Specialized Finance Sector Outlook — September 2026

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FINANCIALS › FINANCIAL SERVICES › SPECIALIZED FINANCE

Specialized Finance: Structure Splits the Market

This report shows how business model, forecast growth and funding quality shape relative standing across the peer set.

September 2026 · Prepared by NeuraCap AI · Confidential

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

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

Sources & methodology

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   FINANCIALS › FINANCIAL SERVICES › SPECIALIZED FINANCE

   Specialized Finance: Structure Splits the Market

   Cover slide introducing the Specialized Finance sector outlook dated September 2026.

   This report examines how business model, forecast growth and funding quality shape relative standing across the Specialized Finance peer set. We built the analysis on CY2027E consensus P/E as the primary valuation basis, with market data as of September 28, 2026.

   Everything on this page

   FINANCIALS › FINANCIAL SERVICES › SPECIALIZED FINANCE Specialized Finance: Structure Splits the Market This report shows how business model, forecast growth and funding quality shape relative standing across the peer set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Specialized 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 numbered sections and the appendix.

   The report runs five sections plus an appendix, starting with the bottom line so a reader who stops there still gets the full story. From there we move through the market landscape, valuation and situations, precedent transactions and strategic implications.

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   CONTENTS What This Report Covers 01 The Bottom Line Specialized Finance Rewards Distinct Business Models Differently 02 The Landscape Different Earnings Models Sit Behind the Same Sector Label 03 Valuation & Situations The Premium End Pairs Forecast Growth with Earnings Durability 04 Precedent Transactions Buyers Use Transactions to Add Capital, Credit Assets and Operating Reach 05 Strategic Implications Funding Quality and Earnings Mix Offer the Clearest Paths Forward 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Specialized Finance Contains Credit Platforms, Permanent-Capital Managers and Adjacent Models with Different Valuation Profiles

   Summary slide stating that Specialized Finance contains credit platforms, permanent-capital managers and adjacent models with different valuation profiles.

   Specialty consumer and commercial credit platforms make up 56% of the peer set and carry a median multiple near 6.6x, while permanent-capital credit managers sit higher at 8.5x behind long-dated capital and recurring management fees. Eight of the nine companies carry a CY2027E P/E estimate, and on that basis names above the 1% growth split trade near 10.5x versus 8.0x below it — an association with growth, not proof that growth alone drives the premium. The transaction record adds deals spanning lending vehicles, platforms and specialist assets, underscoring that funding durability and credit quality remain central to how owners frame earnings. So what: business model sets the valuation starting point, and growth plus funding quality decide whether a premium holds.

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   01 · THE BOTTOM LINE Specialized Finance Contains Credit Platforms, Permanent-Capital Managers and Adjacent Models with Different Valuation Profiles 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 (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Business Model Shapes the Starting Point Specialty consumer and commercial credit platforms represent 56% of the set, with a middle valuation of 6.6x. Permanent-capital credit managers sit at 8.5x alongside long-dated capital and recurring management economics. 2 Forecast Earnings Provide the Common Benchmark Eight of the nine companies have a CY2027E P / E estimate. That forward lens already credits forecast growth, so a sustained premium is associated with confidence in earnings durability. 3 Faster-Growing Names Hold the Higher Valuation On the eight names with estimates, companies above the 1% growth split sit at 10.5x versus 8.0x below it. The observation supports closer attention to originations, repayments and prepayments, without establishing growth as the cause. 4 Funding and Credit Quality Can Defend the Story The transaction record contains nine deals across lending vehicles, platforms and specialist assets. Durable funding, non-accrual performance and payment-in-kind exposure remain central to how owners can frame earnings quality. 8.0x Sector median P/E CY2027E consensus · 8 rated of 9 companies 15.2x Premium end P/E vs 5.3x at the discount end top quartile (n=2) against bottom quartile (n=2) on P/E — the spread the report explains 18 Transactions with disclosed terms 56 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing how different earnings models sit behind the same sector label.

   Credit platforms, permanent-capital managers and adjacent models offer distinct risk and income profiles even inside one sector label. The next pages map that landscape before we turn to valuation.

