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

Residential REITs Sector Outlook — September 2026

NeuraCap's Residential REITs 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

15.7x
Sector median EV/EBITDA
18.5x
Premium end EV/EBITDA vs 12.7x at the discount end
16
Transactions with disclosed terms

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REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › RESIDENTIAL REITS

Residential REITs: Growth Alone Is Not the Currency

The report shows how operating quality, portfolio mix and profitability sit alongside growth in the market's valuation of residential platforms.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Residential REITs Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Residential REIT valuation is not a simple ranking of forward growth. The premium end carries a clear spread, yet the growth split runs in the opposite direction, while the four-way map gives margin-led names the higher observed multiple. For owners, the practical agenda is to strengthen the evidence behind durable cash flow through effective rent, resident retention, expense control, portfolio quality and disciplined capital allocation.

Key findings

  • The Premium End Requires More Than Forecast Growth
  • Faster Growth Does Not Carry the Higher Multiple
  • Margin and Growth Need to Be Read Together
  • The Core Operators Set the Sector Frame

What each page shows

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

  1. 01

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › RESIDENTIAL REITS

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › RESIDENTIAL REITS.

    Cover — Residential REITs 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

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    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › RESIDENTIAL REITS Residential REITs: Growth Alone Is Not the Currency The report shows how operating quality, portfolio mix and profitability sit alongside growth in the market's valuation of residential platforms. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Residential REITs 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 Valuation Rewards a Broader Operating Case 02 The Landscape The Sector Label Spans Distinct Operating and Financing Models 03 Valuation & Situations The Premium End Asks for Durability Beyond the Forecast 04 Precedent Transactions Precedent Transactions Span Properties, Portfolios and Public Companies 05 Strategic Implications Operating Proof Matters More than a Single Forecast 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Residential REITs Span Diversified Operators and Adjacent Services and Mortgage Models

    Residential REITs Span Diversified Operators and Adjacent Services and Mortgage Models.

    Residential REITs Span Diversified Operators and Adjacent Services and Mortgage Models 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 (12 of 19 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Residential REITs Span Diversified Operators and Adjacent Services and Mortgage Models 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 (12 of 19 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Requires More than Forecast Growth The premium end sits at 18.5x versus 12.7x at the discount end on forward EV / EBITDA. Because the multiple is forward, the spread suggests investors are also weighing durability beyond the forecast, without establishing which factor accounts for it. 2 Faster Growth Does Not Carry the Higher Multiple Across the 12 companies with a forward estimate, the 6 above the 3% growth split carry 15.7x, while the 6 below it carry 16.1x. The observed ordering supports a broader read of earnings quality. 3 Margin and Growth Need to Be Read Together Three of the 12 companies with a forward estimate clear both the 3% growth and 54% margin bars. That count keeps attention on effective rent, resident retention, controllable expenses and recurring capex rather than growth in isolation. 4 The Core Operators Set the Sector Frame Diversified residential REITs represent 74% of the approved set. Adjacent services and mortgage models sit beside them, but their economics and valuation conventions differ from property operations. 15.7x Sector median EV/EBITDA CY2027E consensus · 12 rated of 19 companies 18.5x Premium end EV/EBITDA vs 12.7x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 16 Transactions with disclosed terms 60 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — The Sector Label Spans Distinct Operating and Financing Models. Diversified residential operators dominate the set, while adjacent models require different valuation frameworks. 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 The Sector Label Spans Distinct Operating and Financing Models Diversified residential operators dominate the set, while adjacent models require different valuation frameworks. 02 of 06 Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Residential Operations Hold the Center, While Adjacent Models Need Separate Reads

    Residential Operations Hold the Center, While Adjacent Models Need Separate Reads.

    Residential Operations Hold the Center, While Adjacent Models Need Separate Reads 19 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 Residential Operations Hold the Center, While Adjacent Models Need Separate Reads 19 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. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED RESIDENTIAL REITS 14 cos median 15.7x ESS INVH MAA SUI UDR AMH CPT ELS IRT UMH AIV BRT NXRT ELME Property operations, portfolio geography and same-store execution form the main public-market frame. ADJACENT: RESIDENTIAL REAL ESTATE SERVICES 2 cos no rated names ARL TCI Service economics differ from direct ownership and require attention to revenue mix and operating leverage. ADJACENT: MORTGAGE REITS 2 cos no rated names MITT CHMI Financing exposure and balance-sheet structure matter more than property-level leasing execution. ADJACENT: RESIDENTIAL MORTGAGE FINANCE 1 cos no rated names GHI Credit performance and funding structure distinguish this model from equity ownership.

