B&R Technology Merger (BRTM)
Market Price (9/14/2026): $9.75 | Market Cap: $-Sector: Financials | Industry: Multi-Sector Holdings
B&R Technology Merger (BRTM)
Market Price (9/14/2026): $9.75Market Cap: $-Sector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns2Y Excs Rtn is -41%, 3Y Excs Rtn is -71% | Key risksBRTM key risks include [1] failure to complete an initial business combination, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -41%, 3Y Excs Rtn is -71% |
| Key risksBRTM key risks include [1] failure to complete an initial business combination, Show more. |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRTM Return | - | - | - | - | - | 0% | 0% |
| Peers Return | -22% | 19% | 19% | 14% | 14% | 9% | 57% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| BRTM Win Rate | - | - | - | - | - | 0% | |
| Peers Win Rate | 54% | 58% | 62% | 46% | 54% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| BRTM Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -54% | -52% | -39% | -41% | -41% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: INVX, INTA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)
How Low Can It Go
BRTM has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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BRTM has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About B&R Technology Merger (BRTM)
B&R Technology Merger (BRTM) operates as a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its sole business purpose is to identify, acquire, and merge with an existing private company, thereby taking that company public. BRTM currently has no active business operations or products of its own, nor has it selected a specific acquisition target at this time.
The company's strategic focus for its initial business combination is primarily on technology growth companies, particularly those poised to benefit from significant advancements in artificial intelligence (AI). BRTM's management believes that AI will drive profound technological upheaval, creating a new generation of companies that will thrive and consolidate. Led by CEO David York, CFO Clark N. Callander, and COO Steven C. Fletcher, the management team aims to leverage their extensive industry expertise and networks in capital markets, strategic transactions, and public company governance to identify and acquire a promising private technology firm, thereby facilitating its successful public market debut.
AI Analysis | Feedback
AI Analysis | Feedback
- Business Combination Facilitation: BRTM's primary function is to identify, acquire, and merge with a private company, thereby taking it public.
AI Analysis | Feedback
Based on the provided company description, B&R Technology Merger (BRTM) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its stated purpose is to effect a business combination with one or more businesses. At this stage, BRTM has not selected any business combination target and has not initiated any substantive discussions with potential targets. As such, it is not currently engaged in operations that involve selling products or services to customers.
Therefore, B&R Technology Merger (BRTM) does not have major customers.
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David York, Chairman and Chief Executive Officer
David York is a serial financier and experienced venture capitalist with over four decades of experience. He is the founder and chairman of Top Tier Capital Partners (TTCP), a prominent Silicon Valley venture capital firm. He served as the CEO of Top Tier Capital Partners from 2011 to 2025, during which the firm's assets under management grew to approximately $8 billion. Prior to founding TTCP, he was the CEO of Paul Capital Investments, a subsidiary of Paul Capital Partners, from 2000 to 2011, and led its spinout to form Top Tier Capital Partners in 2011. His Wall Street career spans two decades, including roles as a managing director at Chase H&Q, where he ran the equity capital markets liquidity business, and running venture services for Hambrecht & Quist, a technology-focused investment bank, from 1994 to 1999. He has extensive operational experience, having founded and managed four different trading desks on Wall Street. His investment portfolio encompasses primary and secondary investments across roughly 500 venture funds, resulting in direct and indirect ownership of approximately 12,000 private companies. He is a retired board member of the National Venture Capital Association.
Clark N. Callander, President and Chief Financial Officer
Clark N. Callander has spent most of his 45-year career as a technology investment banker. In June 2003, he co-founded Savvian LLC, an M&A advisory firm, where he led its capital markets advisory practice. He played a key role in the firm's 2008 merger with Japan's GCA Holdings Corp., which became GCA Savvian and was listed on the Tokyo Stock Exchange, remaining in a leadership position until 2019. Earlier in his career, he joined Robertson Stephens in 1993, where he established a new business unit. He currently serves as Chairman of Napster and is also a founder of Albany Road Real Estate Partners LLC, established in 2012, where he is a Managing Partner. He has actively cultivated relationships within the Venture Capital and Private Equity industry.
Steven C. Fletcher, Chief Operating Officer
Steven C. Fletcher is the founder and CEO of Authentic Holdings, a firm specializing in sponsoring SPACs. He is also the founder of Explorer Parent LLC, established in 2018, where he serves as Chief Executive Officer. His previous roles include Director, Chief Executive & Financial Officer at Enterprise 4.0 Technology Acquisition Corp. in 2023, Head-Information Technology Services Banking at Goldman Sachs & Co. LLC, and Head-Digital Media & Software Group at GCA Savvian, Inc. from 2003 to 2018. He has held advisory positions for several other Special Purpose Acquisition Companies (SPACs), including E.Merge Technology Acquisition Corp., Carney Technology Acquisition Corp. II, Epiphany Technology Acquisition Corp., and BioPlus Acquisition Corp.. He is a managing member of the B&R Technology Sponsor LLC (Cayman).
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- Failure to complete an initial business combination. As a blank check company, B&R Technology Merger's primary purpose is to effect a business combination, but it has not yet selected a target or initiated substantive discussions with any potential targets. If the company fails to identify and complete a suitable business combination, it will ultimately liquidate, returning funds to investors.
- Competition for attractive business combination targets in the technology and AI sector. The company intends to focus on technology growth companies with artificial intelligence (AI) tailwinds. This is a highly competitive sector, and the company faces the risk of intense competition for suitable acquisition targets, potentially leading to inflated valuations or the inability to find a viable partner.