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   SECTION 02 02 THE LANDSCAPE Different Earnings Models Sit Behind the Same Sector Label Credit platforms, permanent-capital managers and adjacent models offer different risk and income profiles. 02 of 06 Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Money Sits Across Three Distinct Earnings Models

   Map of nine approved companies grouped by business segment, showing median CY2027E P/E per group.

   We group the nine approved companies into business-model segments and show the median CY2027E P/E for each. Specialty consumer and commercial credit platforms, the largest group at 56% of the set, carry a median near 6.6x, while permanent-capital managers sit higher at 8.5x. So what: segment membership alone explains a meaningful share of where a company starts on valuation, before growth or funding quality even enter the picture.

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   02 · MARKET MAP The Money Sits Across Three Distinct Earnings Models 9 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. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 SPECIALTY CONSUMER AND COMMERCIAL CREDIT PLATFORMS 5 cos median 6.6x Nelnet (NNI) Encore Capital (ECPG) PRA Group (PRAA) Runway Growth (RWAY) Runway Growth (RWAYL) These businesses combine spread income, servicing economics and specialist underwriting across consumer and commercial credit. PERMANENT-CAPITAL CREDIT MANAGERS 2 cos median 8.5x Blue Owl Capital (OBDC) Oaktree (OCSL) Long-dated capital supports recurring net investment income and reduces dependence on short-term funding access. ADJACENT MODELS 2 cos 7.8x · 1 rated Morgan Stanley (MSDL) DT Cloud Star (DTSQ) These companies broaden the set but require business-specific analysis before valuation comparisons carry weight.

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   02 · LANDSCAPE

   Business Model Changes What Investors Need to Believe

   Segment-level view explaining what each business model does and why the difference matters for investors.

   Each business model asks investors to believe something different — credit platforms about origination and credit performance, permanent-capital managers about fee durability and asset retention. The medians on rated names, 6.6x and 8.5x respectively, reflect that split in what the market is underwriting. So what: understanding which model a company runs is the first step to judging whether its multiple is earned or stretched.

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   02 · LANDSCAPE Business Model Changes What Investors Need to Believe 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. Specialized 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 Specialty consumer and commercial credit platforms 5 56% 6.6x Nelnet, Inc. (NNI) · Encore Capital Group, Inc. (ECPG) · +3 more Underwriting earns the spread. Five companies form this group. Its middle valuation is 6.6x, and standing depends on funding cost, collection performance, servicing income and the credit quality of new vintages. Permanent-capital credit managers 2 22% 8.5x Blue Owl Capital Corporation (OBDC) · Oaktree Specialty Lending Corporation (OCSL) Long-dated capital supports earnings. Two companies operate with permanent-capital structures. Their middle valuation is 8.5x, with net investment income, distribution coverage and net asset value per share central to the market view. Adjacent models 2 22% 7.8x n=1 Morgan Stanley Direct Lending Fund (MSDL) · DT Cloud Star Acquisition Corporation (DTSQ) Different models need separate tests. Two companies sit in this group, but one carries a forward earnings estimate. The available valuation is 7.8x, making company-specific economics more useful than a broad group conclusion.

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   SECTION 03

   03

   Section divider on how the premium end pairs forecast growth with earnings durability.

   Forward earnings estimates already credit expected growth, which raises the bar for a durable premium. The next pages test where that premium holds and where it doesn't.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Pairs Forecast Growth with Earnings Durability Forward earnings estimates already credit expected growth, raising the bar for a durable premium. 03 of 06 Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds a Wide Lead on Forward Earnings

   Ranking of all eight rated companies by CY2027E P/E against a sector median of 8.0x.

