Capital Markets & Asset Management

AAMI Acadian Asset Management Inc.

Acadian LLC offers institutional investors across the globe access to a diversified array of systematic investment strategies designed to meet a range of risk and return objectives.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ABTC American Bitcoin Corp.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2021–2024 ($8M)($11M)($57M)($61M)

Retained capital not read

Balance sheet Net debt against an operating loss, $6M

ABX Abacus Global Management Inc.

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ABXL Abacus Global Management, Inc.

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ACTG Acacia Research Corporation

Acacia Research Corporation is a disciplined value-oriented acquirer and operator of businesses across public and private markets and industries including but not limited to the industrial, energy and technology sectors.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $3.89 · dividend paid 4 of 9 yrs, cut at least once

ALTI AlTi Global Inc.

AlTi combines the breadth of a global firm with the service offering of a family office to deliver solutions designed to meet the full complexity of wealth and capital.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AMG Affiliated Managers Group Inc.

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

AMP Ameriprise Financial Inc.

Ameriprise Financial, Inc. is a diversified financial services company with a more than 130-year history of providing solutions to help clients confidently achieve their financial objectives.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

ANTA Antalpha Platform Holding Company

Revenue is led by Technology financing fee (54%) and Technology platform fee (24%), with 2 more lines behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

APAM Artisan Partners

Artisan is a global multi-asset investment platform focused on providing high value-added active investment strategies in growing asset classes to sophisticated clients around the world.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

APO Apollo Global Management

Apollo is an asset manager that runs on two engines. One sells annuities and other retirement-savings products, then invests the money it takes in — much of it lent to companies through its own origination platform, across investment grade and below, in public and private markets. The other manages money for outside investors in credit and private equity, charging fees and a share of the gains.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

APOS Apollo Global Management, Inc.

Revenue is Retirement Services (84%) and Asset Management (16%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

APPS Digital Turbine Inc.

Digital Turbine, Inc., through its subsidiaries, is a leading independent mobile growth platform that levels up the landscape for advertisers, publishers, carriers, and device original equipment manufacturers.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ARBK Argo Blockchain plc

We are a company focused on mining Bitcoin and other crypto assets.

Owner earnings 2021–2023 ($142M)($209M)($49M)

Retained capital not read

Balance sheet Net debt against an operating loss, $31M

ARES Ares Management

Revenue is led by Management fees (66%) and Carried interest (21%), with 2 more lines behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ASST Strive Inc.

Strive is a structured finance company and institutional asset manager focused on disciplined capital allocation and long term value creation.

Owner earnings 2023–2024 ($4M)($22M)

Retained capital not read

Balance sheet Net cash, debt-free, +$67M

AURE Aurelion Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AVX Avax One Technology Ltd.

Revenue is Bitcoin Mining (74%) and Avalanche Staking (26%).

Owner earnings 2024–2025 ($6M)($16M)

Retained capital not read

Balance sheet Net cash, +$21M

AXG Solowin Holdings Class A Ordinary Share

Revenue is AI Tokens (79%) and Digital Asset Tokens (21%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AXP American Express Company

American Express is a payments and premium lifestyle brand that both issues cards and runs the network they ride on, so it stands on both sides of a transaction rather than renting someone else's rails. It aims its cards at affluent people and businesses and earns from several places at once: a discount fee charged to the merchants who accept the card, annual card fees, and interest on balances cardmembers carry. It is also a bank holding company, so its lending is supervised and examined like a bank's.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $167 · dividend paid 10 of 10 yrs, never cut

BAM Brookfield Asset Mgmt

Revenue is led by Infrastruture (33%) and Real estate (25%), with 3 more segments behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BEN Franklin Resources Inc.

Franklin Resources Inc. is a holding company with subsidiaries operating under our Franklin Templeton and/or subsidiary brand names.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BGC BGC Group Inc.

An exchange, a toll booth on trading and the market data that trading generates.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $6.23 · dividend paid 10 of 10 yrs, cut at least once

BGDE Big Digital Energy Inc.

Big Digital Energy Inc. is a technology company focused on digital infrastructure platforms, headquartered in the United States.

Owner earnings 2017–2025 ($1M)($2M)($6M)$9M($36M)($8M)$2M($7M)

Retained capital Paid out $239M more than it earned over 2017–2025; annual owner earnings fell $1M.

