-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：OWL 2026年第一季自由交易收入（FRE）為0.25美元，高於市場預期的0.23美元；直接支出（DE）為0.19美元，高於市場預期的0.18美元。過去12個月的自由交易收入較去年同期成長13%，自由交易收入較去年同期成長14%。資產管理規模（AUM）年增15%至3,150億美元，但由於贖回限制了季增，而付費資產管理規模達到1,880億美元，年增7%。我們認為OWL已做好充分準備，迎接向私募信貸的長期轉變，並在多個債務融資類別中拓展業務，進一步鞏固其領先的信貸地位。管理層指出，軟體貸款餘額僅佔總資產管理規模的8%，這消除了市場的擔憂，但並未提供具體的財務指引。 2025年，年度股利年增25%至每股0.90美元；公司於2026年第一季回購了170萬股股票，耗資2,500萬美元。我們預期資產管理規模（AUM）的正向成長趨勢將持續，因為新募集的資金是基金分配額的兩倍多。儘管直接貸款業務的擔憂導致股價波動，但鑑於OWL股票的基本面強勁，我們仍將維持對該股票的投資策略。
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