Stellus Capital Investment (SCM)


Market Price (11/6/2026): $7.2 | Market Cap: $205.1 MilSector: Financials | Industry: Asset Management & Custody Banks

Stellus Capital Investment (SCM)


Market Price (11/6/2026): $7.2
Market Cap: $205.1 Mil
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 35%, Dividend Yield is 21%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 31%, FCF Yield is 22%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 121%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 121%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36%

Low stock price volatility
Vol 12M is 32%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.

Weak multi-year price returns
2Y Excs Rtn is -69%, 3Y Excs Rtn is -99%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 285%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%

Key risks
SCM key risks include [1] deteriorating portfolio credit quality leading to an unsustainable dividend payout that exceeds the company's net investment income, 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 35%, Dividend Yield is 21%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 31%, FCF Yield is 22%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 121%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 121%
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36%
3 Low stock price volatility
Vol 12M is 32%
4 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.
5 Weak multi-year price returns
2Y Excs Rtn is -69%, 3Y Excs Rtn is -99%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 285%
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -17%
8 Key risks
SCM key risks include [1] deteriorating portfolio credit quality leading to an unsustainable dividend payout that exceeds the company's net investment income, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 11/1/2026

Stellus Capital Investment (SCM) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Consistent Dividend Payouts Sustained Investor Interest.

Stellus Capital Investment maintained a regular monthly dividend of $0.0833 per share throughout the period, totaling $0.25 for both fiscal Q3 2026 (July-September 2026) and fiscal Q4 2026 (October-December 2026). This consistent payout translated to an attractive annualized yield of approximately 14.3% to 15.05%, based on recent stock prices, and a high payout ratio around 98.04%. The reliability of these dividends likely attracted and retained income-focused investors, providing underlying support and preventing a significant price decline.

2. Earnings Met Expectations, Avoiding Negative Surprises.

The company consistently met or slightly exceeded analyst earnings estimates, which contributed to stock stability. For fiscal Q2 2026, which ended June 30, 2026, Stellus Capital Investment reported earnings of $0.26 per share, precisely matching analysts' consensus estimates, with revenue of $30.98 million surpassing expectations of $24.38 million. For fiscal Q3 2026 (July-September 2026), analysts also anticipated earnings of $0.26 per share. This steady performance in core financial metrics prevented any significant downward pressure on the stock during the specified period.

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Updated on 11/1/2026

Stellus Capital Investment (SCM) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Consistent Dividend Payouts Sustained Investor Interest.

Stellus Capital Investment maintained a regular monthly dividend of $0.0833 per share throughout the period, totaling $0.25 for both fiscal Q3 2026 (July-September 2026) and fiscal Q4 2026 (October-December 2026). This consistent payout translated to an attractive annualized yield of approximately 14.3% to 15.05%, based on recent stock prices, and a high payout ratio around 98.04%. The reliability of these dividends likely attracted and retained income-focused investors, providing underlying support and preventing a significant price decline.

2. Earnings Met Expectations, Avoiding Negative Surprises.

The company consistently met or slightly exceeded analyst earnings estimates, which contributed to stock stability. For fiscal Q2 2026, which ended June 30, 2026, Stellus Capital Investment reported earnings of $0.26 per share, precisely matching analysts' consensus estimates, with revenue of $30.98 million surpassing expectations of $24.38 million. For fiscal Q3 2026 (July-September 2026), analysts also anticipated earnings of $0.26 per share. This steady performance in core financial metrics prevented any significant downward pressure on the stock during the specified period.

3. Neutral Analyst Consensus and Adjusted Price Targets.

Analyst sentiment for SCM during the period was largely neutral, contributing to the stock's flat movement. As of late October 2026, the consensus rating was "Hold" or "Buy" from various analysts. However, some price targets were adjusted downwards; for instance, Ladenburg Thalmann lowered its price objective from $11.00 to $10.50 in August, and Keefe, Bruyette & Woods dropped its target from $9.00 to $8.00 in July. While the average 12-month price target generally ranged from $9.25 to $10.33, indicating potential upside, the "Hold" consensus implies that analysts expected the stock to perform in line with the broader market, thereby contributing to its largely stable trend rather than significant growth.

