NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Real Estate Technology and Platforms Sector Outlook — September 2026

NeuraCap's Real Estate Technology and Platforms sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

8.1x
Sector median EV/EBITDA
18.9x
Premium end EV/EBITDA vs 3.9x at the discount end
13
Transactions with disclosed terms

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REAL ESTATE › REAL ESTATE MANAGEMENT AND DEVELOPMENT › REAL ESTATE TECHNOLOGY AND PLATFORMS

Real Estate Technology: Profitable Growth Stands Apart

This report shows where valuation sits across software, marketplaces and property services, and which operating choices can strengthen a company’s position.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Real Estate Technology and Platforms are not priced as a single model. Recurring property software, adjacent marketplaces and technology-enabled property services carry different revenue quality, margin and cycle exposure. Across the peer set, higher growth sits alongside higher forward valuation, while the upper-right of the operating map pairs expansion with profitability.

Key findings

  • Recurring Software Can Command a Distinct Valuation Frame
  • The Forward Premium Survives Forecast Growth
  • Balanced Growth and Profitability Stand Apart
  • Transaction Benchmarks Depend on the Business Model

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    REAL ESTATE › REAL ESTATE MANAGEMENT AND DEVELOPMENT › REAL ESTATE TECHNOLOGY AND PLATFORMS

    REAL ESTATE › REAL ESTATE MANAGEMENT AND DEVELOPMENT › REAL ESTATE TECHNOLOGY AND PLATFORMS.

    Cover — Real Estate Technology and Platforms sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

    Everything on this page

    REAL ESTATE › REAL ESTATE MANAGEMENT AND DEVELOPMENT › REAL ESTATE TECHNOLOGY AND PLATFORMS Real Estate Technology: Profitable Growth Stands Apart This report shows where valuation sits across software, marketplaces and property services, and which operating choices can strengthen a company’s position. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Profitable Growth Separates the Premium 02 The Landscape Business Model Shapes the Valuation Frame 03 Valuation & Situations The Premium End Sustains a Wide Forward Gap 04 Precedent Transactions Precedent Transactions Reward Different Economics Differently 05 Strategic Implications Build Value Through Revenue Quality and Operating Leverage 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Real Estate Technology and Platforms Price Software, Adjacent Models and Property Services Differently

    Real Estate Technology and Platforms Price Software, Adjacent Models and Property Services Differently.

    Real Estate Technology and Platforms Price Software, Adjacent Models and Property Services Differently The full story on one page · figures on EV / EBITDA (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: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Real Estate Technology and Platforms Price Software, Adjacent Models and Property Services Differently The full story on one page · figures on EV / EBITDA (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: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Recurring Software Can Command a Distinct Valuation Frame Property operations software sits at 23.1x, although that reading rests on one of the two names with an estimate. Technology-enabled brokerage and property services sit at 7.0x across five names, consistent with greater exposure to service mix and property cycles. 2 The Forward Premium Survives Forecast Growth The premium end sits at 18.9x versus 3.9x at the discount end. Because forward EV / EBITDA already credits forecast growth, the remaining gap is consistent with confidence in durable earnings quality. 3 Balanced Growth and Profitability Stand Apart The three names above both operating bars sit at 14.8x. This group combines growth with profitability rather than relying on expansion alone. 4 Transaction Benchmarks Depend on the Business Model RealPage, Inc. was valued at 28.5x EV / EBITDA, while Wyndham Vacation Rentals North America, LLC was valued at 5.8x. The spread is consistent with buyers applying different standards to recurring software and services-heavy models. 8.1x Sector median EV/EBITDA CY2027E consensus · 8 rated of 9 companies 18.9x Premium end EV/EBITDA vs 3.9x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 13 Transactions with disclosed terms 42 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

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    Section 02 of 06 — Business Model Shapes the Valuation Frame. Software, adjacent models and property services carry different revenue quality and operating exposure. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Business Model Shapes the Valuation Frame Software, adjacent models and property services carry different revenue quality and operating exposure. 02 of 06 Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Value Concentrates Where Technology Owns More of the Property Workflow

    Value Concentrates Where Technology Owns More of the Property Workflow.