   Sorting all eight rated companies by CY2027E P/E shows a sector median of 8.0x, with the premium tier reaching as high as 25.0x. That spread is wide enough to separate names the market is pricing for durable growth from names priced closer to the sector norm. So what: the gap between the top and the median is the clearest single signal of where investors already expect differentiated performance.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds a Wide Lead on Forward Earnings P / E (CY2027E) · all 8 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 (8 of 9 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. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 15.2x CORE · median 8.0x DISCOUNT · median 5.3x Sector median 8.0x WHAT SEPARATES THE TWO ENDS The premium holds forecast growth. The premium-end middle is 15.2x. Runway Growth Finance Corp. - 7 [RWAYL] and Nelnet, Inc. [NNI] also sit above the peer growth benchmark. The discount needs stronger proof. The discount-end middle is 5.3x. PRA Group, Inc. [PRAA] and Runway Growth Finance Corp. [RWAY] show that growth alone does not secure premium standing. Forward pricing raises the bar. CY2027E P / E already reflects forecast earnings. A premium that holds on this basis points to market confidence in durability rather than near-term growth alone.

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   03 · VALUATION DRIVERS

   Faster Forecast Growth Sits with the Higher Earnings Multiple

   Comparison of median CY2027E P/E across revenue-growth cohorts split at the covered median.

   Splitting the rated names with estimates at the median growth rate, the faster-growth cohort carries a median CY2027E P/E of 10.5x versus 8.0x for the slower cohort. This is an association in the data we have, not evidence that growth alone causes the higher multiple. So what: investors reward forecast growth in this peer set, which puts origination and repayment trends squarely on the diligence list.

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   03 · VALUATION DRIVERS Faster Forecast Growth Sits with the Higher Earnings Multiple 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=4; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 1% · EBITDA-margin split at n/a Growth Separates the Two Observed Valuation Groups On the eight names with estimates, the four above the 1% growth split have a middle valuation of 10.5x, while the four below it sit at 8.0x. This is an observed association, not evidence that growth alone sets valuation. Credit Quality Tests Whether Earnings Can Hold Non-accruals, payment-in-kind income and the direction of marks help distinguish recurring earnings from income that may prove less durable through a credit cycle. Funding Mix Defines Operating Flexibility Low-cost, diversified funding can support originations when warehouses reprice or spreads tighten. Concentrated funding can narrow the credit box and constrain capital allocation. Fee Income Can Soften Balance-Sheet Volatility Servicing and management fees can sit alongside spread income. The mix matters because fee streams and balance-sheet earnings respond differently to credit conditions.

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    03 · SITUATION MAP

    The Right Operating Move Depends on Growth and Current Standing

    Grid cutting companies on P/E versus the 8.0x sector median and revenue growth versus the 1% covered median.

    We cut the rated universe on P/E against the 8.0x sector median and on revenue growth against the 1% covered median, producing four situations rather than a ranking. The boundaries are the cohort's own medians, so placement is relative to peers, not an absolute judgment. So what: where a company sits on this grid frames the operating question it needs to answer next, whether that's defending a premium or building the case for one.

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    03 · SITUATION MAP The Right Operating Move Depends on Growth and Current Standing Cut on P / E vs the sector median (8.0x) (rows) and revenue growth vs the covered median (1%) (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. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Valuation, Higher Growth Above-median multiple · above-median revenue growth 2 names Nelnet, Inc. (NNI) · Runway Growth Finance Corp. - 7 (RWAYL) Two names pair higher forecast growth with higher valuation. Their agenda is to sustain earnings quality as forecasts convert into reported results. Higher Valuation, Lower Growth Above-median multiple · below-median revenue growth 2 names Blue Owl Capital Corporation (OBDC) · Oaktree Specialty Lending Corporation (OCSL) Two names hold higher valuation despite lower forecast growth. Their standing points to the relevance of capital structure, income durability and credit performance. Lower Valuation, Higher Growth Below-median multiple · above-median revenue growth 2 names Encore Capital Group, Inc. (ECPG) · Runway Growth Finance Corp. (RWAY) Two names show higher forecast growth without a higher valuation. Their agenda is to prove that growth can translate into durable earnings without weakening underwriting or funding quality. Lower Valuation, Lower Growth Below-median multiple · below-median revenue growth 2 names PRA Group, Inc. (PRAA) · Morgan Stanley Direct Lending Fund (MSDL) Two names sit below both benchmarks. Their agenda is to tighten the credit box, protect funding flexibility and improve the mix of recurring earnings.

