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    Live Oak Bancshares (LOB)

    Market Price (7/22/2026): $41.66 | Market Cap: $1.9 BilSector: Financials | Industry: Regional Banks

    Live Oak Bancshares (LOB)

    Market Price (7/22/2026): $41.66
    Market Cap: $1.9 Bil
    Sector: Financials
    Industry: Regional Banks

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

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, FCF Yield is 14%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -82%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%

    Low stock price volatility
    Vol 12M is 34%

    Uninsured deposits are low
    Uninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 18%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments, and Renewable Energy Transition. Themes include Online Banking & Lending, Solar Energy Generation, Show more.

    Trading close to highs
    Dist 52W High is -4.6%

    Weak multi-year price returns
    2Y Excs Rtn is -32%, 3Y Excs Rtn is -16%

    Moderate capital ratio
    Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 11%

    Key risks
    LOB key risks include [1] a material weakness in internal controls over financial reporting and [2] the inherent credit risk associated with its small business lending focus.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, FCF Yield is 14%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -82%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%
    3 Low stock price volatility
    Vol 12M is 34%
    4 Uninsured deposits are low
    Uninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 18%
    5 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments, and Renewable Energy Transition. Themes include Online Banking & Lending, Solar Energy Generation, Show more.
    6 Trading close to highs
    Dist 52W High is -4.6%
    7 Weak multi-year price returns
    2Y Excs Rtn is -32%, 3Y Excs Rtn is -16%
    8 Moderate capital ratio
    Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 11%
    9 Key risks
    LOB key risks include [1] a material weakness in internal controls over financial reporting and [2] the inherent credit risk associated with its small business lending focus.

    LOB in ETFs

    Weight = LOB's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.05%
    VB0.01%
    KRE0.32%
    AVUV0.07%
    IWN0.05%
    IWO0.05%
    +7 more covered ETFs

    Valuation & Metrics

    FYE: 12/31LOB [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$557.8 Mil—
    FY 2026 Sales$640.1 Mil—
    FY 2027 Sales$744.9 Mil—
    FY 2026 Sales Growth14.7%—
    FY 2027 Sales Growth16.4%8.2%
    EARNINGS
    LTM Net Income (GAAP) [3]$126.2 Mil—
    FY 2026 Net Income (Non-GAAP)$136.2 Mil—
    FY 2027 Net Income (Non-GAAP)$187.5 Mil—
    FY 2027 Net Income Growth37.6%16.4%
    FY 2026 EPS (Non-GAAP)$3.04—
    FY 2027 EPS (Non-GAAP)$4.14—
    FY 2027 EPS Growth36.4%—
    VALUATION
    FY 2026 P/S3.03.2
    FY 2027 P/S2.6—
    FY 2026 P/E14.119.6
    FY 2027 P/E10.3—

    [1] LOB forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    LOBS&P 500
    REVENUE GROWTHGOOD
    Rev LTM ($ Bil)0.6
    Rev Chg Q16.4%8.9%
    Rev Chg LTM15.3%7.5%
    Rev Chg 3Y Avg13.4%5.9%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.3
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM49.4%21.4%
    Net Inc Mgn22.6%13.0%
    VALUATIONMODERATE
    P/S3.43.3
    P/CFO7.015.2
    P/FCF7.420.0
    P/E15.224.3

    AI Analysis | Feedback

    MetricValueDateSource
    Total loan originations$5.16 billion12312024Link
    Outstanding balance of guaranteed loans sold and serviced$4.72 billion12312024Link
    Percentage of customers with both a loan and deposit relationshipover 12%12312024Link
    Quarterly loan and lease originations$1.53 billion6302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/20/2026

    Live Oak Bancshares (LOB) stock has gained about 25% since 3/31/2026 because of the following key factors:

    1. Strong Fiscal Q1 2026 Earnings Performance.

    Live Oak Bancshares reported diluted earnings per share (EPS) of $0.60 for fiscal Q1 2026, surpassing analyst forecasts of $0.59 by 1.69% and marking a nearly threefold increase compared to fiscal Q1 2025. This significant earnings beat signaled robust profitability and investor confidence in the company's financial health.

    2. Robust Loan and Deposit Growth.

    The company demonstrated strong loan production of $1.37 billion and deposit growth of $146.4 million in fiscal Q1 2026, driving total loans to $12.6 billion (a 14% year-over-year increase) and customer deposits to $9.9 billion (a 13% year-over-year increase). Management further projected low-to-mid double-digit loan growth for the full fiscal year 2026, indicating sustained business expansion.

    Show more
    Updated on 7/20/2026

    Live Oak Bancshares (LOB) stock has gained about 25% since 3/31/2026 because of the following key factors:

    1. Strong Fiscal Q1 2026 Earnings Performance.

    Live Oak Bancshares reported diluted earnings per share (EPS) of $0.60 for fiscal Q1 2026, surpassing analyst forecasts of $0.59 by 1.69% and marking a nearly threefold increase compared to fiscal Q1 2025. This significant earnings beat signaled robust profitability and investor confidence in the company's financial health.

