DeFi Development (DFDV)
Market Price (11/10/2026): $3.43 | Market Cap: $111.9 MilSector: Financials | Industry: Asset Management & Custody Banks
DeFi Development (DFDV)
Market Price (11/10/2026): $3.43Market Cap: $111.9 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 329% Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Decentralized Finance (DeFi). | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -54% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 122% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -199%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1272% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -218% High stock price volatilityVol 12M is 114% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24% Key risksDFDV key risks include [1] extreme balance sheet and stock volatility tied to its substantial Solana (SOL) treasury and [2] a high risk of shareholder dilution due to deep unprofitability and rapid cash burn. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 329% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Decentralized Finance (DeFi). |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -8.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -54% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 122% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -199%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1272% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -218% |
| High stock price volatilityVol 12M is 114% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24% |
| Key risksDFDV key risks include [1] extreme balance sheet and stock volatility tied to its substantial Solana (SOL) treasury and [2] a high risk of shareholder dilution due to deep unprofitability and rapid cash burn. |
Qualitative Assessment
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Nov 6: up 5.7% in one day (S&P 500 up 0.3%)
The stock rose on Nov 6 without company news. The S&P 500 also rose that day.
Down 53.6% from its Sep 21 high to Nov 2, up 13.6% since (S&P 500 down 2.8%)
The stock experienced a significant decline without company news, amid market concerns over a tech sell-off and AI. Major drops on Oct 16, Oct 22, and Oct 30 occurred alongside warnings about a tech bubble and Fed actions.
Oct 6: down 9.0% the day after its Oct 5 earnings report (S&P 500 up 0.5%)
The stock declined after its Q2 2026 earnings report, which showed improved revenue but significantly negative net income. Diluted EPS was also down considerably compared to a year earlier.
Nov 6: up 5.7% in one day (S&P 500 up 0.3%)
The stock rose on Nov 6 without company news. The S&P 500 also rose that day.
Down 53.6% from its Sep 21 high to Nov 2, up 13.6% since (S&P 500 down 2.8%)
The stock experienced a significant decline without company news, amid market concerns over a tech sell-off and AI. Major drops on Oct 16, Oct 22, and Oct 30 occurred alongside warnings about a tech bubble and Fed actions.
Oct 6: down 9.0% the day after its Oct 5 earnings report (S&P 500 up 0.5%)
The stock declined after its Q2 2026 earnings report, which showed improved revenue but significantly negative net income. Diluted EPS was also down considerably compared to a year earlier.
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Stock Movement Drivers
Fundamental Drivers
The 34.0% change in DFDV stock from 7/31/2026 to 11/9/2026 was primarily driven by a 27.3% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.56 | 3.43 | 34.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14 | 15 | 9.6% |
| P/S Multiple | 4.9 | 6.2 | 27.3% |
| Shares Outstanding (Mil) | 26 | 27 | -4.0% |
| Cumulative Contribution | 34.0% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| DFDV | 34.0% | |
| Market (SPY) | 0.8% | 57.5% |
| Sector (XLF) | 1.8% | 26.7% |
Fundamental Drivers
The -21.9% change in DFDV stock from 4/30/2026 to 11/9/2026 was primarily driven by a -38.8% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.39 | 3.43 | -21.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11 | 15 | 32.5% |
| P/S Multiple | 10.2 | 6.2 | -38.8% |
| Shares Outstanding (Mil) | 26 | 27 | -3.6% |
| Cumulative Contribution | -21.9% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| DFDV | -21.9% | |
| Market (SPY) | 5.0% | 53.2% |
| Sector (XLF) | 11.6% | 23.9% |
Fundamental Drivers
The -68.9% change in DFDV stock from 10/31/2025 to 11/9/2026 was primarily driven by a -86.0% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.03 | 3.43 | -68.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 15 | 328.6% |
| P/S Multiple | 44.3 | 6.2 | -86.0% |
| Shares Outstanding (Mil) | 14 | 27 | -48.3% |
| Cumulative Contribution | -68.9% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| DFDV | -68.9% | |
| Market (SPY) | 11.3% | 48.3% |
| Sector (XLF) | 12.1% | 28.9% |
Fundamental Drivers
The 239.6% change in DFDV stock from 10/31/2023 to 11/9/2026 was primarily driven by a 634.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.01 | 3.43 | 239.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 15 | 634.8% |
| P/S Multiple | 4.3 | 6.2 | 44.6% |
| Shares Outstanding (Mil) | 9 | 27 | -68.0% |
| Cumulative Contribution | 239.6% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| DFDV | 239.6% | |
| Market (SPY) | 86.2% | 3.6% |
| Sector (XLF) | 87.1% | 1.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DFDV Return | - | - | -73% | -41% | 628% | -32% | -21% |
| Peers Return | 3% | -58% | 168% | 80% | -12% | -34% | 20% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| DFDV Win Rate | - | - | 17% | 25% | 50% | 36% | |
| Peers Win Rate | 45% | 30% | 58% | 52% | 40% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| DFDV Max Drawdown | - | - | - | -70% | -97% | -70% | |
| Peers Max Drawdown | -44% | -66% | -43% | -36% | -45% | -56% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSTR, COIN, WD, CSGP, TREE.
