MONTHLYMARKETMONITORAUGUST2026SPACE&NATIONALSECURITYTHISMONTHATAGLANCEPUBLICVALUATIONSM&A/DEALACTIVITYVENTUREFUNDINGMID-MARKETPEDRYPOWDER2.8x24$2,078M$24.4B▼-3.9%MoM▲2dealsMoM▲34.7%MoM27firms·$88.7BAUMNatSecmedianEV/Rev·Spacemedian4.8xNatSec17·Space7·$9,284Mdisclosed26rounds·LTMdisclosed$27,007MSUBSECTORVALUATIONCHANGE·MONTHOVERMONTHMatched-basketchangeinmedianEV/Revenue,31-Jul-26to31-Aug-26.TOPTAKEAWAYSValuations:compressionbroadensacrossbothpillars.MedianEV/Revenuefellinsevenofthetensubsectors,allofwhichnowcarryaseries.DefenseElectronics(-16.5%)andGroundSystems(-12.5%)ledthepullback;Launch&Access(+52.5%)andNationalSecuritySoftware&AI(+15.7%)weretheonlymaterialgainers.Thenationalsecuritymedianfell3.9%to2.8xandthespacemedian5.1%to4.8x.Spacestilltradesata1.7xrevenue-multiplepremiumtonationalsecurity,andoutperformeditonpriceby5.7pointsinthemonth.M&A:24transactionsacrossspaceandnationalsecurity.Seventeennationalsecurityandsevenspacedealscarried$9,284Mofdisclosedvalueacrosstheeightthatreportedterms.Sponsorstook9ofthe24transactions,fourofthemfromVeritasCapitalalone,whilestrategicsdrovethetwolargest.Noconventionalspacetransactiondisclosedavalue,thefirstsuchmonthsinceJuly2023.Venture:$2.1Bacross26rounds,thestrongestmonthsinceMay.Combineddisclosedfundingrose34.7%MoMto$2,078M,liftingtheLTMtotalto$27,007Macross276rounds.Castelion's$1,050Mwashalfthemonth.SpaceSystems&LaunchleadstheLTMledgerondollars($10.0B)anddominatesoncount;autonomyisaclosesecondondollars($9.7B)fromatwelfthasmanyrounds.POWEREDBYTHEINTELLIGENCELAYERBEHINDEVERYMANDATE.Ouradvisoryworkissupportedbyaproprietaryintelligenceplatformthattracksthecompanies,buyers,investors,programs,budgets,capitalflowsandpolicydevelopmentsshapingspace,defenseandintelligencemarkets.Itisthesameplatformbehindthefiguresinthispublication.300+120+$12B+20+PUBLIC&PRIVATECOMPANIESTRACKEDAGGREGATETRANSACTIONVALUETRANSACTIONSADVISEDYEARSOFSECTORCOVERAGEVisitquiltyspace.com→R.LEEPRIEST,JR.JUSTINCADMANHARRISONPOWELLlpriest@southwindquilty.comjcadman@southwindquilty.comhpowell@southwindquilty.comSQADVISORS|Space&NationalSecurity|www.southwindquilty.comDataasof31-Aug-26·CapitalIQpull09/09/26·Prepared09/10/261