Balance sheet Net debt against an operating loss, $37M

BGIN Bgin Blockchain Limited

Revenue is Cryptocurrency mining (72%), Sale of mining machines (23%) and Other (5%).

Owner earnings 2023–2025 ($34M)($209M)($171M)

Retained capital not read

Balance sheet Net cash, debt-free, +$26M

BKKT Bakkt Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BLK BlackRock Inc.

BlackRock manages other people's money. Individuals and institutions — pension plans, governments, insurers, savers — hand it their capital, and BlackRock invests it across stocks, bonds, and other assets, both through low-cost index and exchange-traded funds and through funds it actively picks. It earns most of its keep as a fee charged on the pile it manages, so its revenue rides on the size of those assets; it also licenses its investment and risk software to other firms.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 4 yrs, never cut

BLSH Bullish

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2023–2025 ($128M)($30M)$24M

Retained capital not read

Balance sheet Net debt against an operating loss, $12M

BMHL Bluemount Holdings Limited

Revenue is Tradingoftimepieces (61%) and Security Related Service (39%).

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +HK$6K

BMNP Bitmine Immersion Technologies, Inc.

Revenue is led by Self Mining (51%) and Leasing (31%), with 2 more lines behind.

Owner earnings 2021–2025 ($504K)($2M)($1M)($106K)($5M)

Retained capital not read

Balance sheet Net cash, debt-free, +$512M

BMNR BitMine Immersion Technologies Inc.

Revenue is led by Self Mining (51%) and Leasing (31%), with 2 more lines behind.

Owner earnings 2021–2025 ($504K)($2M)($1M)($106K)($5M)

Retained capital not read

Balance sheet Net cash, debt-free, +$512M

BTBT Bit Digital Inc.

Bit Digital Inc. is a strategic asset company focused on active participation in Ethereum-native treasury, staking strategies.

Owner earnings 2022–2025 ($28M)($13M)($45M)($326M)

Retained capital not read

Balance sheet Net cash, +$8M

BTDR Bitdeer Technologies Group

We handle complex processes involved in computing, such as equipment design, procurement and manufacturing, transport logistics, datacenter design and construction, equipment management, and daily operations.

Owner earnings 2020–2024 ($129M)($115M)($331M)($335M)($703M)

Retained capital not read

Balance sheet Net debt against an operating loss, $60M

BULL Webull Corporation

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BULLW Webull Corporation

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BX Blackstone Inc.

Blackstone is an alternative asset manager. It raises money from institutions and individuals, pools it into funds, and invests that capital across real estate, private equity, credit and insurance, and other strategies. It earns a management fee on the money it oversees, and a share of the profits when its funds do well.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

CAN Canaan Inc.

Revenue is Products (78%) and Mining (21%).

Owner earnings 2019–2025 ($41M)$6M$197M($200M)($127M)($219M)($296M)

Retained capital not read

Balance sheet Net cash, +$38M

CANG Cango Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2016–2024 CN¥82MCN¥586MCN¥178MCN¥412M(CN¥627M)(CN¥413M)(CN¥572M)CN¥1.0B(CN¥311M)

Retained capital Paid out CN¥627M more than it earned over 2016–2024; annual owner earnings fell CN¥235M.

Balance sheet Net cash, +CN¥2.5B · dividend paid 6 of 9 yrs, never cut

CBOE Cboe Global Markets Inc.

Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $113 · dividend paid 10 of 10 yrs, never cut

CD Chaince Digital Holdings Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CG Carlyle Group

Carlyle is one of the world's largest global investment firms that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest .

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CGABL Carlyle Group Inc.

Carlyle is one of the world's largest global investment firms that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest .

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CHYM Chime Financial Inc.

Revenue is Payments revenue (69%) and Platform-related revenue (31%).

Owner earnings 2023–2025 ($167M)$59M$33M

Retained capital not read

Balance sheet Net cash, debt-free, +$466M

CIFR Cipher Digital Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2022–2025 ($25M)($115M)($190M)($407M)

Retained capital not read

Balance sheet Net debt against an operating loss, $2.1B

CLSK CleanSpark Inc.

CleanSpark is a data center developer, until recently focused exclusively on bitcoin mining.

Owner earnings 2016–2025 ($448K)($1M)($1M)($6M)($7M)($33M)$54M($79M)($300M)($606M)

Retained capital not read

Balance sheet Modest net debt, $602M

CME CME Group Inc.

Revenue is Clearing and Transaction Fees (81%), MarketData (12%) and OtherRevenue (7%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

CNCK Coincheck Group N.V.