    2. Robust Loan and Deposit Growth.

    The company demonstrated strong loan production of $1.37 billion and deposit growth of $146.4 million in fiscal Q1 2026, driving total loans to $12.6 billion (a 14% year-over-year increase) and customer deposits to $9.9 billion (a 13% year-over-year increase). Management further projected low-to-mid double-digit loan growth for the full fiscal year 2026, indicating sustained business expansion.

    3. Improved Net Interest Income and Margin.

    Fiscal Q1 2026 saw net interest income increase by 19% year-over-year to approximately $119 million, with the net interest margin expanding by seven basis points year-over-year to 3.27%. This outperformance of net interest income and margin expectations highlighted effective pricing strategies and contributed to the company's overall revenue growth.

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    Stock Movement Drivers

    Fundamental Drivers

    The 26.1% change in LOB stock from 3/31/2026 to 7/21/2026 was primarily driven by a 15.0% change in the company's Net Income Margin (%).
    (LTM values as of)33120267212026Change
    Stock Price ($)33.0441.6726.1%
    Change Contribution By: 
    Total Revenues ($ Mil)5385583.7%
    Net Income Margin (%)19.7%22.6%15.0%
    P/E Multiple14.315.26.3%
    Shares Outstanding (Mil)4646-0.5%
    Cumulative Contribution26.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/21/2026
    ReturnCorrelation
    LOB26.1% 
    Market (SPY)15.1%27.3%
    Sector (XLF)13.7%59.0%

    Fundamental Drivers

    The 21.5% change in LOB stock from 12/31/2025 to 7/21/2026 was primarily driven by a 68.7% change in the company's Net Income Margin (%).
    (LTM values as of)123120257212026Change
    Stock Price ($)34.2941.6721.5%
    Change Contribution By: 
    Total Revenues ($ Mil)5195587.5%
    Net Income Margin (%)13.4%22.6%68.7%
    P/E Multiple22.615.2-32.5%
    Shares Outstanding (Mil)4646-0.8%
    Cumulative Contribution21.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/21/2026
    ReturnCorrelation
    LOB21.5% 
    Market (SPY)10.0%41.5%
    Sector (XLF)3.0%66.5%

    Fundamental Drivers

    The 40.3% change in LOB stock from 6/30/2025 to 7/21/2026 was primarily driven by a 83.7% change in the company's Net Income Margin (%).
    (LTM values as of)63020257212026Change
    Stock Price ($)29.7041.6740.3%
    Change Contribution By: 
    Total Revenues ($ Mil)48455815.3%
    Net Income Margin (%)12.3%22.6%83.7%
    P/E Multiple22.615.2-32.6%
    Shares Outstanding (Mil)4546-1.6%
    Cumulative Contribution40.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/21/2026
    ReturnCorrelation
    LOB40.3% 
    Market (SPY)22.1%39.7%
    Sector (XLF)8.4%63.5%

    Fundamental Drivers

    The 60.0% change in LOB stock from 6/30/2023 to 7/21/2026 was primarily driven by a 88.3% change in the company's P/E Multiple.
    (LTM values as of)63020237212026Change
    Stock Price ($)26.0441.6760.0%
    Change Contribution By: 
    Total Revenues ($ Mil)38355845.7%
    Net Income Margin (%)37.1%22.6%-39.0%
    P/E Multiple8.115.288.3%
    Shares Outstanding (Mil)4446-4.3%
    Cumulative Contribution60.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/21/2026
    ReturnCorrelation
    LOB60.0% 
    Market (SPY)74.8%45.0%
    Sector (XLF)73.9%60.2%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    LOB Return84%-65%51%-13%-13%21%-11%
    Peers Return94%-28%27%14%16%18%178%
    S&P 500 Return27%-19%24%23%16%9%98%

    Monthly Win Rates [3]
    LOB Win Rate50%33%50%58%50%71% 
    Peers Win Rate77%42%53%48%57%66% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    LOB Max Drawdown-23%-69%-46%-30%-44%-24% 
    Peers Max Drawdown-20%-42%-41%-22%-25%-20% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: AX, NEWT, CUBI, HBAN, BY. See LOB Returns vs. Peers.
    [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 7/21/2026 (YTD)

    How Low Can It Go

    EventLOBS&P 500
    2025 US Tariff Shock
      % Loss-30.7%-18.8%
      % Gain to Breakeven44.3%23.1%
      Time to Breakeven108 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-12.9%-9.5%
      % Gain to Breakeven14.8%10.5%
      Time to Breakeven9 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-42.9%-6.7%
      % Gain to Breakeven75.2%7.1%
      Time to Breakeven76 days31 days
    2020 COVID-19 Crash
      % Loss-55.4%-33.7%
      % Gain to Breakeven124.0%50.9%
      Time to Breakeven141 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-48.1%-19.2%
      % Gain to Breakeven92.7%23.8%
      Time to Breakeven647 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-37.7%-12.2%
      % Gain to Breakeven60.6%13.9%
      Time to Breakeven347 days62 days

    Compare to AX, NEWT, CUBI, HBAN, BY

    In The Past

    Live Oak Bancshares's stock fell -30.7% during the 2025 US Tariff Shock. Such a loss loss requires a 44.3% 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.

