Consumer Finance Sector Outlook — September 2026

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FINANCIALS › FINANCIAL SERVICES › CONSUMER FINANCE

Consumer Finance: Valuation Multiples and Growth Forecasts Have Pulled Apart Across the Set

An outside-in read on how the market is currently ranking consumer lenders against each other, and which attributes it is paying for.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E)

Consumer Finance Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   FINANCIALS › FINANCIAL SERVICES › CONSUMER FINANCE

   Consumer Finance: Valuation Multiples and Growth Forecasts Have Pulled Apart Across the Set

   This is the cover slide for NeuraCap's Consumer Finance sector outlook, dated September 2026.

   We built this outlook on P/E (CY2027E) as the primary valuation basis, using market data as of September 28, 2026. What follows shows a sector that looks uniform from the outside but prices in three distinct ways once you look inside it.

   Everything on this page

   FINANCIALS › FINANCIAL SERVICES › CONSUMER FINANCE Consumer Finance: Valuation Multiples and Growth Forecasts Have Pulled Apart Across the Set An outside-in read on how the market is currently ranking consumer lenders against each other, and which attributes it is paying for. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five numbered sections plus the appendix.

   We've structured this report so section one carries the full argument on its own — you can stop there and still have the complete story. The sections that follow build the evidence: the competitive landscape, valuation and situations, precedent transactions, and strategic implications. We suggest starting with the bottom line, then going deeper wherever a specific question sits.

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   CONTENTS What This Report Covers 01 The Bottom Line Consumer Finance Prices One Lending Group Three Different Ways 02 The Landscape Almost the Whole Set Lends to Non-Prime Consumers 03 Valuation & Situations Forward Earnings Are the Lens, and the Band Around Them Is Wide 04 Precedent Transactions A Thin Record, and It Points at Funding and Distribution 05 Strategic Implications The Levers That Move a Lender's Standing Are Operating Levers 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Consumer Finance Sits Almost Entirely in Non-Prime Consumer Credit, and That One Group Prices Three Ways

   This page summarizes the full sector argument: multiples, growth drivers, funding differentiation and deal activity.

   Of the 28 companies in this screen, 20 carry a forward earnings estimate, and that group's median P/E sits at 8.0x, running from 5.0x to 16.6x. Faster revenue growth associates with a higher multiple here, but the step up is narrower than the gap between the extremes — Ally Financial Inc. (ALLY) sits near the bottom at 6.0x while SoFi Technologies, Inc. (SOFI) sits near the top at 19.3x. Recent deal activity shows buyers taking receivables books and origination channels rather than whole companies. So what: the spread inside this one group is where the real decisions live, not between segment labels.

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   01 · THE BOTTOM LINE Consumer Finance Sits Almost Entirely in Non-Prime Consumer Credit, and That One Group Prices Three Ways The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (20 of 28 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Range Sits with Earnings the Market Reads as Durable Of the 28 companies here, 20 names carry a forward earnings estimate, and the middle of that range sits at 8.0x. The top of the range sits at 16.6x and the bottom at 5.0x; a CY2027E multiple already credits the earnings the market forecasts, so a premium that survives it points to belief in durability rather than in one good year. 2 Faster Revenue Growth Travels with a Higher Earnings Multiple Here Split the 20 names with a forward earnings estimate at 9% revenue growth and you get 10 names on each side: 8.6x above the line and 6.8x below it. Faster growth is associated with a higher forward multiple in this set, and the step up is narrower than the gap between the two ends of the range. 3 Where the Funding Comes from Separates Lenders with Similar Books Cost of funds and the shape of the funding stack are how practitioners tell apart lenders carrying comparable receivables, and this set does not price as one. Ally Financial Inc. (ALLY) at 6.0x sits near the bottom of the range while SoFi Technologies, Inc. (SOFI) at 19.3x sits near the top; the funding read behind that is a diligence question, not a column in this data. 4 Buyers Here Have Been Taking Books and Channels, Not Only Whole Companies Across the 6 transactions on this record, buyers took a receivables portfolio, a point-of-sale lending unit, a captive lender, an installment platform and a bank's auto and deposit business. Apollo Global Management, Inc., Royal Bank of Canada and Truist Financial Corporation all appear, so alternative capital and bank buyers are both active in the same short record. 8.0x Sector median P/E CY2027E consensus · 20 rated of 28 companies 16.6x Premium end P/E vs 5.0x at the discount end top quartile (n=5) against bottom quartile (n=5) on P/E — the spread the report explains 6 Transactions with disclosed terms 36 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

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   This divider introduces the market map and landscape sections covering business segments.