Coincheck runs a cryptocurrency exchange in Japan, where retail customers buy and sell digital tokens through its Marketplace platform. It earns its keep chiefly on the trading itself — the spread and fees collected each time a customer transacts — so what it takes in tracks how much its users trade. Customer cash is held in trust accounts kept apart from the company's own funds, as Japanese rules require.

Owner earnings 2023–2025 (¥3.9B)¥3.6B(¥2.1B)

Retained capital not read

Balance sheet net position not read (debt under-captured)

CNS Cohen & Steers

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

COIN Coinbase Global Inc.

We are working to update the century-old financial system by providing a trusted platform that makes it easy for our customers to engage with crypto assets.

Owner earnings 2019–2022 ($97M)$284M$4.0B($1.6B)

Retained capital Retained $1.3B of earnings over 2019–2022; annual owner earnings fell $497M, $-0.38 per $1 retained.

Balance sheet Net cash, +$4.4B

CORZ Core Scientific Inc.

Core Scientific Inc. designs, builds and operates large-scale, purpose-built data centers that support high-density colocation services and digital asset mining for both our own account and to a lesser extent, third- party customers.

Owner earnings 2020–2025 ($24M)($57M)($179M)$49M($52M)($451M)

Retained capital Paid out $4.1B more than it earned over 2020–2025; annual owner earnings fell $65M.

Balance sheet Net debt against an operating loss, $749M

CORZW Core Scientific Inc. Tranche 1

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2020–2025 ($24M)($57M)($179M)$49M($52M)($451M)

Retained capital Paid out $4.1B more than it earned over 2020–2025; annual owner earnings fell $65M.

Balance sheet Net debt against an operating loss, $749M

CORZZ Core Scientific Inc. Tranche 2

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2020–2025 ($24M)($57M)($179M)$49M($52M)($451M)

Retained capital Paid out $4.1B more than it earned over 2020–2025; annual owner earnings fell $65M.

Balance sheet Net debt against an operating loss, $749M

CRCL Circle Internet Group Inc.

Revenue is Subscription and services (77%) and Transaction revenue (22%).

Owner earnings 2023–2025 $139M$326M$530M

Retained capital not read

Balance sheet Net cash, debt-free, +$1.5B

DAVE Dave Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2021–2025 ($912K)($46M)$33M$125M$290M

Retained capital Retained $12M of earnings over 2021–2025; annual owner earnings grew $154M, $12.75 per $1 retained.

Balance sheet Net cash, debt-free, +$81M

DBRG DigitalBridge Group Inc.

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 5 yrs, never cut

DEFT Defi Technologies Inc.

Defi Technologies Inc. is a publicly listed company with its Common Shares listed for trading on Cboe Canada under the symbol "DEFI", on The Nasdaq Stock Market LLC under the symbol "DEFT", and on FSE under the symbol "R9B" and with BDRs representing Common Shares listed for trading on B3 S.A.

Owner earnings FY2025 ($133M)

Retained capital not read

Balance sheet Net cash, debt-free, +$91M

DGXX Digi Power X Inc.

The Corporation is an innovative energy infrastructure company that develops cutting-edge data centers to drive the expansion of sustainable energy assets.

Owner earnings 2024–2025 ($21M)($32M)

Retained capital not read

Balance sheet Net cash, debt-free, +$78M

DLB Dolby Laboratories

We derive the majority of our revenue from licensing audio and video technology to electronics manufacturers, and a lesser portion of our revenue by offering premium audio and video technologies to cinema exhibitors.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $69.46 · dividend paid 10 of 10 yrs, never cut

ETOR eToro Group Ltd. Class A

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

EVR Evercore

Evercore is the leading independent investment banking firm in the world based on the dollar volume of announced worldwide merger and acquisition transactions on which we have advised in the last five years .

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

FHI Federated Hermes

Federated Hermes, Inc. is a global leader in active investing with $902.6 billion in assets under management at December 31, 2025.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

FRHC Freedom Holding Corp.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

FUFU BitFuFu Inc.

We provide or procure mining equipment hosting services, including rack space, power, network, hardware maintenance, and other infrastructure from various suppliers, and combine them with our proprietary services into an integrated hosting solution.

Owner earnings 2021–2025 $16M($11M)($196M)($220M)($122M)

Retained capital not read

Balance sheet Net debt against an operating loss, $89M

FUFUW BitFuFu Inc.

