Leasing and Rental Finance Sector Outlook — September 2026

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FINANCIALS › FINANCIAL SERVICES › LEASING AND RENTAL FINANCE

Leasing and Rental Finance: One Label, Several Markets

A read on how eight leasing and rental finance platforms are priced today, and what sits alongside the top of the range.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   FINANCIALS › FINANCIAL SERVICES › LEASING AND RENTAL FINANCE

   Leasing and Rental Finance: One Label, Several Markets

   Cover slide introducing the leasing and rental finance sector outlook as of September 2026.

   We cover eight leasing and rental finance platforms — from aircraft fleets to consumer lease-purchase — and show how CY2027E earnings multiples separate them into distinct markets. That separation is the story the rest of this deck unpacks.

   Everything on this page

   FINANCIALS › FINANCIAL SERVICES › LEASING AND RENTAL FINANCE Leasing and Rental Finance: One Label, Several Markets A read on how eight leasing and rental finance platforms are priced today, and what sits alongside the top of the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections plus appendix.

   This report runs five sections plus an appendix: the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications. We front-load the bottom line so a reader who stops after section one still leaves with the full conclusion — everything after that adds evidence and depth.

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   CONTENTS What This Report Covers 01 The Bottom Line One Leasing Label, Several Markets — and the Premium Sits Alongside Growth and Aftermarket Earnings 02 The Landscape Aircraft and Engine Fleets Are a Quarter of the Group; Everything Else Sits in Adjacent Models 03 Valuation & Situations The Price Range Runs Wide on CY2027E Earnings 04 Precedent Transactions A Thin Transaction Record, and Aviation Assets Sit Behind Most of It 05 Strategic Implications Where to Push: Earnings Durability, Funding Mix and Asset Vintage 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Leasing and Rental Finance Trades as Several Markets: Aircraft Fleets, Vessel Charters and Consumer Lease-Purchase

   Summary page stating the report's core finding that the sector splits into aircraft fleets, vessel charters and consumer lease-purchase markets.

   On CY2027E earnings, seven of the eight companies we cover carry an estimate, and their multiples run from 16.3x at the top to 4.1x at the bottom. That range is not random: fleet-leasing platforms price at a median 8.3x while the adjacent models — vessel charters, consumer lease-purchase, aviation trading and diversified holdings — sit at 5.7x. Forward growth tracks the higher prices, and margin on its own has not been enough to lift a name to the top of the range. So the practical question for any owner or acquirer here is which half of this market they are priced into, and what would move them toward the other half.

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   01 · THE BOTTOM LINE Leasing and Rental Finance Trades as Several Markets: Aircraft Fleets, Vessel Charters and Consumer Lease-Purchase 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 (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Gap Between the Two Ends Is Worth Working For On CY2027E earnings the top of the range sits at 16.3x and the bottom at 4.1x, with three names in between. Of the 8 covered companies, 7 carry a CY2027E estimate, so the spread is drawn on almost the whole group. 2 Forward Growth Travels with the Higher Prices Among the 7 names with a CY2027E estimate, the 4 faster-growing ones sit at 10.6x and the 3 slower ones at 4.8x. A CY2027E multiple already credits forecast growth, so a price that holds at the upper level points to earnings the market expects to last. 3 The Price Travels with the Peer Group You Sit In Equipment rental and operating lease fleets are 25% of the 8 covered companies and sit at 8.3x; the other 75%, grouped as adjacent models, sit at 5.7x. That second group spans vessel charters, consumer lease-purchase, aviation trading and diversified holdings, so one figure covers businesses with different funding and residual risk. 4 Margin on Its Own Has Not Carried the Price Global Ship Lease, Inc. (GSL) reports a 74% EBITDA margin and still prices near the bottom of the group, while AerSale Corporation (ASLE) at 17% margin is priced at 20.1x. Asset class, leverage and residual assumptions sit alongside margin in how this group is priced. 8.1x Sector median P/E CY2027E consensus · 7 rated of 8 companies 16.3x Premium end P/E vs 4.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on P/E — the spread the report explains 5 Transactions with disclosed terms 21 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market map of aircraft and engine fleets against adjacent leasing models.

