrong, which is likely what Pittsburgh is hoping for over the next few months before the NHL Trade Deadline.

Regardless of how they do it, the Penguins can’t keep trotting out old, expensive depth players if they want to turn the corner in the rebuild. They should by no means tear down the whole roster. Still, any veteran on an expiring deal who isn’t Malkin, Dewar or Shea should be moved out for future assets so the Penguins can finally find younger, hungrier, faster depth players.

Hoffmann Group Enters Deal To Purchase Penguins

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Dec. 19: The Penguins announced the Hoffmann family has entered a definitive agreement to purchase a majority stake in the team from Fenway Sports Group.

Dec. 17: According to insider Frank Seravalli, the Fenway Sports Group has agreed to sell the NHL’s Pittsburgh Penguins to the Chicago-based Hoffmann Group. The sale is reportedly pending approval from the NHL’s Board of Governors. Multiple other outlets have confirmed the sale.

The Hoffmann Group, led by David Hoffmann, has been interested in purchasing the Penguins for several months. In August, it was reported that Hoffmann had emerged as a contender for a minority stake in the Penguins, competing with franchise legend Mario Lemieux, who had expressed interest in reacquiring the team. Instead of a minority piece, Hoffmann will be acquiring the whole pie.

FSG originally purchased the team in 2021 for a reported value of $900MM, and is selling it only a few years later. According to Forbes, the Penguins are the 22nd most valuable franchise in the league with an estimated value of $1.75B. TSN’s Pierre LeBrun believes that the final price will land between $1.7B and $1.8entB.

As for the new owners, there is little known about the Hoffmann Group, primarily David. Forbes projected his net worth to be around $2B, though there’s no confirmation of that. Additionally, the group’s only other venture into hockey has been their ownership of the ECHL’s Florida Everblades.

Regardless, they’re acquiring the team at an interesting time in their franchise history. Being one of the most successful teams since the turn of the century, the Penguins are nearing the end of the Sidney Crosby and Evgeni Malkin era. Without another player on the roster or in the system even close to that level of superstardom, the Hoffmann Group will be tasked with guiding the franchise through a turbulent time.

The speed of the sale is fairly status quo for FSG. Despite owning the team for only five years, they will have doubled their original investment of $900MM. In 1999, FSG purchased the MLB’s Miami Marlins for $150MM, and sold the team in 2002 for $158.5MM.

Assessing Potential Under-The-Radar Trade Candidates

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After two major trades last week involving players like Quinn Hughes, Marco Rossi, Tristan Jarry, and Stuart Skinner, the trade bait boards in the media have removed several names from the potential trade list. There are still many clear candidates available for trade, including Ryan O’Reilly, Rasmus Andersson, Alex Tuch, and Yegor Chinakhov. However, beyond that initial group of obvious options, there are less obvious, under-the-radar players who might come into play as the next few months unfold.

We start with a couple of Jets players who are near the bottom of the NHL standings and have been a colossal disappointment this season. Much of their struggles are due to three-time Vezina Trophy winner (and last season’s Hart Trophy winner) Connor Hellebuyck missing three weeks after an arthroscopic knee procedure on Nov. 21.

If this slow start persists, the Jets have two veterans, Gustav Nyquist and Jonathan Toews, who could be trade targets if Winnipeg decides to punt on this season. With just six assists in 24 games, Nyquist hasn’t been a fit in Winnipeg. The 36-year-old is on a one-year deal worth $3.25MM that he signed on July 1 and is only two years removed from posting 75 points in 81 games with the Predators.

Should Winnipeg make Nyquist available, he will attract significant interest due to his veteran experience and passing skills. Make no mistake, Nyquist is somewhat one-dimensional at this stage in his career, but he can also contribute on the penalty kill and occasionally score. Last year at the trade deadline, Nashville traded Nyquist to the Wild for a second-round pick; however, his performance this season (and last year) makes that return unlikely. Nyquist doesn’t have trade protection on his current deal.

Initially, Toews’ story was an incredible demonstration of perseverance and grit in getting back to the NHL. The Jets took a chance on Toews, hoping he could regain his spot as an NHL center in their top six, or at least their top nine. That hasn’t happened so far, as Toews has struggled to keep up with today’s NHL pace, which is understandable given his health issues and the time he was away from the game.

Winnipeg misjudged how effective Toews would be, and they are now paying the price in the standings because of a significant gap in their forward group. That said, they are still in the playoff hunt, and with an intense stretch of play, they could contend again. However, if they stumble, they might consider moving Toews if he’s willing to waive his no-move clause. Since he returned home to play for the Jets, it’s unlikely they will trade him or that he will accept a deal, but if Winnipeg’s struggles persist, it could become a real possibility.

Toews has been moved to the fourth line (along with Nyquist) and has scored just three goals and six assists in 33 games this season with a -13 rating while averaging 15:33 of ice time per game. Those stats mark the worst production of Toews’ career. He’s appeared slow this year, and Winnipeg seems like a team playing in slow motion when he is on the ice. It raises the question of whether they can continue to include him in the lineup.

The Jets signed Toews to make a substantial impact in the playoffs, but if the playoffs look unlikely, it makes sense to see if they can find him a team that will qualify and receive a small return. That is, if he wishes to play elsewhere.

Sticking with the Western Conference, the Blues have also disappointed this season, after pushing the Jets to the very limit in last year’s playoffs. St. Louis is a team caught between being a playoff contender and an up-and-coming squad, and it’s fair to wonder how many veterans they might move this season. Much has been said about Jordan Kyrou, Jordan Binnington, and Brayden Schenn, all of whom are on many trade candidate lists, but one name that isn’t talked about often is forward Mathieu Joseph.

