Blue Owl Technology Finance (OTF)


Market Price (10/6/2026): $9.52 | Market Cap: $4.4 BilSector: Financials | Industry: Asset Management & Custody Banks

Blue Owl Technology Finance (OTF)


Market Price (10/6/2026): $9.52
Market Cap: $4.4 Bil
Sector: Financials
Industry: Asset Management & Custody Banks

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

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%

Low stock price volatility
Vol 12M is 34%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets, and Fintech & Digital Payments. Themes include Private Credit, and Online Banking & Lending.

Weak multi-year price returns
2Y Excs Rtn is -66%, 3Y Excs Rtn is -112%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 160%

Expensive valuation multiples
P/SPrice/Sales ratio is 9.9x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -20%, Rev Chg QQuarterly Revenue Change % is -21%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -357%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -357%

Key risks
OTF key risks include [1] its concentration in high-risk, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%
1 Low stock price volatility
Vol 12M is 34%
2 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets, and Fintech & Digital Payments. Themes include Private Credit, and Online Banking & Lending.
3 Weak multi-year price returns
2Y Excs Rtn is -66%, 3Y Excs Rtn is -112%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 160%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 9.9x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -20%, Rev Chg QQuarterly Revenue Change % is -21%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -357%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -357%
8 Key risks
OTF key risks include [1] its concentration in high-risk, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Blue Owl Technology Finance (OTF) stock has lost about 5% since 6/30/2026 because of the following key factors:

1. Net Asset Value (NAV) remained largely stable, supported by share repurchases despite dividend payouts exceeding net investment income.

Blue Owl Technology Finance reported its fiscal Q2 2026 results (ended June 30, 2026) with an adjusted net investment income (NII) of $0.30 per share and a Net Asset Value (NAV) of $16.48 per share, which was nearly flat compared to $16.49 at fiscal Q1 2026. While the company's total dividend for fiscal Q2 2026 was $0.40 per share ($0.35 base plus a $0.05 special dividend), exceeding its NII, the NAV was sustained by portfolio write-ups and approximately $55 million in common stock repurchases during the quarter, contributing to about $170 million in repurchases over the prior three quarters.

2. Persistent dividend payout ratio raises sustainability questions, potentially tempering investor enthusiasm for sustained growth.

The company's dividend payout ratio stands at 175.00% based on trailing year earnings, which is considered potentially unsustainable. For fiscal Q2 2026, the declared total dividends of $0.40 per share surpassed the adjusted NII of $0.30 per share. Management has indicated an expectation to cover the base dividend by mid-2027, suggesting that current dividend levels relative to NII may not be fully covered by operational income in the short term, which could limit upward stock movement despite a high current dividend yield of 13.47%.

Show more
Updated on 10/1/2026

Blue Owl Technology Finance (OTF) stock has lost about 5% since 6/30/2026 because of the following key factors:

1. Net Asset Value (NAV) remained largely stable, supported by share repurchases despite dividend payouts exceeding net investment income.

Blue Owl Technology Finance reported its fiscal Q2 2026 results (ended June 30, 2026) with an adjusted net investment income (NII) of $0.30 per share and a Net Asset Value (NAV) of $16.48 per share, which was nearly flat compared to $16.49 at fiscal Q1 2026. While the company's total dividend for fiscal Q2 2026 was $0.40 per share ($0.35 base plus a $0.05 special dividend), exceeding its NII, the NAV was sustained by portfolio write-ups and approximately $55 million in common stock repurchases during the quarter, contributing to about $170 million in repurchases over the prior three quarters.

2. Persistent dividend payout ratio raises sustainability questions, potentially tempering investor enthusiasm for sustained growth.

The company's dividend payout ratio stands at 175.00% based on trailing year earnings, which is considered potentially unsustainable. For fiscal Q2 2026, the declared total dividends of $0.40 per share surpassed the adjusted NII of $0.30 per share. Management has indicated an expectation to cover the base dividend by mid-2027, suggesting that current dividend levels relative to NII may not be fully covered by operational income in the short term, which could limit upward stock movement despite a high current dividend yield of 13.47%.