We provide or procure mining equipment hosting services, including rack space, power, network, hardware maintenance, and other infrastructure from various suppliers, and combine them with our proprietary services into an integrated hosting solution.

Owner earnings 2021–2025 $16M($11M)($196M)($220M)($122M)

Retained capital not read

Balance sheet Net debt against an operating loss, $89M

FUTU Futu Holdings Limited

We are a leading one-stop financial technology platform transforming the investing experience with our fully digitalized securities brokerage and wealth management product distribution services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 1 of 9 yrs, never cut

FWDI Forward Industries Inc.

Forward Industries Inc. provides hardware and software product design and engineering services to customers predominantly located in the U.S.

Owner earnings 2012–2025 ($11M)($138K)$901K($2M)($331K)($596K)$1M$905K$455K($5M)

Retained capital not read

Balance sheet Net cash, +$38M

GCMG GCM Grosvenor Inc.

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 5 of 8 yrs, never cut

GDOT Green DOT Corp

Revenue is B2B Services (67%), Consumer Services (17%) and Money Movement Services (11%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

GEGGL Great Elm Group, Inc.

Revenue is led by Management Fees (43%) and Incentive Fees (25%), with 5 more lines behind.

Owner earnings 2020–2023 $13M($19M)$29M($2M)

Retained capital Paid out $7M more than it earned over 2020–2023; annual owner earnings fell $5M.

Balance sheet Net debt against an operating loss, $4M

GEMI Gemini Space Station Inc.

Gemini is a trusted cryptocurrency platform building secure financial infrastructure for the next generation of money and markets, providing access for individuals and institutions to a financial future that is more open, fair, and secure.

Owner earnings 2023–2025 ($208M)($110M)($220M)

Retained capital not read

Balance sheet Net cash, debt-free, +$252M

GLXY Galaxy Digital Inc.

Galaxy is a global financial services and infrastructure company focused on digital assets and HPC.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

GOLD Gold.com Inc.

Revenue is Wholesale Sales (79%) and Direct To Consumer (21%).

Owner earnings 2016–2025 ($58M)($11M)$6M($15M)$47M($55M)($92M)($35M)$54M$142M

Retained capital Retained $388M of earnings over 2016–2025; annual owner earnings grew $74M, $0.19 per $1 retained.

Balance sheet Meaningful net debt, $267M · buybacks at an average near $27.85 · dividend paid 8 of 10 yrs, cut at least once

GPGI GPGI Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2019–2025 $72M$80M$73M$84M$96M$122M($23M)

Retained capital Paid out $11M more than it earned over 2019–2025; annual owner earnings fell $10M.

Balance sheet Net debt against an operating loss, $70M · dividend paid 1 of 7 yrs, cut at least once

GRAN Grande Group Limited

Revenue is led by General advisory services (45%) and Course materials supplying (26%), with 3 more lines behind.

Owner earnings FY2025 $655K

Retained capital not read

Balance sheet Net cash, debt-free, +$1M

GREEL Vulcan Infrastructure and Power Inc.

We are a developer and operator of datacenters and powered assets designed to support energy-intensive computing workloads.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $24M

GS Goldman Sachs Group Inc. (The)

Goldman Sachs is a global investment bank. It advises corporations, financial institutions, governments and individuals on raising money, buying and selling companies, and managing their assets, and it makes markets in securities for clients. It earns fees for advice and for managing money, and it earns spreads and trading gains in the markets — money made by moving other people's money.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

GSIW Garden Stage Limited

We, through our Operating Subsidiaries, are a Hong Kong-based financial services provider principally engaged in the provision of placing and underwriting services; securities dealing and brokerage services; asset management services; investment advisory services; due diligence services; and introduction and referral services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

HIVE HIVE Digital Technologies Ltd.

Revenue is Digital currency mining (93%) and High performance computing (7%).

Owner earnings 2024–2026 ($54M)($48M)($86M)

Retained capital not read

Balance sheet Net cash, debt-free, +$23M

HLI Houlihan Lokey

Houlihan Lokey, Inc. is a leading global independent investment bank with expertise in mergers and acquisitions, capital markets, financial restructurings, liability management, and financial and valuation advisory services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $164 · dividend paid 10 of 10 yrs, never cut

HLNE Hamilton Lane

We are a global private markets investment solutions provider dedicated to private markets investing.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs

HOOD Robinhood Markets Inc.