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    03 · THE AGENDA

    Strengthen the Earnings Model Before Expanding the Balance Sheet

    Framework of questions an owner or acquirer should resolve before expanding the balance sheet.

    Before adding balance-sheet scale, the data points to strengthening the earnings model first — funding mix, credit performance and fee durability. These are observations grounded in the cohort data shown earlier, not a recommendation to transact. So what: sequencing matters, and the peer set suggests earnings quality should lead balance-sheet growth rather than follow it.

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    03 · THE AGENDA Strengthen the Earnings Model Before Expanding the Balance Sheet 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. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Protect Funding Flexibility Diversify the funding stack and preserve leverage headroom so originations do not depend on one warehouse facility or one market window. What changes the answer: A rising cost of funds or tighter advance rates changes the balance between new originations and balance-sheet protection. Sharpen the Credit Box Direct capital toward segments where pricing compensates for expected loss, servicing cost and funding consumption. What changes the answer: Higher non-accruals, restructurings or weaker collection curves call for tighter underwriting and lower portfolio purchase prices. Build Recurring Fee Income Expand servicing or management income where the platform has defensible operating capabilities and client retention. What changes the answer: Greater volatility in spread income increases the strategic value of contracted or recurring fee streams. Choose Build Versus Buy Deliberately Compare internal investment with transactions that add licenses, sponsor coverage, servicing capacity or access to long-dated capital. What changes the answer: A target becomes relevant when acquisition economics improve on the cost, timing and execution risk of building internally.

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    SECTION 04

    04

    Section divider on how buyers use transactions to add capital, credit assets and operating reach.

    The transaction record spans vehicle combinations, credit platforms and specialist infrastructure. The next page walks through select case studies before the full list in the appendix.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Use Transactions to Add Capital, Credit Assets and Operating Reach The transaction record spans vehicle combinations, credit platforms and specialist infrastructure. 04 of 06 Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Transactions Add Credit Assets, Capital and Specialist Reach

    Three case studies drawn from precedent transactions with disclosed terms, out of eighteen such deals.

    We walk through three of the eighteen precedent transactions with disclosed terms, chosen as case studies that illustrate how buyers added credit assets, capital or specialist reach. Multiples shown are LTM at announcement and are not directly comparable to the CY2027E public basis, so no spread is claimed between the two. So what: the case studies show the strategic logic behind real deals, a useful check on whether a given move fits a recognizable pattern.

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    04 · DEAL CASE STUDIES Transactions Add Credit Assets, Capital and Specialist Reach 3 of 18 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. 47 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. 38 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. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jan-2018 $5.1B Related Fund Management, LLC acquires Ladder Capital Corp EV / LTM revenue 10.6x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests that buyer logic can rest on the fit between capital, credit assets and operating capabilities. That fit should be tested against funding portability and the durability of the underlying income stream. HOW THE TARGET WAS VALUED The valuation read should be anchored to the target's earnings model and balance-sheet exposure. Fee income and spread income warrant different benchmarks. Aug-2020 $263M SAMA acquires Clever Leaves Holdings Inc. EV / LTM revenue 25.0x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests value in combining an established capital base with specialist financial infrastructure. Credit quality, licensing and funding structure remain important tests of that fit. HOW THE TARGET WAS VALUED The target's valuation should be read through the income stream being acquired. Recurring fees, credit assets and servicing economics carry different risk profiles. Aug-2025 $200M Horizon Technology Finance Corporation Horizon Technology Finance Corporation added Monroe Capital Corporation at a clear revenue benchmark. EV / LTM revenue 6.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a scale and portfolio logic for Horizon Technology Finance Corporation as buyer of Monroe Capital Corporation. The combination brings additional credit assets into an established lending vehicle. HOW THE TARGET WAS VALUED Monroe Capital Corporation was valued at $200M and 6.4x revenue. That benchmark sits above the revenue references recorded for several lending-vehicle combinations in the transaction set.

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    SECTION 05

    05

    Section divider on funding quality and earnings mix as the clearest paths forward.