  6. 06
    02 · LANDSCAPE

    One Residential Label Covers Four Different Economic Models

    One Residential Label Covers Four Different Economic Models.

    One Residential Label Covers Four Different Economic 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 One Residential Label Covers Four Different Economic 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. Residential REITs 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 Diversified residential REITs 14 74% 15.7x Essex Property Trust, Inc. (ESS) · Invitation Homes Inc. (INVH) · +12 more The operating core dominates. This group represents 74% of the set and is judged through portfolio quality, effective rent, occupancy, resident retention and controllable expenses. Adjacent: residential real estate services 2 11% — American Realty Investors, Inc. (ARL) · Transcontinental Realty Investors, Inc. (TCI) Services follow different economics. Revenue mix, fee durability and operating leverage matter more here than the property-level measures used for diversified residential REITs. Adjacent: mortgage REITs 2 11% — TPG Mortgage Investment Trust Inc (MITT) · Cherry Hill Mortgage Investment Corporation (CHMI) Funding changes the valuation frame. Asset yields, leverage and financing exposure shape the read, limiting direct comparison with equity property operators. Adjacent: residential mortgage finance 1 5% — Greystone Housing Impact Investors LP (GHI) Credit sits at the center. Credit quality, funding access and capital structure define this model's economics and require a separate benchmark.

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    SECTION 03

    03

    03.

    Section 03 of 06 — The Premium End Asks for Durability Beyond the Forecast. Forward EV / EBITDA already credits expected growth, leaving operating quality central to the valuation case. 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 Asks for Durability Beyond the Forecast Forward EV / EBITDA already credits expected growth, leaving operating quality central to the valuation case. 03 of 06 Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Premium End Holds a Clear Spread That Growth Alone Does Not Resolve

    The Premium End Holds a Clear Spread That Growth Alone Does Not Resolve.

    The Premium End Holds a Clear Spread That Growth Alone Does Not Resolve EV / EBITDA (CY2027E) · all 12 rated companies, sorted descending · sector median 15.7x · 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 (12 of 19 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 EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Holds a Clear Spread That Growth Alone Does Not Resolve EV / EBITDA (CY2027E) · all 12 rated companies, sorted descending · sector median 15.7x · 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 (12 of 19 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 EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 18.5x CORE · median 15.7x DISCOUNT · median 12.7x Sector median 15.7x WHAT SEPARATES THE TWO ENDS The valuation spread holds. The premium tier carries an 18.5x median versus 12.7x for the discount tier. The lens looks forward. Forward EV / EBITDA already credits expected growth, so a remaining premium is associated with confidence beyond the forecast period. Operating proof still matters. Portfolio geography, lease spreads, retention, expense control and recurring capex offer the practical tests of durability.

  9. 09
    03 · VALUATION DRIVERS

    Faster Growth Does Not Carry the Higher Multiple in This Set

    Faster Growth Does Not Carry the Higher Multiple in This Set.

    Faster Growth Does Not Carry the Higher Multiple in This Set 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=6; slower n=6; higher-margin n=6; lower-margin n=6). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster Growth Does Not Carry the Higher Multiple in This Set 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=6; slower n=6; higher-margin n=6; lower-margin n=6). Driver readings are NeuraCap views on the supplied data — association, not causation. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 3% · EBITDA-margin split at 54% The Growth Split Runs Against a Simple Premium Story Across two groups of 6 companies with forward estimates, those above the 3% growth split carry 15.7x, while those below it carry 16.1x. Profitability Remains Part of the Valuation Read The observed ordering is consistent with investors considering earnings quality alongside growth, although the data does not establish the explanation. Retention Connects Pricing with Durable Cash Flow Renewal conversion, blended lease spreads and concession burn-off show whether effective rent can rise without weakening occupancy or resident retention. Expense Control Protects the Operating Case Insurance, property taxes, utilities and recurring capex can separate reported growth from durable cash-flow progress.

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    03 · SITUATION MAP

    The Market Separates Proven Premiums from Unconverted Growth

    The Market Separates Proven Premiums from Unconverted Growth.

