Specialized 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 › SPECIALIZED FINANCE

Funding Moves Take Center Stage as Lending Vehicles Give Ground

This update covers what moved, what companies announced, and what the transaction record showed 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

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

Sources & methodology

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

   FINANCIALS › FINANCIAL SERVICES › SPECIALIZED FINANCE

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

   We open this bi-weekly update on Specialized Finance, covering what moved, what companies announced, and what the transaction record showed across September 14–28, 2026. The pages that follow translate the period's balance-sheet activity into a clear view of what it means for your position.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › SPECIALIZED FINANCE Funding Moves Take Center Stage as Lending Vehicles Give Ground This update covers what moved, what companies announced, and what the transaction record showed 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 Specialized Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Balance-Sheet Work, Not Deal-Making, Defined the Two-Week Period

   Summarizes the two-week period's headline: balance-sheet work outweighed deal-making across nine covered names.

   We start with the bottom line: this was a period defined by balance-sheet work, not new transactions. Six of nine covered names fell, with a sector median move of -2.7% against the S&P 500's +0.8%, while PRA Group's collections economics and Runway Growth's notes pricing set the tone. No new sector transactions entered the record, so the existing 8.0x CY2027E P/E lens still frames how the group should be read. That combination — funding cost signals paired with a static deal record — is the lens we carry through the rest of this update.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Balance-Sheet Work, Not Deal-Making, Defined the Two-Week Period The two-week period in one page · 9 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. Specialized Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Lending Vehicles Led the Pullback While the Broad Market Edged Up 6 of 9 covered names fell; the median move was -2.7%. The S&P 500 returned +0.8% over the same two-week period. 2 Collections Economics Earned the Period's Best Reception PRA Group, Inc. (PRAA) rose +3.4%, with its strongest day at +4.0% on Sep 16. A Sep 27 report described the company highlighting non-performing loan supply, cost reductions and a $150M buyback plan. 3 Runway Growth Put a Visible Price on Long-Dated Unsecured Funding Runway Growth Finance Corp. (RWAY) commenced an offering of notes on Sep 23 and priced 7.75% notes on Sep 25. Cost of funds is the line item the rest of the group will read it against. 4 The Reference Set for Pricing Did Not Change This Period No new sector transactions landed in the window, so NeuraCap's standing earnings lens holds: a sector median of 8.0x on CY2027E P/E, with the Premium tier at 15.2x and the Discount tier at 5.3x. +3.4% Best mover — PRA Group, Inc. (PRAA) worst: OCSL -5.6% · 2 up / 6 down of 9 covered -2.7% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Collections Supply Rewarded, Lending Vehicles Marked Down

   Shows which covered names rose and fell over the two-week window against sector and market benchmarks.

   Collections supply was rewarded this period: PRA Group rose +3.4%, with its strongest single day at +4.0% on September 16. Lending vehicles broadly gave ground, pulling the sector median to -2.7% versus the S&P 500's +0.8%, with a materiality bar of 4.2% marking which moves stand out. We read these moves against filings and headlines recorded in the window, and where no driver is on record we say so directly. The split between collections and lending performance is the clearest signal of what the market is pricing right now.

   Everything on this page

   PUBLIC MARKET MOVERS Collections Supply Rewarded, Lending Vehicles Marked Down Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.7% · S&P 500 +0.8% · materiality bar ±4.2% (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. Specialized 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 -2.7% Oaktree Specialty Lending Corporation (OCSL) -5.6% Shares moved following a Sep 19 sector review that flagged broad weakness across business development companies during the window. When the lending-vehicle group moves together, net asset value per share and distribution coverage carry the argument. SECTOR-WIDE PRA Group, Inc. (PRAA) +3.4% Shares rose following a Sep 27 report on a company presentation that highlighted strong non-performing loan supply, ongoing cost reductions and a $150M buyback plan. Purchasers are judged on portfolio supply, cost to collect and what capital returns signal about collection curves. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Funding Terms and Board Depth Were the Period's Company News

   Lists the period's highest-impact company news, including funding terms and board changes.