4. Strategic Growth Initiatives Provided Future Outlook Without Immediate Catalysts.

Stellus Capital Investment made strategic announcements that, while positive for long-term growth, did not provide immediate catalysts for substantial stock movement. In fiscal Q2 2026, the company secured a third Small Business Investment Company (SBIC) license, granting access to $250 million in low-cost Small Business Administration (SBA) debentures and potentially expanding its portfolio by $100 million over time. Additionally, the advisor's integration with the Ridgepost Capital platform was expected to broaden sponsor access and foster future origination opportunities. These developments offered a positive long-term outlook but did not trigger significant short-term price appreciation during the observed period.

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Stock Movement Drivers

Fundamental Drivers

The -0.6% change in SCM stock from 7/31/2026 to 11/5/2026 was primarily driven by a -21.0% change in the company's P/E Multiple.
(LTM values as of)731202611052026Change
Stock Price ($)7.267.22-0.6%
Change Contribution By: 
Total Revenues ($ Mil)303722.0%
Net Income Margin (%)78.0%80.2%2.9%
P/E Multiple8.97.0-21.0%
Shares Outstanding (Mil)29290.3%
Cumulative Contribution-0.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
SCM-0.6% 
Market (SPY)-1.9%26.3%
Sector (XLF)1.0%42.1%

Fundamental Drivers

The -20.0% change in SCM stock from 4/30/2026 to 11/5/2026 was primarily driven by a -27.5% change in the company's P/E Multiple.
(LTM values as of)430202611052026Change
Stock Price ($)9.027.22-20.0%
Change Contribution By: 
Total Revenues ($ Mil)323715.9%
Net Income Margin (%)84.5%80.2%-5.0%
P/E Multiple9.77.0-27.5%
Shares Outstanding (Mil)29290.3%
Cumulative Contribution-20.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
SCM-20.0% 
Market (SPY)2.3%32.1%
Sector (XLF)10.7%38.6%

Fundamental Drivers

The -31.0% change in SCM stock from 10/31/2025 to 11/5/2026 was primarily driven by a -16.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511052026Change
Stock Price ($)10.477.22-31.0%
Change Contribution By: 
Total Revenues ($ Mil)4537-16.9%
Net Income Margin (%)88.1%80.2%-8.9%
P/E Multiple7.67.0-7.5%
Shares Outstanding (Mil)2829-1.6%
Cumulative Contribution-31.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
SCM-31.0% 
Market (SPY)8.4%36.1%
Sector (XLF)11.1%42.6%

Fundamental Drivers

The -15.6% change in SCM stock from 10/31/2023 to 11/5/2026 was primarily driven by a -36.8% change in the company's P/E Multiple.
(LTM values as of)1031202311052026Change
Stock Price ($)8.557.22-15.6%
Change Contribution By: 
Total Revenues ($ Mil)233761.9%
Net Income Margin (%)71.5%80.2%12.2%
P/E Multiple11.17.0-36.8%
Shares Outstanding (Mil)2129-26.5%
Cumulative Contribution-15.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
SCM-15.6% 
Market (SPY)81.3%35.7%
Sector (XLF)85.5%43.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SCM Return30%13%9%22%4%-36%28%
Peers Return35%-9%29%24%0%-3%91%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
SCM Win Rate58%50%58%58%67%36% 
Peers Win Rate75%42%67%73%52%56% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
SCM Max Drawdown-14%-19%-17%-7%-24%-45% 
Peers Max Drawdown-9%-24%-11%-10%-21%-21% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, FSK, MAIN, GBDC, TSLX.
[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 11/5/2026 (YTD)

How Low Can It Go

EventSCMS&P 500
2025 US Tariff Shock
  % Loss-22.9%-18.8%
  % Gain to Breakeven29.6%23.1%
  Time to Breakeven93 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-15.2%-9.5%
  % Gain to Breakeven17.9%10.5%
  Time to Breakeven174 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-12.1%-24.5%
  % Gain to Breakeven13.8%32.4%
  Time to Breakeven20 days427 days
2020 COVID-19 Crash
  % Loss-65.9%-33.7%
  % Gain to Breakeven192.8%50.9%
  Time to Breakeven385 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-11.0%-19.2%
  % Gain to Breakeven12.4%23.8%
  Time to Breakeven9 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-18.8%-12.2%
  % Gain to Breakeven23.1%13.9%
  Time to Breakeven14 days62 days

Compare to ARCC, FSK, MAIN, GBDC, TSLX

In The Past

Stellus Capital Investment's stock fell -22.9% during the 2025 US Tariff Shock. Such a loss loss requires a 29.6% 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.