    EventLOBS&P 500
    2025 US Tariff Shock
      % Loss-30.7%-18.8%
      % Gain to Breakeven44.3%23.1%
      Time to Breakeven108 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-42.9%-6.7%
      % Gain to Breakeven75.2%7.1%
      Time to Breakeven76 days31 days
    2020 COVID-19 Crash
      % Loss-55.4%-33.7%
      % Gain to Breakeven124.0%50.9%
      Time to Breakeven141 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-48.1%-19.2%
      % Gain to Breakeven92.7%23.8%
      Time to Breakeven647 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-37.7%-12.2%
      % Gain to Breakeven60.6%13.9%
      Time to Breakeven347 days62 days
    2014-2016 Oil Price Collapse
      % Loss-36.3%-6.8%
      % Gain to Breakeven56.9%7.3%
      Time to Breakeven346 days15 days

    Compare to AX, NEWT, CUBI, HBAN, BY

    In The Past

    Live Oak Bancshares's stock fell -30.7% during the 2025 US Tariff Shock. Such a loss loss requires a 44.3% 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 Live Oak Bancshares (LOB)

    Live Oak Bancshares, Inc. (LOB) operates as a bank holding company, primarily through its subsidiary, Live Oak Banking Company, headquartered in Wilmington, North Carolina. The company specializes in providing a comprehensive range of commercial banking products and services. Its primary customer base includes individuals, small businesses, and professionals, with operations extending across North Carolina and throughout the United States.

    The company offers diverse deposit products such as noninterest-bearing demand accounts, interest-bearing checking, money market, savings, and time deposits. On the lending side, Live Oak Bancshares provides commercial and industrial loans, construction and development loans, various commercial real estate loans (including owner-occupied, non-owner-occupied collateral, and commercial land loans). A key service area also includes settlement, accounting, and securitization services specifically for government-guaranteed loans.

    Beyond traditional banking, Live Oak Bancshares also diversifies its services to include wealth and investment management for high-net-worth individuals and families. Additionally, it operates an investment advisory service focused on providing venture capital to new and emerging financial technology (FinTech) companies, showcasing an engagement with innovation within the financial sector.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Live Oak Bancshares (LOB):
    • It's like Bank of America, but laser-focused on providing government-backed loans to small businesses.
    • Imagine a traditional bank like Wells Fargo that also acts as a venture capital firm, investing in new financial technology companies.

    AI Analysis | Feedback

    • Deposit Products: Accepts various types of deposits, including noninterest-bearing demand, checking, money market, savings, and time deposits.
    • Commercial & Real Estate Loans: Offers commercial and industrial loans, construction and development loans, owner-occupied and non-owner-occupied commercial real estate loans, and commercial land loans.
    • Government-Guaranteed Loan Services: Provides settlement, accounting, and securitization services specifically for government-guaranteed loans.
    • Wealth & Investment Management: Delivers wealth and investment management services to high-net-worth individuals and families.
    • Fintech Venture Capital Advisory: Offers investment advisory services to funds focused on providing venture capital to financial technology companies.

    AI Analysis | Feedback

    Live Oak Bancshares (LOB) primarily serves individuals and businesses directly. Its major customer categories include:

    1. Individuals and Families: This broad category encompasses general individual depositors, professionals seeking commercial banking services, and high-net-worth individuals and families who utilize the company's wealth and investment management services.
    2. Small Businesses: Live Oak Bancshares provides a range of commercial banking products and services, including various types of loans (commercial, industrial, construction, real estate, land) and deposit products, specifically tailored for small businesses.
    3. Investment Funds: The company offers investment advisory services to a series of funds that focus on providing venture capital to new and emerging financial technology companies.

    AI Analysis | Feedback

    The following are major suppliers for Live Oak Bancshares (LOB):

    • nCino (NCNO)
    • Amazon (AMZN)

    AI Analysis | Feedback

    James S. (Chip) Mahan III, Chairman and Chief Executive Officer

    Chip Mahan founded Live Oak Bancshares in 2007 and currently serves as its Chairman and CEO. He has a career marked by revolutionizing the banking industry, having previously served as CEO and Chairman of S1 Corporation and as the founder of Security First Network Bank, recognized as the world's first internet bank. Under his leadership, S1 Corporation achieved significant growth, with a peak market capitalization of $7.8 billion. Before S1, he founded Cardinal Bancshares, serving as its Chairman and CEO, and successfully took the company public in 1992. Mahan also formed an investment group that acquired Citizens Union National Bank & Trust Co., which was later sold to BankOne Corp. He is a co-founder and managing partner of Canapi Ventures, a venture fund focused on financial technology, and has also co-founded other fintech companies such as nCino, Finxact, and Payrailz. Live Oak Ventures, the company's venture arm, has experienced successful exits with Finxact, which was sold to Fiserv for $650 million in 2022, and Payrailz, acquired by Jack Henry for $230 million in the same year.

    Walter J. Phifer, Chief Financial Officer

    Walter J. Phifer assumed the role of Chief Financial Officer in November 2023, following his tenure as Treasurer and Head of Finance, Planning and Analysis. He joined Live Oak in 2015 and brings 19 years of experience in the financial industry, having previously served as the Deposits Finance Manager at Barclays US.