3. Strategic balance sheet management and a constructive lending environment are offset by the stock's valuation disconnect.

Blue Owl Technology Finance actively strengthened its balance sheet by closing a $150 million private placement of senior unsecured notes on September 4, 2026, and previously issuing a $500 million unsecured bond and adding a $150 million secured financing facility in fiscal Q2 2026, addressing all 2026 maturities. The net leverage was 0.93x at the end of fiscal Q2 2026, at the lower end of its target range of 0.9x-1.25x, providing capacity for future investment. Despite these operational strengths and an improved lending environment characterized by wider spreads and stronger documentation, the stock trades at a significant discount (30%) to its NAV of $16.48 per share as of fiscal Q2 2026.

4. Lack of significant insider buying or selling above the $5 million threshold contributed to a steady stock trajectory.

During the period since May 31, 2026, there were no reported insider transactions (buying or selling) that exceeded the USD 5 million threshold. While there were several insider purchases, such as a director acquiring $109,000 worth of shares in May 2026, these individual transactions were not large enough to exert substantial upward or downward pressure on the stock, thereby contributing to the stock remaining largely at the same level.

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Stock Movement Drivers

Fundamental Drivers

The -5.1% change in OTF stock from 6/30/2026 to 10/5/2026 was primarily driven by a -9.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)630202610052026Change
Stock Price ($)9.959.44-5.1%
Change Contribution By: 
Total Revenues ($ Mil)484438-9.5%
Net Income Margin (%)87.3%85.7%-1.8%
P/E Multiple10.911.66.0%
Shares Outstanding (Mil)4644610.7%
Cumulative Contribution-5.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/5/2026
ReturnCorrelation
OTF-5.1% 
Market (SPY)3.8%31.4%
Sector (XLF)0.5%18.8%

Fundamental Drivers

The -17.7% change in OTF stock from 3/31/2026 to 10/5/2026 was primarily driven by a -43.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)331202610052026Change
Stock Price ($)11.479.44-17.7%
Change Contribution By: 
Total Revenues ($ Mil)779438-43.8%
Net Income Margin (%)92.4%85.7%-7.3%
P/E Multiple7.411.655.7%
Shares Outstanding (Mil)4684611.5%
Cumulative Contribution-17.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/5/2026
ReturnCorrelation
OTF-17.7% 
Market (SPY)19.4%27.7%
Sector (XLF)9.5%24.6%

Fundamental Drivers

The -21.6% change in OTF stock from 9/30/2025 to 10/5/2026 was primarily driven by a -19.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510052026Change
Stock Price ($)12.059.44-21.6%
Change Contribution By: 
Total Revenues ($ Mil)544438-19.5%
Net Income Margin (%)91.9%85.7%-6.8%
P/E Multiple11.211.63.5%
Shares Outstanding (Mil)4654610.9%
Cumulative Contribution-21.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/5/2026
ReturnCorrelation
OTF-21.6% 
Market (SPY)17.3%29.9%
Sector (XLF)1.2%32.3%

Fundamental Drivers

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Market Drivers

9/30/2023 to 10/5/2026
ReturnCorrelation
OTF  
Market (SPY)87.5%28.1%
Sector (XLF)69.6%30.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
OTF Return-----5%-26%-30%
Peers Return28%-14%37%12%-0%1%71%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
OTF Win Rate----29%20% 
Peers Win Rate68%45%68%65%55%52% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
OTF Max Drawdown------28% 
Peers Max Drawdown-10%-33%-17%-15%-23%-22% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HTGC, TRIN, HRZN, ARCC, OBDC.
[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 10/5/2026 (YTD)

How Low Can It Go

OTF 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 HTGC, TRIN, HRZN, ARCC, OBDC

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.