We use technology to provide access to the financial system in a way that is simple and convenient for our customers.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

HTT High Templar Tech Limited

Revenue is Delivery service Income (59%) and Sales Income (41%).

Owner earnings 2016–2025 CN¥789MCN¥2.8BCN¥3.2BCN¥5.4BCN¥2.2BCN¥444M(CN¥13M)(CN¥213M)(CN¥429M)CN¥570M

Retained capital Retained CN¥5.2B of earnings over 2016–2025; annual owner earnings fell CN¥2.3B, CN¥-0.44 per CN¥1 retained.

Balance sheet Net cash, +CN¥6.0B

HUT Hut 8 Corp.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2022–2025 ($55M)($32M)($116M)($241M)

Retained capital not read

Balance sheet Net debt against an operating loss, $256M

IBKR Interactive Brokers Group Inc.

Interactive Brokers Group Inc. is an automated global broker.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ICE Intercontinental Exchange Inc.

Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $91.18 · dividend paid 10 of 10 yrs, never cut

IDCC InterDigital Inc.

InterDigital Inc. is a global research and development company focused primarily on wireless, video, artificial intelligence, and related technologies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $4.40 · dividend paid 10 of 10 yrs, never cut

IREN IREN Limited

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2023–2025 ($25M)$2M$65M

Retained capital not read

Balance sheet Heavy net debt, $398M

IVZ Invesco

Revenue is Investment Advice (72%), Service and distribution fees (24%) and Other (3%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $15.94 · dividend paid 10 of 10 yrs, cut at least once

JEF Jefferies Financial Group

Jefferies Financial Group is a U.S.-headquartered global investment banking and capital markets firm.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $21.44 · dividend paid 6 of 6 yrs, never cut

JFIN Jiayin Group Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2025 CN¥101M(CN¥240M)CN¥9M(CN¥36M)CN¥182MCN¥124MCN¥380MCN¥1.4BCN¥1.2B

Retained capital Retained CN¥6.8B of earnings over 2017–2025; annual owner earnings grew CN¥1.0B, CN¥0.15 per CN¥1 retained.

Balance sheet Modest net debt, CN¥539M · dividend paid 1 of 9 yrs, never cut

JFU 9F Inc.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2025 CN¥2.8BCN¥2.3B(CN¥486M)(CN¥237M)CN¥36MCN¥41MCN¥45MCN¥205M

Retained capital Paid out CN¥206M more than it earned over 2017–2025; annual owner earnings fell CN¥1.4B.

Balance sheet Net cash, debt-free, +CN¥435M

JHG Janus Henderson Group plc

Janus Henderson Group plc is an independent global asset manager, specializing in investment management across all major asset classes.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

JSM Navient Corporation

Revenue is Government Services (68%) and Healthcare Services (32%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

KEEL Keel Infrastructure Corp.

We have a portfolio of assets that include owned and operated power generation facilities with collocated Bitcoin Mining data centers, established grid interconnections within the wholesale electricity market administered by PJM Interconnection in Pennsylvania, and 100% renewable hydroelectric capacity in Canada and Washington state.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

KKR KKR & Co. Inc.

KKR is an alternative-asset manager. It raises long-lived funds from institutions and invests that capital in private equity, credit, infrastructure and real estate, earning a recurring management fee on the money it oversees and a share of the profits, called carried interest, when the investments do well. It also invests its own balance-sheet capital alongside the funds, and it owns a life and annuity insurer, Global Atlantic, whose premiums give it permanent capital to manage and a spread to earn.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

KKRS KKR & Co. Inc.

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

KLAR Klarna Group plc

Revenue is led by Transaction revenue (60%) and Interest income (27%), with 2 more lines behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

LAZ Lazard

Lazard is a global financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, and Australia.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $39.15 · dividend paid 10 of 10 yrs, cut at least once

LDI loanDepot Inc.

We are a leading provider of lending solutions that make the American dream of homeownership more accessible and achievable for all, especially the increasingly diverse communities of first-time homebuyers, through a broad suite of lending and real estate services that simplify one of life's most complex transactions.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

LPLA LPL Financial Holdings Inc.

LPL serves the financial advisor-mediated marketplace as the nation's largest independent broker-dealer, a leading investment advisory firm, and a top custodian.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $117 · dividend paid 10 of 10 yrs, never cut

LU Lufax Holding Ltd

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

LX LexinFintech Holdings Ltd.

