Leasing and Rental Finance 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 › LEASING AND RENTAL FINANCE

Funding Access Holds up While the Consumer End Gives Ground

This update covers what moved, what companies announced, and what changed in M&A 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

Leasing and Rental Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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

   FINANCIALS › FINANCIAL SERVICES › LEASING AND RENTAL FINANCE

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

   This bi-weekly update covers what moved, what companies announced, and what changed in M&A across leasing and rental finance between September 14 and 28, 2026. We'll walk through the market movers, the catalysts behind them, and what the period means for owners, acquirers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › LEASING AND RENTAL FINANCE Funding Access Holds up While the Consumer End Gives Ground This update covers what moved, what companies announced, and what changed in M&A 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 Leasing and Rental Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Balance-Sheet Access Earned the Period's Gain While Consumer Lease-Purchase Carried The

   Summarizes the two-week period's key takeaway: funding access gained while consumer lease-purchase names declined.

   Across the seven covered names, six fell and the median move was -4.4%, well behind the S&P 500's +0.8% over the same period. AerCap Holdings (AER) was the standout, rising +5.1% after pricing $1.5 billion of senior notes on Sep 23 — we read this as the market rewarding platforms with ready unsecured funding access. On the other side, PROG Holdings (PRG) fell -14.6% and Upbound Group (UPBD) fell -13.5%, both far beyond the period's median move. So what: this is several markets moving on different logic, not one sector moving together.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Balance-Sheet Access Earned the Period's Gain While Consumer Lease-Purchase Carried The The two-week period in one page · 7 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. Leasing and Rental Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 7 Covered Names Fell; The Median Move Was -4.4% The set gave ground while the S&P 500 returned +0.8% over the same two-week period. The weakness was concentrated rather than broad-based in size. 2 Unsecured Funding Access Sat Behind the Only Gain AerCap Holdings N.V. (AER) rose +5.1%, with its strongest day +2.8% on Sep 16, and priced $1.5 billion of senior notes on Sep 23. The NeuraCap read: the period rewarded the platforms that can raise unsecured paper on demand. 3 The Consumer Lease-Purchase Names Took the Widest Moves PROG Holdings, Inc. (PRG), a Core-tier name, fell -14.6% and Upbound Group, Inc. (UPBD), a Discount-tier name, fell -13.5% — both far beyond the -4.4% median for the set. 4 The Period Extends the Standing View That This Is Several Markets, Not One NeuraCap's standing sector lens puts the CY2027E P/E median at 8.1x, with the Premium tier at 16.3x and the Discount tier at 4.1x. The spread between the aviation platforms and the consumer end widened again over the two-week period. +5.1% Best mover — AerCap Holdings N.V. (AER) worst: PRG -14.6% · 1 up / 6 down of 7 covered -4.4% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Funding Access up, Consumer Lease-Purchase Down

   Shows individual company share-price moves for the two-week period against the sector median and materiality bar.

   Over September 14–28, 2026, the sector median move was -4.4% against a +0.8% S&P 500 return, with a materiality bar of 7.6% marking moves worth a closer look. AerCap Holdings (AER) cleared that bar to the upside at +5.1%, with its strongest single day at +2.8% on Sep 16. PROG Holdings (PRG) and Upbound Group (UPBD) cleared it to the downside, at -14.6% and -13.5% respectively. So what: the moves that matter this period sit at the extremes, not the middle.

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   PUBLIC MARKET MOVERS Funding Access up, Consumer Lease-Purchase Down Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.4% · S&P 500 +0.8% · materiality bar ±7.6% (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. Leasing and Rental Finance 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 -4.4% PROG Holdings, Inc. (PRG) -14.6% No notable in-window news was identified that clearly explains the move. The -14.6% decline was well beyond the -4.4% median for the covered set. The consumer end of leasing carried the period's widest moves with the least company news behind them. UNEXPLAINED Upbound Group, Inc. (UPBD) -13.5% Upbound Group, Inc. (UPBD) named a new Chief Operating Officer and a new business-unit head on Sep 22, then declared its fourth-quarter cash dividend on Sep 24; shares moved following those items, the worst day -4.7% on Sep 23. Capital return and bench strength did not offset pressure on the consumer lease-purchase end this period. COMPANY-SPECIFIC AerCap Holdings N.V. (AER) +5.1% AerCap Holdings N.V. (AER) priced $1.5 billion of senior notes on Sep 23, and the +5.1% gain is consistent with the market rewarding unsecured funding access; the biggest day, +2.8% on Sep 16, came before the pricing. Unsecured market access remains the clearest separator between scale platforms and secured-only balance sheets. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Did: Aircraft Bought, Engines Serviced, Capital Raised

   Lists the period's highest-impact company events, including aircraft purchases, engine servicing and capital raises.