    Value Concentrates Where Technology Owns More of the Property Workflow 9 approved companies grouped by business segment · median EV / EBITDA (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. 5

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    02 · MARKET MAP Value Concentrates Where Technology Owns More of the Property Workflow 9 approved companies grouped by business segment · median EV / EBITDA (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. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 TECHNOLOGY-ENABLED BROKERAGE AND PROPERTY SERVICES 5 cos median 7.0x Jones Lang LaSalle (JLL) KE Holdings (BEKE) CoStar Group (CSGP) Newmark Group (NMRK) The Real Brokerage (REAX) Scale and distribution matter, but transaction exposure, agent productivity and service mix shape earnings quality. PROPERTY OPERATIONS SOFTWARE 2 cos 23.1x · 1 rated AppFolio (APPF) SmartRent (SMRT) Recurring subscriptions and workflow penetration can support a distinct valuation frame when retention and profitability are visible. ADJACENT MODELS 2 cos median 10.6x Airbnb (ABNB) Zillow Group, (Z) Marketplace liquidity, audience strength and lead conversion determine how effectively traffic becomes durable economics.

  6. 06
    02 · LANDSCAPE

    Software Economics Sit Apart from Services-Heavy Property Models

    Software Economics Sit Apart from Services-Heavy Property Models.

    Software Economics Sit Apart from Services-Heavy Property Models Segment view of the approved universe · EV / EBITDA (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. 6

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    02 · LANDSCAPE Software Economics Sit Apart from Services-Heavy Property Models Segment view of the approved universe · EV / EBITDA (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. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Technology-enabled brokerage and property services 5 56% 7.0x Jones Lang LaSalle Incorporated (JLL) · KE Holdings Inc. (BEKE) · +3 more Scale meets cycle exposure. These businesses combine brokerage, data and property services. Agent productivity, lead conversion and normalized profitability matter because revenue can remain tied to transaction activity. Property operations software 2 22% 23.1x n=1 AppFolio Inc. (APPF) · SmartRent, Inc. (SMRT) Workflow depth earns attention. The segment sits at 23.1x based on one of its two names with an estimate. Recurring subscription mix, units under management and payments attach are central to the quality of that benchmark. Adjacent models 2 22% 10.6x Airbnb, Inc. (ABNB) · Zillow Group, Inc. Class C (Z) Audience becomes the asset. The segment sits at 10.6x across two names. Marketplace liquidity, listing density and efficient conversion shape how consumer reach translates into earnings.

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    SECTION 03

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    Section 03 of 06 — The Premium End Sustains a Wide Forward Gap. A forward earnings lens highlights which models retain value after forecast growth is already credited. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Sustains a Wide Forward Gap A forward earnings lens highlights which models retain value after forecast growth is already credited. 03 of 06 Real Estate Technology and Platforms 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 After Forecast Growth Is Credited

    The Premium End Holds a Wide Lead After Forecast Growth Is Credited.

    The Premium End Holds a Wide Lead After Forecast Growth Is Credited EV / EBITDA (CY2027E) · all 8 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: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Holds a Wide Lead After Forecast Growth Is Credited EV / EBITDA (CY2027E) · all 8 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: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 18.9x CORE · median 8.1x DISCOUNT · median 3.9x Sector median 8.1x WHAT SEPARATES THE TWO ENDS The premium spans two models. AppFolio Inc. (APPF) and Airbnb, Inc. (ABNB) occupy different segments, but both pair growth with established profitability. Their tier sits at 18.9x. The discount stays services-heavy. Newmark Group, Inc. (NMRK) and The Real Brokerage Inc. (REAX) remain tied to brokerage and property services economics. Their tier sits at 3.9x. Forward pricing raises the bar. A forward EV / EBITDA multiple already incorporates forecast growth. A premium that remains visible is therefore consistent with expected durability, not simply near-term expansion.

  9. 09
    03 · VALUATION DRIVERS

    Profitability Separates the Two Ends: Names Above the 20% Margin Line Carry 12.8x Against 6.6x Below It

    Profitability Separates the Two Ends: Names Above the 20% Margin Line Carry 12.8x Against 6.6x Below It.