[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 11/9/2026 (YTD)
How Low Can It Go
| Event | DFDV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.0% | -18.8% |
| % Gain to Breakeven | 25.0% | 23.1% |
| Time to Breakeven | 22 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -41.4% | -7.8% |
| % Gain to Breakeven | 70.6% | 8.5% |
| Time to Breakeven | 231 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -81.7% | -9.5% |
| % Gain to Breakeven | 445.7% | 10.5% |
| Time to Breakeven | 511 days | 24 days |
In The Past
DeFi Development's stock fell -20.0% during the 2025 US Tariff Shock. Such a loss loss requires a 25.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | DFDV | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -41.4% | -7.8% |
| % Gain to Breakeven | 70.6% | 8.5% |
| Time to Breakeven | 231 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -81.7% | -9.5% |
| % Gain to Breakeven | 445.7% | 10.5% |
| Time to Breakeven | 511 days | 24 days |
In The Past
DeFi Development's stock fell -20.0% during the 2025 US Tariff Shock. Such a loss loss requires a 25.0% 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 DeFi Development (DFDV)
DeFi Development (DFDV) operates as a B2B fintech marketplace focused on revolutionizing commercial real estate financing. The company connects commercial property borrowers with a diverse range of lenders through its online platform, aiming to make the lending market hyper-efficient, transparent, and accessible. It seeks to remove frictions from traditional commercial property financing, thereby flattening the playing field for property owners, developers, and lenders of all sizes.
The core product is a flexible, two-sided online platform utilizing technology and a human touch. Commercial property owners, operators, and developers, including a growing segment of small business owners, can create accounts, submit loan requests, and manage them digitally. DFDV's algorithms automatically match these borrowers to suitable loan options or connect them with internal capital markets advisors who guide them through the process. On the other side, a broad spectrum of commercial mortgage lenders—including small banks, credit unions, REITs, Fannie Mae and Freddie Mac lenders, FHA lenders, debt funds, CMBS lenders, and SBA lenders—access the platform to view, communicate with, and track matched borrowers in real-time. This system streamlines the loan origination and tracking process for all parties involved.
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Here are 1-3 brief analogies for DeFi Development (DFDV):
- LendingTree for commercial property loans.
- Expedia for commercial real estate financing.
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- Commercial Real Estate Lending Marketplace Platform: An online B2B fintech platform that connects commercial property borrowers with a diverse range of commercial property lenders, utilizing algorithms and human advisors to streamline the commercial mortgage financing process.
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DeFi Development (DFDV) operates a B2B marketplace, connecting commercial property borrowers and lenders. As such, its major customers are other companies and financial institutions, rather than individuals. The company serves two primary categories of customers:
Commercial property borrowers: This category includes businesses such as owners, operators, and developers of commercial real estate (including multifamily properties) looking for capital to refinance, build, or purchase property. It also includes a growing segment of small business owners seeking commercial real estate financing.
Commercial property lenders: This category encompasses a wide range of financial institutions and entities that provide commercial mortgages. Examples include small banks, credit unions, REITs, Fannie Mae® and Freddie Mac® multifamily lenders, FHA® multifamily lenders, debt funds, CMBS lenders, and SBA lenders.
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Joseph Onorati, Chief Executive Officer, President & Director
Joseph Onorati was appointed CEO, President, and Director in April 2025. Prior to joining DeFi Development, he served as Chief Strategy Officer at Kraken Digital Asset Exchange from 2016 to 2024. He was also interim CEO at CaVirtEx, the first Bitcoin exchange in Canada, from 2013 to 2015, and subsequently sold the company to Coinsetter, which was later acquired by Kraken. Mr. Onorati is part of the control group that acquired majority ownership in Janover Inc., the company that became DeFi Development Corp.