EventSCMS&P 500
2025 US Tariff Shock
  % Loss-22.9%-18.8%
  % Gain to Breakeven29.6%23.1%
  Time to Breakeven93 days79 days
2020 COVID-19 Crash
  % Loss-65.9%-33.7%
  % Gain to Breakeven192.8%50.9%
  Time to Breakeven385 days140 days
2014-2016 Oil Price Collapse
  % Loss-34.6%-6.8%
  % Gain to Breakeven52.8%7.3%
  Time to Breakeven202 days15 days

Compare to ARCC, FSK, MAIN, GBDC, TSLX

In The Past

Stellus Capital Investment's stock fell -22.9% during the 2025 US Tariff Shock. Such a loss loss requires a 29.6% 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 Stellus Capital Investment (SCM)

Stellus Capital Investment Corporation (SCM) operates as a Business Development Company (BDC) with a core mission to provide crucial financing to private middle-market companies. The company aims to generate attractive returns for its shareholders by investing in these businesses, offering them the capital necessary for various strategic purposes, such as expansion, acquisitions, or general corporate needs.

The primary services offered by Stellus Capital Investment involve a diverse range of debt financing products. These include secured lending options like first lien, second lien, and unitranche debt. Additionally, the company provides mezzanine debt, a flexible financing instrument that combines features of both debt and equity. Stellus frequently enhances these debt investments with corresponding equity investments, allowing it to benefit from the growth and success of its portfolio companies.

Stellus Capital Investment focuses its investments on well-established private companies that fall within the middle-market segment. Specifically, it targets businesses with an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) generally between $5 million and $50 million. Geographically, the company's investment strategy primarily concentrates on opportunities within the United States and Canada.

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1. A specialized bank for private middle-market companies.

2. Like a private equity firm, but primarily lending money to mid-sized private businesses.

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  • First Lien Debt Financing: Providing senior secured loans that have the highest priority claim on a company's assets.
  • Second Lien Debt Financing: Offering secured loans that are subordinate to first lien debt in terms of claim priority.
  • Unitranche Debt Financing: Delivering a blended debt facility that combines both senior and junior debt into a single instrument.
  • Mezzanine Debt Financing: Supplying a hybrid form of financing that includes both debt and equity characteristics, typically subordinated.
  • Equity Investments: Making direct ownership investments in private companies, often alongside debt financing.
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Stellus Capital Investment Corporation (SCM) is a business development company (BDC) that specializes in providing debt and equity financing to private middle-market companies. Therefore, its "customers" are the various companies that receive capital investments from SCM.

Due to the nature of its business model, SCM maintains a diversified portfolio of investments across numerous private companies. This strategy typically means SCM does not have a small number of "major customers" that account for a disproportionately large share of its revenue, unlike businesses that sell products or services to a concentrated client base. Its income is generated from interest payments, dividends, and capital gains across its broad and varied investment portfolio.

Furthermore, all of SCM's portfolio companies are private entities, meaning they do not have public stock symbols. As such, while SCM continuously invests in and manages relationships with a multitude of private companies, it does not identify or disclose "major customers" by name and public symbol in the traditional sense.

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Robert T. Ladd, Chairman, President, and Chief Executive Officer

Mr. Ladd has over 40 years of experience in investing, finance, and restructuring. He currently serves as Managing Partner and Chief Investment Officer of Stellus Capital Management and as Chairman, CEO, and President of Stellus Private Credit BDC. Prior to co-founding Stellus Capital Management in 2012 through a spin-out, Mr. Ladd led the Direct Capital Group at the D. E. Shaw group from 2004 to 2012, where the team deployed over $5 billion. His previous roles include serving as president of Duke Energy North America, LLC, and president and CEO of Duke Capital Partners, LLC, a merchant banking subsidiary, from 2000 to 2004. He was also a partner at Arthur Andersen LLP, where he led the worldwide corporate restructuring practice and U.S. corporate finance practice. Earlier in his career, he held various senior leadership positions at First City Bancorporation of Texas, Inc., and its subsidiaries. Stellus Capital's portfolio companies are substantially backed by private equity firms.