    William C. (BJ) Losch III, President

    BJ Losch was appointed President of Live Oak Bancshares in August 2023. Prior to this, he served as the Chief Financial Officer until November 2023, a position he initially took in 2021 upon joining Live Oak. In 2022, he also took on the role of Chief Banking Officer. Losch's extensive background includes 12 years as Senior Executive Vice President and CFO at First Horizon Corp., and he also held senior roles at First Union and Wachovia banks.

    Neil L. Underwood, Director

    Neil Underwood is a co-founder of Live Oak Bancshares and has been a member of its Board of Directors since 2008, having previously served as President until November 2023. He is also a co-founder and General Partner of Canapi Ventures, a venture fund specializing in financial technology. Through Live Oak Ventures, he played a key role in incubating several fintech companies, including Finxact, Payrailz, DefenseStorm, and Greenlight. Additionally, Underwood co-founded nCino. His prior experience includes serving as General Manager of S1 Corporation.

    Lee Williams III, Vice Chairman

    Lee Williams III is one of the original founders of Live Oak Bank and currently serves as the Vice Chairman of the company. Before co-founding Live Oak, he spent 19 years in corporate banking at Wachovia and 14 years focused on SBA lending at Vine Street Financial. He re-joined Chip Mahan at Cardinal Bancshares in 1992 to establish Vine Street Financial and later left BB&T (where Vine Street Financial became a division) in May 2007 to found Live Oak Bank.

    AI Analysis | Feedback

    1. Credit Risk from Specialized Lending Segments: Live Oak Bancshares focuses on commercial and industrial loans, construction and development loans, and commercial real estate loans, primarily to small businesses and professionals. A significant downturn in these specific economic sectors, adverse market conditions in commercial real estate or construction, or an increase in defaults among its specialized customer base could materially impact the bank's asset quality, loan portfolio performance, and overall profitability.

    2. Interest Rate Sensitivity and Net Interest Margin Fluctuations: As a financial institution, Live Oak Bancshares' profitability is highly dependent on its net interest margin, which is the difference between interest earned on assets (like loans) and interest paid on liabilities (like deposits). Significant and rapid changes in prevailing interest rates, whether upward or downward, could adversely affect the bank's funding costs, loan demand, or the yield on its earning assets, leading to a compression of its net interest margin and reduced earnings.

    3. Regulatory and Programmatic Changes to Government-Guaranteed Loan Programs: A notable part of Live Oak Bancshares' business involves the origination, settlement, accounting, and securitization of government-guaranteed loans. Any adverse changes in the regulatory environment, funding availability, eligibility criteria, or the overall structure of these government programs (such as those offered by the Small Business Administration) could directly impact a core revenue stream and a significant business segment of the company.

    AI Analysis | Feedback

    The emergence and rapid growth of digitally-native financial technology (FinTech) companies, including challenger banks, online lenders, and robo-advisors, which leverage advanced technology to offer more efficient, user-friendly, and often lower-cost banking, lending, and investment management services, poses a clear emerging threat to Live Oak Bancshares' traditional banking operations.

    AI Analysis | Feedback

    ```html

    Live Oak Bancshares (LOB) operates in several addressable markets primarily within the United States. The estimated market sizes for their main products and services are as follows:

    • Small Business Lending: The U.S. small business loan market was valued at $245.39 billion in 2023 and is projected to reach $349.64 billion by 2033. Another estimate indicates the small business lending market is nearly a $1.7 trillion market, showing growth between 2019 and 2022. Banks in the U.S. provided over $328 billion in loans to small businesses in 2023.
    • Commercial Real Estate (CRE) Loans: The total commercial real estate mortgage borrowing and lending in the U.S. is estimated to have been $498 billion in 2024. The broader U.S. CRE mortgage market, encompassing loans backed by income-producing properties, is approximately $4.5 trillion, including $470 billion in construction loans, as of March 2023. The overall U.S. Real Estate Loan Market was valued at $3.5 trillion in 2024.
    • Wealth and Investment Management Services: The global wealth management market was valued at $1.25 trillion in 2020 and is projected to reach $3.43 trillion by 2030, with North America holding the largest share in 2020.
    • Government-Guaranteed Loans (SBA Loans): The U.S. Small Business Administration (SBA) provided $37.8 billion in 7(a) and 504 funding in fiscal year 2024. For fiscal year 2025, the SBA guaranteed approximately $45 billion in 7(a) and 504 loans.
    • FinTech Venture Capital Advisory: Global venture funding to FinTech startups totaled $51.8 billion in 2025. The United States venture capital market reached $1.31 trillion in 2025, and FinTech services accounted for 25.2% of the U.S. venture capital market share in 2024. U.S. startups specifically attracted about $24.2 billion in FinTech funding (in a recent period, likely 2025).
    ```