Fei (John) Han, Chief Financial Officer
Fei (John) Han was appointed Chief Financial Officer of DeFi Development Corp. on April 17, 2025.
Blake Janover, Chief Commercial Officer & Director
Blake Janover is the founder of Janover Inc., which later became DeFi Development Corp. He previously served as CEO, President, and Chairman of Janover Inc. With over 15 years of entrepreneurial experience, his background spans multifamily and commercial property finance, business financing, real estate, technology, consulting, and management and marketing services. Mr. Janover has overseen the underwriting and origination of billions of dollars in commercial, multifamily, and residential real estate loans. He is an alumnus of Harvard Business School's Owner/President Management Program (OPM) 60 cohort and an Official Member of the Forbes Real Estate Council. He remains involved in the company's daily operations.
Parker White, Chief Operating Officer & Chief Investment Officer
Parker White was appointed Chief Operating Officer and Chief Investment Officer in April 2025. Before joining DeFi Development, he was an Engineering Director at Kraken Digital Asset Exchange from December 2018 to March 2025. He manages a Solana validator with $75 million in delegated stake and previously oversaw a $2 billion bond portfolio at an institutional investment firm. Mr. White is part of the control group that acquired majority ownership in Janover Inc.
Daniel Kang, Chief Strategy Officer
Daniel Kang was promoted to Chief Strategy Officer in September 2025.
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The key risks to DeFi Development (DFDV) are:
- Competition and Market Adoption: As a B2B fintech marketplace seeking to revolutionize and disintermediate the commercial real estate lending market, DeFi Development faces significant challenges in achieving widespread adoption by both commercial property borrowers and lenders. The success of their platform relies on convincing these parties to shift from established traditional financing methods and potentially competing platforms, which may prove difficult given existing relationships and trust in the market.
- Technology Dependence and Cybersecurity: DeFi Development's entire business model is built around its online platform, algorithms, and digital tools designed to connect borrowers and lenders. Any significant technological failures, platform outages, data breaches, or cybersecurity incidents could severely disrupt operations, erode user trust, damage their reputation, and expose the company to legal liabilities.
- Regulatory Landscape: Operating within the commercial real estate financing sector, which involves a diverse range of lenders including banks, credit unions, REITs, and government-sponsored entities like Fannie Mae and Freddie Mac, exposes DeFi Development to a complex and evolving regulatory environment. Changes in financial regulations, licensing requirements, or new rules specifically targeting fintech lending platforms could impose significant compliance costs, restrict their operational model, or necessitate substantial adjustments to their business practices.
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DFDV operates a centralized, albeit technology-driven, marketplace that connects commercial property borrowers and lenders. While DFDV aims to disintermediate traditional financing structures and offers a "human touch" through advisors, its fundamental business model relies on being an intermediary. Should truly decentralized finance platforms emerge that can effectively facilitate large-scale commercial real estate lending using blockchain technology, smart contracts, and tokenized assets, they could entirely bypass the need for any centralized marketplace like DFDV. Such a shift would disintermediate all intermediaries, including DFDV, by enabling direct, automated, and trustless transactions between capital providers and real estate projects.
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- Growth in Digital Asset Treasury and Solana (SOL) Staking Yields: DeFi Development Corp. has adopted a treasury policy to allocate its principal holding in its treasury reserve to Solana (SOL), aiming to provide investors with access to the Solana ecosystem and generate revenue through SOL staking and validator operations. This segment has already demonstrated significant growth, with a 648% year-over-year increase in Digital Asset Treasury Revenue in Q3 2025.
- Expansion and Increased Adoption of the AI-Powered Commercial Real Estate Platform: The company continues to operate its AI-driven online platform, which connects commercial property borrowers and lenders. Future revenue growth is expected from increasing the number of transactions closed and revenue per transaction, as well as migrating towards recurring, high-margin software-as-a-service (SaaS) subscriptions and Insurtech commissions. The platform also benefits from enhanced AI search capabilities, launched in January 2025, to improve financing efficiency for real estate professionals.
- Strategic Partnerships: DeFi Development is actively pursuing strategic partnerships to enhance its platform's capabilities, expand access to commercial real estate financing solutions, and strengthen its market presence within the Solana ecosystem. These collaborations are pivotal in driving user growth and introducing new offerings.