   Aircraft and engine fleet lessors make up a quarter of the eight companies we cover, and the other three-quarters sit in adjacent leasing models with different risk profiles. The next two pages map that split and show where each group prices.

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   SECTION 02 02 THE LANDSCAPE Aircraft and Engine Fleets Are a Quarter of the Group; Everything Else Sits in Adjacent Models Two groups, eight companies, two very different risk profiles. 02 of 06 Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Two Groups Under One Leasing Label, with Different Residual and Credit Risk

   Market map grouping the eight companies by business segment with median P/E by group.

   We group the eight covered companies into two segments — fleet-leasing and adjacent models — and show the median CY2027E multiple for each. The groups carry different residual and credit risk, which is one reason a single sector label can hide two very different pricing stories. Reading the multiple next to the segment, rather than on its own, is the first step in placing any one of these companies correctly.

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   02 · MARKET MAP Two Groups Under One Leasing Label, with Different Residual and Credit Risk 8 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. Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 EQUIPMENT RENTAL AND OPERATING LEASE FLEETS 2 cos median 8.3x AerCap Holdings (AER) Willis Lease (WLFC) AerCap Holdings N.V. (AER) and Willis Lease Finance Corporation (WLFC): contracted rentals on aircraft and engines, where residual realisation and funding cost carry the returns. ADJACENT MODELS 6 cos median 5.7x FTAI Aviation (FTAI) Upbound Group (UPBD) PROG Holdings (PRG) Global Ship Lease (GSL) AerSale (ASLE) Air T (AIRTP) Six companies spanning vessel charters, consumer lease-purchase books, aviation trading and part-out, and diversified holdings — one label, different buyer groups and different risks.

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   02 · LANDSCAPE

   The Fleet-Leasing Quarter of the Group Prices Above the Adjacent Models

   Landscape view showing the fleet-leasing segment pricing above the adjacent models.

   The fleet-leasing quarter of this group prices at a median 8.3x on CY2027E earnings, versus 5.7x for the adjacent models that make up the rest of the universe. That gap holds across the rated names in each group, not just at the extremes. For anyone benchmarking a leasing business, the segment you sit in sets the starting point before any company-specific factors come into play.

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   02 · LANDSCAPE The Fleet-Leasing Quarter of the Group Prices Above the Adjacent Models 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. Leasing and Rental 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 Equipment rental and operating lease fleets 2 25% 8.3x AerCap Holdings N.V. (AER) · Willis Lease Finance Corporation (WLFC) Contracted rentals on hard assets. Two of the 8 covered companies, 25% of the group, sit at 8.3x on CY2027E earnings. These are spread businesses: lease yield on net book value against funding cost, with residual value realisation, remaining lease term and off-lease exposure as the live questions. Adjacent models 6 75% 5.7x FTAI Aviation Ltd. (FTAI) · Upbound Group, Inc. (UPBD) · +4 more Everything else under one label. Six companies, 75% of the group, sit at 5.7x on CY2027E earnings, with 5 of them carrying a CY2027E estimate. The group spans vessels on long-term charter, consumer lease-purchase books, aviation trading and part-out, and diversified holdings, so one figure covers very different funding and regulatory profiles.

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   SECTION 03

   03

   Section divider introducing the public market valuation range on CY2027E earnings.

   Seven of the eight companies we cover carry a CY2027E estimate, and the price range across them runs wide. The next few pages walk through that range and what sits behind it.

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   SECTION 03 03 VALUATION & SITUATIONS The Price Range Runs Wide on CY2027E Earnings 7 of the 8 companies on this page carry a CY2027E estimate. 03 of 06 Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Holds Its Price Even on Forward Earnings

   Ranked view of all seven rated companies on P/E (CY2027E) against the sector median.