OTF 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 HTGC, TRIN, HRZN, ARCC, OBDC

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 Blue Owl Technology Finance (OTF)

AI Analysis | Feedback

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AI Analysis | Feedback

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  • Direct Lending: Blue Owl Technology Finance provides debt capital directly to private technology companies.
  • Senior Secured Loans: The company primarily offers senior secured loans, which are debt instruments typically collateralized by the borrower's assets and hold a priority position in their capital structure.
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AI Analysis | Feedback

Blue Owl Technology Finance (OTF) operates as a Business Development Company (BDC) specializing in direct lending to technology companies. As such, its "customers" are the companies to which it provides debt financing and, occasionally, equity investments.

The company primarily sells its financial services (capital) to other companies. However, due to its diversified lending strategy, it does not typically have one or a few "major customers" that account for a significant portion of its revenue in the way a vendor might. Instead, it maintains a broad portfolio of borrowers.

Blue Owl Technology Finance serves the following categories of customer companies:

  • Middle-Market Technology Companies: These are typically private, U.S.-based software, internet, and technology-enabled businesses that are seeking capital for growth initiatives, acquisitions, recapitalizations, or other strategic purposes.
  • Growth-Stage Technology Companies: Companies that have demonstrated strong growth potential and are looking for flexible financing solutions to scale their operations without necessarily pursuing traditional equity financing exclusively.
  • Sponsor-Backed Technology Companies: Many of its portfolio companies are backed by private equity sponsors, which often provides an additional layer of diligence and support.

Given the nature of a diversified lender, specific individual customer companies are not disclosed as "major customers" in the traditional sense, and symbols are not applicable as most are private entities.

AI Analysis | Feedback

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AI Analysis | Feedback

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Craig Packer, Chief Executive Officer

Mr. Packer is a Co-President of Blue Owl Capital Inc. and Head of the Credit platform, also serving as a Co-Chief Investment Officer for each of the Blue Owl Credit Advisers. He previously co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl's Credit platform. Prior to co-founding Owl Rock, Mr. Packer was a Partner and Co-Head of Leveraged Finance in the Americas at Goldman Sachs & Co. He joined Goldman Sachs & Co. in 2006 as a Managing Director and Head of High Yield Capital Markets and was named Partner in 2008. Before his time at Goldman Sachs & Co., he was the Global Head of High Yield Capital Markets at Credit Suisse First Boston, and earlier worked at Donaldson, Lufkin & Jenrette.

Jonathan Lamm, Chief Financial Officer and Chief Operating Officer

Mr. Lamm is Chief Financial Officer and Chief Operating Officer of each of the Blue Owl BDCs and a Senior Managing Director of Blue Owl. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, in April 2021, he served as the Chief Financial Officer and Treasurer of Goldman Sachs BDC, Inc. (“GSBD”) from April 2013 through March 2021. In this role, he was responsible for building and overseeing GSBD's finance, treasury, accounting, and operations functions, including during its initial public offering in March 2015. He also held senior finance roles across GSAM Credit Alternatives and Goldman Sachs from 1999–2021.

Erik Bissonnette, President

Mr. Bissonnette is a Senior Managing Director at Blue Owl and a member of the Direct Lending Investment Team. He is also President of OTF and OTIC, Co-Head of Technology Investment, and a member of the Investment Committee for Blue Owl Technology Credit Advisors. In his role, he oversees strategies with over $16 billion in AUM, focused on making debt and equity investments in established enterprise software and technology companies. Before joining Blue Owl, Mr. Bissonnette was a Managing Director and Head of Technology Leveraged Finance at Capital Source from 2009 to 2017.

Alexis Maged, Chief Credit Officer

Mr. Maged is Chief Credit Officer of Blue Owl's Credit platform and a member of the Investment Committee, as well as Vice President of each of the Blue Owl BDCs and a Senior Managing Director of Blue Owl. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, he was Chief Financial Officer of Barkbox, Inc. from 2014 to 2015. Before that, Mr. Maged was a Managing Director with Goldman Sachs & Co. from 2007 until 2014.