W. Todd Huskinson, Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary

Mr. Huskinson is a founding partner of Stellus Capital Management and has over 35 years of experience in finance, accounting, and operations. From 2005 to 2012, he was a director in the D. E. Shaw group's Direct Capital Group. Before joining the D. E. Shaw group, he was a Managing Director at BearingPoint (formerly KPMG Consulting), leading the Houston office's middle-market management consulting practice. Prior to that, Mr. Huskinson was a partner at Arthur Andersen, LLP, where he worked in audit, corporate finance, and consulting. He is a certified public accountant.

Dean D'Angelo, Co-Head of Private Credit

Mr. D'Angelo is a founding partner of Stellus Capital Management and serves as Co-Head of Private Credit and a member of the Investment Committee.

Joshua T. Davis, Co-Head of Private Credit

Mr. Davis is a founding partner of Stellus Capital Management and serves as Co-Head of Private Credit and a member of the Investment Committee.

Robert Collins, Head of Growth Capital Strategy

Mr. Collins has over 20 years of experience in private credit, private equity, and investment banking. He joined Stellus at its formation in 2012 and previously worked with the team at the D. E. Shaw group since 2004. His past experience includes positions at Bain Capital, Morgan Stanley, and Robertson Stephens.

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The key risks to Stellus Capital Investment (SCM) are primarily centered around the inherent nature of its business as a Business Development Company (BDC) specializing in private middle-market debt investments.

  1. Credit Risk and Borrower Defaults: Stellus Capital Investment specializes in providing financing to private middle-market companies, often through first lien, second lien, unitranche, and mezzanine debt. These types of companies, typically with EBITDA between $5 million and $50 million, are generally less established and carry a higher credit risk compared to larger, more mature businesses. The company's exposure to second lien, unitranche, and mezzanine debt means it holds positions lower in the capital structure, which inherently carry higher risk and lower recovery potential in the event of a borrower default. There is an observed "rising credit deterioration risk across the middle-market" that puts pressure on maintaining dividends for BDCs.
  2. Interest Rate Sensitivity and Impact of Declining Rates: A significant portion of Stellus Capital Investment's portfolio, specifically 90%, consists of floating-rate loans. While this structure can be advantageous during periods of rising interest rates, it exposes the company to declining income and loan repricing pressures if base interest rates fall. A sustained decrease in interest rates would directly impact the net investment income (NII) generated by SCM's portfolio, potentially affecting its profitability and ability to sustain dividend distributions.
  3. Dividend Sustainability and Reliance on External Capital: Stellus Capital Investment, as a BDC, is generally required to distribute at least 90% of its taxable income to shareholders to maintain its tax status. This regulatory requirement, coupled with the company's historical tendency to pay out more than it earns, raises concerns about the long-term sustainability of its dividend. The high payout ratio limits the amount of capital that can be retained for reinvestment and growth, making the company highly dependent on external capital markets, which can be challenging, particularly if its stock trades below its net asset value.

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The addressable markets for Stellus Capital Investment (SCM), which specializes in debt and equity investments in private middle-market companies with an EBITDA between $5 million and $50 million in the U.S. and Canada, are substantial.

United States Market

  • Private Debt/Credit Market: The U.S. private credit market, which largely caters to middle-market firms, was approximately $1.3 trillion in 2026 and $1.34 trillion as of Q2 2024. Lenders focusing on companies with less than $50 million in EBITDA comprise 90% of the direct lending market, a dominant strategy within private credit. The "lower middle market" specifically focuses on U.S. companies with EBITDA between $5 million and $50 million.
  • Private Equity Market: The U.S. private equity middle market recorded a deal value of $410.7 billion in 2025. Middle-market companies are often defined by annual revenues between $10 million and $1 billion.