Revenue is Credit facilitation service income (73%), Tech-empowerment service income (16%) and Installment e-commerce platform service (11%).

Owner earnings 2016–2025 CN¥375MCN¥1.6BCN¥2.8B(CN¥828M)(CN¥264M)CN¥2.6B(CN¥38M)CN¥2.7BCN¥971MCN¥3.5B

Retained capital Retained CN¥11.1B of earnings over 2016–2025; annual owner earnings grew CN¥803M, CN¥0.07 per CN¥1 retained.

Balance sheet Net cash, +CN¥1.7B · dividend paid 3 of 10 yrs, never cut

MAAS Maase Inc.

Revenue is Life insurance business (80%), Non-life insurance business (13%) and Wealth management and others (7%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MARA MARA Holdings Inc.

MARA is an energy and digital infrastructure company focused on acquiring, managing, and allocating energy to its highest-value uses.

Owner earnings 2016–2025 $10M($11M)($13M)($3M)($11M)($34M)($218M)($343M)($928M)($1.2B)

Retained capital not read

Balance sheet Net debt against an operating loss, $3.1B

MATH Metalpha Technology Holding Limited

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2016–2025 ($60K)$3M($1M)$744K($1M)($12M)$69K

Retained capital not read

Balance sheet Net cash, debt-free, +$12M

MGR Affiliated Managers Group, Inc.

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

MGRB Affiliated Managers Group, Inc.

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

MGRD Affiliated Managers Group, Inc.

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

MGRE Affiliated Managers Group, Inc.

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

MIAX Miami International Holdings Inc.

We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MKTX MarketAxess

MarketAxess operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and significant cost savings to approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other markets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

MORN Morningstar Inc.

Revenue is led by Morningstar Data and Analytics (34%) and PitchBook (27%), with 3 more segments behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

MRX Marex Group plc

We provide market access, infrastructure services and essential liquidity to clients across global commodity and financial markets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 4 yrs, cut at least once

MS Morgan Stanley

Morgan Stanley is a global investment bank and wealth manager. It advises companies, governments, and institutions on mergers and on raising money, trades stocks, bonds, and other securities for clients, and manages money and runs brokerage accounts for individuals and institutions. It earns advisory and underwriting fees, trading profits, and recurring fees charged on the client assets it oversees.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

MSTR Strategy Inc Common Stock Class A

Strategy is the world's first and largest Bitcoin Treasury Company.

Owner earnings 2016–2025 $108M$74M$4M$51M$50M$91M$725K$10M($56M)($75M)

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $103M.

Balance sheet Net debt against an operating loss, $5.9B

MTC MMTec Inc.

We provide comprehensive, Internet-based technology services and solutions to the Chinese language speaking hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms engaging in securities market transactions and settlements globally.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

NAVI Navient Corporation

Revenue is Government Services (68%) and Healthcare Services (32%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

NCTY The9 Limited American Depository Shares

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

NDAQ Nasdaq Inc.

Nasdaq is a leading technology platform that powers the world's economies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $32.07 · dividend paid 10 of 10 yrs, never cut

NMR Nomura Holdings Inc ADR

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

NOAH Noah Holdings Limited

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 10 yrs, cut at least once

NU Nu Holdings Ltd.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

OPY Oppenheimer Holdings Inc.

Oppenheimer provides a comprehensive array of financial services through a network of 924 financial advisors in 88 offices located throughout the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

OWL Blue Owl Capital

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $10.32 · dividend paid 5 of 7 yrs, never cut

PAX Patria Investments Limited Class A

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, cut at least once

PGY Pagaya Technologies Ltd.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2021–2025 $49M($46M)($42M)$30M$225M

Retained capital Paid out $842M more than it earned over 2021–2025; annual owner earnings grew $84M.

Balance sheet Modest net debt, $124M

PIPR Piper Sandler

Piper Sandler Companies is an investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States and internationally.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

PJT PJT Partners

PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $49.90 · dividend paid 10 of 10 yrs

PLUT Plutus Financial Group Limited

Revenue is Securities Related Services (38%), Asset Management Services (36%) and Money Lending (26%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

PWP Perella Weinberg Partners

We are a leading global independent advisory firm that provides strategic and financial advice to clients across the most active industry sectors and international markets.

Owner earnings 2019–2025 ($114M)$80M$233M($28M)$131M$207M$30M

Retained capital Paid out $118M more than it earned over 2019–2025; annual owner earnings grew $56M.