PUBLICCOMPANYVALUATIONS·NATIONALSECURITYAUGUST2026SUBSECTORVALUATIONSUMMARYEV/EBITDALTMSubsectorEV/EBITDAForwardEV/RevenueLTMΔEV/RevMoMPrimes14.7x13.5x2.1x▼-1.9%DefenseElectronics&Components26.3x24.6x5.8x▼-16.5%Gov'tServices·Intel&Mission9.7x10.3x1.1x▲+6.5%Gov'tServices·Technical&Infra.7.8x8.6x0.7x▼-7.8%NationalSecuritySoftware&AINMNM9.2x▲+15.7%Mediansofconstituentmultiples.NM=fewerthanthreeconstituentscarrythemultiple.S&PAEROSPACE&DEFENSEINDEX·TEV/FORWARDEBITDAOneyear·vs.50-daymovingaverageTenyears·vs.200-daymovingaverageLARGESTMONTHLYMOVERS·SHAREPRICE,31-JUL-26–31-AUG-26·NATIONALSECURITYONLYTOPFIVEBOTTOMFIVECompanyTkrSubsectorPriceEV/RevCompanyTkrSubsectorPriceEV/RevPalantirPLTRNatSecSW+51.5%CACICACIGov'tIntel+25.2%73.6xCurtiss-WrightCWDef.Elec.-19.5%6.1x2.0xV2XVVXGov'tTech-14.5%0.7xLeidosLDOSGov'tIntel+21.3%1.3xKarmanKRMNDef.Elec.-13.9%10.7xC3.aiAINatSecSWRedCatRCATDef.Elec.+17.9%4.7xHuntingtonIngallsHIIPrimes-10.8%1.1x+14.1%14.1xMercurySystemsMRCYDef.Elec.-10.1%5.6xCompanyTkrEV/RevEV/EBITDANTMCONSTITUENTDETAIL·ALL41NATIONALSECURITYCONSTITUENTSCompanyTkrEV/RevEV/EBITDANTMPRIMESCompanyTkrEV/RevEV/EBITDANTMDEFENSEELECTRONICS&COMPONENTSGOV'TSERVICES·INTEL&MISSIONLockheedLMT1.9x14.7x12.5xTeledyneTDY4.8x18.5x17.8xBoozAllenBAH1.1x9.6x10.0xRTXRTX3.4x19.1x18.5xCurtiss-WrightCW6.1x24.8x24.9xCACICACI2.0x14.6x13.8xNorthropNOC2.1x11.7x14.1xMercurySys.MRCY5.6x58.1x27.9xLeidosLDOS1.3x9.1x9.6xGen.DynamicsGD1.9x15.1x15.1xKratosKTOS5.5x80.2x40.2xSAICSAIC1.1x9.7x10.9xBoeingBA2.1xNM31.6xAeroVironmentAVAV3.9x31.6x24.1xParsonsPSN1.1x12.7x10.3xL3HarrisLHX2.6x13.9x13.5xHEICOHEI8.2x27.9x25.0xGOV'TSERVICES·TECHNICAL&INFRA.HuntingtonIng.HII1.1x11.0x12.3xTransDigmTDG9.6x18.8x15.9xKBRKBR0.9x6.8x7.2xAirbusAIR2.0x16.4x13.4xHexcelHXL4.0x19.6x18.3xV2XVVX0.7x7.8x8.9xBAESystemsBA.NMNM12.7xWoodwardWWD5.1x24.4x21.3xAECOMACM0.7x9.8x8.2xThalesHO2.2x14.4x12.4xMoogMOG.A3.0x19.6x19.0xFluorFLR0.4xNM9.6xSafranSAF4.1x21.3x16.3xRedCatRCAT14.1xNMNMAmentumAMTM0.6x7.0x7.3xLeonardoLDO1.7x13.2x11.1xOndasONDS17.6xNMNMICFIntlICFI1.2x10.1x9.7xRheinmetallRHM4.9x23.1x14.6xKarmanKRMN10.7x40.4x25.4xLoarLOAR12.7x34.5x26.1xSQADVISORS|Space&NationalSecurity|www.southwindquilty.comNATIONALSECURITYSOFTWARE&AIPalantirPLTR73.6x166.8x71.3xC3.aiAI4.7xNMNMBigBear.aiBBAI9.2xNMNMSource:S&PCapitalIQPro,asof31-Aug-262

PUBLICCOMPANYVALUATIONS·SPACEAUGUST2026SPACESUBSECTORVALUATIONSUMMARYEV/EBITDALTMSubsectorEV/EBITDAForwardEV/RevenueLTMΔEV/RevMoMLaunch&AccessNMNM27.2x▲+52.5%SpaceSystems&ManufacturingNM18.5x5.2x▼-9.5%SatcomOperators13.2x10.0x4.3x▼-1.6%GroundSystems&Terminals12.0x9.4x1.3x▼-12.5%EarthObservation&SpaceDataNM24.5x15.2x▼-8.5%COREVS.FRONTIERSPACE·LTMREBASEDPERFORMANCEAUGUSTMOVESEO&SpaceData+16.0%SpaceSystems&Mfg+13.7%SQFrontierSpace+8.8%Launch&Access+5.9%SQCoreSpace+4.9%GroundSystems+0.7%SatcomOperators-0.3%SPACECOMMENTARYFrontierran,Corefollowed.FrontierSpacegained8.8%inAugustagainst4.9