    AI Analysis | Feedback

    Live Oak Bancshares (LOB) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

    1. Strong Loan Growth, particularly in its specialized small business and government-guaranteed lending segments. The company has demonstrated record loan production and consistent growth in its total loan balances, leveraging its niche in SBA and specialty lending. The "Live Oak Express" small-dollar SBA 7(a) platform is noted as a significant and growing contributor to gain-on-sale revenues.
    2. Continued Expansion of Customer Deposits and an Improved Funding Mix. Live Oak Bancshares is actively focused on increasing customer deposits, with a particular emphasis on low-cost deposits and business checking accounts. This strategy aims to enhance funding stability and is considered highly accretive to earnings. The company is also working to deepen customer relationships by increasing the percentage of clients who hold both loan and deposit accounts.
    3. Net Interest Margin (NIM) Expansion. The bank has reported consistent expansion of its net interest margin, which is a critical indicator of profitability. This growth is attributed to overall balance sheet expansion and ongoing efforts in deposit repricing, contributing directly to increased net interest income.
    4. Leveraging Digital Transformation and Artificial Intelligence (AI) for Operational Efficiency and Customer Engagement. Live Oak Bancshares maintains a digital-first strategy and is actively integrating AI technology to enhance operational efficiency, improve customer experiences, and streamline employee interactions. This focus on advanced technology is expected to lead to scalable efficiencies and accelerate customer acquisition. The company also has long-term plans to evolve into an "AI-native bank."

    AI Analysis | Feedback

    Share Issuance

    • Live Oak Bancshares, Inc. priced an underwritten offering of 4,000,000 depositary shares, each representing a 1/40th ownership interest in a share of 8.375% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25 per depositary share, on July 28, 2025.
    • The offering of depositary shares closed on August 4, 2025, resulting in net proceeds to Live Oak Bancshares of approximately $96.15 million, after estimated expenses and underwriting discounts and commissions.
    • The net proceeds from the preferred stock offering are intended for general corporate purposes, including supporting the balance sheet growth of Live Oak Banking Company and enhancing the Company's capital position.

    Outbound Investments

    • In 2025, Live Oak Bancshares recorded a pre-tax gain of $24.1 million from the sale of Apiture, Inc., which was reflected in equity method investments income (loss).

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    FEIMFrequency Electronics0.835.5%48.3%
    CDNACareDx2.033.2%104.6%
    MANManpowerGroup2.431.9%77.9%
    ELVAElectrovaya0.529.2%29.0%
    ATAIAtaiBeckley2.625.8%74.4%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    AIAIAIAI0.5-28.3%-55.1%
    PENGPenguin Solutions3.0-25.3%197.0%
    LINCLincoln Educational Services1.3-23.5%69.6%
    TENBTenable4.0-20.1%44.9%
    UTIUniversal Technical Institute2.1-20.0%42.8%
    SPIRSpire Global0.4-19.6%55.5%
    VICRVicor9.8-18.8%95.9%
    PNRPentair10.0-18.8%-40.6%
    ABSIAbsci1.3-18.7%138.4%
    BLZEBackblaze0.8-18.5%189.3%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CRNXCrinetics Pharmaceuticals8.7133.9%80.2%
    TRAXFirst Tracks Biotherapeutics1.3114.5%100.9%
    UTZUtz Brands1.2101.2%37.8%
    DFTXDefinium Therapeutics, Inc.4.984.2%233.7%
    PBFPBF Energy7.777.1%147.1%
    ATAIAtaiBeckley2.675.7%74.4%
    MNPRMonopar Therapeutics1.068.3%73.9%
    ALITAlight9.965.0%-51.8%
    BLZEBackblaze0.864.6%189.3%
    ZBIOZenas BioPharma1.863.6%-10.9%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    FACFactorial Energy0.6-64.0%24.5%
    HTZHertz Global0.6-63.4%-64.0%
    AIAIAIAI0.5-59.2%-55.1%
    HYLNHyliion0.7-52.1%110.9%
    ALOYREalloys0.5-49.4%-4.7%
    ABTCAmerican Bitcoin6.6-49.3%-74.6%
    NVTSNavitas Semiconductor2.9-46.6%79.6%
    WOLFWolfspeed1.2-44.7%82.3%
    EOSEEos Energy Enterprises1.4-44.6%-63.0%
    YSSYork Space Systems2.2-41.6%-46.5%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    LOBAXNEWTCUBIHBANBYMedian
    NameLive Oak.Axos Fin.NewtekOneCustomer.Huntingt.Byline B. 
    Mkt Price41.6797.4214.8877.0518.1738.1239.89
    Mkt Cap1.95.50.42.634.01.72.3
    Rev LTM5581,4052728858,784450721
    Op Inc LTM-------
    FCF LTM261255-7762872,156165258
    FCF 3Y Avg109289-3481712,240158164
    CFO LTM275448-7764362,493167356
    CFO 3Y Avg143379-3482612,456162212