   Sorted from high to low, the seven rated companies on CY2027E earnings run from 16.3x down to 4.1x, against a sector median of 8.1x. The top of the range holds its price even on a forward earnings basis, which tells us the market is crediting durability, not just current results. Where a name sits on this ladder is the starting point for every situation we map next.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Holds Its Price Even on Forward Earnings P / E (CY2027E) · all 7 rated companies, sorted descending · sector median 8.1x · 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 (7 of 8 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. Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.3x CORE · median 8.1x DISCOUNT · median 4.1x Sector median 8.1x WHAT SEPARATES THE TWO ENDS The top end holds a premium. AerSale Corporation (ASLE) and FTAI Aviation Ltd. (FTAI) sit at 16.3x on CY2027E earnings. A forward multiple already credits forecast growth, so a price that survives that lens points to earnings the market expects to persist rather than a single good year. The bottom end prices heavier risk. Global Ship Lease, Inc. (GSL) and Upbound Group, Inc. (UPBD) sit at 4.1x on CY2027E earnings. Charterer concentration and a secured funding stack on one side, consumer origination quality and regulatory attention on the other, sit alongside that lower price. Three names hold the middle. AerCap Holdings N.V. (AER), Willis Lease Finance Corporation (WLFC) and PROG Holdings, Inc. (PRG) sit between the two ends. Of the 8 covered companies, 7 carry a CY2027E estimate; Air T, Inc. (AIRTP) does not, so it sits outside the ranking.

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   03 · VALUATION DRIVERS

   Growth Above the Line Sits with the Higher Prices Here

   Median P/E by revenue-growth cohort and by EBITDA-margin cohort among the rated names.

   Split at the covered median, the faster-growing names trade at 10.6x versus 4.8x for the slower ones — growth tracks the higher prices here. The margin split is less decisive on its own, which we show on the next page. This is an association we observe in the data, not a claim that growth causes the higher multiple, and it's a useful lens before mapping individual situations.

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   03 · VALUATION DRIVERS Growth Above the Line Sits with the Higher Prices Here 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=4; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 4% · EBITDA-margin split at 26% The 4 Names Above 4% Growth Sit at 10.6x; The 3 Below Sit at 4.8x The split runs on the 7 names with a CY2027E estimate — 4 above the growth line and 3 below it. Because the lens is forward, that gap is not a promise of expansion still to come; it sits on top of forecasts already inside the earnings estimate. Margin on Its Own Has Not Travelled with a Higher Price Global Ship Lease, Inc. (GSL) reports a 74% EBITDA margin and sits below the middle of the range, while Willis Lease Finance Corporation (WLFC) at 64% and FTAI Aviation Ltd. (FTAI) at 36% sit above it. Asset class, leverage and residual assumptions sit alongside margin in how these 7 names are priced. Funding Access and Remarketing Depth Differ Across the Group Funding structures vary widely here: unsecured access and an unencumbered asset pool at one end, heavily secured stacks at the other, with match-funded liabilities the dividing line when rates move. FTAI Aviation Ltd. (FTAI) carries 66% forward growth on engine aftermarket and part-out activity — a different quality of earnings from contracted rentals.

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    03 · SITUATION MAP

    Where the Money Sits: Price Against Margin on the 7 Names with a CY2027E Estimate

    Two-by-two map placing the seven rated companies by P/E against the sector median and EBITDA margin against the covered median.

    We cut the seven rated companies on price against the 8.1x sector median and on margin against the 26% covered median, giving four situations rather than one ranked list. This page characterises where each company sits; it does not recommend buying or selling any of them. The value is in seeing which combination of price and margin a company occupies before asking why.

