Asset Management Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

FINANCIALS › FINANCIAL SERVICES › ASSET MANAGEMENT

Platforms Keep Building While the Broad Set Gives Back Ground

This update covers what moved, what companies announced and what changed in the transaction record across September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Asset Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   FINANCIALS › FINANCIAL SERVICES › ASSET MANAGEMENT

   Cover page introducing the Asset Management bi-weekly industry events and M&A update for September 14–28, 2026.

   This bi-weekly update covers what changed across Asset Management over September 14–28, 2026, who moved, what transacted, and what it means for owners, buyers and advisors. We'll walk through the market moves, the major catalysts, and the M&A activity that shaped the period.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › ASSET MANAGEMENT Platforms Keep Building While the Broad Set Gives Back Ground This update covers what moved, what companies announced and what changed in the transaction record across September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Asset Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Product Lines Widened and Portfolios Changed Hands While Prices Drifted Lower

   Summarises the two-week period in one page, covering close-to-close price moves for the covered set.

   Across the 11 names we track, product lines widened and portfolios changed hands even as prices drifted lower. Nine of eleven covered names fell, with a sector median of -2.8% against a +0.8% S&P 500 return, so the pullback looks set-specific rather than market-wide. Elemental Royalty Corporation Common Stock (ELE) closed a royalty purchase and agreed a larger portfolio acquisition, while DeFi Technologies Inc. (DEFT) pushed its Valour platform into actively managed funds. That combination of broad price softness alongside concentrated strategic activity is what we unpack on the following pages.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Product Lines Widened and Portfolios Changed Hands While Prices Drifted Lower The two-week period in one page · 11 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Asset Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Most Covered Names Gave Back Ground over the Two-Week Period 9 of 11 covered names fell; the median move was -2.8%. The S&P 500 returned +0.8% over the same window, so the drift was set-specific rather than market-wide. 2 Elemental Put Portfolio Economics at the Centre of the Period Elemental Royalty Corporation Common Stock (ELE) closed its Vizsla Royalties purchase on Sep 15 and, on Sep 21, agreed a $290 million royalty and streaming portfolio acquisition alongside a sale of its generation business and a management succession plan. 3 The Digital-Asset Wrapper Pushed into Actively Managed Money DeFi Technologies Inc. (DEFT) said on Sep 21 that subsidiary Valour had launched Valour Funds SPC and a first hedge fund, extending beyond exchange traded products. Shares gained +15.3% that day and still ended the period at -17.1%. 4 The Two-Business Split in NeuraCap's Standing View Held Up The news in this window came from the adjacent royalty and digital-asset platforms, both Premium-tier names, rather than from the long-only fee managers. The standing valuation lens puts the sector median at 16.4x CY2027E earnings, with the Premium tier at 35.3x. +56.9% Best mover — SUI Group Holdings Limited (SUIG) worst: DEFT -17.1% · 2 up / 9 down of 11 covered -2.8% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Portfolio and Product News Sat with Two Names; The Rest of the Set Drifted

   Shows bi-weekly public market moves for the covered set, close-to-close, against sector and S&P 500 benchmarks.

   Portfolio and product news sat with two names this period, while the rest of the covered set simply drifted lower. The sector median move was -2.8% against a +0.8% S&P 500 return, and our materiality bar for this window is ±4.4% on a sector-relative basis. We attribute each move only where a filing or headline is recorded in the window, and we say so plainly where no driver is on record. That discipline is what lets us separate names moving on news from names simply moving with the tape.

   Everything on this page

   PUBLIC MARKET MOVERS Portfolio and Product News Sat with Two Names; The Rest of the Set Drifted Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.8% · S&P 500 +0.8% · materiality bar ±4.4% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Asset Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.8% DeFi Technologies Inc. (DEFT) -17.1% Shares moved following Valour's Sep 21 launch of Valour Funds SPC and its first hedge fund, extending the platform beyond exchange traded products into actively managed digital asset strategies. A wrapper business adding active mandates is buying a higher blended fee rate, and the market prices that change over time. COMPANY-SPECIFIC Elemental Royalty Corporation Common Stock (ELE) -6.7% Shares moved across a dense record: the Sep 15 completion of the Vizsla Royalties acquisition, then Sep 21 agreements for a $290 million royalty and streaming portfolio plus a generation-business sale. ELE ended the period at -6.7%. Listed royalty vehicles are buying contractual claims, and how they fund them is judged against where their own shares trade. COMPANY-SPECIFIC Triple Flag Precious Metals Corp. (TFPM) -5.5% No notable in-window news was identified that clearly explains the move. At -5.5%, Triple Flag Precious Metals Corp. (TFPM) trailed the -2.8% median for the set, with its weakest day on Sep 28 at -4.2%. In the royalty cohort, quiet weeks still produce moves a board will ask about. UNEXPLAINED SUI Group Holdings Limited (SUIG) +56.9% No notable in-window news was identified that clearly explains the move. The +56.9% gain ran against a set whose median move was -2.8%. Moves with no public record behind them belong in a different bucket from moves a filing can carry. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: New Fund Lines, Bought Claims, Sold Operations

   Lists the two-week period's highest-impact company events, each linked to its underlying filing or article.