    Growth & Margins

    LOBAXNEWTCUBIHBANBYMedian
    NameLive Oak.Axos Fin.NewtekOneCustomer.Huntingt.Byline B. 
    Rev Chg LTM15.3%15.9%10.5%36.5%16.3%11.0%15.6%
    Rev Chg 3Y Avg13.4%18.4%32.1%15.2%5.6%10.9%14.3%
    Rev Chg Q16.4%27.3%8.0%60.4%34.0%8.3%21.9%
    QoQ Delta Rev Chg LTM3.7%6.3%1.9%10.4%8.0%1.9%5.0%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM49.4%31.9%-285.4%49.2%28.4%37.1%34.5%
    CFO/Rev 3Y Avg27.8%31.4%-134.4%33.6%31.5%39.1%31.5%
    FCF/Rev LTM46.8%18.2%-285.4%32.4%24.5%36.6%28.5%
    FCF/Rev 3Y Avg20.5%24.5%-134.5%22.0%28.9%38.1%23.3%

    Valuation

    LOBAXNEWTCUBIHBANBYMedian
    NameLive Oak.Axos Fin.NewtekOneCustomer.Huntingt.Byline B. 
    Mkt Cap1.95.50.42.634.01.72.3
    P/S3.43.91.63.03.93.83.6
    P/Op Inc-------
    P/EBIT-------
    P/E15.211.66.69.415.412.211.9
    P/CFO7.012.3-0.56.013.610.28.6
    Total Yield6.9%8.6%22.2%10.7%9.2%9.3%9.3%
    Dividend Yield0.3%0.0%6.9%0.0%2.7%1.1%0.7%
    FCF Yield 3Y Avg6.0%7.0%-92.0%7.8%9.5%12.8%7.4%
    D/E0.10.51.30.70.70.30.6
    Net D/E-0.80.20.4-1.4-0.1-0.6-0.3

    Returns

    LOBAXNEWTCUBIHBANBYMedian
    NameLive Oak.Axos Fin.NewtekOneCustomer.Huntingt.Byline B. 
    1M Rtn8.9%10.6%8.4%1.7%7.8%8.4%8.4%
    3M Rtn14.6%1.1%19.4%0.1%8.0%15.4%11.3%
    6M Rtn13.7%4.8%13.3%2.2%2.9%27.2%9.0%
    12M Rtn31.2%13.9%38.1%20.5%12.1%39.2%25.9%
    3Y Rtn39.1%120.8%-0.1%91.8%75.3%103.3%83.5%
    1M Excs Rtn8.8%10.5%8.3%1.5%7.7%8.3%8.3%
    3M Excs Rtn5.9%-7.2%9.2%-7.3%1.8%8.7%3.9%
    6M Excs Rtn2.8%-5.1%-3.4%-10.0%-5.4%16.9%-4.2%
    12M Excs Rtn12.5%-5.4%19.7%0.9%-6.4%20.3%6.7%
    3Y Excs Rtn-16.2%64.3%-60.8%48.7%16.9%44.6%30.7%

    Comparison Analyses

    null

    FDIC Bank Data

    Bank Assets

    FDIC Data As Of12312022
    ASSETS 
    Cash Balance ($ Bil)0
    Securities ($ Bil)1
    Net Loans ($ Bil)8
    Trading Assets ($ Bil)0
    Bank Premises Assets ($ Bil)0
    Other Real Estate Owned ($ Bil)0
    Goodwill & Intangibles ($ Bil)0
    Other Assets ($ Bil)0
    Total Assets (Sum) ($ Bil)10
    Total Assets (Reported) ($ Bil)10
    Risk Weighted Assets ($ Bil)7
    SECURITIES DETAILS 
    US Govt Securities ($ Bil)1
    Equity Securities Not Held for Trading ($ Bil)0
    Total Debt Securities ($ Bil)1
    Mortgage-Backed Securities ($ Bil)1
    SECURITIES VALUATION 
    Securities Held to Maturity (Book Value) ($ Bil)0
    Securities Available for Sale (Fair Market) ($ Bil)1

    Bank Loans

    FDIC Data As Of12312022
    LOAN DETAILS 
    All Real Estate Loans ($ Bil)4
    Farm Loans ($ Bil)0
    Commercial and Industrial Loans ($ Bil)4
    Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil)0
    Commercial Real Estate Loans not Secured by Real Estate ($ Bil)0
    Commercial Real Estate Owner-Occupied ($ Bil)2
    Commercial Real Estate Other Non-Farm Non-Residential ($ Bil)1
    Total Net Loans ($ Bil)8

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/5/20262/27/202611/17/20258/5/20255/7/20253/18/202511/5/20248/6/20245/10/20242/22/202411/3/20238/2/2023
    Key Financials Quarterly            
    Total Revenue14013314214212111412612311893125107
    Net Income304627231010132728164018
    EPS0.610.960.560.510.210.220.280.600.620.360.890.40
    Key Financials TTM            
    Total Revenue TTM558538519503484482461460444426427404
    Net Income TTM1261067056607784111101746063
    Growth Rates Quarterly            
    Total Revenue Growth16.4%17.0%12.8%15.1%2.0%21.7%1.2%15.3%17.6%-1.4%23.1%24.0%
    Net Income Growth209.1%366.8%103.6%-13.1%-64.8%-38.7%-67.3%53.7%6831.2%802.0%-7.2%-81.9%
    Margins Quarterly            
    Net Income Margin21.4%34.7%18.6%16.5%8.1%8.7%10.3%21.8%23.3%17.3%31.9%16.4%
    Cash & Debt            
    Total Cash1,6851,7271,6361,3911,4461,2361,9001,7671,7181,7091,6381,945
    Total Debt100102105108110113115118120232628
    Net Debt / (Cash)-1,585-1,624-1,531-1,284-1,336-1,123-1,785-1,649-1,598-1,686-1,613-1,917
    Cash Flows Quarterly            
    FCF from Operations8780-235343-3050-688491-265155136
    Cash Flows TTM            
    FCF from Operations TTM27515812829536157-1586511718551-83
    Returns to Shareholders Quarterly            
    Dividends112111111111
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Banking platform541482434  
    Banking   410412
    Fintech   15543
    Other   11
    Total541482434565457