    Profitability Separates the Two Ends: Names Above the 20% Margin Line Carry 12.8x Against 6.6x Below It Median EV / EBITDA (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=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 20% Margin Line Carry 12.8x Against 6.6x Below It Median EV / EBITDA (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=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 20% Higher Growth Sits Alongside Higher Forward Valuation On the 8 names with an estimate, the four above the 11% growth split sit at 10.6x versus 8.1x for the four below it. The observed gap is an association, not evidence that growth alone sets valuation. Profitability Distinguishes Balanced Growth from Expansion Alone Three names clear both the growth and profitability bars. Their position is consistent with the market giving greater credit when expansion comes with established earnings. Most of the Set Supports an Earnings-Based Lens 8 of 9 companies carry a forward EV / EBITDA estimate, and those with reported forward EBITDA have meaningful earnings. That makes profit quality central to peer positioning.

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    03 · SITUATION MAP

    The Priority Is Growth Where It Lags and Margin Improvement Where Profitability Lags

    The Priority Is Growth Where It Lags and Margin Improvement Where Profitability Lags.

    The Priority Is Growth Where It Lags and Margin Improvement Where Profitability Lags Cut on EV / EBITDA vs the sector median (8.1x) (rows) and revenue growth vs the covered median (11%) (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. 10

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    03 · SITUATION MAP The Priority Is Growth Where It Lags and Margin Improvement Where Profitability Lags Cut on EV / EBITDA vs the sector median (8.1x) (rows) and revenue growth vs the covered median (11%) (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. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth and Valuation Ahead Above-median multiple · above-median revenue growth 2 names Airbnb, Inc. (ABNB) · AppFolio Inc. (APPF) The market already recognizes growth and forward earnings. The operating priority is to protect retention, marketplace liquidity and scalable margins as the business expands. Valuation Ahead of Growth Above-median multiple · below-median revenue growth 2 names Jones Lang LaSalle Incorporated (JLL) · CoStar Group, Inc. (CSGP) Valuation is ahead despite slower growth. The priority is to sustain earnings quality while finding durable expansion through deeper workflows, payments attach or adjacent services. Growth Awaiting Valuation Below-median multiple · above-median revenue growth 2 names Zillow Group, Inc. Class C (Z) · The Real Brokerage Inc. (REAX) Growth is visible, but valuation remains below the set’s midpoint. The key question is whether revenue mix, retention and cost structure can convert expansion into durable earnings. Growth and Valuation Behind Below-median multiple · below-median revenue growth 2 names KE Holdings Inc. (BEKE) · Newmark Group, Inc. (NMRK) Both growth and valuation sit below the set’s midpoint. The agenda begins with revenue quality, operating focus and evidence that the model can withstand property-cycle pressure.

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    03 · GROWTH VS PROFITABILITY

    The Upper-Right Is Associated with Higher Valuations When Growth and Profitability Align

    The Upper-Right Is Associated with Higher Valuations When Growth and Profitability Align.

    The Upper-Right Is Associated with Higher Valuations When Growth and Profitability Align Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (11% growth, 20% margin) · median EV/EBITDA per quadrant · 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. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=1; growth-only n=1; neither n=3). 11

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    03 · GROWTH VS PROFITABILITY The Upper-Right Is Associated with Higher Valuations When Growth and Profitability Align Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (11% growth, 20% margin) · median EV/EBITDA per quadrant · 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. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=1; growth-only n=1; neither n=3). Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 5% 10% 15% 10% 20% 30% MARGIN ONLY median 10.8x BALANCED median 14.8x NEITHER median 7.0x GROWTH ONLY median 1.5x BEKE JLL NMRK CSGP ABNB Z REAX APPF x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Read right for growth above 11% and up for margins above 20%. Airbnb, Inc. (ABNB), Zillow Group, Inc. Class C (Z) and AppFolio Inc. (APPF) clear both bars and sit at 14.8x. One name clears only the margin bar, one clears only the growth bar, and three clear neither. The chart separates balanced operating delivery from growth or profitability in isolation. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 8 names clear it (APPF, ABNB).

  12. 12
    03 · THE AGENDA

    Market Standing Varies with Growth and Profitability

    Market Standing Varies with Growth and Profitability.

