FRHC Borrow Cost Explodes 442% as Lending Pool Hits Near-Empty

Cost to borrow FRHC hit 29.8% on June 26. That is up 442% in a single week. For context, it traded between 2% and 4% for most of the past two months.

The lending market tells the story clearly. Availability has collapsed to just 1.4% — roughly one share left for every 70 already borrowed. Three days this week saw availability drop below 0.1%. The borrow pool is, for all practical purposes, exhausted.

How the Market Got Here

The tightening did not happen overnight. Availability has been extremely constrained for weeks. From June 1 through June 15, availability rarely exceeded 1.5%. There was a brief loosening around June 17–19, when availability touched 9–11%. That window closed fast. By June 22, availability was back below 0.25%, and it has stayed there.

Short interest climbed through that same period. Shares short rose 15.4% over the past week. The one-month increase is 22.9%. More shorts piling in, fewer shares left to lend — cost to borrow had only one direction to move.

Options Market Shifts Too

The put/call ratio hit 2.01 on June 26. The 20-day mean is 1.21. That puts the PCR at a z-score of roughly 2.0 — a notable shift toward puts. As recently as June 8–15, the PCR sat around 0.90. The rotation toward downside protection has been swift and sharp.

What the ORTEX Short Score Says

The ORTEX short score reached 71.8 on June 26. It was 67.5 a week ago. The factor rankings are similarly extreme: the utilization rank sits at the 0th percentile, and the short score rank is in the 6th percentile. That combination — near-zero availability, rising short interest, spiking cost to borrow, and an elevated short score — is the full convergence picture.

Data Summary

• Cost to borrow: 29.8%, up 442% week-on-week; up 976% month-on-month
• Availability: 1.4% of short interest — one share available per ~70 borrowed
• Short interest: 1.88% of free float, up 15.4% in one week and 22.9% over one month
• Put/call ratio: 2.01 vs. 20-day mean of 1.21 (z-score ~2.0)
• ORTEX short score: 71.8, up from 67.5 one week ago
• Stock price: -10.4% over the past week, closing at $128.82 on June 26
• Next earnings: August 7, 2026