    Net Income by Segment
    $ Mil20232022202120202019
    Banking83721465730
    Fintech-311028-2-8
    Other-6-5-64-3
    Total741761676018


    Assets by Segment
    $ Mil20232022202120202019
    Banking11,1459,6728,0537,7674,725
    Fintech1311241228482
    Other-55938216
    Total11,2719,8558,2137,8724,813


    Price Behavior

    Price Behavior
    Market Price$41.67 
    Market Cap ($ Bil)1.9 
    First Trading Date07/23/2015 
    Distance from 52W High-4.6% 
       50 Days200 Days
    DMA Price$39.04$36.24
    DMA Trendupup
    Distance from DMA6.7%15.0%
     3M1YR
    Volatility28.6%34.5%
    Downside Capture11.59102.83
    Upside Capture67.81112.77
    Correlation (SPY)15.1%39.5%
    LOB Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta0.050.240.551.031.091.26
    Up Beta-1.12-0.250.720.851.071.31
    Down Beta0.540.510.251.021.101.05
    Up Capture67%52%83%125%125%228%
    Bmk +ve Days11244067140429
    Stock +ve Days13223461123370
    Down Capture-17%4%20%101%103%108%
    Bmk -ve Days10172358112321
    Stock -ve Days8192862125376

    [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 LOB
    LOB31.9%34.5%0.85-
    Sector ETF (XLF)8.1%14.6%0.3263.1%
    Equity (SPY)20.3%12.6%1.1939.3%
    Gold (GLD)21.6%28.1%0.690.3%
    Commodities (DBC)31.4%19.1%1.30-23.8%
    Real Estate (VNQ)15.0%14.0%0.7641.5%
    Bitcoin (BTCUSD)-44.6%42.9%-1.2520.7%

    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 LOB
    LOB-6.9%47.5%0.01-
    Sector ETF (XLF)10.7%18.5%0.4558.6%
    Equity (SPY)12.9%17.1%0.5852.0%
    Gold (GLD)17.3%18.4%0.760.5%
    Commodities (DBC)8.9%19.5%0.354.5%
    Real Estate (VNQ)2.9%18.9%0.0549.4%
    Bitcoin (BTCUSD)14.9%53.4%0.4625.8%

    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 LOB
    LOB11.9%47.3%0.41-
    Sector ETF (XLF)13.7%22.0%0.5659.4%
    Equity (SPY)15.2%17.9%0.7251.2%
    Gold (GLD)11.2%16.1%0.57-0.0%
    Commodities (DBC)7.2%17.9%0.3214.2%
    Real Estate (VNQ)5.1%20.7%0.2146.7%
    Bitcoin (BTCUSD)58.7%66.2%0.9917.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date6302026
    Short Interest: Shares Quantity1.9 Mil
    Short Interest: % Change Since 6152026-7.3%
    Average Daily Volume0.4 Mil
    Days-to-Cover Short Interest4.4 days
    Basic Shares Quantity46.1 Mil
    Short % of Basic Shares4.2%