Neena Reddy, Chief Legal Officer & Secretary

Ms. Reddy is Vice President and Secretary of each of the Blue Owl BDCs and Chief Legal Officer of each of the Blue Owl Credit Advisers. She also serves as the General Counsel, Chief Legal Officer, and Secretary of Blue Owl, and as a member of Blue Owl's Operating Committees. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, Ms. Reddy was associate general counsel at Goldman, Sachs & Co LLC from June 2010 to April 2019, where she was dedicated to Goldman Sachs Asset Management L.P. (GSAM) and responsible for GSAM-managed direct alternative products, including private credit.

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AI Analysis | Feedback

The key risks to Blue Owl Technology Finance (OTF) primarily stem from its specialized investment focus and the inherent nature of its business as a Business Development Company (BDC).

  1. Concentrated Exposure to the Technology Sector and Potential for Loan Defaults: Blue Owl Technology Finance strategically focuses on originating and making debt and equity investments primarily in U.S. technology-related companies, with a significant emphasis on enterprise software. While this specialization offers potential benefits, it also creates a concentrated sector risk. A significant downturn in the technology sector, the emergence of disruptive technologies, intense competition, shifts in technology trends, or a wave of defaults among software-as-a-service (SaaS) companies could materially impact the quality of OTF's investment portfolio and its net asset value (NAV).
  2. Relatively Illiquid Investments: As a BDC, OTF primarily invests in loans and equity of private companies, meaning its investments are generally illiquid. This illiquidity can make it challenging to sell assets quickly or at desirable prices if the need for liquidity arises, potentially limiting its flexibility in managing its portfolio.
  3. Uncertain Economic Environment and High Interest Rates: General macroeconomic factors, including an uncertain economic environment, high base interest rates, inflation, and geopolitical risks, pose a significant risk. These conditions can increase the likelihood of non-accruals (defaults) among OTF's portfolio companies, negatively impacting the company's earnings performance and overall asset quality.

AI Analysis | Feedback

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AI Analysis | Feedback

Blue Owl Technology Finance (OTF) operates as a specialty finance and business development company (BDC) primarily focused on providing debt and equity investments to U.S. technology-related companies, with a strategic emphasis on software, within the upper middle-market.

The addressable market for Blue Owl Technology Finance's main products and services can be primarily understood within the broader U.S. private credit and direct lending markets, given their investment strategy. The U.S. private credit market has seen substantial growth, with estimates placing its size between approximately $1.3 trillion and $2.1 trillion.

Direct lending is identified as the dominant strategy within the private credit market. This market is driven by strong demand for customized financing, particularly for middle-market companies and capital-intensive sectors such as technology. The technology sector is a leading area within private credit, attracting lenders due to strong demand, recurring revenue, and long-term growth trends.

More specifically, the software industry, which is a key focus for Blue Owl Technology Finance, accounts for approximately 20% of outstanding loans for private direct lenders. Applying this percentage to the U.S. private credit market provides an estimated addressable market for direct lending to software companies ranging from approximately $260 billion to $420 billion in the U.S. (based on 20% of the $1.3 trillion to $2.1 trillion U.S. private credit market). This market focuses on U.S. middle-market companies.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Blue Owl Technology Finance (OTF) over the next 2-3 years:

  1. Increased Deployment of Capital and Loan Origination: Blue Owl Technology Finance, as a business development company (BDC), generates revenue primarily through interest income from its debt investments. The company's ability to continue deploying capital into new loans and investments is a key driver. OTF recently deployed $2.3 billion in new commitments in Q4 2025, with a backlog of approximately $900 million expected to fund in the next quarter, indicating a robust pipeline for future investment activity. This increased investment activity is expected to translate into improving returns and higher Net Investment Income (NII) per share over time.
  2. Strategic Focus and Growth in the Technology and Software Sector: OTF specializes in originating and making debt and equity investments in U.S. technology-related companies, with a significant emphasis on enterprise software. This focused strategy allows OTF to capitalize on the growth dynamics of the tech sector. The company's software borrowers have consistently demonstrated low to mid-teens revenue and EBITDA growth, which is among the strongest in its direct lending strategy and supports continued demand for its financing solutions. Approximately 70% of OTF's portfolio is in software, with a focus on mission-critical "systems of record" having high switching costs.
  3. Enhanced Scale and Diversification from Strategic Mergers: The merger with Blue Owl Technology Finance Corp. II (OTF II) significantly increased the company's scale and investment capacity. This merger created one of the largest BDCs and the largest dedicated software-focused BDC by total assets, with a combined portfolio exceeding $11.5 billion at fair value as of December 31, 2024 (pro-forma for the merger). This expanded scale allows OTF to undertake larger commitments and potentially access a broader range of investment opportunities, which is expected to be accretive to net investment income.
  4. Leverage Optimization Towards Target Range: Blue Owl Technology Finance has a target leverage range of 0.9x to 1.25x. As of Q4 2025, the company's net leverage was 0.75x, below its target. Management's plan to increase leverage towards this target range is expected to support higher net investment income per share, as increased debt can be used to fund more income-generating investments.

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Share Repurchases

  • Blue Owl Technology Finance repurchased approximately $64.6 million of its common stock during the fourth quarter of 2025.
  • In February 2026, the company's board approved a new share repurchase program authorizing up to $300 million of common stock buybacks, replacing a prior $200 million authorization.
  • During November through early December 2025, over $15 million in common stock was acquired through open market purchases by executives and employees of Blue Owl Capital Inc. or under Blue Owl Technology Finance's existing share repurchase program.

Share Issuance

  • In March 2025, Blue Owl Technology Finance completed its merger with Blue Owl Technology Finance Corp. II, where OTF II shareholders received 0.9113 shares of OTF common stock for each OTF II share, significantly increasing OTF's outstanding shares, with former OTF II shareholders holding approximately 54% of the combined entity.

Outbound Investments

  • For the year ended December 31, 2025, Blue Owl Technology Finance made new investment commitments totaling $5.6 billion, with $4.3 billion in principal amount funded, across 58 new and 58 existing portfolio companies.
  • For the year ended December 31, 2024, new investment commitments amounted to $2.7 billion across 54 new and 34 existing portfolio companies.
  • As of December 31, 2025, the company's investment portfolio had an aggregate fair value of $14.3 billion across 199 portfolio companies, primarily focusing on debt and equity investments in U.S. upper middle-market technology companies.

Peer Outperformance in Asset Management & Custody Banks

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Share of Asset Management & Custody Banks constituents that OTF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
29%
of 102 industry peers · -24.3% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is OTF'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
Reinsurance 6 15.3%63.9%114.2% SPNT 161% · RGA 136% · RNR 133%
Investment Banking & Brokerage 13 -2.7%102.8%103.3% IBKR 428% · SNEX 235% · HOOD 171%
Diversified Banks 12 27.7%128.4%95.7% CM 143% · RY 130% · JPM 120%
Life & Health Insurance 20 7.1%50.0%89.4% JXN 528% · UNM 292% · FG 193%
Multi-Sector Holdings 4 3.6%52.8%74.5% JONE 361% · BRK-B 80% · VOYA 69%
Property & Casualty Insurance 42 3.9%71.6%61.2% ASIC 2572900% · HRTG 399% · UVE 308%
Regional Banks 264 25.9%89.3%52.1% GCBC 310% · ESQ 307% · PBAM 249%
Multi-line Insurance 9 4.3%68.4%50.9% GNW 139% · L 90% · AIZ 80%
Financial Exchanges & Data 15 -0.3%15.8%31.0% VIRT 189% · CBOE 143% · CME 68%
Consumer Finance 30 0.4%86.5%22.0% ENVA 400% · EZPW 303% · FCFS 162%
Diversified Financial Services 4 -8.1%21.6%20.9% FRHC 173% · EQH 100% · TMS -58%
Asset Management & Custody Banks ← 83 -10.1%18.2%11.4% WT 361% · VCTR 288% · AAMI 267%
Insurance Brokers 16 -24.5%-9.7%11.0% LIFE 324% · ARX 88% · CRD-A 66%
Commercial & Residential Mortgage Finance 13 -58.4%16.7%-0.9% FNMA 473% · FMCC 449% · ACT 174%
Specialized Finance 3 9.4%35.5%-13.2% EFC 15% · CACC -13% · HASI -14%
Mortgage REITs 33 -14.5%10.1%-26.9% NREF 52% · RITM 33% · DX 19%
Transaction & Payment Processing Services 17 -2.1%-5.5%-42.4% V 70% · MA 67% · CPAY 54%
Diversified Capital Markets 20 -37.4%16.1%-61.2% OPY 180% · LPLA 109% · GOLD 55%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

