-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将12个月目标价下调5美元至15美元，采用更为保守的股权风险溢价，并设定2026年预期市盈率为15.0倍，低于过去三年2026年平均市盈率19.4倍。我们将2026年可分配收益(DE)下调0.05美元至0.95美元，2027年可分配收益下调0.10美元至1.05美元。我们注意到，投资者对私募信贷市场情绪低迷，OWL的散户投资者赎回股票，以及对可能受人工智能颠覆性影响的科技和专业服务企业的直接贷款敞口。然而，私募信贷市场，尤其是直接贷款市场的基本面依然稳定，没有系统性风险迹象，也没有任何迹象表明贷款违约正在加速。 OWL的投资组合多元化，直接贷款仅占总资产管理规模（3150亿美元）的37%。2026年第一季度，募资额同比增长至444亿美元，高于去年同期的294亿美元；其中，私募信贷募资额增长208亿美元，同比增长40%（占总募资额的47%）。私募财富募资额仅为29亿美元，主要投资于实物资产和私募信贷。
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