-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：OWL 2026年第一季度自由交易收入（FRE）为0.25美元，高于市场预期的0.23美元；直接支出（DE）为0.19美元，高于市场预期的0.18美元。过去12个月的自由交易收入同比增长13%，自由交易收入同比增长14%。资产管理规模（AUM）同比增长15%至3150亿美元，但由于赎回限制了环比增长，而付费资产管理规模达到1880亿美元，同比增长7%。我们认为OWL已做好充分准备，迎接向私募信贷的长期转变，并在多个债务融资类别中拓展业务，进一步巩固其领先的信贷地位。管理层指出，软件贷款余额仅占总资产管理规模的8%，这消除了市场的担忧，但并未提供具体的财务指引。 2025年，年度股息同比增长25%至每股0.90美元；公司于2026年第一季度回购了170万股股票，耗资2500万美元。我们预计资产管理规模（AUM）的积极增长趋势将持续，因为新募集的资金是基金分配额的两倍多。尽管直接贷款业务的担忧导致股价波动，但鉴于OWL股票的基本面强劲，我们仍将维持对该股票的投资策略。
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