OTFHTGCTRINHRZNARCCOBDCMedian
NameBlue Owl.Hercules.Trinity .Horizon .Ares Cap.Blue Owl. 
Mkt Price9.5216.6917.444.5918.8410.2413.46
Mkt Cap4.43.11.60.313.55.13.7
Rev LTM438487216211,174375406
Op Inc LTM-------
FCF LTM-1,5628-594102-6802,207-293
FCF 3Y Avg-292-154-39443-1,2131,336-223
CFO LTM-1,5629-593102-6802,207-292
CFO 3Y Avg-292-154-39343-1,2131,336-223

Growth & Margins

OTFHTGCTRINHRZNARCCOBDCMedian
NameBlue Owl.Hercules.Trinity .Horizon .Ares Cap.Blue Owl. 
Rev Chg LTM-19.5%39.1%6.3%152.4%-24.5%-49.6%-6.6%
Rev Chg 3Y Avg12.9%9.3%47.7%-57.6%16.6%-23.2%11.1%
Rev Chg Q-21.4%51.1%4.8%-68.9%-46.2%-43.9%-32.7%
QoQ Delta Rev Chg LTM-9.5%12.4%1.3%-37.8%-13.8%-15.7%-11.7%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM-356.7%1.7%-274.1%495.4%-57.9%588.7%-28.1%
CFO/Rev 3Y Avg-44.9%-43.2%-203.6%--77.1%277.0%-44.9%
FCF/Rev LTM-356.7%1.7%-274.6%495.4%-57.9%588.7%-28.1%
FCF/Rev 3Y Avg-44.9%-43.3%-204.2%--77.1%277.0%-44.9%

Valuation

OTFHTGCTRINHRZNARCCOBDCMedian
NameBlue Owl.Hercules.Trinity .Horizon .Ares Cap.Blue Owl. 
Mkt Cap4.43.11.60.313.55.13.7
P/S10.06.47.314.511.513.510.8
P/Op Inc-------
P/EBIT-------
P/E11.78.111.258.814.117.612.9
P/CFO-2.8364.0-2.72.9-19.92.3-0.2
Total Yield22.9%23.3%21.8%19.4%16.9%20.8%21.3%
Dividend Yield14.3%10.9%12.8%17.7%9.8%15.0%13.6%
FCF Yield 3Y Avg--4.7%-35.4%12.6%-9.0%22.2%-4.7%
D/E1.60.80.91.31.21.61.3
Net D/E1.60.70.91.11.11.51.1