   The period's company news centered on funding terms and board depth. Runway Growth commenced a notes offering on September 23 and priced 7.75% notes on September 25, putting a visible cost on long-dated unsecured funding. PRA Group was reported on September 27 highlighting non-performing loan supply, cost reductions and a $150M buyback plan, and Nelnet added two directors. Each of these events is a data point on how the group is managing its own balance sheet rather than looking outward for deals.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Funding Terms and Board Depth Were the Period's Company News 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. Specialized Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · GlobeNewsWire Runway Growth Finance Corp. launched an offering of notes on Sep 23 Tapping the unsecured market is how a listed lender lengthens and diversifies its funding stack away from warehouse dependence. That mix is one of the sector's durable advantages. Access to unsecured funding, and its terms, separates lenders who can keep originating from those who cannot. Sep 16 · NEWS · PRNewsWire Nelnet, Inc. appointed two new members to its board of directors Board additions at a Premium-tier name speak to governance depth as the sector weighs build versus buy across servicing and balance-sheet businesses. Governance and oversight capacity matter where licensing, servicing contracts and fee streams sit alongside credit risk. Sep 25 · NEWS · GlobeNewsWire Runway Growth Finance Corp. priced its notes offering at 7.75% A priced deal converts a funding plan into a known cost of funds, which sets the floor under the spread the portfolio has to earn. NeuraCap reads it as a live reference point for the group's next unsecured issue. Cost of funds, not origination volume, is the constraint that shows up first in net investment income.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Stood Still While Balance Sheets Moved

   Reports that the precedent transaction record of 40 recorded deals did not add new entries this period.

   The transaction record stood still this period: our precedent set holds at 40 recorded deals, with no new sector transactions landing in the window. That means the pricing conversation still runs through the existing record rather than a fresh data point. We flag this explicitly so no stale transaction is mistaken for new activity. For now, the standing earnings lens — not a new deal — is what should anchor any pricing discussion.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Transaction Record Stood Still While Balance Sheets Moved September 14–28, 2026 · precedent transactions: 40 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. Specialized 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. The trailing record carries 40 precedent transactions, and no new one arrived in this window to reset how platforms and vehicles are being priced. 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. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What the Two-Week Period Means for Your Position

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

   For owners and operators, cost of funds and coverage are doing the talking, so we'd read into how each name discloses on cost discipline and portfolio supply. For acquirers, the reference set is unchanged, so pricing arguments still run through the standing 8.0x CY2027E P/E lens across nine names. For advisors, the period argues for leading with funding structure and collections evidence, given the notes offering, the collections disclosures, and a board expansion at a Premium-tier name. Each audience should treat this period's evidence as directional, not as a new pricing basis.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Means for Your Position 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. Specialized Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 P / E (CY2027E) median 8.0x 9 companies in the study 3 valuation tiers Standing thesis: Specialized finance contains credit platforms, permanent-capital managers and adjacent models with different valuation profiles FOR OWNERS & OPERATORS Cost of Funds and Coverage Are Doing the Talking The period rewarded evidence on portfolio supply and cost discipline, and put a visible price on unsecured funding. FOR ACQUIRERS The Reference Set Is Unchanged, so the Standing Lens Still Governs With no new transactions in the window, pricing arguments still run through the existing record and NeuraCap's earnings lens: a sector median of 8.0x on CY2027E P/E across nine names. FOR ADVISORS Lead with Funding Structure and Collections Evidence The period's dominant theme was balance-sheet work: a notes offering commenced and priced, a collections platform pointing to supply, cost cuts and buyback capacity, and a board expansion at a Premium-tier name.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update's figures and calibrated-language claims.

   Every figure in this update links back to the record it was taken from, and we hold to a fixed source-reliability order — SEC filings, press releases, then established outlets. Attribution language throughout is calibrated: we describe what the evidence supports, not asserted causation. This discipline is what lets you use the update's figures with confidence in your own conversations.

   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. Specialized 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. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T212028Z_587_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 · prnewswire.com

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