    Market Standing Varies with Growth and Profitability 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. 12

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    03 · THE AGENDA Market Standing Varies with Growth and Profitability 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. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Shift the Mix Toward Recurring Revenue Prioritize subscription, data and attached-service revenue where retention and gross margin support greater visibility. Reduce dependence on low-margin or pass-through activity where it does not deepen the customer relationship. What changes the answer: The answer changes when recurring revenue becomes more durable than transaction-linked growth. Own More of the Property Workflow Deepen workflow penetration across managers, residents, agents or consumers. Product investment should reinforce proprietary data, retention and the recurring subscription base. What changes the answer: The answer changes when product usage expands without a comparable rise in acquisition or service cost. Improve Marketplace Conversion Economics Strengthen listing density, lead conversion and local liquidity before adding paid traffic. The goal is better unit economics from the audience already on the platform. What changes the answer: The answer changes when engagement and conversion improve without greater paid-acquisition reliance. Simplify Services-Heavy Operations Focus capital on products and regions where agent productivity and operating leverage are visible. Fragmented architecture and low-margin activity should face a higher hurdle for further investment. What changes the answer: The answer changes when services revenue demonstrates durable profitability through the property cycle.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Reward Different Economics Differently. Software, marketplaces and property services require deal-specific benchmarks. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Reward Different Economics Differently Software, marketplaces and property services require deal-specific benchmarks. 04 of 06 Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Whole-Company Pricing Spans Software, Marketplaces and Property Services

    Whole-Company Pricing Spans Software, Marketplaces and Property Services.

    Whole-Company Pricing Spans Software, Marketplaces and Property Services 3 of 13 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. 46 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. 29 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.

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    04 · DEAL CASE STUDIES Whole-Company Pricing Spans Software, Marketplaces and Property Services 3 of 13 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. 46 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. 29 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. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Sep-2025 $4.6B Compass, Inc. Compass, Inc. combined with Anywhere Real Estate Inc. in a scaled real estate platform transaction. EV / LTM revenue 0.8x EV / LTM EBITDA 15.9x WHY THE DEAL HAPPENED The pairing suggests a focus on broader distribution, agent productivity and operating scale. Those attributes can matter when brokerage economics depend on local density and workflow reach. HOW THE TARGET WAS VALUED The recorded value was $4.6B, equal to 0.8x EV / Revenue and 15.9x EV / EBITDA. The earnings multiple sits above the middle of the public peer range at 8.1x, although transaction and public-market benchmarks are not directly equivalent. Mar-2021 $2.9B Capitol Investment Corp. V Capitol Investment Corp. V paired with Doma Holdings, Inc. around a technology-enabled property… EV / LTM revenue 7.0x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests an effort to fund a broader role in the property closing workflow. That position can matter where proprietary data and workflow penetration support customer dependence. HOW THE TARGET WAS VALUED The recorded value was $2.9B, equal to 7.0x EV / Revenue. The revenue benchmark is most relevant to transaction platforms whose EBITDA does not provide the primary pricing reference. Mar-2025 $2.6B Rocket Companies, Inc. Rocket Companies, Inc. acquired Redfin Corporation to connect more of the housing customer journey. EV / LTM revenue 2.5x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination suggests value in linking consumer traffic, brokerage engagement and financing distribution. The strategic fit rests on broader workflow ownership rather than a single property service. HOW THE TARGET WAS VALUED The recorded value was $2.6B, equal to 2.5x EV / Revenue. The revenue multiple provides a benchmark for a transaction-linked platform where an EBITDA multiple was not the stated reference.

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    SECTION 05

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    Section 05 of 06 — Build Value Through Revenue Quality and Operating Leverage. Recurring mix, workflow penetration and disciplined economics offer the clearest operating agenda. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Build Value Through Revenue Quality and Operating Leverage Recurring mix, workflow penetration and disciplined economics offer the clearest operating agenda. 05 of 06 Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Revenue Quality and Workflow Depth Offer the Clearest Operating Agenda

    Revenue Quality and Workflow Depth Offer the Clearest Operating Agenda.

    Revenue Quality and Workflow Depth Offer the Clearest Operating Agenda 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. 16

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    05 · STRATEGIC IMPLICATIONS Revenue Quality and Workflow Depth Offer the Clearest Operating Agenda 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. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Choose Where the Model Should Earn Its Standing Decide whether the business is primarily software, a marketplace or a technology-enabled service. Align product investment, pricing and cost structure with the economics buyers and public peers apply to that model. FOR MANAGEMENT Turn Growth into Durable Operating Evidence Prioritize retention, workflow penetration, lead conversion and scalable margins. Expansion carries more weight when it arrives with profitable unit economics and less dependence on transaction volumes. FOR BOARDS Set a Sharper Capital Allocation Test Compare build-versus-buy choices against their effect on recurring mix, proprietary data and operating leverage. Adjacencies should strengthen the core workflow rather than add fragmented revenue.