Returns

OTFHTGCTRINHRZNARCCOBDCMedian
NameBlue Owl.Hercules.Trinity .Horizon .Ares Cap.Blue Owl. 
1M Rtn-13.0%-5.3%-3.4%-3.3%-3.7%-7.5%-4.5%
3M Rtn-4.5%6.9%1.8%4.7%4.0%-3.3%2.9%
6M Rtn-9.2%16.5%22.3%12.4%8.2%-1.6%10.3%
12M Rtn-23.6%1.8%29.9%-9.4%3.3%-8.5%-3.4%
3Y Rtn-30.6%44.7%92.2%-38.5%31.7%8.3%20.0%
1M Excs Rtn-13.7%-6.2%-4.4%-4.1%-3.8%-7.7%-5.3%
3M Excs Rtn-7.1%3.7%-1.0%1.1%0.9%-6.1%-0.0%
6M Excs Rtn-26.9%-1.1%4.7%-5.2%-9.4%-19.3%-7.3%
12M Excs Rtn-38.3%-15.8%11.5%-25.3%-13.7%-24.9%-20.4%
3Y Excs Rtn-112.0%-41.9%3.9%-118.1%-53.7%-76.7%-65.2%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment1,354629687241631
Total1,354629687241631


Price Behavior

Price Behavior
Market Price$9.44 
Market Cap ($ Bil)4.4 
First Trading Date06/12/2025 
Distance from 52W High-28.2% 
   50 Days200 Days
DMA Price$10.40$12.25
DMA Trenddownup
Distance from DMA-9.2%-23.0%
 3M1YR
Volatility30.5%33.9%
Downside Capture110.62101.26
Upside Capture64.1151.02
Correlation (SPY)33.9%30.3%
OTF Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.951.300.980.770.800.02
Up Beta2.152.421.170.680.79-0.14
Down Beta0.431.431.110.500.86-0.24
Up Capture37%96%82%49%48%4%
Bmk +ve Days6162766132424
Stock +ve Days8182755114149
Down Capture196%91%102%129%99%61%
Bmk -ve Days16263760120328
Stock -ve Days14243666132166

[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 OTF
OTF-23.2%33.8%-0.74-
Sector ETF (XLF)2.2%14.8%-0.0732.3%
Equity (SPY)16.8%13.0%0.9230.1%
Gold (GLD)7.0%29.6%0.230.0%
Commodities (DBC)45.9%20.9%1.71-13.9%
Real Estate (VNQ)1.6%13.6%-0.1418.5%
Bitcoin (BTCUSD)-30.1%44.3%-0.6823.4%

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 OTF
OTF-7.2%31.5%-0.89-
Sector ETF (XLF)8.6%18.3%0.3330.2%
Equity (SPY)13.3%17.2%0.5928.1%
Gold (GLD)18.3%18.9%0.78-1.4%
Commodities (DBC)10.0%19.6%0.39-13.5%
Real Estate (VNQ)0.9%18.8%-0.0619.2%
Bitcoin (BTCUSD)14.9%52.2%0.4520.8%

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 OTF
OTF-3.7%31.5%-0.89-
Sector ETF (XLF)12.8%22.1%0.5330.2%
Equity (SPY)15.4%17.9%0.7328.1%
Gold (GLD)11.5%16.4%0.57-1.4%
Commodities (DBC)8.4%18.1%0.38-13.5%
Real Estate (VNQ)4.1%20.7%0.1619.2%
Bitcoin (BTCUSD)64.0%66.2%1.0420.8%

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

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity5.7 Mil
Short Interest: % Change Since 831202612.1%
Average Daily Volume2.2 Mil
Days-to-Cover Short Interest2.6 days
Basic Shares Quantity460.9 Mil
Short % of Basic Shares1.2%