   The two-week period's clearest signals came from what companies actually did: aircraft acquired, engines serviced, and capital raised. Each event links back to its underlying filing or article, so the evidence here is traceable rather than asserted. We read these as the operational proof points behind the market moves on the prior page. So what: the names taking action on fleet and funding are the ones the market is currently rewarding.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Did: Aircraft Bought, Engines Serviced, Capital Raised 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. Leasing and Rental Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · GlobeNewsWire FTAI Aviation bought 27 narrowbody aircraft, placing 17 into a sale-leaseback with a managed vehicle The structure puts 17 aircraft on third-party capital while 10 off-lease airframes feed the aerospace products business. It is origination and aftermarket feedstock in a single transaction. Sale-leaseback origination paired with part-out capability is how the aviation platforms are adding assets. Sep 23 · NEWS · GlobeNewsWire FTAI Aviation deepened an engine maintenance partnership across Asia-Pacific Shop visit capacity is the constraint on green time economics and engine leasing returns. Locking in regional maintenance reach supports both lease yield and used serviceable material supply. Aftermarket capture, not rental spread alone, is what separates the aviation platforms right now. Sep 22 · NEWS · GlobeNewsWire Willis Lease Finance signed a Series B preferred stock purchase agreement The agreement adds capital alongside the company's existing funding stack. For an engine lessor, incremental equity-like capacity is what supports portfolio growth without further encumbering the balance sheet. Core-tier platforms are working the funding mix to keep buying assets. Sep 22 · NEWS · Business Wire Upbound Group appointed a new Chief Operating Officer and a new business-unit head Leadership changes at the operating layer signal where the company is putting its attention on approvals, collections and retail partner execution. Those are the levers in consumer lease-purchase. In the consumer segment, execution on the retail partner relationship is the asset being managed. Sep 16 · NEWS · GlobeNewsWire AerSale placed a converted 757 freighter on lease with a cargo operator A placement on a converted airframe is direct evidence of lease attachment and residual realisation on an older technology vintage. That is the harder end of the asset spectrum to keep working. Demand for converted freighter capacity supports carrying values on mid-life airframes. Sep 24 · NEWS · Benzinga FTAI Aviation drew a mention among featured picks on a national business broadcast The mention reflects where investor attention sits within the sector — on the Premium-tier aviation platforms rather than the consumer end. It signals visibility, not a company action. Attention is clustering on the aftermarket-integrated lessors this period.

5. 05
   M&A & STRATEGIC ACTIVITY

   Platform M&A Sat Out the Period While Aircraft Changed Hands

   Reviews M&A and strategic activity for the period, noting no new platform deals against a precedent set of 21 recorded transactions.

   No new platform transactions entered the record over September 14–28, 2026, so the trailing set of 21 recorded deals still frames how platforms get priced. Aircraft themselves did change hands during the period, even as platform-level M&A sat out. We read this as a pause at the platform level rather than a shift in the deal backdrop. So what: acquirers should keep using the existing precedent set until fresh platform deals arrive.

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   M&A & STRATEGIC ACTIVITY Platform M&A Sat Out the Period While Aircraft Changed Hands September 14–28, 2026 · precedent transactions: 21 recorded deals 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. Leasing and Rental Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. Activity ran at the asset level instead, with FTAI Aviation Ltd. (FTAI) adding 27 aircraft through a purchase paired with a sale-leaseback of 17 of them, against a trailing record of 21 precedent transactions. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 21 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for the People Who Run These Books

   Translates the period's evidence into implications for owners and operators, acquirers, and advisors.

   For owners and operators, the clearest evidence sat in placements and asset purchases — a converted freighter placed on lease and 27 aircraft acquired, most into a sale-leaseback. For acquirers, the platform reference set is unchanged, so the trailing 21 precedents still frame pricing. For advisors, the story to tell clients is the split: aviation platforms showing funding access and aftermarket capture, while consumer lease-purchase names move on their own dynamics. So what: each audience has a distinct, actionable read from the same two-week period.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for the People Who Run These Books 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. Leasing and Rental Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 P / E (CY2027E) median 8.1x 8 companies in the study 3 valuation tiers Standing thesis: Leasing and Rental Finance Trades as Several Markets: Aircraft Fleets, Vessel Charters and Consumer Lease-Purchase FOR OWNERS & OPERATORS Lease Attachment and Residual Realisation Did the Work The period's clearest evidence sat in placements and asset purchases: a converted freighter put on lease, and 27 aircraft acquired with most of them placed into a sale-leaseback. FOR ACQUIRERS The Reference Set for Platforms Is Unchanged; The Asset Record Grew No new platform transactions entered the record over the two-week period, so the trailing set of 21 precedents still frames platform pricing. FOR ADVISORS Lead with Funding Access and Residual Credibility The story to tell is the split: aviation platforms demonstrating unsecured access and aftermarket capture, with the consumer lease-purchase names moving on their own dynamics.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

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

   Every figure in this update links back to the record it was drawn from — SEC filings, consensus estimates and market prices through September 28, 2026. We built this update so each statement is traceable to its source, and we calibrate our language so association is never presented as proven causation. So what: you can trust every number here to trace back to a document you can open yourself.

   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. Leasing and Rental Finance 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. 1 name below the floor was excluded from movers and statistics for 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_20260929T222043Z_593_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: globenewswire.com · businesswire.com · benzinga.com · prnewswire.com

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