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): $9.75
Market Cap: $-
Sector: Financials
Industry: Multi-Sector Holdings

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Weak multi-year price returns
2Y Excs Rtn is -41%, 3Y Excs Rtn is -71%

Key risks
BRTM key risks include [1] failure to complete an initial business combination, Show more.

0 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
1 Weak multi-year price returns
2Y Excs Rtn is -41%, 3Y Excs Rtn is -71%
2 Key risks
BRTM key risks include [1] failure to complete an initial business combination, Show more.

Valuation & Metrics

Price Chart

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BRTM Return-----0%0%
Peers Return-22%19%19%14%14%9%57%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
BRTM Win Rate-----0% 
Peers Win Rate54%58%62%46%54%56% 
S&P 500 Win Rate75%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.

EventXLFS&P 500
2025 US Tariff Shock
  % Loss-15.5%-18.8%
  % Gain to Breakeven18.4%23.1%
  Time to Breakeven80 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.7%-9.5%
  % Gain to Breakeven12.0%10.5%
  Time to Breakeven26 days24 days
2023 SVB Regional Banking Crisis
  % Loss-16.1%-6.7%
  % Gain to Breakeven19.1%7.1%
  Time to Breakeven270 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-19.7%-19.2%
  % Gain to Breakeven24.5%23.8%
  Time to Breakeven123 days105 days

Compare to INVX, INTA

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.

BRTM has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.4%-12.2%
  % Gain to Breakeven27.3%13.9%
  Time to Breakeven272 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.1%-17.9%
  % Gain to Breakeven35.3%21.8%
  Time to Breakeven162 days123 days
2008-2009 Global Financial Crisis
  % Loss-78.3%-53.4%
  % Gain to Breakeven359.8%114.4%
  Time to Breakeven2329 days1085 days

Compare to INVX, INTA

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

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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.

AI Analysis | Feedback

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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).

AI Analysis | Feedback

The key risks to B&R Technology Merger (BRTM) include:
  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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AI Analysis | Feedback

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AI Analysis | Feedback

B&R Technology Merger (BRTM) has recently completed its initial public offering and, as a blank check company, has no operational history or traditional capital allocation activities in the past 3-5 years beyond its formation and capital raising.

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

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Share of Multi-Sector Holdings constituents that BRTM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
insufficient peer history
3Y
insufficient peer history
5Y
insufficient peer history
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Median price return by industry across the Financials sector, ranked by 5Y. Multi-Sector Holdings is BRTM's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y 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%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

BRTMINVXINTAMedian
NameB&R Tech.Innovex .Intapp  
Mkt Price9.8730.1337.2330.13
Mkt Cap-2.12.92.5
Rev LTM-998578788
Op Inc LTM-112-4036
FCF LTM-124136130
FCF 3Y Avg--103103
CFO LTM-157147152
CFO 3Y Avg--113113

Growth & Margins

BRTMINVXINTAMedian
NameB&R Tech.Innovex .Intapp  
Rev Chg LTM-15.0%14.6%14.8%
Rev Chg 3Y Avg--18.1%18.1%
Rev Chg Q-9.2%13.0%11.1%
QoQ Delta Rev Chg LTM-2.1%3.1%2.6%
Op Inc Chg LTM-13.1%-46.6%-16.7%
Op Inc Chg 3Y Avg--7.0%7.0%
Op Mgn LTM-11.2%-6.9%2.1%
Op Mgn 3Y Avg-13.3%-6.6%3.4%
QoQ Delta Op Mgn LTM--0.2%0.2%0.0%
CFO/Rev LTM-15.8%25.4%20.6%
CFO/Rev 3Y Avg--21.8%21.8%
FCF/Rev LTM-12.5%23.6%18.0%
FCF/Rev 3Y Avg--20.0%20.0%

Valuation

BRTMINVXINTAMedian
NameB&R Tech.Innovex .Intapp  
Mkt Cap-2.12.92.5
P/S-2.14.93.5
P/Op Inc-18.6-71.2-26.3
P/EBIT-14.7-71.2-28.2
P/E-33.7-69.1-17.7
P/CFO-13.219.416.3
Total Yield-3.0%-1.4%0.8%
Dividend Yield-0.0%0.0%0.0%
FCF Yield 3Y Avg--4.0%4.0%
D/E-0.00.00.0
Net D/E--0.1-0.1-0.1

Returns

BRTMINVXINTAMedian
NameB&R Tech.Innovex .Intapp  
1M Rtn0.2%-3.6%-7.2%-3.6%
3M Rtn0.2%2.3%55.8%2.3%
6M Rtn0.2%24.5%45.1%24.5%
12M Rtn0.2%81.3%-17.6%0.2%
3Y Rtn0.2%2.9%3.5%2.9%
1M Excs Rtn1.3%0.3%-4.6%0.3%
3M Excs Rtn-3.4%1.2%56.9%1.2%
6M Excs Rtn-14.6%10.1%36.3%10.1%
12M Excs Rtn-17.1%63.1%-33.6%-17.1%
3Y Excs Rtn-71.3%-67.9%-71.5%-71.3%

Comparison Analyses

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Financials

Price Behavior

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BRTM Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta      
Up Beta
Down Beta
Up Capture0%0%0%0%0%0%
Bmk +ve Days10213268138427
Stock +ve Days      
Down Capture-0%-0%-0%-0%-0%-0%
Bmk -ve Days11213259113324
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
Core Cache Last Updated: 9/13/2026