    The Market Separates Proven Premiums from Unconverted Growth Cut on EV / EBITDA vs the sector median (15.7x) (rows) and revenue growth vs the covered median (3%) (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 Market Separates Proven Premiums from Unconverted Growth Cut on EV / EBITDA vs the sector median (15.7x) (rows) and revenue growth vs the covered median (3%) (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. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Growth Above-median multiple · above-median revenue growth 3 names Essex Property Trust, Inc. (ESS) · American Homes 4 Rent (AMH) · Equity LifeStyle Properties, Inc. (ELS) These names pair above-middle growth with an above-middle multiple. The operating question is whether retention, lease spreads and expense control can sustain that position. Premium Without Growth Above-median multiple · below-median revenue growth 3 names Sun Communities, Inc. (SUI) · UDR, Inc. (UDR) · Camden Property Trust (CPT) These names retain an above-middle multiple despite below-middle growth. Portfolio quality, cash-flow durability and capital allocation may be carrying more weight than near-term expansion. Growth Without Premium Below-median multiple · above-median revenue growth 3 names Independence Realty Trust, Inc. (IRT) · UMH Properties, Inc. (UMH) · BRT Apartments Corp. (BRT) These names show above-middle growth without an above-middle multiple. The gap points to a need for stronger evidence on margins, portfolio resilience and the durability of cash conversion. Neither Signal Below-median multiple · below-median revenue growth 3 names Invitation Homes Inc. (INVH) · Mid-America Apartment Communities, Inc. (MAA) · NexPoint Residential Trust, Inc. (NXRT) These names sit below the middle on both measures. A change in standing would require visible progress in operating execution, portfolio mix or capital structure.

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    03 · GROWTH VS PROFITABILITY

    The Four-Way Map Puts Margin-Led Names at the Higher Multiple

    The Four-Way Map Puts Margin-Led Names at the Higher Multiple.

    The Four-Way Map Puts Margin-Led Names at the Higher Multiple Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 12 companies with both estimates · cuts at the covered medians (3% growth, 54% 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=3; growth-only n=3; neither n=3). IRT plotted at the chart edge. 11

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    03 · GROWTH VS PROFITABILITY The Four-Way Map Puts Margin-Led Names at the Higher Multiple Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 12 companies with both estimates · cuts at the covered medians (3% growth, 54% 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=3; growth-only n=3; neither n=3). IRT plotted at the chart edge. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 5% 10% 15% 50% 55% 60% 65% MARGIN ONLY median 16.7x BALANCED median 15.5x NEITHER median 15.5x GROWTH ONLY median 16.0x SUI CPT INVH NXRT MAA UDR AMH ESS ELS UMH BRT IRT x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map covers 12 companies with forward estimates and uses 3% growth and 54% margin as its dividing lines. Three names sit in each cell. The margin-only group carries 16.7x, compared with 16.0x for the growth-only group. The balanced and neither groups both carry 15.5x, so clearing both bars is not associated with a higher multiple in this sample. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 12 of 12 names clear it.

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    03 · THE AGENDA

    Four Operating Choices Frame a More Defensible Multiple

    Four Operating Choices Frame a More Defensible Multiple.

    Four Operating Choices Frame a More Defensible Multiple 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 Four Operating Choices Frame a More Defensible Multiple 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. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Can Pricing Hold Without Weakening Retention? Test effective-rent growth against renewal conversion, resident turnover and concessions across the same-store pool. What changes the answer: The answer changes when rent gains begin to weaken occupancy, retention or collections. Where Does Local Supply Pressure the Portfolio? Separate submarkets with durable household formation from those facing lease-up pressure and persistent concessions. What changes the answer: The answer changes as new supply alters effective rent, occupancy or concession burn-off. Can Expense Discipline Protect Cash Flow? Focus operating action on insurance, property taxes, utilities, controllable expenses and recurring capex. What changes the answer: The answer changes when expense growth absorbs the benefit of rent and occupancy progress. Where Can Capital Earn More? Compare development, redevelopment, asset recycling and balance-sheet uses against their effect on portfolio quality and cash flow. What changes the answer: The answer changes when funding costs, development yields or asset-level returns move.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Span Properties, Portfolios and Public Companies. The relevant benchmark depends on the asset perimeter, operating model and terms buyers agreed. 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 Span Properties, Portfolios and Public Companies The relevant benchmark depends on the asset perimeter, operating model and terms buyers agreed. 04 of 06 Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Transaction Benchmarks Change with the Asset Perimeter

    Transaction Benchmarks Change with the Asset Perimeter.