   Almost the entire set lends to non-prime consumers — 27 of the 28 names sit in one segment. Next, we map where each lender sits inside that segment, because that's what actually separates them.

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   SECTION 02 02 THE LANDSCAPE Almost the Whole Set Lends to Non-Prime Consumers Two groups sit on the map, and one of them holds 27 of the 28 names. 02 of 06 Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Where a Lender Sits Inside Its Own Segment Matters More than Which Segment It Sits In

   This slide plots 28 approved companies by business segment with each group's median forward P/E.

   We've grouped all 28 approved companies by business segment and plotted the median P/E (CY2027E) for each group. Where a lender sits inside its segment matters more than which segment it's classified into, because segment membership alone doesn't explain the pricing spread. So what: any comparison you draw should start from the segment peer group, then move to position within it.

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   02 · MARKET MAP Where a Lender Sits Inside Its Own Segment Matters More than Which Segment It Sits In 28 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 NON-PRIME CONSUMER CREDIT 27 cos median 8.0x Capital One (COF) Navient (JSM) Navient (NAVI) Affirm Holdings (AFRM) Synchrony (SYF) OneMain Holdings (OMF) Finance Of (FOA) SoFi Technologies (SOFI) Credit Acceptance (CACC) FirstCash Holdings (FCFS) Enova (ENVA) Atlanticus (ATLC) Encore Capital (ECPG) SLM Consumer (CPSS) Upstart Holdings (UPST) Ally Financial (ALLY) EZCORP (EZPW) Regional (RM) OppFi (OPFI) World Acceptance (WRLD) Medallion (MFIN) LexinFintech (LX) TROOPS (TROO) Jiayin Group (JFIN) FinVolution (FINV) Yiren Digital (YRD) 27 of the 28 names sit here, 96% of the set, and the differences that matter show up inside this group rather than between the two labels on the map. ADJACENT: AUTO RETAIL WITH CAPTIVE FINANCE 1 cos no rated names Vroom (VRM) One name, Vroom, Inc. (VRM), sits here: vehicle retail with finance attached rather than a balance-sheet lender. It carries no forward earnings estimate in this set and is shown alongside the lenders rather than ranked against them.

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   02 · LANDSCAPE

   Non-Prime Lending Is Effectively the Whole Set, with One Adjacent Name Alongside

   This slide shows that non-prime lending accounts for nearly the whole universe, with one adjacent segment alongside it.

   Non-prime consumer credit is effectively the whole set here, with one adjacent name sitting alongside it. This concentration means segment-level comparisons add little — the real differentiation happens within the non-prime group itself. So what: we focus the rest of this report on what separates lenders inside that one segment.

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   02 · LANDSCAPE Non-Prime Lending Is Effectively the Whole Set, with One Adjacent Name Alongside Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Non-prime consumer credit 27 96% 8.0x Capital One Financial Corporation (COF) · Navient Corporation SR NT 6% 121543 (JSM) · +25 more Where the lending happens. 27 of the 28 names lend to non-prime consumers — 96% of the set — across card, installment, auto, pawn, student and purchased-debt models. The 20 names with a forward earnings estimate sit in this group, so the rankings on the following pages compare like with like. Adjacent: auto retail with captive finance 1 4% — Vroom, Inc. (VRM) One adjacent name here. Vroom, Inc. (VRM) is the single name in this group: vehicle retail with captive finance attached rather than a lender carrying the book. It appears on the map for completeness and sits outside the ranked pages.

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   SECTION 03

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   This divider introduces the valuation section built around forward earnings multiples.

   Forward earnings are the lens for this section, and the band around them is wide. We walk through where each name sits on CY2027E earnings and what the two ends of that range look like.