    Owners can strengthen standing through operating choices — funding, credit and revenue mix — that hold up across credit conditions. The next page lays out what this means in practice.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Funding Quality and Earnings Mix Offer the Clearest Paths Forward Owners can strengthen standing through operating choices that hold up across credit conditions. 05 of 06 Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Durable Earnings Start with Funding, Credit and Revenue Mix

    Framework of strategic questions on funding, credit and revenue mix for the next twelve months.

    Durable earnings in this peer set start with funding diversity, disciplined credit selection and a revenue mix that balances spread income with recurring fees. These are directional views drawn from the analysis in this report, framed as questions rather than recommendations. So what: owners who address these three areas are better positioned to defend a valuation premium if forecast growth slows.

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    05 · STRATEGIC IMPLICATIONS Durable Earnings Start with Funding, Credit and Revenue Mix 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. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Make Earnings Quality Operational Align originations, pricing and capital allocation with funding costs and expected credit performance. Keep payment-in-kind exposure and non-accrual risk within a level the earnings model can absorb. FOR MANAGEMENT TEAMS Balance Spread and Fee Income Assess where servicing and management income can complement balance-sheet returns. The goal is a revenue mix that can withstand repayments, prepayments and credit volatility. FOR BOARDS Set Clear Capital Priorities Test organic growth, portfolio purchases and company transactions against leverage headroom, net asset value per share and distribution coverage.

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    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    This section carries the comparables detail behind every figure in the body, the valuation basis, and where each disclosure lives. Use it to trace any number 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 Specialized 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

    Full list of the nine companies with CY2027E P/E, eight rated and one without an eligible multiple.

    The appendix lists all eight rated companies against the 8.0x sector median, plus the one company without an eligible CY2027E multiple. Tickers link to the underlying source so every figure in the body can be traced. So what: this table is the complete backing for every valuation claim made earlier in the report.

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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 (8.0x); amber marks below · 8 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 8 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. Specialized 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 — ≥10.1x · median 15.2x · 2 companies Runway Growth Finance Corp. - 7 RWAYL Specialty consumer and commercial credit platforms $687M 16.0x 7% n/a n/a Nelnet, Inc. NNI Specialty consumer and commercial credit platforms $10.3B 14.4x 6% n/a n/a CORE — 6.3x–10.1x · median 8.0x · 4 companies Oaktree Specialty Lending Corporation OCSL Permanent-capital credit managers $2.5B 8.7x -1% n/a n/a Blue Owl Capital Corporation OBDC Permanent-capital credit managers $13.3B 8.3x 1% n/a n/a Morgan Stanley Direct Lending Fund MSDL Diversified specialty finance platforms $3.2B 7.8x 1% n/a n/a Encore Capital Group, Inc. ECPG Specialty consumer and commercial credit platforms $5.9B 6.6x 1% 29% n/a DISCOUNT — <6.3x · median 5.3x · 2 companies PRA Group, Inc. PRAA Specialty consumer and commercial credit platforms $4.5B 5.5x -5% n/a n/a Runway Growth Finance Corp. RWAY Specialty consumer and commercial credit platforms $861M 5.1x 5% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First page of the full list of eighteen precedent transactions with disclosed terms, newest first.