- Growth of the Treasury Accelerator Program: The company has launched a Treasury Accelerator program specifically designed to drive future growth related to its digital asset treasury segment, indicating an intentional effort to further monetize and expand its Solana holdings strategy.
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Share Repurchases
- DeFi Development Corp. significantly expanded its stock repurchase program from $1 million to up to $100 million on September 24, 2025.
- In Q4 2025, the company repurchased 2,049,113 shares at an average price of $5.62 per share.
- The repurchase authorization provides flexibility for management to buy back shares, with an initial $10 million threshold requiring board updates for additional purchases.
Share Issuance
- As of August 14, 2025, DeFi Development Corp. had 21,045,049 shares of common stock issued and outstanding.
- The number of outstanding shares increased by 82.81% in one year.
- On November 12, 2025, the company announced a proposed public offering of up to $65,000,000 of 10.00% Series C Cumulative Perpetual Preferred Stock, primarily for general corporate purposes and the acquisition of Solana (SOL).
Inbound Investments
- DeFi Development Corp. raised approximately $378 million in 2025.
- The company announced a $125 million equity raise on August 25, 2025, specifically to expand its Solana treasury.
Outbound Investments
- DeFi Development Corp. acquired 407,247 Solana tokens, bringing its total holdings to 1,831,011 tokens, valued at approximately $371 million as of September 24, 2025.
- The firm purchased a Solana validator business for $3.5 million following its name change in April 2025.
- On July 1, 2025, the company entered into a prepaid forward stock purchase transaction related to 5.50% Senior Convertible Notes due 2030, paying approximately $75.6 million to the forward counterparty.
Capital Expenditures
- In the last 12 months, DeFi Development Corp. reported capital expenditures of $8,809.
Peer Outperformance in Asset Management & Custody Banks
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 29.9% | 70.2% | 119.9% | SPNT 174% · RGA 166% · RNR 132% |
| Diversified Banks | 12 | 31.7% | 143.1% | 92.9% | CM 147% · JPM 131% · RY 130% |
| Investment Banking & Brokerage | 13 | -3.5% | 93.4% | 90.2% | IBKR 337% · SNEX 169% · GS 152% |
| Multi-Sector Holdings | 4 | 32.0% | 62.9% | 88.0% | BRK-B 101% · VOYA 75% · JEF 42% |
| Life & Health Insurance | 20 | 10.4% | 58.7% | 85.1% | JXN 527% · UNM 261% · FG 240% |
| Property & Casualty Insurance | 42 | 15.6% | 69.9% | 69.1% | TRV 176% · ACGL 171% · PGR 166% |
| Multi-line Insurance | 9 | 8.4% | 71.7% | 58.9% | AIZ 115% · GNW 106% · L 94% |
| Regional Banks | 264 | 31.6% | 93.8% | 48.6% | CBC 279% · FCNCA 179% · NIC 141% |
| Insurance Brokers | 15 | 1.6% | 9.0% | 28.6% | LIFE 317% · ARX 89% · WTW 50% |
| Financial Exchanges & Data | 15 | 18.4% | 30.2% | 15.1% | CBOE 187% · VIRT 148% · CME 69% |
| Asset Management & Custody Banks ← | 85 | -5.8% | 18.3% | 6.3% | VCTR 254% · WT 235% · AAMI 221% |
| Diversified Financial Services | 4 | -2.6% | 23.3% | 5.8% | FRHC 148% · EQH 82% |
| Commercial & Residential Mortgage Finance | 14 | -41.7% | 28.1% | 4.5% | FNMA 350% · FMCC 313% · ACT 161% |
| Consumer Finance | 30 | 1.8% | 77.8% | -2.1% | ENVA 319% · FCFS 133% · AXP 92% |
| Specialized Finance | 3 | 26.9% | 30.4% | -18.7% | CACC -19% · HASI -21% |
| Transaction & Payment Processing Services | 17 | 23.2% | 12.5% | -23.3% | V 105% · MA 96% · CPAY 88% |
| Mortgage REITs | 34 | -18.9% | -10.5% | -38.1% | RITM 37% · DX 18% · AGNC 13% |
| Diversified Capital Markets | 20 | -48.7% | -14.1% | -69.3% | LPLA 90% · TW 37% · RIOT -56% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| DeFi Development Earnings Notes | 12/16/2025 | |
| Can DeFi Development Stock Recover If Markets Fall? | 10/17/2025 | |