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    SECTION 06

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    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. 17

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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 Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.1x); amber marks below · 8 rated companies; 1 not rated (no eligible EV/EBITDA) · 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. 18

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.1x); amber marks below · 8 rated companies; 1 not rated (no eligible EV/EBITDA) · 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. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.8x · median 18.9x · 2 companies AppFolio Inc. APPF Property operations software $6.9B 23.1x 17% 23% 40 Airbnb, Inc. ABNB Short-stay travel marketplaces $84.6B 14.8x 11% 36% 48 CORE — 6.4x–11.8x · median 8.1x · 4 companies CoStar Group, Inc. CSGP Technology-enabled brokerage and property services $11.0B 10.8x 11% 24% 36 Jones Lang LaSalle Incorporated JLL Technology-enabled brokerage and property services $17.9B 9.1x 7% 6% 14 KE Holdings Inc. BEKE Technology-enabled brokerage and property services $13.1B 7.0x 4% 14% 17 Zillow Group, Inc. Class C Z Residential property search and media $5.9B 6.4x 12% 28% 40 DISCOUNT — <6.4x · median 3.9x · 2 companies Newmark Group, Inc. NMRK Technology-enabled brokerage and property services $4.7B 6.2x 9% 18% 27 The Real Brokerage Inc. REAX Technology-enabled brokerage and property services $238M 1.5x 17% 6% 22

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (42 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. 46 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. 29 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. 19

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (42 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. 46 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. 29 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. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2025 Compass, Inc. → Anywhere Real Estate Inc. $4.6B 0.8x 15.9x Compass, Inc. and Anywhere Real Estate Inc. bring together two broad real estate platforms. The transaction suggests that distribution, agent productivity and operating scale remain relevant to buyers. Mar-2025 Rocket Companies, Inc. → Redfin Corporation $2.6B 2.5x n/a Rocket Companies, Inc. and Redfin Corporation connect consumer demand generation with a broader housing transaction journey. The pairing suggests value in owning more of the customer workflow. Oct-2024 Teleperformance SE → Move EZ, Inc. n/a n/a 10.5x Teleperformance SE agreed to acquire Move EZ, Inc. at 10.5x EV / EBITDA. The transaction suggests that property-related customer workflows can attract buyers beyond traditional real estate platforms. Mar-2021 Capitol Investment Corp. V → Doma Holdings, Inc. $2.9B 7.0x n/a Capitol Investment Corp. V and Doma Holdings, Inc. paired capital access with a property transaction platform. The combination suggests that technology-enabled transaction workflows can support a standalone strategic story. Dec-2020 Thoma Bravo, L.P. → RealPage, Inc. n/a 9.4x 28.5x Thoma Bravo, L.P. agreed to acquire RealPage, Inc. at 9.4x EV / Revenue and 28.5x EV / EBITDA. The pricing provides a benchmark for scaled property software with recurring workflow exposure. Jul-2019 Chatham Asset Management → Wyndham Vacation Rentals North America, LLC n/a n/a 5.8x Chatham Asset Management acquired Wyndham Vacation Rentals North America, LLC at 5.8x EV / EBITDA. The benchmark reflects a services model with operating exposure distinct from recurring software. May-2019 Oravel Stays Private Limited (nka:Oravel Stays Limited) → @Leisure Holding B.V. (nka:OYO Vacation Homes Holding B.V.) n/a n/a 14.7x Oravel Stays Private Limited (nka:Oravel Stays Limited) agreed to acquire @Leisure Holding B.V. (nka:OYO Vacation Homes Holding B.V.) at 14.7x EV / EBITDA. The transaction suggests strategic value in broader accommodation inventory and distribution. May-2018 Silver Lake → ZPG Plc n/a 8.8x 21.5x Silver Lake agreed to acquire ZPG Plc at 8.8x EV / Revenue and 21.5x EV / EBITDA. The pricing benchmarks a property platform combining audience reach with established earnings. Sep-2014 News Corporation → Move, Inc. n/a 4.0x n/a News Corporation agreed to acquire Move, Inc. at 4.0x EV / Revenue. The transaction provides a revenue benchmark for a property platform built around consumer audience and listings.