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    03 · SITUATION MAP Where the Money Sits: Price Against Margin on the 7 Names with a CY2027E Estimate Cut on P / E vs the sector median (8.1x) (rows) and EBITDA margin vs the covered median (26%) (columns) · 1 rated names without the second measure are not mapped · 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. Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Above on Price and Margin Above-median multiple · above-median EBITDA margin 2 names FTAI Aviation Ltd. (FTAI) · Willis Lease Finance Corporation (WLFC) FTAI Aviation Ltd. (FTAI) and Willis Lease Finance Corporation (WLFC) sit above 8.1x on CY2027E earnings and above the 26% margin line. The premium here sits alongside engine and aftermarket earnings streams and long-dated contracted rentals. Above on Price, Below on Margin Above-median multiple · below-median EBITDA margin 1 names AerSale Corporation (ASLE) AerSale Corporation (ASLE) sits above the price line with a 17% EBITDA margin, on a book that blends leasing with MRO, trading and flight operations. Volume passes through at thinner margin, so repeatability of trading and part-out gains is the question owners in this position get asked. Below on Price, Above on Margin Below-median multiple · above-median EBITDA margin 1 names Global Ship Lease, Inc. (GSL) Global Ship Lease, Inc. (GSL) sits above the margin line and below the price line, carrying -5% forward growth. Long-term charters produce heavy margin; vessel residuals, charterer concentration and a secured funding stack sit alongside the lower price. Below on Both Below-median multiple · below-median EBITDA margin 2 names Upbound Group, Inc. (UPBD) · PROG Holdings, Inc. (PRG) Upbound Group, Inc. (UPBD) and PROG Holdings, Inc. (PRG) sit below both lines on consumer lease-purchase and portfolio management books. Origination vintage quality, early-purchase behaviour, provisioning policy and regulatory posture carry the story in this position, not fleet residuals.

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    03 · THE AGENDA

    Which Half of This Market You Want to Be Priced In

    Framework page posing the strategic question of which half of the market a company should be priced into.

    The data points to two questions worth resolving: which segment carries the earnings quality the market is paying up for, and what would move a company from the lower half of this range toward the upper half. These are observations drawn from the cohort data, not investment recommendations. The next sections use precedent transactions and strategic levers to answer them in more detail.

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    03 · THE AGENDA Which Half of This Market You Want to Be Priced In 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. Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Lengthen Contracted Term and Spread the Lessee Book Weighted average remaining lease term, extension rates and lessee concentration are the levers that make rentals look durable rather than cyclical. Both sit within management control at renewal and at origination. What changes the answer: Extension rates softening, or a single lessee or charterer growing into an outsized share of rentals. Move the Funding Mix Toward Unsecured and Unencumbered Net spread over funding cost and the size of the unencumbered asset pool set how much of the book can be refinanced when markets tighten. A rated structure and match-funded liabilities widen the range of options available to you. What changes the answer: A securitisation or warehouse window repricing your cost of funds against lease yields. Decide How Much Earnings You Want from Trading and Part-Out Gain on sale relative to net book value and used serviceable material activity are a different quality of earnings from contracted rentals. Deciding the target mix now shapes how the earnings line is read later. What changes the answer: Green-time engine demand or used serviceable material pricing turning against current residual assumptions. Test Build-Versus-Buy on Servicing and Remarketing Reach Servicing and asset-management mandates on third-party portfolios add fee income without adding balance sheet. Building that capability and buying it are both live routes, and the economics differ by asset class. What changes the answer: A portfolio coming to market with servicing offered separately from the assets.

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    SECTION 04

    04

    Section divider introducing five disclosed precedent transactions spanning 2015 to 2022.

    The transaction record here is thin — five deals with disclosed terms, spanning 2015 to 2022 — and aviation assets sit behind most of it. The next page walks through what those deals tell us.

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    SECTION 04 04 PRECEDENT TRANSACTIONS A Thin Transaction Record, and Aviation Assets Sit Behind Most of It Five transactions with disclosed terms, spanning 2015 to 2022. 04 of 06 Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Aviation Platforms and Portfolios Sit Behind the Recorded Transactions

    Case studies on the precedent transactions where aviation platforms and portfolios feature most prominently.