    Transaction Benchmarks Change with the Asset Perimeter 3 of 16 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. 81 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. 44 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 Transaction Benchmarks Change with the Asset Perimeter 3 of 16 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. 81 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. 44 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. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2023 $94M Centerspace Lake Vista Apartment Homes anchors a completed property-level residential transaction. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer-target pairing suggests a focus on adding an operating residential asset rather than acquiring a broader public company. HOW THE TARGET WAS VALUED The transaction carries a recorded value of $94M. Its useful benchmark is property-level underwriting, including achievable NOI, recurring capex and asset condition. Jun-2026 $80M BRT Apartments Corp. BRT Apartments Corp. (BRT) extends its residential footprint through Ranch Lake Apartments. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests a direct fit with BRT Apartments Corp. (BRT)'s residential operating model. The pending status keeps execution and property-level diligence central to the read. HOW THE TARGET WAS VALUED The transaction carries a recorded value of $80M. Its benchmark is the property's forward NOI, lease-up needs, recurring capex and local supply. Aug-2019 $18M BRT Apartments Corp. acquires entity that owns Village at Lakeside EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Buyer logic turns on how the target's operating model, assets and capital needs fit the acquirer's existing capabilities. HOW THE TARGET WAS VALUED Valuation is framed against the relevant residential operating model and the terms agreed for the transaction perimeter.

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    SECTION 05

    05

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    Section 05 of 06 — Operating Proof Matters More than a Single Forecast. Owners can strengthen their standing through retention, pricing discipline, portfolio quality and capital allocation. 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 Operating Proof Matters More than a Single Forecast Owners can strengthen their standing through retention, pricing discipline, portfolio quality and capital allocation. 05 of 06 Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    A More Defensible Multiple Sits with Stronger Operating Evidence

    A More Defensible Multiple Sits with Stronger Operating Evidence.

    A More Defensible Multiple Sits with Stronger Operating Evidence 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 A More Defensible Multiple Sits with Stronger Operating Evidence 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. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Protect Revenue Quality Before Chasing Growth Balance mark-to-market and blended lease spreads with occupancy, resident retention and bad debt. Growth that holds through renewal conversion carries a more durable operating case. FOR OPERATORS Turn Local Density into Margin Resilience Use portfolio density to improve property operations, control expenses and manage recurring capex without compromising resident experience. FOR CAPITAL ALLOCATORS Match Capital to Portfolio Advantage Weigh development, redevelopment and asset recycling against local supply, achievable rents, balance-sheet flexibility and portfolio quality.

  17. 17
    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 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 Residential REITs 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 (15.7x); amber marks below · 12 rated companies; 7 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 12 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

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    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 (15.7x); amber marks below · 12 rated companies; 7 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 12 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. Residential REITs 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 — ≥17.2x · median 18.5x · 3 companies Essex Property Trust, Inc. ESS Diversified residential REITs $24.6B 18.6x 4% 65% 69 Equity LifeStyle Properties, Inc. ELS Diversified residential REITs $14.8B 18.5x 4% 49% 53 Sun Communities, Inc. SUI Diversified residential REITs $17.8B 17.5x -1% 51% 50 CORE — 15.3x–17.2x · median 15.7x · 6 companies Camden Property Trust CPT Diversified residential REITs $14.9B 17.1x 1% 56% 57 UDR, Inc. UDR Diversified residential REITs $17.7B 16.7x 3% 61% 63 American Homes 4 Rent AMH Diversified residential REITs $16.8B 16.0x 3% 53% 57 Invitation Homes Inc. INVH Diversified residential REITs $24.5B 15.5x 2% 53% 55 UMH Properties, Inc. UMH Diversified residential REITs $2.3B 15.5x 8% 57% 65 Mid-America Apartment Communities, Inc. MAA Diversified residential REITs $19.5B 15.4x 2% 56% 58 DISCOUNT — <15.3x · median 12.7x · 3 companies Independence Realty Trust, Inc. IRT Diversified residential REITs $6.0B 15.1x 18% 50% 68 BRT Apartments Corp. BRT Diversified residential REITs $727M 12.7x 8% 54% 62 NexPoint Residential Trust, Inc. NXRT Diversified residential REITs $547M 4.3x 2% 49% 51