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   SECTION 03 03 VALUATION & SITUATIONS Forward Earnings Are the Lens, and the Band Around Them Is Wide Where each name sits on CY2027E earnings, and what the two ends of the range look like. 03 of 06 Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Lenders with Very Different Growth and Margin Profiles Share the Top of the Valuation Range

   This slide ranks all 20 rated companies by P/E (CY2027E) against the sector median of 8.0x.

   All 20 rated companies are sorted here by P/E (CY2027E), with a sector median of 8.0x. Lenders with very different growth and margin profiles sit together at the top of this range, which tells us the market isn't pricing a single, uniform growth story. So what: a name's tier position is a starting point for diligence, not a conclusion about its business quality.

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   03 · PUBLIC MARKET VALUATION Lenders with Very Different Growth and Margin Profiles Share the Top of the Valuation Range P / E (CY2027E) · all 20 rated companies, sorted descending · sector median 8.0x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (20 of 28 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.6x CORE · median 8.0x DISCOUNT · median 5.0x Sector median 8.0x WHAT SEPARATES THE TWO ENDS The top pays for durability. Of the 28 companies on this page, 20 names carry a forward earnings estimate, and the five at the top of that range sit at 16.6x on CY2027E earnings. A forward multiple already credits the earnings the market forecasts, so a premium that holds at this end reads as confidence in through-the-cycle returns. The bottom prices near book. The five names at the bottom sit at 5.0x, with OppFi Inc. (OPFI) at 3.2x and Finance Of America Companies Inc. (FOA) at 2.6x. Two of those five are growing faster than the middle of the set, so the discount at this end is associated with questions about earnings persistence and funding rather than with volume. Growth alone is not enough. Affirm Holdings, Inc. (AFRM) at 28.2x with 28% revenue growth sits at the top of the range, and EZCORP, Inc. (EZPW) at 14.1x with 6% growth sits there too. Two very different profiles clear the same bar, so the premium here is associated with more than one attribute — a fast book and a secured, slower one both qualify.

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   03 · VALUATION DRIVERS

   Faster Growers Carry the Higher Forward Multiple, by a Narrower Step than You Might Expect

   This slide compares median P/E by revenue-growth cohort and by EBITDA-margin cohort.

   Splitting the rated names at their covered growth median gives ten companies on each side: the faster-growth cohort carries a median of 8.6x against 6.8x for the slower cohort. Faster growers do carry the higher multiple, but the step between cohorts is narrower than the gap between the top and bottom of the full range. This is an association in the data, not a claim that growth alone causes the premium. So what: growth explains part of the spread, but not most of it.

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   03 · VALUATION DRIVERS Faster Growers Carry the Higher Forward Multiple, by a Narrower Step than You Might Expect Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=10; slower n=10; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 9% · EBITDA-margin split at n/a Faster Growers Carry the Higher Multiple, and the Step up Is Modest Split the 20 names with a forward earnings estimate at 9% revenue growth and there are 10 names on each side: 8.6x above the line, 6.8x below it. Growth is associated with a better forward multiple in this set, but it does not account for the full width of the range. On the Four Names with a Reported Margin, Margin and Multiple Do Not Line Up Operating margin is on the record for 4 of the 28 names: Encore Capital Group, Inc. (ECPG) at 29%, Enova International, Inc. (ENVA) at 23%, FirstCash Holdings, Inc (FCFS) at 18% and EZCORP, Inc. (EZPW) at 15%. On those four, the higher margin sits in the middle band and the lower ones sit at the top end. Cost of Funds Is the Variable the Market Reads That This Page Cannot Show Deposit access, committed warehouse capacity and securitisation spreads sit behind the earnings these forecasts assume. Two lenders with comparable receivables can separate on funding structure alone, and in this data that separation is a diligence question rather than a measured column. Lifetime Loss Reserving Front-Loads Provisions on a Book That Is Growing A fast-growing book reports depressed earnings by construction, so a forward earnings multiple on a fast grower is reading a recovery in reported profit as much as in volume. Upstart Holdings, Inc. (UPST) at 12.4x with 31% revenue growth and Atlanticus Holdings Corporation (ATLC) at 6.7x with 13% growth sit on opposite sides of that read.