Canadian Market

  • Private Debt/Credit Market: In Canada, the alternative lending and private debt market, which services middle-market companies, was estimated at approximately C$544 billion in Q3 2023 (representing 40% of the C$1.36 trillion total loans). Canadian mid-market businesses are generally comparable in size to the U.S. lower middle market companies.
  • Private Equity Market: The Canadian private equity market experienced a record-breaking C$56.5 billion in deal value during the first nine months of 2025. A significant portion of this activity, with 86% of deals below C$25 million and mid-market transactions (valued under C$250 million) accounting for 85% of deals with disclosed values, demonstrates a strong focus on the middle market.

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Stellus Capital Investment (symbol: SCM) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

  1. Expanded Origination Channels and Deal Flow through Ridgepost Capital Partnership: The acquisition of Stellus Capital Management, SCM's external manager, by Ridgepost Capital is anticipated to significantly enhance deal flow and broaden origination channels. This partnership is expected to open new sponsor relationships and increase investment opportunities, particularly from private equity relationships that SCM does not currently access. The transaction is projected to close in mid-2026, with the full benefits of increased investment opportunities expected to materialize as the partnership matures in the second half of 2026.
  2. Continued Realization of Equity Co-investment Gains: While primarily focused on debt financing, SCM often includes corresponding equity investments in its deals. These equity co-investments have historically generated substantial realized gains, contributing significantly to the company's total realized income. Management expects continued equity realizations, indicating this will remain a component of revenue growth.
  3. Favorable Market Conditions in the Lower Middle Market Private Credit Sector: Stellus Capital Investment operates within the private middle-market, and its leadership believes there is considerable opportunity for growth in the private credit space, especially within the lower middle market segment. This indicates an expectation that the broader market environment will support increased investment activity and, consequently, revenue growth for SCM.

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Share Repurchases

  • Stellus Capital Investment Corporation announced a $20 million share buyback program in March 2026, with the authorization expected to remain in place for at least one year.
  • The company views repurchasing shares at current price levels as a compelling opportunity to generate meaningful value for shareholders.

Share Issuance

  • In September 2025, Stellus Capital Investment Corporation priced a public offering of $50.0 million aggregate principal amount of 7.25% notes due 2030.
  • The company anticipates exploring opportunities for raising additional capital through public and private equity offerings in the future.

Inbound Investments

  • In Q3 2025, the company amended and extended its revolving credit facility, increasing the commitment from $315 million to $335 million and extending the maturity to September 2030.
  • Stellus Capital Management, the company's external manager, agreed to be purchased by Ridgepost Capital in February 2026, a strategic development anticipated to provide complementary resources, expertise, and relationships, potentially expanding deal flow and origination opportunities for Stellus Capital Investment.

Outbound Investments

  • During 2024, Stellus Capital made $221.2 million in new investments across 21 new and 29 existing portfolio companies, while receiving $151.8 million from repayments.
  • For the fiscal year ending December 31, 2025, the company deployed $194.1 million into new and existing portfolio companies, growing its portfolio to $1.008 billion across 115 companies.
  • In Q4 2025, the company funded $52.1 million in investments but experienced $54.0 million in repayments, resulting in a net negative investment activity of $1.9 million for the quarter.

Peer Outperformance in Asset Management & Custody Banks

SCM has trailed 62% of its 82 Asset Management & Custody Banks peers over 5Y. Among the peers that beat it are AAMI, ARES and BLK. Asset Management & Custody Banks ranks 11th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that SCM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
20%
of 100 industry peers · -30.3% return
3Y
22%
of 90 industry peers · -19.6% return
5Y
38%
of 82 industry peers · -8.4% return
Asset Management & Custody Banks peers with revenue growth within 4pp of SCM's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
SCM Stellus Capital Investment 20.8% 7.0x -30.3%-19.6%-8.4% —
AAMI Acadian Asset Management 19.0% 32.2x 111.5%457.9%206.5% +215pp
ARES Ares Management 20.8% 47.6x -9.1%41.1%83.3% +92pp
BLK BlackRock 17.7% 26.2x 11.4%91.6%38.4% +47pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is SCM'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 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
Regional Banks 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks ← 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SCMARCCFSKMAINGBDCTSLXMedian
NameStellus .Ares Cap.FS KKR C.Main Str.Golub Ca.Sixth St. 
Mkt Price7.2819.3111.6456.6612.9217.7915.36
Mkt Cap0.213.93.25.33.41.73.3
Rev LTM371,079-459559203119161
Op Inc LTM-------
FCF LTM451,1451,620-15092022482
FCF 3Y Avg6-8771,351283167250
CFO LTM451,1451,620-15092022482
CFO 3Y Avg6-8771,351283167250