%forCoreSpaceand1.3%forthenationalsecuritycomplex.Thegapisinthetail:CoreSpaceisup38.2%overtwelvemonthsagainst5.4%forFrontier,soAugustwasacatch-upmonth,notarotation.SpaceSystemsledonpriceandgaveupmultiple.Up13.7%inAugustand18.1%overtwelvemonths,yetmedianEV/Revenuefell9.5%to5.2x,becausethenamesthatralliedhardest(Voyager+37%,IntuitiveMachines+24%,Redwire+24%)grewrevenuefasterthanenterprisevalue.EarthObservationwasthestrongersubsectoronprice,up16.0%.Satcomisflatonprice,richonhistory,andtheonlyprofitablespacesubsector.Down0.3%forathirdstraightmonth,withSES-14.2%,Viasat-12.6%andGilat-10.4%,butup46.9%overtwelvemonths,thebestLTMfigureinthebook.ItisalsotheonespacesubsectorwithameaningfultrailingEBITDAmultiple,13.2xacrosstenofelevenconstituents.SPACECONSTITUENTDETAIL·ALL37CONSTITUENTSCompanyTkrEV/RevEV/EBITDANTMLAUNCH&ACCESSCompanyTkrEV/RevEV/EBITDANTMSATCOMOPERATORSCompanyTkrEV/RevEV/EBITDANTMEARTHOBSERVATION&SPACEDATARocketLabRKLB47.4xNMNMIridiumIRDM7.5x15.5x12.7xPlanetLabsPL21.8xNMNMFireflyFLY11.1xNMNMViasatVSAT3.1x9.4x9.3xBlackSkyBKSY8.6xNM24.5xVirginGalacticSPCENMNMNMEchoStarECHO3.1x17.8x22.9xSpireGlobalSPIR7.0xNMNMAvioAVIO1.3x25.9x20.8xGlobalstarGSAT37.7x104.5x66.6xSatellogicSATL31.6xNMNMispace934828.7xNMNMASTSpaceMobileASTS166.6xNMNMiQPS464A35.8xNM19.1xAstroscale186A27.2xNMNMSESSESG2.6x6.2x5.7xSynspective290A71.3xNM93.8xEutelsatETL2.9x5.4x5.4xSatrecInit.A0993203.5x41.7x20.6xContecA4517601.7x17.1x28.0xSPACESYSTEMS&MANUFACTURINGRedwireRDW5.2xNMNMTelesatTSAT14.4x37.5x51.1xVoyagerTechVOYG13.3xNMNMSpace42SPACE422.9x20.1xNMIntuitiveMach.LUNR8.2xNM114.8xSKYPerfect94124.3x10.9x10.0xSidusSpaceSIDU19.2xNMNMOvzonOVZON4.5x10.7x10.0xMDASpaceMDA3.5x29.0x15.1xGROUNDSYSTEMS&TERMINALSAACClydeAAC2.4xNM13.0xComtechCMTL1.1x9.9x14.3xGomSpaceGOMX4.1x67.4x21.9xGilatGILT1.3x10.2x9.2xIntellianA1893002.2x13.9x9.7xC-ComCMI4.5xNMNMBaylinBYL1.2x99.3x6.2xAll37spaceconstituents,includingnon-USlistings.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;SQAdvisorsproprietaryindices3

THEINDEXSPINE·SUBSECTORS,BASKETS&RELATIVEVALUEAUGUST2026TIER1·TENSUBSECTORSEV/EBITDALTMEV/RevenueLTMΔEV/RevMoM13(6intl)14.7x2.1x-1.9%-3.1%+4.7%DefenseElectronics&Components1426.3x5.8x-16.5%-4.0%+12.3%NatSecGov'tServices·Intel&Mission59.7x1.1x+6.5%+14.9%-10.7%NatSecGov'tServices·Technical&Infra.67.8x0.7x-7.8%-1.7%-6.1%NatSecNationalSecuritySoftware&AI3NM9.2x+15.7%+27.2%-18.4%SpaceLaunch&Access6(3intl)NM27.2x+52.5%+5.9%-2.8%SpaceSpaceSystems&Manufacturing7(3intl)NM5.2x-9.5%+13.7%+18.1%SpaceSatcomOperators11(6intl)13.2x4.3x-1.6%-0.3%+