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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 16 transactions with disclosed terms in this tier (60 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. 81 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. 44 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 16 transactions with disclosed terms in this tier (60 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. 81 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. 44 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. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2026 BRT Apartments Corp. → Ranch Lake Apartments $80M n/a n/a The transaction adds a current property-level reference where operating assumptions and asset condition matter alongside recorded value. May-2026 n/a → Equity Residential $81.7B 26.2x 42.7x The recorded terms pair $81.7B with 26.2x EV / Revenue and 42.7x EV / EBITDA, making transaction structure important to interpretation. May-2026 Equity Residential → AvalonBay Communities, Inc. $71.0B n/a n/a The recorded $71.0B value is better treated as transaction context than as a clean operating-multiple reference. Feb-2026 AC Residential REIT LLC → Veris Residential, Inc. $3.1B n/a n/a The announced transaction carries a recorded value of $3.1B and points to continued attention on residential entity-level combinations. Feb-2026 Kennedy-Wilson Holdings, Inc. → Equity Residential n/a 0.7x 8.8x The transaction carries 0.7x EV / Revenue and 8.8x EV / EBITDA, providing a distinct benchmark from the forward public-company range. Feb-2026 Kennedy-Wilson Holdings, Inc. → Essex Property Trust, Inc. n/a 0.7x 8.8x The matching valuation measures suggest the two transactions belong in the same benchmarking discussion. Feb-2026 n/a → Armada Hoffler Properties, Inc. $1.5B 3.7x 8.6x The announced transaction pairs $1.5B with 3.7x EV / Revenue and 8.6x EV / EBITDA. Nov-2025 Waypoint Asset Management → The PRS REIT Plc n/a 0.7x 8.8x The announced transaction provides another reference for how an institutional buyer approaches a residential platform. Oct-2023 Centerspace → Lake Vista Apartment Homes $94M n/a n/a The completed transaction shows that individual residential assets remain part of the benchmark set alongside entity-level activity.

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    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 16 transactions with disclosed terms in this tier (60 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. 81 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. 44 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

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    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (60 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. 81 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. 44 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. Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2023 McGrath RentCorp → Vesta Housing Solutions Holdings, Inc. n/a n/a 10.0x Sep-2020 Steadfast REIT Investments → Steadfast Apartment REIT n/a 2.6x 6.0x Value shown as recorded in the filing; deal value unit unresolved. Feb-2020 Preferred Apartment Advisors / NMP Advisors → Preferred Apartment Communities n/a 4.8x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2019 BRT Apartments Corp. → entity that owns Village at Lakeside $18M n/a n/a Oct-2018 BRT Apartments Corp. → Crestmont at Thornblade $38M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, financial target ev not meaningful. Aug-2017 BRG Manager → Bluerock Residential n/a 3.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Sep-2016 RAIT Financial Trust → Independence Realty Trust n/a 5.8x n/a Value shown as recorded in the filing; deal value unit unresolved.

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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. Residential REITs Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (12 of 19 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Residential REITs and it clears the coverage gate with 12 of 19 companies (63%). EV / Revenue, P / E are carried as a cross-check. The set earns: 12 of the 12 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 18 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 633 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 (632) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Higher Multiples Sit Beyond a Simple Growth Ranking.

    In This Set, the Higher Multiples Sit Beyond a Simple Growth Ranking..

    Closing — In This Set, the Higher Multiples Sit Beyond a Simple Growth Ranking. 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