| DeFi Development (DFDV) Revenue Comparison | 09/13/2025 | |
| DeFi Development (DFDV) Net Income Comparison | 09/13/2025 | |
| DeFi Development (DFDV) Debt Comparison | 09/13/2025 | |
| DeFi Development (DFDV) Tax Expense Comparison | 09/13/2025 | |
| DeFi Development (DFDV) Operating Cash Flow Comparison | 09/13/2025 | |
| DeFi Development (DFDV) Operating Income Comparison | 09/13/2025 | |
| DeFi Development (DFDV) EBITDA Comparison | 09/13/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 37.87 |
| Mkt Cap | 6.7 |
| Rev LTM | 1,275 |
| Op Inc LTM | 50 |
| FCF LTM | 219 |
| FCF 3Y Avg | 56 |
| CFO LTM | 355 |
| CFO 3Y Avg | 130 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.2% |
| Rev Chg 3Y Avg | 18.5% |
| Rev Chg Q | 4.5% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | -19.4% |
| Op Inc Chg 3Y Avg | -28.2% |
| Op Mgn LTM | 2.5% |
| Op Mgn 3Y Avg | 4.0% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 12.0% |
| CFO/Rev 3Y Avg | 10.8% |
| FCF/Rev LTM | 8.0% |
| FCF/Rev 3Y Avg | 3.5% |
Price Behavior
| Market Price | $3.43 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 07/25/2023 | |
| Distance from 52W High | -59.3% | |
| 50 Days | 200 Days | |
| DMA Price | $4.70 | $3.98 |
| DMA Trend | up | down |
| Distance from DMA | -26.9% | -13.9% |
| 3M | 1YR | |
| Volatility | 124.9% | 114.1% |
| Downside Capture | 625.42 | 591.25 |
| Upside Capture | 936.81 | 434.61 |
| Correlation (S&P 500) | 62.5% | 49.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 6.57 | 6.88 | 5.80 | 4.20 | 4.10 | 1.34 |
| Up Beta | -10.27 | 5.51 | 1.98 | 3.96 | 2.89 | -1.32 |
| Down Beta | 7.29 | 9.70 | 8.50 | 3.98 | 4.00 | 3.52 |
| Up Capture | 355% | 608% | 1118% | 694% | 1358% | 12702% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 6 | 15 | 30 | 51 | 106 | 332 |
| Down Capture | 751% | 533% | 387% | 280% | 191% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 15 | 27 | 33 | 74 | 140 | 403 |
[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 DFDV | |
|---|---|---|---|---|
| DFDV | -57.8% | 114.1% | -0.23 | - |
| Sector ETF (XLF) | 12.0% | 15.3% | 0.53 | 29.0% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | 48.0% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | 32.6% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | -5.3% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 16.6% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 73.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DFDV | |
|---|---|---|---|---|
| DFDV | -7.1% | 597.3% | 0.71 | - |
| Sector ETF (XLF) | 9.4% | 18.4% | 0.37 | 1.8% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 3.8% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | -4.7% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | -4.3% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | -6.4% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | -0.6% |
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 DFDV | |
|---|---|---|---|---|
| DFDV | -3.6% | 597.3% | 0.71 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 1.8% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 3.8% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | -4.7% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | -4.3% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | -6.4% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | -0.6% |
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Returns Analyses
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/5/2026 | 4.2% | -14.1% | -42.5% |
| 8/12/2026 | 6.3% | 19.2% | 77.0% |
| 5/13/2026 | 8.8% | -8.0% | -33.3% |
| 8/12/2025 | 4.5% | -12.7% | -10.2% |
| 3/13/2025 | -1.7% | -7.3% | 994.2% |
| 5/14/2024 | 2.9% | 5.7% | -9.5% |
| 3/28/2024 | 0.0% | -0.8% | -12.5% |
| 9/5/2023 | 1.2% | 13.4% | -14.9% |
| SUMMARY STATS | |||
| # Positive | 7 | 3 | 2 |
| # Negative | 1 | 5 | 6 |
| Median Positive | 4.2% | 13.4% | 535.6% |