    Returns Analyses

    Earnings Returns History

    Updated 6/18/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    4/22/20263.3%4.2%3.1%
    1/21/20264.5%-1.8%4.8%
    10/22/2025-3.3%-8.1%-15.1%
    7/23/20250.6%-0.6%8.3%
    4/23/20256.6%5.5%8.8%
    1/22/2025-14.0%-12.7%-21.5%
    10/23/2024-10.3%-14.2%1.7%
    7/24/20243.8%5.3%-5.0%
    ...
    SUMMARY STATS   
    # Positive151315
    # Negative9119
    Median Positive3.7%6.8%9.7%
    Median Negative-5.7%-4.5%-10.5%
    Max Positive15.4%34.8%38.9%
    Max Negative-14.0%-16.0%-21.5%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    4/22/20263.3%4.2%3.1%
    1/21/20264.5%-1.8%4.8%
    10/22/2025-3.3%-8.1%-15.1%
    7/23/20250.6%-0.6%8.3%
    4/23/20256.6%5.5%8.8%
    1/22/2025-14.0%-12.7%-21.5%
    10/23/2024-10.3%-14.2%1.7%
    7/24/20243.8%5.3%-5.0%
    4/24/2024-14.0%-16.0%-15.2%
    1/24/2024-5.2%-14.4%-7.4%
    10/25/20237.2%6.8%21.3%
    7/25/202315.4%20.7%9.7%
    4/26/20232.9%-3.3%-1.9%
    1/25/20230.1%14.0%14.8%
    10/26/20221.5%3.7%11.3%
    7/27/20222.1%7.1%5.5%
    4/27/2022-1.9%-2.2%-14.7%
    1/25/2022-5.7%-4.5%0.1%
    10/27/20218.5%34.8%28.2%
    7/21/20217.3%6.6%-5.0%
    4/21/2021-5.7%1.0%-10.5%
    1/27/2021-1.4%-1.1%33.7%
    10/21/20203.7%7.9%38.9%
    7/22/20201.9%10.2%24.1%
    SUMMARY STATS   
    # Positive151315
    # Negative9119
    Median Positive3.7%6.8%9.7%
    Median Negative-5.7%-4.5%-10.5%
    Max Positive15.4%34.8%38.9%
    Max Negative-14.0%-16.0%-21.5%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/05/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/17/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202403/18/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/10/202410-Q
    12/31/202302/22/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/03/202310-Q
    12/31/202202/23/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/03/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/05/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/17/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202403/18/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/10/202410-Q
    12/31/202302/22/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/03/202310-Q
    12/31/202202/23/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/03/202210-Q
    03/31/202205/04/202210-Q
    12/31/202102/24/202210-K
    09/30/202111/03/202110-Q
    06/30/202108/04/202110-Q
    03/31/202105/05/202110-Q
    12/31/202002/25/202110-K
    09/30/202011/04/202010-Q
    06/30/202008/05/202010-Q
    03/31/202005/06/202010-Q
    12/31/201902/27/202010-K
    09/30/201911/07/201910-Q
    06/30/201908/06/201910-Q

    Insider Activity

    Updated 7/6/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Williams, William L Iii William L. Williams Revocable TrustSell706202641.618,400349,50646,705,937Form
    2Williams, William L Iii William L. Williams Revocable TrustSell625202640.058,400336,45445,298,104Form
    3Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell612202638.1910,000381,851108,745,208Form
    4Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell612202638.7310,000387,322110,690,551Form
    5Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell605202637.2610,000372,632106,864,988Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Williams, William L Iii William L. Williams Revocable TrustSell706202641.618,400349,50646,705,937Form
    2Williams, William L Iii William L. Williams Revocable TrustSell625202640.058,400336,45445,298,104Form
    3Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell612202638.1910,000381,851108,745,208Form
    4Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell612202638.7310,000387,322110,690,551Form
    5Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell605202637.2610,000372,632106,864,988Form
    6Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell605202636.4710,000364,671104,946,650Form
    7Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell529202637.2510,000372,481107,566,702Form
    8Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell529202637.6510,000376,513109,107,594Form
    9Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell526202637.0910,000370,916107,856,493Form
    10Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell521202636.8410,000368,369107,484,363Form
    11Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell518202636.2310,000362,260106,064,077Form
    12Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell515202635.9610,000359,620105,650,746Form
    13Derraik, RenatoChief Info./Digital Off., BankDirectSell504202637.8375,0002,837,100160,504Form
    14Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell313202632.5010,000325,04195,817,016Form
    15Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell313202632.8310,000328,28097,100,103Form
    16Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell306202635.4310,000354,323105,157,423Form
    17Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell306202636.6910,000366,872109,248,758Form
    18Phifer, Walter JChief Financial OfficerDirectSell304202636.584,712172,379369,598Form
    19Seward, Gregory WGeneral CounselDirectSell304202636.703,000110,1004,176,350Form
    20Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell227202639.3810,000393,780117,655,335Form
    21Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell227202639.3210,000393,219117,880,859Form
    22Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell220202640.0410,000400,354120,420,238Form
    23Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell220202640.3210,000403,244121,692,625Form
    24Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell213202640.1110,000401,099121,446,456Form
    25Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell213202640.8710,000408,661124,144,971Form
    26Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell206202640.2110,000402,115122,558,356Form
    27Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell206202641.9010,000418,958128,110,757Form
    28Stasiowska, Ewa MariaChief Risk OfficerDirectBuy128202638.532,59599,99999,999Form
    29Spencer, CourtneyChief Experience OfficerDirectSell128202639.019,700378,348981,366Form
    30Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell1223202536.1710,000361,734110,974,348Form
    31Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell1219202535.9710,000359,699110,709,741Form
    32Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell1216202535.1310,000351,313108,479,974Form
    33Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell1212202534.3310,000343,283106,343,564Form
    34Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell1209202532.8110,000328,090101,965,254Form
    35Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell1205202533.0510,000330,468103,034,692Form
    36Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell1201202532.0410,000320,434100,226,756Form
    37Mahan, James S IiiChief Executive OfficerJames S. Mahan Revocable TrustSell1201202532.1710,000321,723100,951,659Form
    38Bradford, Tonya Williams DirectBuy1124202530.241,00030,240202,517Form
    39Seward, Gregory WGeneral CounselDirectSell1120202530.201,20036,2423,205,164Form
    40Lucht, David G DirectBuy820202525.124,000100,499100,499Form

    Investor Activity (13F)

    Updated Jul 22, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Southernsun Asset Management, LLC$34.2 Mil5.0%31Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Southernsun Asset Management, LLC$34.2 Mil5.0%31Hold13F

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