- Reliance on the management team's expertise and judgment. The company emphasizes its management team's experience and industry relationships as a competitive advantage. The success of B&R Technology Merger heavily depends on the ability of its management team, particularly David York, Clark N. Callander, and Steven C. Fletcher, to identify, evaluate, and successfully execute a business combination.
AI Analysis | Feedback
Heightened regulatory scrutiny on SPACs and a sustained decline in investor confidence in the SPAC market, leading to increased redemption rates and challenges in completing successful business combinations.
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Share Issuance
- The company completed its Initial Public Offering (IPO) on July 22, 2026, issuing 32,500,000 units at a price of $10.00 per unit, which generated gross proceeds of $325,000,000.
- On August 24, 2026, the underwriters partially exercised their over-allotment option, resulting in the issuance of an additional 3,500,000 units at $10.00 per unit, raising an extra $35,000,000 in gross proceeds.
- Concurrently with the IPO on July 22, 2026, the company's sponsor purchased 687,500 private placement units for a total of $6,875,000.
Inbound Investments
- Following its IPO and the exercise of the over-allotment option, a total of $360,000,000 from the sale of 36,000,000 units was placed into a U.S. trust account to be used for a future business combination or to redeem public shares.
- The company received $6,875,000 from the sponsor's purchase of private placement units.
Peer Outperformance in Multi-Sector Holdings
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 4.4% | 109.9% | 135.9% | IBKR 511% · SNEX 266% · GS 188% |
| Reinsurance | 6 | 18.8% | 73.7% | 132.8% | SPNT 164% · RGA 143% · RNR 133% |
| Diversified Banks | 12 | 37.8% | 127.6% | 118.3% | JPM 157% · CM 153% · RY 143% |
| Life & Health Insurance | 20 | 8.2% | 54.2% | 103.2% | JXN 569% · UNM 321% · FG 203% |
| Multi-Sector Holdings ← | 4 | 3.5% | 53.9% | 82.7% | JONE 361% · BRK-B 84% · VOYA 81% |
| Regional Banks | 265 | 26.8% | 84.7% | 68.7% | GCBC 366% · ESQ 361% · VBNK 332% |
| Property & Casualty Insurance | 42 | 9.4% | 68.6% | 68.2% | ASIC 2746900% · HRTG 471% · UVE 308% |
| Multi-line Insurance | 9 | 8.9% | 78.7% | 64.5% | GNW 193% · L 108% · SLF 91% |
| Consumer Finance | 30 | 5.7% | 87.6% | 33.8% | ENVA 603% · EZPW 379% · FCFS 180% |
| Financial Exchanges & Data | 15 | -6.5% | 11.8% | 30.5% | VIRT 201% · CBOE 142% · CME 80% |
| Diversified Financial Services | 4 | 0.9% | 14.0% | 24.1% | FRHC 174% · EQH 106% · TMS -58% |
| Insurance Brokers | 16 | -17.9% | -3.8% | 20.4% | LIFE 347% · ARX 89% · AJG 75% |
| Asset Management & Custody Banks | 83 | -10.8% | 13.7% | 14.4% | WT 340% · SII 291% · VCTR 280% |
| Commercial & Residential Mortgage Finance | 12 | -48.2% | 28.3% | 2.8% | FNMA 488% · FMCC 458% · ESNT 70% |
| Specialized Finance | 3 | 27.4% | 39.8% | -0.4% | EFC 30% · CACC 0% · HASI -13% |
| Mortgage REITs | 33 | -13.2% | 8.4% | -15.4% | NREF 55% · RITM 48% · DX 37% |
| Transaction & Payment Processing Services | 15 | 2.2% | -8.7% | -41.9% | V 73% · MA 70% · CPAY 60% |
| Diversified Capital Markets | 21 | -33.6% | 2.7% | -43.9% | OPY 215% · LPLA 153% · GOLD 103% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 30.13 |
| Mkt Cap | 2.5 |
| Rev LTM | 788 |
| Op Inc LTM | 36 |
| FCF LTM | 130 |
| FCF 3Y Avg | 103 |
| CFO LTM | 152 |
| CFO 3Y Avg | 113 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.8% |
| Rev Chg 3Y Avg | 18.1% |
| Rev Chg Q | 11.1% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | -16.7% |
| Op Inc Chg 3Y Avg | 7.0% |
| Op Mgn LTM | 2.1% |
| Op Mgn 3Y Avg | 3.4% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 20.6% |
| CFO/Rev 3Y Avg | 21.8% |
| FCF/Rev LTM | 18.0% |
| FCF/Rev 3Y Avg | 20.0% |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | ||||||
| Up Beta | � | � | � | � | � | � |
| Down Beta | � | � | � | � | � | � |
| Up Capture | 0% | 0% | 0% | 0% | 0% | 0% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | ||||||
| Down Capture | -0% | -0% | -0% | -0% | -0% | -0% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRTM | |
|---|---|---|---|---|
| BRTM | - | - | - | - |
| Sector ETF (XLF) | 9.0% | 14.6% | 0.37 | - |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | - |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | - |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | - |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | - |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | - |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRTM | |
|---|---|---|---|---|
| BRTM | - | - | - | - |
| Sector ETF (XLF) | 10.2% | 18.4% | 0.42 | - |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | - |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | - |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | - |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | - |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | - |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRTM | |
|---|---|---|---|---|
| BRTM | - | - | - | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | - |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | - |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | - |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | - |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | - |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | - |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Multi-Sector Holdings Resources |
| McKinsey & Company Insights |
| Harvard Business Review |
| ValueWalk |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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