-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
OWL delivered Q1 2026 FRE of $0.25 vs $0.23 consensus and DE of $0.19 vs $0.18 consensus, with LTM FRE revenues up 13% and FRE up 14% Y/Y. AUM rose 15% Y/Y to $315B though sequential growth was limited by redemptions, while fee-paying AUM reached $188B, up 7% Y/Y. We believe OWL is well-positioned for the secular shift to private credit and is diversifying beyond its leading credit position across multiple debt financing categories. Management noted software loan balances represent only 8% of total AUM, addressing market concerns, but provided no specific financial guidance. The annual dividend increased 25% Y/Y to $0.90 per share in 2025, and the company repurchased 1.7M shares for $25M in Q1 2026. We expect positive AUM trends to continue as new capital raised was more than double fund distributions. Despite share price volatility from direct lending concerns, we would stay the course with OWL shares given strong fundamentals.