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    03 · SITUATION MAP

    Six Names Carry Both the Higher Multiple and the Faster Growth; Six Carry Neither

    This slide cuts the rated set into four quadrants by P/E versus growth, split at the sector medians.

    Splitting on P/E versus the 8.0x median and revenue growth versus the 9% median gives six names with both the higher multiple and faster growth, and six with neither. These are observations about where each company sits today, not recommendations to buy or sell any security. So what: the quadrant a company falls into frames the right diligence questions, whether you're an owner, a board, or a prospective acquirer.

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    03 · SITUATION MAP Six Names Carry Both the Higher Multiple and the Faster Growth; Six Carry Neither Cut on P / E vs the sector median (8.0x) (rows) and revenue growth vs the covered median (9%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Growing Above-median multiple · above-median revenue growth 6 names Navient Corporation (NAVI) · Affirm Holdings, Inc. (AFRM) · SoFi Technologies, Inc. (SOFI) · +3 more Navient Corporation (NAVI), Affirm Holdings, Inc. (AFRM), SoFi Technologies, Inc. (SOFI), FirstCash Holdings, Inc (FCFS), Enova International, Inc. (ENVA) and Upstart Holdings, Inc. (UPST) sit above 8.0x and above the middle on revenue growth. The forward multiple is already crediting both, so the work here is holding the growth without letting vintage performance drift. Priced up on Slower Growth Above-median multiple · below-median revenue growth 4 names Capital One Financial Corporation (COF) · Credit Acceptance Corporation (CACC) · EZCORP, Inc. (EZPW) · +1 more Capital One Financial Corporation (COF), Credit Acceptance Corporation (CACC), EZCORP, Inc. (EZPW) and World Acceptance Corporation (WRLD) carry an above-middle multiple on below-middle revenue growth. That reads as the market paying for earnings quality and franchise durability — a judgment rather than a measured variable, and one re-tested each vintage. Growing, Priced Below the Middle Below-median multiple · above-median revenue growth 4 names Finance Of America Companies Inc. (FOA) · Atlanticus Holdings Corporation (ATLC) · OppFi Inc. (OPFI) · +1 more Finance Of America Companies Inc. (FOA), Atlanticus Holdings Corporation (ATLC), OppFi Inc. (OPFI) and Medallion Financial Corp. (MFIN) grow faster than the middle of the set but price below it. Growth is not being credited in these four, and the usual questions are funding structure, product concentration and whether the loss curves are holding. Below the Middle on Both Below-median multiple · below-median revenue growth 6 names Synchrony Financial (SYF) · OneMain Holdings, Inc. (OMF) · Encore Capital Group, Inc. (ECPG) · +3 more Synchrony Financial (SYF), OneMain Holdings, Inc. (OMF), Encore Capital Group, Inc. (ECPG), SLM Corporation (SLM), Ally Financial Inc. (ALLY) and Regional Management Corp. (RM) sit below the middle of the set on both measures. For these, the market's read sits with return on tangible equity and reserve adequacy rather than with originations volume.

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    03 · THE AGENDA

    Revenue Mix, Credit Quality, Funding and Capital Allocation Are the Levers Owners Still Hold

    This slide frames revenue mix, credit quality, funding and capital allocation as the operating levers still open to owners.

    We frame this page as the questions an owner or acquirer should be resolving: revenue mix, credit quality, funding structure and capital allocation. These are the levers that remain within management's control even after the market has set a multiple. So what: moving on these levers is how a lender's standing inside its cohort can shift over time.