    This page lists precedent transactions with disclosed terms, sorted newest first, out of the transactions recorded in total. Deal values link to the underlying filing, and multiples are LTM at announcement rather than the CY2027E public basis. So what: this is the primary evidence base behind the deal patterns discussed earlier in the report.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 18 transactions with disclosed terms in this tier (56 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. 47 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. 38 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. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 Oaktree Strategic Lending Corp. → Strategic Strategic Income Corp. n/a 1.0x n/a Oaktree Strategic Lending Corp. and Strategic Strategic Income Corp. show continued consolidation among lending vehicles. The recorded revenue benchmark is 1.0x. Aug-2025 Horizon Technology Finance Corporation → Monroe Capital Corporation $200M 6.4x n/a Horizon Technology Finance Corporation acquired Monroe Capital Corporation for $200M at 6.4x revenue. The transaction adds a direct lending platform to an established credit vehicle. Oct-2024 Blue Owl Capital Inc. → IPL LLC n/a n/a 21.1x Blue Owl Capital Inc. and IPL LLC provide an earnings-based reference at 21.1x. The valuation highlights the need to separate fee streams and operating assets from balance-sheet credit exposure. Nov-2023 Franklin BSP Capital Corp. → Franklin BSP Lending Corp. n/a 1.0x n/a Franklin BSP Capital Corp. and Franklin BSP Lending Corp. illustrate consolidation within an affiliated credit platform. The recorded revenue benchmark is 1.0x. Oct-2022 Crescent Capital BDC → First Eagle Alternative Credit BDC n/a 1.1x n/a Crescent Capital BDC and First Eagle Alternative Credit BDC show how lending vehicles can broaden assets and funding access. The recorded revenue benchmark is 1.1x. Sep-2021 Barings BDC, Inc. → Sierra Income Corp. n/a 1.1x n/a Barings BDC, Inc. and Sierra Income Corp. show a listed lending vehicle adding another credit portfolio. The recorded revenue benchmark is 1.1x. Aug-2021 Walker & Dunlop, Inc. → Alliant Capital, Ltd. $696M n/a n/a Walker & Dunlop, Inc. acquired Alliant Capital, Ltd. for $696M. The combination links a financial services platform with a specialist capital business. Aug-2021 Truist Financial Corporation → Service Finance Company, LLC n/a 0.7x 8.8x Truist Financial Corporation and Service Finance Company, LLC provide references of 0.7x revenue and 8.8x earnings. The transaction suggests interest in origination and servicing infrastructure. Dec-2020 Portman Ridge Finance Corp. → Harvest Capital Credit Corporation n/a 1.0x n/a Portman Ridge Finance Corp. and Harvest Capital Credit Corporation illustrate continued consolidation among credit vehicles. The combination points to the value of a broader asset base and funding stack.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second page continuing the full list of precedent transactions with disclosed terms.

    The list continues here, completing the transactions with disclosed terms. As on the prior page, multiples are LTM at announcement and are not directly comparable to the CY2027E public basis. So what: together these two pages give a client the complete disclosed-terms record to check against any deal pattern claimed in the body.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 18 transactions with disclosed terms in this tier (56 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. 47 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. 38 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. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2020 Rent-a-Center, Inc. → Acima Holdings n/a n/a 7.3x Value shown as recorded in the filing; deal value unit unresolved. Oct-2020 Oaktree Specialty Lending Corp. → Oaktree Strategic Income Corporation n/a 1.0x n/a Aug-2020 SAMA → Clever Leaves Holdings Inc. $263M 25.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2020 Barings BDC, Inc. → MVC Capital, Inc. n/a 1.0x n/a Jun-2020 Goldman Sachs BDC, Inc. → Goldman Sachs Middle Market Lending Corp. n/a 1.0x n/a Jan-2018 Related Fund Management, LLC → Ladder Capital Corp $5.1B 10.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Nov-2014 Imerys S.A. → S&B Minerals Finance S.C.A. n/a 8.1x 8.1x Sep-2014 Green Dot Corporation → Santa Barbara Tax Products Group, LLC n/a n/a 5.2x n/a American Capital → American Capital Agency Corp.(d) n/a 4.6x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explanation of sources, assumptions and data-quality treatment behind the report.

    Every figure in this report links to the record it was taken from, and where no link exists, the appendix names the source and the basis on which it was read. This page also documents what was excluded and why. So what: a client can verify any number in the deck without relying on our word for it.

    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. Specialized Finance Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (8 of 9 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 Specialized Finance and it clears the coverage gate with 8 of 9 companies (89%). EV / Revenue is carried as a cross-check. DATA QUALITY & EXCLUSIONS 1 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 238 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 (237) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    In This Peer Set, Premium Standing Sits with Durable Earnings and Funding Confidence.

    Closing slide restating that premium standing sits with durable earnings and funding confidence.

    In this peer set, premium standing sits with durable earnings and funding confidence. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure worth tracing further.

    Everything on this page

    In This Peer Set, Premium Standing Sits with Durable Earnings and Funding Confidence. NeuraCap AI — Specialized Finance Coverage September 2026 · Prepared by NeuraCap AI · Confidential Specialized Finance Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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