    In This Set, the Higher Multiples Sit Beyond a Simple Growth Ranking. NeuraCap AI — Residential REITs Coverage September 2026 · Prepared by NeuraCap AI · Confidential Residential REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Residential REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Residential REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 19 listed companies whose core business is Residential REITs 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: Apartment Investment and Management Company (AIV), American Homes 4 Rent (AMH), American Realty Investors, Inc. (ARL), BRT Apartments Corp. (BRT), Cherry Hill Mortgage Investment Corporation (CHMI), Camden Property Trust (CPT), Elme Communities (ELME), Equity LifeStyle Properties, Inc. (ELS), Essex Property Trust, Inc. (ESS), Greystone Housing Impact Investors LP (GHI), Invitation Homes Inc. (INVH), Independence Realty Trust, Inc. (IRT), Mid-America Apartment Communities, Inc. (MAA), TPG Mortgage Investment Trust Inc (MITT), NexPoint Residential Trust, Inc. (NXRT), Sun Communities, Inc. (SUI), Transcontinental Realty Investors, Inc. (TCI), UDR, Inc. (UDR), UMH Properties, Inc. (UMH). The market map groups them by business vertical — Diversified residential REITs: 14 companies (ESS, INVH, MAA, SUI, UDR, AMH, CPT, ELS, IRT, UMH, AIV, BRT, NXRT, ELME); Adjacent: residential real estate services: 2 companies (ARL, TCI); Adjacent: mortgage REITs: 2 companies (MITT, CHMI); Adjacent: residential mortgage finance: 1 company (GHI). 12 of the 19 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 Residential REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Residential REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 19 listed companies whose core business is Residential REITs 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: Apartment Investment and Management Company (AIV), American Homes 4 Rent (AMH), American Realty Investors, Inc. (ARL), BRT Apartments Corp. (BRT), Cherry Hill Mortgage Investment Corporation (CHMI), Camden Property Trust (CPT), Elme Communities (ELME), Equity LifeStyle Properties, Inc. (ELS), Essex Property Trust, Inc. (ESS), Greystone Housing Impact Investors LP (GHI), Invitation Homes Inc. (INVH), Independence Realty Trust, Inc. (IRT), Mid-America Apartment Communities, Inc. (MAA), TPG Mortgage Investment Trust Inc (MITT), NexPoint Residential Trust, Inc. (NXRT), Sun Communities, Inc. (SUI), Transcontinental Realty Investors, Inc. (TCI), UDR, Inc. (UDR), UMH Properties, Inc. (UMH). The market map groups them by business vertical — Diversified residential REITs: 14 companies (ESS, INVH, MAA, SUI, UDR, AMH, CPT, ELS, IRT, UMH, AIV, BRT, NXRT, ELME); Adjacent: residential real estate services: 2 companies (ARL, TCI); Adjacent: mortgage REITs: 2 companies (MITT, CHMI); Adjacent: residential mortgage finance: 1 company (GHI). 12 of the 19 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

18 records failed a validation gate and never feed a statistic in this report (1 excluded from universe; 16 excluded from aggregate; 1 quarantined). Each exclusion, with its reason: CSR — The ticker CSR carries a preferred, warrant or unit suffix and the security name gives no sign of an operating company (effect: excluded from universe) · AIV — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CHMI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ELME — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ELME — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ELME — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ELME — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ELME — Revenue for CY2026E is 0.32x the CY2025A value and 4.0x smaller than CY2027E; the value is on a different basis from the periods either side of it and cannot be compared with them (effect: quarantined) · GHI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NXRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NXRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NXRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NXRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SUI — 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 (12 of 19 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Residential REITs and it clears the coverage gate with 12 of 19 companies (63%). EV / Revenue, P / E are carried as a cross-check. The set earns: 12 of the 12 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: 12 of 19 companies; EV / rEVenue: 16 of 19 companies; P/E: 13 of 19 companies. 3 companies show a non-meaningful P / E denominator and are 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 ≥17.2x, Core 15.3x–17.2x, Discount <15.3x — 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: 15.7x = median(ev_ebitda CY2027E) (12 rated companies) · 18.5x = median(ev_ebitda CY2027E) within Premium tier (n=3) · 15.7x = median(ev_ebitda CY2027E) within Core tier (n=6) · 12.7x = median(ev_ebitda CY2027E) within Discount tier (n=3) · 15.7x = median(ev_ebitda CY2027E) | growth ≥ 3% (n=6) · 16.1x = median(ev_ebitda CY2027E) | growth < 3% (n=6) · 16.1x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 54% (n=6) · 15.7x = median(ev_ebitda CY2027E) | EBITDA margin < 54% (n=6) · 58% = median Rule of 40 score (revenue growth + EBITDA margin) (n=12) · 15.5x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 16.7x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=3) · 16.0x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=3) · 15.5x = 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 Residential REITs 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. 60 transactions were recorded for this industry; 16 are shown. 44 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: 34 × deal value unit unresolved; 30 × no evidence record; 6 × duplicate precedent id; 4 × divestiture roles reassigned; 7 × 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. 637 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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