Balance sheet Net cash, debt-free, +$256M · dividend paid 5 of 7 yrs, never cut

QFIN Qfin Holdings Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

RHLD Resolute Holdings Management, Inc.

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2024–2025 $145M$189M

Retained capital not read

Balance sheet Net cash, +$21M

RILY BRC Group Holdings Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYG BRC Group Holdings, Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYL BRC Group Holdings Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYN BRC Group Holdings, Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYP BRC Group Holdings Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYT BRC Group Holdings, Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYZ BRC Group Holdings, Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RIOT Riot Platforms Inc. Common Stock

We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets.

Owner earnings 2018–2025 ($24M)($16M)($11M)($112M)($105M)($161M)($495M)($774M)

Retained capital not read

Balance sheet Net debt against an operating loss, $607M

RJF Raymond James Financial Inc.

Raymond James Financial Inc. is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations, and municipalities.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

RPC Ridgepost Capital Inc.

We are a leading multi-asset class private market solutions provider in the alternative asset management industry.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 7 yrs, never cut

SAIH SAIHEAT Limited

Revenue is Revenue – sales of products (69%) and Revenue Mining Member (31%).

Owner earnings 2020–2024 ($1M)($5M)($7M)($8M)($6M)

Retained capital not read

Balance sheet Net cash, debt-free, +$202K

SATA Strive, Inc.

Strive is a structured finance company and institutional asset manager focused on disciplined capital allocation and long term value creation.

Owner earnings 2023–2024 ($4M)($22M)

Retained capital not read

Balance sheet Net cash, debt-free, +$67M

SBET Sharplink Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2022–2025 ($6M)$571K($23M)($18M)

Retained capital not read

Balance sheet Net cash, +$28M

SCHW Charles Schwab Corporation (The)

Charles Schwab holds the money and investments of individual savers and of the independent financial advisers who manage other people's accounts. It makes money two ways at once: it runs a brokerage and asset manager that earns fees for trading, custody, advice, and funds; and it runs a bank that takes the idle cash sitting in those accounts and earns the spread by lending and investing it. The work splits between serving investors directly and serving the advisers who serve them.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $41.82 · dividend paid 10 of 10 yrs, never cut

SEIC SEI Investments Company

SEI Investments Company is a leading global provider of financial technology, operations, and asset management solutions that connect the financial services ecosystem across advice, asset management, and administration.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

SF Stifel Financial

We operate in the following segments: Global Wealth Management, Institutional Group, and Other.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $34.77

SFB Stifel Financial Corp

We operate in the following segments: Global Wealth Management, Institutional Group, and Other.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $34.77

SII Sprott Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2019–2025 $31M$26M$51M$32M$28M$67M$96M

Retained capital Retained $48M of earnings over 2019–2025; annual owner earnings grew $28M, $0.59 per $1 retained.

Balance sheet Net cash, debt-free, +$124M · dividend paid 7 of 7 yrs, never cut

SLMT Brera Holdings PLC

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2021–2024 €10K(€919K)(€2M)(€3M)

Retained capital not read

Balance sheet Net cash, +€604K

SLNHP Soluna Holdings, Inc.

We utilize two distinct data center designs to serve different computing markets.

Owner earnings 2019–2025 $206K($2M)$3M($16M)($13M)($14M)($19M)

Retained capital not read

Balance sheet Net debt against an operating loss, $27M

SNEX StoneX Group

We operate a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

SOFI SoFi Technologies

We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

SORA AsiaStrategy

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings FY2025 ($4M)

Retained capital not read

Balance sheet Net debt against an operating loss, $3M

STEP StepStone Group

We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 8 yrs, never cut

STKE Sol Strategies Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings FY2025 (C$11M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$222K

STRC Strategy Inc

Strategy is the world's first and largest Bitcoin Treasury Company.

Owner earnings 2016–2025 $108M$74M$4M$51M$50M$91M$725K$10M($56M)($75M)

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $103M.

Balance sheet Net debt against an operating loss, $5.9B

STRD Strategy Inc

Strategy is the world's first and largest Bitcoin Treasury Company.

Owner earnings 2016–2025 $108M$74M$4M$51M$50M$91M$725K$10M($56M)($75M)

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $103M.

Balance sheet Net debt against an operating loss, $5.9B

STRF Strategy Inc

Strategy is the world's first and largest Bitcoin Treasury Company.