Earnings Returns History

Updated 9/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20268.7%10.5%9.7%
5/6/2026-6.0%-7.2%-3.8%
2/18/2026-2.5%-9.0%0.2%
11/5/2025-2.9%-4.6%0.9%
8/6/2025-0.7%-1.4%-1.7%
SUMMARY STATS   
# Positive113
# Negative442
Median Positive8.7%10.5%0.9%
Median Negative-2.7%-5.9%-2.7%
Max Positive8.7%10.5%9.7%
Max Negative-6.0%-9.0%-3.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20268.7%10.5%9.7%
5/6/2026-6.0%-7.2%-3.8%
2/18/2026-2.5%-9.0%0.2%
11/5/2025-2.9%-4.6%0.9%
8/6/2025-0.7%-1.4%-1.7%
SUMMARY STATS   
# Positive113
# Negative442
Median Positive8.7%10.5%0.9%
Median Negative-2.7%-5.9%-2.7%
Max Positive8.7%10.5%9.7%
Max Negative-6.0%-9.0%-3.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/18/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/12/202510-Q
12/31/202403/06/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/06/202410-K
09/30/202311/13/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/08/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/18/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/12/202510-Q
12/31/202403/06/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/06/202410-K
09/30/202311/13/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/08/202310-K
09/30/202211/10/202210-Q
06/30/202208/11/202210-Q
03/31/202205/10/202210-Q
12/31/202103/11/202210-K
09/30/202111/10/202110-Q
06/30/202108/12/202110-Q
03/31/202105/11/202110-Q
12/31/202003/05/202110-K
09/30/202011/12/202010-Q
06/30/202008/11/202010-Q
03/31/202005/12/202010-Q
12/31/201902/26/202010-K
09/30/201911/06/201910-Q

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Base DividendReported 0.35 0.0% Same NewGuidance: 0.35 for Q2 2026


Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 DividendsReported 0.35 0 Same NewActual: 0.35 for Q1 2026
2026 Share RepurchasesReported 250.00 Mil    

Q4 2025 Earnings Reported 2/18/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Regular DividendReported 0.35 0 Same NewGuidance: 0.35 for Q4 2025
Q1 2026 Special DividendReported 0.05 0 Same NewGuidance: 0.05 for Q4 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Regular DividendReported 0.35 0 Same NewActual: 0.35 for Q3 2025
Q4 2025 Special DividendReported 0.05 0 Same NewActual: 0.05 for Q3 2025

Insider Activity

Updated 8/31/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kaye, Eric A DirectBuy831202611.371,00011,37034,110Form
2Temple, Chris DirectBuy527202610.717,00074,970128,520Form
3Weiler, Melissa DirectBuy514202610.9010,000109,000109,000Form
4Kaye, Eric A DirectBuy512202610.741,00010,74021,480Form
5Kaye, Eric A DirectBuy427202611.441,00011,44111,441Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kaye, Eric A DirectBuy831202611.371,00011,37034,110Form
2Temple, Chris DirectBuy527202610.717,00074,970128,520Form
3Weiler, Melissa DirectBuy514202610.9010,000109,000109,000Form
4Kaye, Eric A DirectBuy512202610.741,00010,74021,480Form
5Kaye, Eric A DirectBuy427202611.441,00011,44111,441Form
6Temple, Chris DirectBuy225202611.495,00057,45057,450Form
7Bissonnette, ErikPresidentDirectBuy130202614.7010,000147,0002,447,918Form
8Bissonnette, ErikPresidentDirectBuy1120202513.2712,500165,8242,076,445Form

Investor Activity (13F)

Updated Oct 6, 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
Cliffwater LLC$73.2 Mil19.4%20Hold13F
Regents of the University of California$540.5 Mil18.0%12New13F
Capricorn Investment Group LLC$69.8 Mil11.6%7Hold13F
GCM Grosvenor Holdings, LLC$17.5 Mil1.9%22ADD +228.2%13F
Pine Ridge Advisers LLC$12.7 Mil0.9%39ADD +100.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Regents of the University of California$540.5 Mil18.0%12New13F
GCM Grosvenor Holdings, LLC$17.5 Mil1.9%22ADD +228.2%13F
Pine Ridge Advisers LLC$12.7 Mil0.9%39ADD +100.0%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Regents of the University of California$540.5 Mil18.0%12New13F
Cliffwater LLC$73.2 Mil19.4%20Hold13F
Capricorn Investment Group LLC$69.8 Mil11.6%7Hold13F
GCM Grosvenor Holdings, LLC$17.5 Mil1.9%22ADD +228.2%13F
Pine Ridge Advisers LLC$12.7 Mil0.9%39ADD +100.0%13F
Core Cache Last Updated: 10/5/2026