Growth & Margins

SCMARCCFSKMAINGBDCTSLXMedian
NameStellus .Ares Cap.FS KKR C.Main Str.Golub Ca.Sixth St. 
Rev Chg LTM-16.9%-31.6%-226.8%-10.3%-48.2%-50.8%-39.9%
Rev Chg 3Y Avg20.8%-4.1%-94.7%10.1%16.4%-20.1%3.0%
Rev Chg Q59.9%-20.7%-66.7%22.8%-31.9%-23.7%-22.2%
QoQ Delta Rev Chg LTM22.0%-8.1%-49.5%6.3%-13.0%-10.3%-9.2%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM121.3%106.1%--26.8%452.2%18.3%106.1%
CFO/Rev 3Y Avg21.7%-39.6%-3.0%175.2%33.8%21.7%
FCF/Rev LTM121.3%106.1%--26.8%452.2%18.3%106.1%
FCF/Rev 3Y Avg21.7%-39.6%-3.0%175.2%33.8%21.7%

Valuation

SCMARCCFSKMAINGBDCTSLXMedian
NameStellus .Ares Cap.FS KKR C.Main Str.Golub Ca.Sixth St. 
Mkt Cap0.213.93.25.33.41.73.3
P/S5.712.9-9.516.514.312.9
P/Op Inc-------
P/EBIT-------
P/E7.115.9-6.211.719.621.513.8
P/CFO4.712.12.0-35.33.778.24.2
Total Yield35.0%16.0%4.0%15.2%14.5%13.4%14.8%
Dividend Yield20.7%9.7%20.1%6.6%9.4%8.8%9.5%
FCF Yield 3Y Avg4.0%-6.4%35.1%0.3%10.7%3.2%3.6%
D/E2.91.11.90.51.31.11.2
Net D/E2.81.01.90.51.31.11.2

Returns

SCMARCCFSKMAINGBDCTSLXMedian
NameStellus .Ares Cap.FS KKR C.Main Str.Golub Ca.Sixth St. 
1M Rtn0.9%3.6%7.7%4.0%6.0%3.0%3.8%
3M Rtn-11.1%0.9%1.7%1.7%1.5%-2.6%1.2%
6M Rtn-19.6%7.0%14.8%4.2%3.4%4.4%4.3%
12M Rtn-29.7%4.7%-6.7%7.0%2.2%-10.3%-2.3%
3Y Rtn-19.0%31.0%-6.5%75.9%22.8%18.3%20.6%
1M Excs Rtn4.8%6.1%9.7%6.5%9.1%5.0%6.3%
3M Excs Rtn-9.7%-0.2%-2.0%-1.5%1.6%-3.8%-1.8%
6M Excs Rtn-24.4%2.3%10.0%-0.6%-1.4%-0.4%-0.5%
12M Excs Rtn-43.3%-8.2%-21.0%-6.5%-11.4%-25.7%-16.2%
3Y Excs Rtn-98.9%-48.2%-85.8%4.7%-57.6%-58.5%-58.0%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Investment management93108786180
Total93108786180


Price Behavior

Price Behavior
Market Price$7.22 
Market Cap ($ Bil)0.2 
First Trading Date11/08/2012 
Distance from 52W High-39.8% 
   50 Days200 Days
DMA Price$7.46$8.39
DMA Trenddowndown
Distance from DMA-3.2%-13.9%
 3M1YR
Volatility25.6%31.8%
Downside Capture77.80131.07
Upside Capture10.8969.48
Correlation (S&P 500)21.5%39.0%
SCM Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.080.540.810.950.940.57
Up Beta-2.140.901.850.980.690.59
Down Beta-0.04-0.200.620.861.070.64
Up Capture-40%6%47%55%59%15%
Bmk +ve Days12182862130427
Stock +ve Days9152854112384
Down Capture33%147%76%134%120%84%
Bmk -ve Days10253664121325
Stock -ve Days12273468133336