Joseph is a Stanley Cup champion who could be a reliable addition to a contending team looking to strengthen its depth. The 28-year-old has a good shot, can kill penalties, and plays with a lot of speed. He is carrying a $2.95MM cap hit in the final year of a four-year deal and won’t cost a fortune for any team aiming to improve their lineup. Joseph would also bring a bit of physicality to the bottom of a forward group, making him a strong candidate for a trade.

Switching over to the Eastern Conference, a name that emerges as a somewhat under-the-radar trade candidate is defenseman Ryan Shea. The Penguins signed Shea to a one-year NHL contract in the summer of 2023 that included a $775K guarantee, despite him having never played an NHL game up to that point.

Shea had spent three seasons in the Stars’ minor league system after captaining Northeastern University in the NCAA. The 28-year-old is once again heading for free agency next summer and was earlier projected by AFP Analytics to receive a one-year deal worth just over $1MM.

However, his performance this season (two goals and 11 assists in 33 games) has raised his value, and he could be eyeing a multi-year contract considering his age and recent form. The Penguins have over $54MM in cap space for next season (as per PuckPedia) and could easily re-sign him, but it remains uncertain whether he fits into their long-term plans given their projected window of contention. If they see him as part of their top-six forward group, he will sign and stay; if not, he should be an available trade asset before the deadline due to his $900K cap hit.

Lastly, we have Teddy Blueger of the Canucks. Blueger has played just two games this season due to a lower-body injury, but is expected to return after Christmas, making him a likely trade candidate given his upcoming free agency next summer.

Blueger is a dependable pro and a consistent presence; he is a fourth-line center, no more, no less. The 31-year-old is in the final season of a two-year deal paying him $1.8MM and is likely to get a raise if he can return to the lineup and perform at his best. Blueger has been remarkably consistent throughout his career, peaking at 28 points in a season, a number he has reached multiple times.

Blueger isn’t overly big or fast, but he is an excellent forechecker and has some offensive skills beyond goal scoring, which he isn’t particularly good at. He is a smart player both offensively and defensively, especially on the penalty kill, where he has been excellent historically.

All these factors make Blueger a prime candidate to be moved before the deadline, given his timeline and the Canucks’ plans. Vancouver is about as unpredictable as any team can be right now, but Blueger has a Stanley Cup on his resume and will be sought after by playoff-bound teams, which Vancouver is not.

Latest On Kris Letang

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The Pittsburgh Penguins got off to a surprisingly strong start to 2025-26, with first-year head coach Dan Muse impressing most observers as he guided the team to a better-than-expected first two months of the season. The past week has not been kind to Pittsburgh, though, as they’ve blown leads on a routine basis leading to some dramatic, highly deflating losses. While the club very much remains in the playoff race, the team’s recent downturn has increased the level of scrutiny faced by a few key underperforming veterans.

One of the most significant underperforming names on the Penguins’ roster right now is that of veteran blueliner Kris Letang. While Letang was the Penguins’ best defenseman throughout the 2010’s and early 2020’s, he’s had a very difficult 2025-26 season.

His offensive production has been decent (16 points in 31 games, a 42-point full-season scoring pace)  but his all-around impact has left much to be desired, and his work in the defensive zone has drawn real criticism.

The Athletic’s Josh Yohe reported today that “There is considerable concern about [Letang’s] performance throughout the organization.” Letang is under contract for another two years at a $6.1MM AAV, and Yohe’s reporting indicated that a trade or a buyout coming his way is an extremely remote possibility. Letang owns a full no-move clause and buying out his deal would not provide Pittsburgh with any cap relief due to his age.

While it might seem that Letang’s steep decline in form might prompt him to consider retirement, Yohe’s reporting indicates that’s not the case, as he wrote “team sources told me [Letang] wants to keep playing in the NHL beyond this contract.”

It’s fair to question, given how he’s playing at this time, whether Letang will really be able to extend his NHL career into his 40s. But at the moment, it appears that Letang’s current level of play combined with his contract status is quickly becoming a problem area for the Penguins and their plans for the short-to-medium-term future.

The Penguins have quite a few young defensemen likely to graduate to the NHL at some point during the remainder of Letang’s contract, including names such as Harrison Brunicke, Finn Harding, and Peyton Kettles, as well as Charlie Trethewey and Quinn Beauchesne, if they develop at a more rapid pace than expected.

While Letang’s presence as the franchise’s longest-tenured blueliner could certainly help the growth of those young defensemen in many ways, those positives could be quickly outweighed by negatives if the Penguins’ reported concerns about Letang’s play materialize into an even more pronounced decline.

Photos courtesy of James Carey Lauder-Imagn Images

Emil Pieniniemi To Report To ECHL

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  • The Pittsburgh Penguins lifted their suspension of prospect Emil Pieniniemi, according to Seth Rorabaugh of Tribune-Review Sports, as a result of the blueliner’s newfound willingness to report to the club’s ECHL affiliate, the Wheeling Nailers. Per Rorabaugh, while the Penguins presented Pieniniemi with a development plan, the player “disagreed with that plan” and elected to train in his native Finland, with Liiga club Karpat, rather than play in the ECHL. Now, it appears Pieniniemi will report to the ECHL and begin his season there. A 2023 third-round pick, Pieniniemi was ranked the No. 20 prospect in the Penguins’ system before the season by Elite Prospects. While the ECHL isn’t typically seen as a prime league to develop skater prospects, Penguins GM Kyle Dubas has shown an increased level of willingness to send prospects to the ECHL, dating back to his time with the Toronto Maple Leafs. Toronto’s 2017 first-round pick Timothy Liljegren played an ECHL game in 2018-19 and the Penguins have had defensive prospect Finn Harding, who the club reportedly thinks highly of, play seven games for Wheeling so far in 2025-26.

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