   This page is about what companies actually did: new fund lines, claims purchased, operations sold. Elemental Royalty Corporation Common Stock (ELE) closed its Vizsla Royalties purchase and agreed a $290 million royalty and streaming portfolio acquisition alongside a sale of its generation business and a management succession plan. DeFi Technologies Inc. (DEFT) said its subsidiary Valour launched Valour Funds SPC and a first hedge fund, extending beyond exchange traded products. Each 'why it matters' read here is tied to a source we can point to, so the takeaways are traceable, not just asserted.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: New Fund Lines, Bought Claims, Sold Operations The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Asset Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 21 · NEWS · PRNewsWire Valour opens an actively managed fund business with its first hedge fund under DeFi Technologies The launch takes Valour from a product wrapper into actively managed strategies, a fee stream with different economics and different duration. It was the clearest product-breadth move of the period. Product wrapper is the competitive ground, and platforms are widening it rather than defending price. Sep 21 · NEWS · Newsfile Corp Elemental agrees to buy a $290 million royalty and streaming portfolio and sell its generation business Buying contractual claims while selling an operating line concentrates the company on royalty economics. The management succession element addresses the key-man question buyers routinely test. Capital is being recycled out of operations and into long-duration claims inside the listed royalty cohort. Sep 15 · NEWS · Newsfile Corp Elemental completes its acquisition of Vizsla Royalties and the Panuco NSR royalties The close converts an agreed transaction into owned royalty claims and hands former Vizsla holders a minority equity position, showing cash-and-stock consideration doing real work in this cohort. Issuance discipline against NAV remains the live constraint on how portfolio purchases get funded. Sep 14 · NEWS · GlobeNewsWire Value Line reports results for its first fiscal quarter ended July 31 Value Line, Inc. (VALU) made its news through reported results rather than transactions. NeuraCap reads this as the recurring-fee side of the sector running its normal cadence while the adjacent platforms moved. The long-only fee managers were quiet on transactions in this window. Sep 23 · NEWS · PRNewsWire T. Rowe Price publishes an investor view drawn from a global energy CEO's career Research output is how a long-only manager keeps its brand in front of allocators. NeuraCap reads it as positioning through content rather than through product change. Where fee rates are under pressure, distribution and brand still do commercial work. Sep 21 · NEWS · Globe News Wire DeFi Technologies takes the Valour Funds SPC launch to French-language investors Distributing the launch in multiple languages points at a European investor base for the new fund line, which is where the listing regimes for these wrappers sit. Digital-asset platforms market across the jurisdictions where their structures are permitted to be sold.

5. 05
   M&A & STRATEGIC ACTIVITY

   Elemental Closes One Royalty Purchase and Lines up a Larger Portfolio Buy

   Details the period's M&A and strategic activity, including one agreed transaction and the precedent transaction set.

   Elemental Royalty Corporation Common Stock (ELE) closed one royalty purchase and lined up a larger portfolio buy during the window. The precedent set behind that deal now stands at 40 recorded transactions, with a median 8.4x EV/LTM EBITDA multiple, giving us a live benchmark for how the market has been pricing similar royalty and streaming assets. No new precedent transactions entered the record in this window, so the deal count here reflects genuinely new activity, not re-presented history. That combination of one closed deal, one agreed deal, and a steady comparable set is what we use to frame value for anyone assessing similar assets.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Elemental Closes One Royalty Purchase and Lines up a Larger Portfolio Buy September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals · median 8.4x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Asset Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 15 · Elemental Royalty Corporation Common Stock (ELE) Elemental Royalty Corporation completes its acquisition of Vizsla Royalties Corp. The structure is consistent with a listed royalty vehicle funding claim purchases partly in its own equity. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against 8.4x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Owners, Buyers and Advisors

   Translates the two-week period's evidence into implications for owners, acquirers and advisors.

   For owners and operators, the period rewarded widening the product rather than defending the price, and the companies that generated news used the window to add a fund line or buy long-duration claims. For acquirers, one agreed transaction joined the reference set, the cash-and-stock royalty purchase by Elemental Royalty Corporation Common Stock (ELE), even though no new precedent transactions were added. For advisors, the window reinforces our standing view that Asset Management trades as two businesses, long-only fee managers and adjacent royalty or digital-asset platforms, since all the transaction and product news this period came from the Premium-tier names. These are observations drawn from the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Owners, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Asset Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 P / E (CY2027E) median 16.4x 9 companies in the study 3 valuation tiers Standing thesis: Asset Management Trades as Two Businesses: Long-Only Fee Managers and Adjacent Royalty and Digital-Asset Platforms FOR OWNERS & OPERATORS The Period Rewarded Widening the Product, Not Defending the Price The companies that generated news used the window to add a fund line or to buy long-duration claims. FOR ACQUIRERS One Agreed Transaction Joins the Reference Set No new precedent transactions were added to the record in the window, but one agreed deal closed: a cash-and-stock royalty purchase by Elemental Royalty Corporation Common Stock (ELE). FOR ADVISORS Lead with the Two-Business Split, and the Evidence Behind It The window extends NeuraCap's standing view that asset management trades as two businesses: long-only fee managers on one side, adjacent royalty and digital-asset platforms on the other. All the transaction and product news came from the Premium-tier names.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update and states the report's limitations.

   Every figure in this update links back to the filing, press release or established outlet it was taken from, in a fixed reliability order that excludes video and social platforms. Market data runs through September 28, 2026, and driver attributions use calibrated language rather than asserted causation. We built the page this way so that each claim in the deck can be checked against its source. That traceability is what lets you use this update as a working reference, not just a summary.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Asset Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T222438Z_596_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · newsfilecorp.com · globenewswire.com

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