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    03 · THE AGENDA Revenue Mix, Credit Quality, Funding and Capital Allocation Are the Levers Owners Still Hold NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 How Much of the Book Can Sit on Committed or Deposit Funding Cost of funds and the shape of the funding stack are how practitioners separate lenders carrying comparable receivables, and this set does not price as one. The decision is how much of the book to move onto committed capacity, and what giving up yield to get there is worth over a full cycle. What changes the answer: A move in securitisation spreads, or a warehouse or bank-partner counterparty changing terms. Which Products and Which States You Want to Be Bigger In Inside one lending group the forward earnings multiples run across a wide band, and the two names at the top of it carry very different profiles — one fast and unsecured, one slower and collateral-backed. The decision is which parts of the book you grow into, and which concentration you are willing to carry while you do it. What changes the answer: Loss severity in the secured parts of the book diverging from the unsecured parts. Vintage Discipline Against Origination Volume at the Margin Lifetime loss reserving front-loads provisioning onto growth, so a book growing quickly carries depressed reported earnings by construction. The decision is how much volume to push through the credit box now, knowing the earnings line absorbs the cost before the vintages have seasoned. What changes the answer: Delinquency roll rates moving away from the curve you underwrote to. Build or Buy the Licensing Footprint, Servicing and Distribution The record here shows buyers taking receivables portfolios, origination units and servicing capability separately from whole companies. The decision is whether the next increment of licensing footprint, merchant or dealer distribution and in-house collections is cheaper to build than to acquire. What changes the answer: A portfolio or origination platform coming available in states where you already hold licences.

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    SECTION 04

    04

    This divider introduces the precedent transactions section.

    The transaction record here is thin — six deals — and it points at funding and distribution. Next, we walk through what each transaction suggests about the buyer's logic.

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    SECTION 04 04 PRECEDENT TRANSACTIONS A Thin Record, and It Points at Funding and Distribution Six transactions here, and what each one suggests about the buyer's logic. 04 of 06 Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Buyers Have Been Taking Receivables Books and Origination Channels

    This slide walks through two of the six precedent transactions with disclosed terms as case studies.

    Buyers in this record have been taking receivables books, point-of-sale lending units, captive lenders, installment platforms and a bank's auto-and-deposit business — not always whole companies. Apollo Global Management, Inc., Royal Bank of Canada and Truist Financial Corporation all appear on this list, showing that alternative capital and bank buyers are both active here. Deal multiples are LTM at announcement, and we don't compare them directly to the CY2027E public basis. So what: the shape of these deals tells you what buyers value — origination and funding access — more than headline pricing does.

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    04 · DEAL CASE STUDIES Buyers Have Been Taking Receivables Books and Origination Channels 2 of 6 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 35 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 30 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Oct-2012 $3.1B Royal Bank of Canada acquires The Canadian auto finance and deposit business of Ally Financial Inc. EV / LTM revenue 0.7x EV / LTM EBITDA 8.8x WHY THE DEAL HAPPENED A deposit-funded bank buying an auto finance business together with its deposit base is the funding trade: the receivables can be carried on insured deposits instead of wholesale lines. The inclusion of the deposit business alongside the loan book suggests the funding structure was as much the point as the credit. HOW THE TARGET WAS VALUED Recorded at $3.1B, with 8.8x on the filing's earnings measure. That sits close to the middle of where the 20 names with a forward earnings estimate trade today, rather than at either end of the range. Dec-2024 $14.8B Banco BBVA Argentina S.A. Banco BBVA Argentina S.A. buys the captive lender FCA Compañía Financiera S.A. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A bank acquiring a manufacturer's captive finance company picks up an origination channel tied to dealer distribution alongside a receivables book it can refund on its own balance sheet. What the transaction suggests is a buyer underwriting the funding and the channel together, not the standalone earnings on their own. HOW THE TARGET WAS VALUED The filing records the value at $14.8B, with the value unit unresolved, so read it as recorded. A captive book bought by a bank is customarily negotiated against tangible book value and the return it earns, which is a different standard from the earnings multiples on the ranked page.

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    SECTION 05

    05

    This divider introduces the strategic implications section.

    The levers that move a lender's standing are operating levers, not market ones. Next, we translate this data into what it means for owners, boards and the buyer sets that price these companies.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Levers That Move a Lender's Standing Are Operating Levers What this ranking means for owners, boards and the buyer sets that price them. 05 of 06 Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Earnings Durability and Funding Mix Sit Alongside the Valuation Spread, and You Can Move Both

    This slide lays out what the valuation spread and funding differences mean for owners, boards and acquirers.

    Earnings durability and funding mix sit alongside the valuation spread we've shown, and both are within reach for management to move. For owners, the band runs wide even within one lending group; for boards, concentration is what sits behind most of the discount-end doubt; for acquirers, three buyer sets are underwriting the same books on different logic. So what: the questions this data puts on the table are about capital and funding structure, and they hold up under a buyer's diligence.