Owner earnings 2016–2025 $108M$74M$4M$51M$50M$91M$725K$10M($56M)($75M)

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $103M.

Balance sheet Net debt against an operating loss, $5.9B

STRK Strategy Inc

Strategy is the world's first and largest Bitcoin Treasury Company.

Owner earnings 2016–2025 $108M$74M$4M$51M$50M$91M$725K$10M($56M)($75M)

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $103M.

Balance sheet Net debt against an operating loss, $5.9B

SYF Synchrony Financial

We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which, in our business and in this report, we refer to as our "partners."

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TIGR UP FINTECH HOLDING LIMITED

We are a leading integrated financial technology platform providing cross-market, multi-product investment experience for investors around the world.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TOP TOP Financial Group Limited

Revenue is led by Futures brokerage commissions (39%) and Interest income from loan business (20%), with 5 more lines behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TPG TPG Inc.

We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TPGXL TPG Inc.

We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TRON Tron Inc.

Tron Inc. is a trusted toy and souvenir designer and developer, selling into the world's largest theme parks and entertainment venues.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TROW T. Rowe Price Group Inc.

We provide investment solutions and a broad range of equity, fixed income, multi-asset, and alternatives capabilities to individuals, advisors, institutions, and retirement plan sponsors.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

TW Tradeweb Markets Inc.

We are a leader in building and operating electronic marketplaces for our global network of clients across the financial ecosystem.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 8 yrs, never cut

UPST Upstart

Upstart is the leading artificial intelligence lending marketplace.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

VALU Value Line Inc.

Value Line, Inc. is a New York corporation headquartered in New York City and formed in 1982.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $36.54 · dividend paid 10 of 10 yrs, cut at least once

VCTR Victory Capital Holdings

Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $33.84 · dividend paid 10 of 10 yrs, cut at least once

VEL Velocity Financial Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

VINP Vinci Compass Investments Ltd. Class A

Vinci Compass is the premier partner for alternative investments and global solutions in Latin America, formed by the combination of Vinci Partners and Compass in 2024.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, cut at least once

VIRT Virtu Financial

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 5 of 10 yrs, never cut

VRTS Virtus Investment Partners Inc.

We provide investment management and related services to institutions and individuals.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $129 · dividend paid 10 of 10 yrs, never cut

WD Walker & Dunlop

We are a leading commercial real estate services, finance, and technology company in the United States.

Owner earnings 2016–2025 $757M$1.1B$59M$423M($1.4B)$861M$1.6B($17M)$116M($680M)

Retained capital Retained $836M of earnings over 2016–2025; annual owner earnings fell $820M, $-0.98 per $1 retained.

Balance sheet Heavy net debt, $1.1B · dividend paid 8 of 10 yrs, never cut

WLTH Wealthfront Corporation

We are a product-driven technology company that built a financial solutions platform for "digital natives," defined as those born after 1980.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$441M

WT WisdomTree Inc.

We are a global financial innovator, offering a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $15.71 · dividend paid 10 of 10 yrs, cut at least once

WTF Waton Financial Limited

An exchange, a toll booth on trading and the market data that trading generates.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

WULF TeraWulf Inc.

We are a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States, purpose-built to support high-performance computing workloads, including artificial intelligence, machine learning, and advanced cloud applications.

Owner earnings 2017–2025 ($25K)$682K($955K)($549K)($35M)$1M($30M)($130M)

Retained capital not read

Balance sheet Net cash, +$168M

WYFI WhiteFiber Inc.

We are a leading provider of artificial intelligence infrastructure solutions.

Owner earnings 2024–2025 $2M$22M

Retained capital not read

Balance sheet Net cash, +$114M

XP XP Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 5 of 8 yrs, cut at least once

XYF X Financial

Revenue is led by Loan Facilitation Service (50%) and Financing income (18%), with 4 more lines behind.

Owner earnings 2016–2025 CN¥79M(CN¥621M)(CN¥4M)CN¥589M(CN¥685M)CN¥447MCN¥621MCN¥1.4BCN¥1.5BCN¥1.5B

Retained capital Retained CN¥4.9B of earnings over 2016–2025; annual owner earnings grew CN¥1.6B, CN¥0.34 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥994M · dividend paid 4 of 10 yrs, cut at least once

YRD Yiren Digital Ltd.

Revenue is Credit solution business (88%), Others (7%) and Insurance brokerage business (5%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 10 yrs, cut at least once

ZSQR Z Squared Inc.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$6M