  20. 20
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (42 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. 46 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. 29 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. 20

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (42 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. 46 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. 29 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. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2014 Zillow, Inc. → Trulia, Inc. n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. n/a n/a → Zillow Group, Inc. n/a n/a 28.4x Value shown as recorded in the filing; status defaulted announced. n/a n/a → Zillow Group, Inc. n/a n/a 28.4x Value shown as recorded in the filing; status defaulted announced. n/a n/a → eXp World Holdings, Inc. n/a n/a 29.9x Value shown as recorded in the filing; status defaulted announced.

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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. 21

    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. Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Real Estate Technology and Platforms and it clears the coverage gate with 8 of 9 companies (89%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 8 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 319 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 (318) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Observed Premium Sits with Profitable Growth and Deeper Property Workflows.

    The Observed Premium Sits with Profitable Growth and Deeper Property Workflows..

    Closing — The Observed Premium Sits with Profitable Growth and Deeper Property Workflows. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22

    Everything on this page

    The Observed Premium Sits with Profitable Growth and Deeper Property Workflows. NeuraCap AI — Real Estate Technology and Platforms Coverage September 2026 · Prepared by NeuraCap AI · Confidential Real Estate Technology and Platforms Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Real Estate Technology and Platforms (Real Estate › Real Estate Management and Development › Real Estate Technology and Platforms) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Real Estate Technology and Platforms according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Airbnb, Inc. (ABNB), AppFolio Inc. (APPF), KE Holdings Inc. (BEKE), CoStar Group, Inc. (CSGP), Jones Lang LaSalle Incorporated (JLL), Newmark Group, Inc. (NMRK), The Real Brokerage Inc. (REAX), SmartRent, Inc. (SMRT), Zillow Group, Inc. Class C (Z). The market map groups them by business vertical — Technology-enabled brokerage and property services: 5 companies (JLL, BEKE, CSGP, NMRK, REAX); Property operations software: 2 companies (APPF, SMRT); Adjacent models: 2 companies (ABNB, Z). 8 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Real Estate Technology and Platforms (Real Estate › Real Estate Management and Development › Real Estate Technology and Platforms) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Real Estate Technology and Platforms according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Airbnb, Inc. (ABNB), AppFolio Inc. (APPF), KE Holdings Inc. (BEKE), CoStar Group, Inc. (CSGP), Jones Lang LaSalle Incorporated (JLL), Newmark Group, Inc. (NMRK), The Real Brokerage Inc. (REAX), SmartRent, Inc. (SMRT), Zillow Group, Inc. Class C (Z). The market map groups them by business vertical — Technology-enabled brokerage and property services: 5 companies (JLL, BEKE, CSGP, NMRK, REAX); Property operations software: 2 companies (APPF, SMRT); Adjacent models: 2 companies (ABNB, Z). 8 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

8 records failed a validation gate and never feed a statistic in this report (8 excluded from aggregate). Each exclusion, with its reason: REAX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · REAX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · REAX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SMRT — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · SMRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SMRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SMRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SMRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 18%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Real Estate Technology and Platforms and it clears the coverage gate with 8 of 9 companies (89%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 8 of 9 companies; EV / rEVenue: 9 of 9 companies; P/E: 7 of 9 companies. 1 company shows a non-meaningful P / E denominator and is excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥11.8x, Core 6.4x–11.8x, Discount <6.4x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 8.1x = median(ev_ebitda CY2027E) (8 rated companies) · 18.9x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 8.1x = median(ev_ebitda CY2027E) within Core tier (n=4) · 3.9x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 10.6x = median(ev_ebitda CY2027E) | growth ≥ 11% (n=4) · 8.1x = median(ev_ebitda CY2027E) | growth < 11% (n=4) · 12.8x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 20% (n=4) · 6.6x = median(ev_ebitda CY2027E) | EBITDA margin < 20% (n=4) · 31% = median Rule of 40 score (revenue growth + EBITDA margin) (n=8) · 14.8x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 10.8x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=1) · 1.5x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=1) · 7.0x = median(ev_ebitda CY2027E) within neither quadrant (n=3)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Real Estate Technology and Platforms recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 42 transactions were recorded for this industry; 13 are shown. 29 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 23 × deal value unit unresolved; 16 × no evidence record; 4 × duplicate precedent id; 2 × divestiture roles reassigned; 1 × financial target ev not meaningful. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 323 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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