| Median Negative | -1.7% | -8.0% | -13.7% |
| Max Positive | 8.8% | 19.2% | 994.2% |
| Max Negative | -1.7% | -14.1% | -42.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/5/2026 | 4.2% | -14.1% | -42.5% |
| 8/12/2026 | 6.3% | 19.2% | 77.0% |
| 5/13/2026 | 8.8% | -8.0% | -33.3% |
| 8/12/2025 | 4.5% | -12.7% | -10.2% |
| 3/13/2025 | -1.7% | -7.3% | 994.2% |
| 5/14/2024 | 2.9% | 5.7% | -9.5% |
| 3/28/2024 | 0.0% | -0.8% | -12.5% |
| 9/5/2023 | 1.2% | 13.4% | -14.9% |
| SUMMARY STATS | |||
| # Positive | 7 | 3 | 2 |
| # Negative | 1 | 5 | 6 |
| Median Positive | 4.2% | 13.4% | 535.6% |
| Median Negative | -1.7% | -8.0% | -13.7% |
| Max Positive | 8.8% | 19.2% | 994.2% |
| Max Negative | -1.7% | -14.1% | -42.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/19/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/19/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 09/01/2023 | 10-Q |
| 03/31/2023 | 07/26/2023 | 424B4 |
| 09/30/2022 | 11/15/2022 | S-1/A |
| 06/30/2022 | 10/14/2022 | S-1 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/19/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/19/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 09/01/2023 | 10-Q |
| 03/31/2023 | 07/26/2023 | 424B4 |
| 09/30/2022 | 11/15/2022 | S-1/A |
| 06/30/2022 | 10/14/2022 | S-1 |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 NAV Per Share Growth | Reported | 100.0% | 100.0% | |||||
| Q3 2026 Cash and Cash Equivalents Growth | Reported | 100.0% | 100.0% | |||||
| 2026 Annual Preferred Dividend Per Share | Reported | 1.3 | ||||||
| 2026 Annual Preferred Dividend Rate | Reported | 0.13 | ||||||
Prior: Q2 2026 Earnings Reported 8/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 SPS Target | Reported | 1 | 0.0% | Affirmed | Guidance: 1 for 2028 | |||
Q1 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 SPS | Reported | 0.08 | Affirmed | Guidance: 0.17 for 2026 | ||||
| 2028 SPS | Reported | 1 | 0.0% | Affirmed | Guidance: 1 for 2028 | |||
Insider Activity
Updated 10/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | White, Parker | Direct | Buy | 9252026 | 8.90 | 538 | 4,788 | 89,000 | Form | |
| 2 | White, Parker | Direct | Buy | 9252026 | 8.96 | 9,462 | 84,780 | 84,780 | Form | |
| 3 | Kang, Daniel | Chief Strategy Officer | Direct | Buy | 9232026 | 8.84 | 6,900 | 60,996 | 60,996 | Form |
| 4 | Kang, Daniel | Chief Strategy Officer | Riveya Technology Fund LLC | Buy | 9232026 | 8.81 | 3,540 | 31,187 | 31,187 | Form |
| 5 | White, Parker | Direct | Buy | 8242026 | 3.91 | 10,069 | 39,321 | 1,093,215 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | White, Parker | Direct | Buy | 9252026 | 8.90 | 538 | 4,788 | 89,000 | Form | |
| 2 | White, Parker | Direct | Buy | 9252026 | 8.96 | 9,462 | 84,780 | 84,780 | Form | |
| 3 | Kang, Daniel | Chief Strategy Officer | Direct | Buy | 9232026 | 8.84 | 6,900 | 60,996 | 60,996 | Form |
| 4 | Kang, Daniel | Chief Strategy Officer | Riveya Technology Fund LLC | Buy | 9232026 | 8.81 | 3,540 | 31,187 | 31,187 | Form |
| 5 | White, Parker | Direct | Buy | 8242026 | 3.91 | 10,069 | 39,321 | 1,093,215 | Form | |
| 6 | Kang, Daniel | Chief Strategy Officer | Direct | Buy | 8212026 | 3.88 | 11,000 | 42,680 | 70,542 | Form |
| 7 | Kang, Daniel | Chief Strategy Officer | Riveya Technology Fund LLC | Buy | 8172026 | 2.91 | 13,000 | 37,830 | 37,830 | Form |
| 8 | White, Parker | COO, CHIEF INVESTMENT OFFICER | Direct | Buy | 12112025 | 5.76 | 17,760 | 102,298 | 1,554,480 | Form |
| 9 | Kang, Daniel | Chief Strategy Officer | Direct | Buy | 11252025 | 6.90 | 4,200 | 28,980 | 49,549 | Form |
| 10 | White, Parker | COO & Chief Investment Officer | Direct | Buy | 11252025 | 6.91 | 10,044 | 69,424 | 1,742,609 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
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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