    Of the transactions with disclosed terms, aviation platforms and portfolios sit behind most of them, and we walk through them as case studies rather than a single blended multiple. These deal multiples are measured on LTM financials at announcement, so they are not directly comparable to the CY2027E public-market basis we use elsewhere in this report, and we don't claim a spread between the two. The full transaction list, including deals without disclosed terms, sits in the appendix and companion workbook.

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    04 · DEAL CASE STUDIES Aviation Platforms and Portfolios Sit Behind the Recorded Transactions 1 of 5 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. 44 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. 16 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. Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Sep-2020 $317M Monocle Acquisition Corp. acquires AerSale Corp. EV / LTM revenue 1.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Monocle Acquisition Corp. is an acquisition vehicle and AerSale Corp. combines aircraft and engine leasing with MRO, part-out and flight operations. The pairing suggests a buyer seeking an integrated aviation asset platform where trading and repair earnings sit alongside lease rentals. HOW THE TARGET WAS VALUED Announced in Sep-2020 at $317M as recorded in the filing, 1.1x revenue. That benchmarks below the 5.4x revenue recorded on the 2022 FTAI Aviation Ltd. transaction on this page, which is the shape you would expect where MRO and trading volume run at thinner margin than contracted rentals.

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    SECTION 05

    05

    Section divider introducing strategic implications around earnings durability, funding mix and asset vintage.

    The operating moves that sit closest to the upper end of this market run through three levers: earnings durability, funding mix and asset vintage. The next page sets out what each of those means in practice.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where to Push: Earnings Durability, Funding Mix and Asset Vintage The operating moves that sit closest to the upper end of this market. 05 of 06 Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Contracted Earnings and Funding Quality Travel with the Higher Multiples Here

    Strategic implications page linking contracted earnings and funding quality to the higher multiples in this group.

    Contracted earnings and funding quality travel with the higher multiples in this group, based on the segment and cohort patterns shown earlier in this report. For owners, that points toward lengthening lease term and diversifying the lessee book; for management teams, toward unsecured funding and an unencumbered asset pool; for boards, toward a clear view on which asset vintages to hold. These are directional views grounded in the data shown, not recommendations to act on any specific security.

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    05 · STRATEGIC IMPLICATIONS Contracted Earnings and Funding Quality Travel with the Higher Multiples Here 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. Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Work the Earnings Mix Before the Multiple The upper end of this market sits alongside contracted rentals with creditworthy lessees, long remaining term and residuals realised through a cycle. Lengthening term, diversifying the lessee book and proving residual realisation against carrying value are the moves closest to that end of the range. FOR MANAGEMENT TEAMS Funding Structure Is an Operating Decision Unsecured access and an unencumbered asset pool widen the net spread over funding cost and keep choices open when securitisation windows tighten. Match-funded liabilities and a rated capital structure sit alongside the names at the upper end of this group. FOR BOARDS Decide Which Asset Vintages You Want to Own Emissions and environmental rules keep pressure on older aircraft and vessel vintages, and secondary market depth differs sharply by asset type. Capital allocation between technology-current equipment, part-out and used serviceable material, and third-party servicing mandates is where the mix question gets settled.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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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 Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    Appendix table of all public comparables on P/E (CY2027E), grouped by valuation tier.

    This table carries all seven rated companies grouped by valuation tier against the 8.1x sector median, plus the one company that carries no eligible multiple. Every ticker links back to its underlying source, so any figure in the body of this report can be traced here. It's the reference point for the segment and situation views shown earlier.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (8.1x); amber marks below · 7 rated companies; 1 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 7 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. Leasing and Rental 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 — ≥10.6x · median 16.3x · 2 companies AerSale Corporation ASLE Integrated aviation leasing with MRO and flight… $420M 20.1x 5% 17% 21 FTAI Aviation Ltd. FTAI Aviation aftermarket and part-out asset trading $20.2B 12.6x 66% 36% 102 CORE — 5.2x–10.6x · median 8.1x · 3 companies Willis Lease Finance Corporation WLFC Equipment rental and operating lease fleets $3.4B 8.6x 4% 64% 69 AerCap Holdings N.V. AER Equipment rental and operating lease fleets $65.9B 8.1x -2% n/a n/a PROG Holdings, Inc. PRG Consumer lease-purchase finance $2.1B 5.7x 8% 12% 20 DISCOUNT — <5.2x · median 4.1x · 2 companies Global Ship Lease, Inc. GSL Marine tonnage leasing on long-term charter $1.7B 4.8x -5% 74% 70 Upbound Group, Inc. UPBD Lease and fleet portfolio management platforms $2.6B 3.4x 4% 11% 15