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    05 · STRATEGIC IMPLICATIONS Earnings Durability and Funding Mix Sit Alongside the Valuation Spread, and You Can Move Both NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Your Standing Travels with Earnings the Market Expects to Persist On the 20 names with a forward earnings estimate, the band runs wide inside a single lending group, and both ends of it contain fast growers. Mix, cost of funds and loss severity are the levers, and they show up in reported earnings well before they show up in where the market ranks you. FOR BOARDS Concentration Is the Question the Discount End Keeps Attracting Single-product, single-state or single-counterparty dependence is what sits behind most of the doubt about earnings persistence in this sector. Reserve posture, vintage discipline and the diversity of the funding stack are board-level choices, and they are the ones that hold up when a buyer re-cuts your static pools. FOR ACQUIRERS AND CAPITAL PARTNERS Three Buyer Sets Underwrite the Same Book on Different Logic Banks price the funding they bring, alternative capital prices the origination engine that feeds its funds, and in-market consolidators price licences, density and servicing scale. On the 6 transactions here, banks and alternative capital both appear, so who is across the table shapes the price conversation before diligence begins.

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    06

    This divider introduces the appendix covering the full comparables universe, methodology and sources.

    This closing section carries the full universe, the valuation methodology, and where every underlying disclosure lives. Use it to trace any figure back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier

    This appendix page lists public comparables on P/E (CY2027E), grouped by valuation tier, for the first half of the rated set.

    This page lists the rated companies grouped by valuation tier, shaded relative to the 8.0x sector median. Twenty companies carry an eligible multiple here; eight do not and are listed separately in the companion workbook. So what: this is the full comparable set behind every multiple cited earlier in the report.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (8.0x); amber marks below · 20 rated companies; 8 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 20 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥12.5x · median 16.6x · 5 companies Affirm Holdings, Inc. AFRM Non-prime consumer credit $29.7B 28.2x 28% n/a n/a SoFi Technologies, Inc. SOFI Non-prime consumer credit $14.1B 19.3x 24% n/a n/a FirstCash Holdings, Inc FCFS Non-prime consumer credit $12.0B 16.6x 10% 18% n/a EZCORP, Inc. EZPW Non-prime consumer credit $2.4B 14.1x 6% 15% n/a World Acceptance Corporation WRLD Non-prime consumer credit $866M 12.7x 6% n/a n/a CORE — 6.6x–12.5x · median 8.0x · 10 companies Upstart Holdings, Inc. UPST Non-prime consumer credit $3.7B 12.4x 31% n/a n/a Credit Acceptance Corporation CACC Non-prime consumer credit $12.1B 9.6x 7% n/a n/a Navient Corporation NAVI Non-prime consumer credit $45.3B 9.2x 12% n/a n/a Capital One Financial Corporation COF Non-prime consumer credit $47.4B 8.2x 6% n/a n/a Enova International, Inc. ENVA Non-prime consumer credit $9.0B 8.1x 18% 23% 40 Medallion Financial Corp. MFIN Non-prime consumer credit $488M 7.9x 10% n/a n/a Synchrony Financial SYF Non-prime consumer credit $25.7B 6.9x 6% n/a n/a SLM Corporation SLM Non-prime consumer credit $3.8B 6.8x 3% n/a n/a Atlanticus Holdings Corporation ATLC Non-prime consumer credit $7.0B 6.7x 13% n/a n/a Encore Capital Group, Inc. ECPG Non-prime consumer credit $5.9B 6.6x 1% 29% n/a

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier

    This appendix page continues the public comparables on P/E (CY2027E), grouped by valuation tier, for the second half of the rated set.

    This page continues the tier-grouped comparables, shaded against the same 8.0x sector median as the prior page. Together, both pages cover all 20 rated companies, with the 8 unrated names held in the companion workbook. So what: any multiple you want to cross-check against a peer is here, in full.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (8.0x); amber marks below · 20 rated companies; 8 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 20 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — <6.6x · median 5.0x · 5 companies OneMain Holdings, Inc. OMF Non-prime consumer credit $24.8B 6.5x 8% n/a n/a Ally Financial Inc. ALLY Non-prime consumer credit $3.1B 6.0x 6% n/a n/a Regional Management Corp. RM Non-prime consumer credit $1.8B 5.0x 7% n/a n/a OppFi Inc. OPFI Non-prime consumer credit $1.0B 3.2x 15% n/a n/a Finance Of America Companies Inc. FOA Non-prime consumer credit $22.5B 2.6x 23% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists all six precedent transactions with disclosed terms, newest first.