[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 SCM
SCM-30.4%31.8%-1.11-
Sector ETF (XLF)11.1%15.2%0.4742.6%
Equity (SPY)9.5%13.6%0.4136.2%
Gold (GLD)3.6%28.7%0.1112.6%
Commodities (DBC)37.7%21.2%1.40-19.1%
Real Estate (VNQ)12.0%14.2%0.5529.2%
Bitcoin (BTCUSD)-20.8%43.3%-0.4220.8%

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 SCM
SCM-1.4%23.5%-0.10-
Sector ETF (XLF)9.1%18.4%0.3643.5%
Equity (SPY)11.3%17.3%0.4838.8%
Gold (GLD)17.5%19.1%0.748.3%
Commodities (DBC)8.0%19.6%0.297.2%
Real Estate (VNQ)1.2%18.9%-0.0535.2%
Bitcoin (BTCUSD)5.9%51.5%0.2919.6%

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 SCM
SCM6.9%37.3%0.29-
Sector ETF (XLF)13.3%22.1%0.5449.3%
Equity (SPY)14.9%18.0%0.7044.6%
Gold (GLD)12.0%16.5%0.595.8%
Commodities (DBC)7.6%18.1%0.3317.1%
Real Estate (VNQ)5.7%20.7%0.2344.5%
Bitcoin (BTCUSD)61.3%66.2%1.0113.1%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.6 Mil
Short Interest: % Change Since 9302026-13.4%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest5.4 days
Basic Shares Quantity28.9 Mil
Short % of Basic Shares2.1%

Earnings Returns History

Updated 8/31/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20265.2%15.3%23.5%
SUMMARY STATS   
# Positive111
# Negative000
Median Positive5.2%15.3%23.5%
Median Negative   
Max Positive5.2%15.3%23.5%
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20265.2%15.3%23.5%
SUMMARY STATS   
# Positive111
# Negative000
Median Positive5.2%15.3%23.5%
Median Negative   
Max Positive5.2%15.3%23.5%
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/11/202610-Q
12/31/202503/11/202610-K
09/30/202511/10/202510-Q
06/30/202508/06/202510-Q
03/31/202505/12/202510-Q
12/31/202403/04/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/09/202410-Q
12/31/202303/04/202410-K
09/30/202311/07/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/11/202610-Q
12/31/202503/11/202610-K
09/30/202511/10/202510-Q
06/30/202508/06/202510-Q
03/31/202505/12/202510-Q
12/31/202403/04/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/09/202410-Q
12/31/202303/04/202410-K
09/30/202311/07/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/03/202210-Q
06/30/202208/03/202210-Q
03/31/202205/11/202210-Q
12/31/202103/01/202210-K
09/30/202110/28/202110-Q
06/30/202108/02/202110-Q
03/31/202105/06/202110-Q
12/31/202003/04/202110-K
09/30/202010/30/202010-Q
06/30/202007/31/202010-Q
03/31/202005/11/202010-Q
12/31/201903/03/202010-K
09/30/201911/07/201910-Q

Insider Activity

Updated 9/17/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Arnoult, J TimDirectBuy91720267.971,0007,970426,945Form
2Arnoult, J TimDirectBuy62520268.297005,803427,507Form
3Arnoult, J TimDirectBuy62520269.059,00081,450460,364Form
4Arnoult, J TimDirectBuy62520269.271,0009,270388,126Form
5Ladd, Robert TPresident and CEODirectBuy31720268.451,70014,3655,658,417Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Arnoult, J TimDirectBuy91720267.971,0007,970426,945Form
2Arnoult, J TimDirectBuy62520268.297005,803427,507Form
3Arnoult, J TimDirectBuy62520269.059,00081,450460,364Form
4Arnoult, J TimDirectBuy62520269.271,0009,270388,126Form
5Ladd, Robert TPresident and CEODirectBuy31720268.451,70014,3655,658,417Form
6Bilger, Bruce RDirectBuy31720268.7445,490397,4911,992,743Form
7Huskinson, W. ToddCFO and CCODirectBuy31720268.795,70050,074476,999Form
8Ladd, Robert TPresident and CEODirectBuy31720268.7035,000304,5005,811,035Form
Core Cache Last Updated: 11/5/2026