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    Appendix table listing all precedent transactions with disclosed terms, newest first.

    This table lists the five transactions with disclosed terms out of the broader recorded set, newest first, with deal values linked to the underlying filing. Transactions without a disclosed value or multiple are held in the companion workbook rather than listed here. As with the public comparables, these deal multiples sit on a different basis than the CY2027E figures used elsewhere and are not blended into a single spread.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 5 transactions with disclosed terms in this tier (21 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. 44 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. 16 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. Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2022 FTAI Aviation Ltd. → Old FTAI $3.5B 5.4x 7.7x FTAI Aviation Ltd. announced the acquisition of Old FTAI in Oct-2022 at $3.5B as recorded in the filing, 5.4x revenue and 7.7x EBITDA. That EBITDA figure sits at the bottom of the EBITDA multiples recorded on this page, where aftermarket and trading earnings carry a… Sep-2020 Monocle Acquisition Corp. → AerSale Corp. $317M 1.1x n/a Monocle Acquisition Corp. announced the acquisition of AerSale Corp. in Sep-2020 at $317M as recorded in the filing, 1.1x revenue. That revenue multiple sits at the bottom of this record, consistent with a business that blends leasing with MRO and trading volume. Sep-2019 Tokyo Century → Aviation Capital Group n/a 0.7x 8.8x Tokyo Century announced the acquisition of Aviation Capital Group in Sep-2019 at 0.7x revenue and 8.8x EBITDA, with deal value recorded as n/a. A bank-affiliated buyer acquiring an aircraft lessor is a recurring shape in this market, where cheap and diversified… Oct-2016 Avolon Holdings Limited → C2 Aviation Capital, Inc. n/a 10.8x 21.6x Avolon Holdings Limited announced the acquisition of C2 Aviation Capital, Inc. in Oct-2016 at 10.8x revenue and 21.6x EBITDA. Aircraft platform and portfolio trades are negotiated off net book value and appraised base value, so headline revenue and EBITDA multiples… Jul-2015 Global Aviation Leasing Co., Ltd. → Avolon Holdings Limited n/a 10.8x 11.9x Global Aviation Leasing Co., Ltd. announced the acquisition of Avolon Holdings Limited in Jul-2015 at 10.8x revenue and 11.9x EBITDA. Scale in origination and remarketing is what a larger lessor picks up in a trade of this shape, alongside the funding structure it…

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    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. 19

    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. Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (7 of 8 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 Leasing and Rental Finance and it clears the coverage gate with 7 of 8 companies (88%). EV / EBITDA, EV / Revenue are carried as a cross-check. DATA QUALITY & EXCLUSIONS 4 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 290 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 (289) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    On the 7 Names with a CY2027E Estimate, the Top of the Range Sits with Durable Earnings.

    Closing slide restating that the top of the pricing range sits alongside durable earnings among the rated companies.

    Among the seven names with a CY2027E estimate, the top of the range sits alongside durable, contracted earnings rather than scale alone. The companion tables that accompany this deck carry the full universe, the exclusion ledger and the source for every figure, so any number here can be traced further. That's the basis for deciding where a leasing or rental finance business sits today — and what would move it up the range.

    Everything on this page

    On the 7 Names with a CY2027E Estimate, the Top of the Range Sits with Durable Earnings. NeuraCap AI — Leasing and Rental Finance Coverage September 2026 · Prepared by NeuraCap AI · Confidential Leasing and Rental Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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