Rowan Street Capital 500 Followers

Summary

As TTD performed, the position eventually grew to roughly 13% of the portfolio and appreciated approximately 6x at its peak.

Revenue growth decelerated for six consecutive quarters.

The company has had four CFOs in roughly fourteen months.

What we cannot underwrite is a management team whose account of what is happening no longer matches the evidence available to shareholders.

By the second quarter of 2026, The Trade Desk no longer met that standard, and we exited the position.

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The following segment was excerpted from the Rowan Street Q3 2026 Letter.

We first purchased The Trade Desk (TTD) in March 2020, investing approximately 3% of the portfolio. We never added additional capital.…