    All six transactions with disclosed terms sit here, out of 36 recorded in total; the rest lacked a disclosed value or multiple and sit in the companion workbook instead. Deal multiples are LTM at announcement, on a different basis than the CY2027E public multiples used elsewhere. So what: this is the complete disclosed-terms record behind the case studies shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (36 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 35 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 30 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2025 Apollo Global Management, Inc. → Harley-Davidson Credit Corp. portfolio n/a 0.2x 6.9x Apollo Global Management, Inc. agreed in Nov-2025 to acquire the Harley-Davidson Credit Corp. portfolio, recorded at 0.2x revenue and 6.9x on the filing's earnings measure, with no disclosed value. It reads as the origination-engine trade: alternative capital taking… Dec-2024 Banco BBVA Argentina S.A. → FCA Compañía Financiera S.A. $14.8B n/a n/a Banco BBVA Argentina S.A. agreed in Dec-2024 to acquire FCA Compañía Financiera S.A., recorded at $14.8B with the value unit unresolved in the filing. A deposit-funded bank buying a captive lender is the funding-arbitrage logic in plain form: refund the book on… Jan-2024 Olin Corporation → Ally Lending point-of-sale financing business n/a n/a 10.6x Olin Corporation is recorded as the acquirer of the Ally Lending point-of-sale financing business in Jan-2024, at 10.6x on the filing's earnings measure. Origination and servicing capability moving separately from the lender's own balance sheet is the split this short… Aug-2021 Truist Financial Corporation → Service Finance, LLC n/a 0.7x 8.8x Truist Financial Corporation's Aug-2021 agreement for Service Finance, LLC was recorded at 0.7x revenue and 8.8x on the filing's earnings measure, and the record marks it terminated. Merchant-facing point-of-sale distribution is costly to replicate, and the… Jan-2018 Apollo → OneMain Holdings, Inc. $12.1B n/a n/a Apollo's Jan-2018 agreement for OneMain Holdings, Inc. was recorded at $12.1B in the filing. It suggests alternative capital has been willing to own a full installment lending platform, not only to fund paper through a forward-flow arrangement. Oct-2012 Royal Bank of Canada → The Canadian auto finance and deposit business of Ally Financial Inc. $3.1B 0.7x 8.8x Royal Bank of Canada bought The Canadian auto finance and deposit business of Ally Financial Inc. in Oct-2012 at a recorded $3.1B. 1 of the 6 entries on this record is marked completed, and this is it — a bank taking the auto book and the deposits that fund it…

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the report's data sources, valuation basis and what was excluded.

    We built this analysis on market data and consensus estimates as of September 28, 2026, supplemented by company disclosures where available. Every multiple shown passed our plausibility checks before being plotted, and companies that didn't clear those checks are excluded rather than adjusted. Knowing this basis helps you judge how much weight to place on any single comparison in this report. So what: where a number matters to your own decision, this page shows exactly how it was derived.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Consumer Finance Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (20 of 28 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Consumer Finance and it clears the coverage gate with 20 of 28 companies (71%). EV / Revenue is carried as a cross-check. DATA QUALITY & EXCLUSIONS 9 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 735 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (734) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    One Lending Group, and the 20 Names with a Forward Earnings Estimate Price Far Apart.

    This closing slide summarizes the finding: one lending group, twenty rated names, and a wide forward-earnings price spread.

    One lending group, and the 20 names with a forward earnings estimate price far apart. The companion tables carry the full universe, the exclusion ledger and the source index for any figure you want to trace.

    Everything on this page

    One Lending Group, and the 20 Names with a Forward Earnings Estimate Price Far Apart. NeuraCap AI — Consumer Finance Coverage September 2026 · Prepared by NeuraCap AI · Confidential Consumer Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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