46.9%SpaceGroundSystems&Terminals5(4intl)12.0x1.3x-12.5%+0.7%-0.2%SpaceEarthObservation&SpaceData8(4intl)NM15.2x-8.5%+16.0%+45.1%PillarSubsectorNamesNatSecPrimesNatSecPriceMoMPriceLTMNMonEV/EBITDAmeansthatfewerthanthreeconstituentsinthatsubsectorhavepositivetrailingEBITDA.TIER2·CROSS-CUTTINGBASKETSREBASEDTO100AT31-AUG-25BASKETMOMLTMSQCoreNatSec-1.1%+5.1%SQFrontierNatSec+0.5%-5.9%SQCoreSpace+4.9%+38.2%SQFrontierSpace+8.8%+5.4%S&P500+2.6%+19.0%Russell2000+0.9%+24.9%MSCIACWorld+2.6%+20.8%Equal-weightedpricereturnacrosseveryconstituentinthetier,month-endtomonth-end,ineachconstituent'slistingcurrency.RELATIVEVALUE·VALUATIONAGAINSTTWELVE-MONTHPERFORMANCEHOWTOREADTHISAlltensubsectors.HeightismedianEV/LTMrevenue;horizontalpositionisequal-weightedtwelve-monthpriceperformance;areaisaggregateenterprisevalue.Launch&Accesssitsaloneatthetop:27.2xrevenueon$42BofaggregateEV,anddown2.8%ontheyear.Themultipleiscarryingthestory,nottheprice.SatcomandEarthObservationoccupytheright-handside,up46.9%and45.1%overtwelvemonths,atoppositeendsofthemultiplerangeof4.3xagainst15.2x.Primesanchorthebottomleft:$1.4Tofenterprisevalue,thelargestintheuniverse,atthesecond-lowestmultipleinthebook.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;SQAdvisorsproprietaryindices4

VENTUREFUNDING·SPACE,NATIONALSECURITY&DUAL-USEAUGUST2026DISCLOSEDFUNDING·AUGUSTTRACKEDROUNDS·AUGUSTLTMDISCLOSEDFUNDINGLARGESTROUND$2,078M26$27,007MCastelion+34.7%MoMNatSec5·Space22·1inboth276rounds·Sep-25toAug-26$1,050M·$800Mequity+$250MdebtAUGUST2026ROUNDS·COMBINEDUNIVERSE,TOP14BYSIZEDateCompanyRoundAmountValuationThemeBookRegion08/19CastelionSeriesC$1,050.0M$13BStrike&PropulsionBothN.America08/21StarcloudSeriesA-1$250.0M08/20MuonSpaceSeriesC$250.0M$2,300MSpaceSystems&LaunchSpaceN.America$1,500MSpaceSystems&LaunchSpace08/11NerosTechnologiesSeriesC$250.0MN.America$2.5BAutonomy&UnmannedNatSecN.America08/18SmackTechnologiesSeriesB$61.0M08/12HeavisideIndustriesSeriesB$60.0MNDAI,Software&CyberNatSecN.America$600MStrike&PropulsionNatSecN.America08/18HubbleNetwork-$30.0M08/04PixxelSeriesC-1$25.0M$504MSatcom&ConnectivitySpaceN.America$400MEO&SpaceDataSpaceAsia08/17ElveoMobileConvertibleNote$20.0M08/20LetaraSeed$16.2MNDSatcom&ConnectivitySpaceN.America$73MSpaceSystems&LaunchSpaceAsia08/17SweGaNSeriesB$14.0M$117M08/04EndeavorOptical…Seed$10.8MNDSpaceSystems&LaunchSpaceEuropeSatcom&ConnectivitySpaceN.America08/27InspecityPre-seriesA$10.5M08/05NeuraspaceSeriesA$6.9MNDSpaceSystems&LaunchSpaceAsia$44MSpaceSystems&LaunchSpaceEuropeDisclosedamountsonly.FiveLTMroundsappearinbothtrackersandarecountedonce,atthefullerdisclosure.Castelioniscarriedat$1,050Mratherthanthe$800Mequitytranche,andthesameappliestoHawkEye360,TrueAnomalyandStarfishSpace.TwelvefurtherAugustroundsunder$14Marenotshown.FUNDINGTRENDS·LASTTWELVEMONTHSMONTHLYDISCLOSEDFUNDINGBYTHEME·ROUNDCOUNTABOVELTMBYTHEMESTRATEGICFOCUSSpacenowsetsthetempooncount;defensestillsetsitonsize.SpaceSystems&Launchis160ofthe276LTMroundsbut$10.0Bofthe$27.0B.Autonomy&Unmannedis$9.7Bfromtwelverounds.Themedianspaceroundisunder$20M;themedianautonomyroundisabove$100M.Thesearetwodifferentmarketssharingonepage.AugustwasthestrongestmonthsinceMay,andbroaderthanitlooks.$2,078Macross26rounds,up34.7%MoM.Casteliontookhalf;stripitoutandtheremaining$1,028Macross25roundsisstillthesecond-bestnon-Andurilmonthoftheyear.Counter-UASremainsthehighest-frequency,lowest-ticketdefensetheme.SevenLTMroundstotalling$650M,amedianroundunder$25M.Itiswherenewcompanyformationisconcentrated,andwherethemid-marketwillseetargetsfirst.Internationalspacefundingfelloffacliff.Europeanspaceinvestmenttotalled$23MinAugust,down90%againsta$216MTTMaverage,theweakestmonthintheseries.NorthAmericatook94%ofthemonth'sspacecapital.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:Crunchbase,PitchBook,publicfilings,SQAdvisorsproprietaryresearch5

M&AACTIVITY·SPACE&NATIONALSECURITYAUGUST2026TOTALDEALSAGGREGATEDISCLOSEDVALUEBYSEGMENTBUYERTYPE24$9,284M17/715/9+2MoM8of24disclosedNationalSecurity/SpaceStrategic/SponsorALLTRANSACTIONS·AUGUST2026#DateSegmentTargetAcquirerBuyertypeDealsize108/01SpaceLiftMeOffEnpulsionStrategic208/03SpaceAmphinicyTechologiesETLSystemsStrategicND308/03NatSecTCSkywardAviationU.S.,Inc.ITOCHUCorporation(TSE:8001)Strategic$1,946M408/03NatSecTENICAGlobalSolutionsMcNallyCapital,LLC;NioAdvisors,LLCSponsorND508/04NatSecSteampunkInc.VeritasCapitalFundManagement,L.L.CSponsorND608/05NatSecBodycoteplc(LSE:BOY)VeritasCapitalFundManagement,L.L.CSponsor$2,386M708/05NatSecTrinityConsultants,Inc.OakHillCapitalManagement,LLC;Veritas…SponsorND808/06SpaceBlackStarOrbitalTechnologiesCorporationPonoCapitalFour,Inc.(NasdaqGM:PONO)Sponsor$380MND908/06NatSecSaberPowerServices,LLCVeritasCapitalFundManagement,L.L.CSponsorND1008/10NatSecAustalUSALLCHanwhaDefenseUSA,Inc.Strategic$1,200M1108/10SpaceStarOpsGalaxEyeStrategicND1208/10NatSecVarexImagingCorporation(NasdaqGS:VREX)TeledyneTechnologiesIncorporated…Strategic$1,190M1308/10NatSecWiskAeroLLC/SkyGrid,LLC/Insitu,Inc.ArcherAviationInc.(NYSE:ACHR)StrategicND1408/11SpaceGlobalRadioDataCommunications(GRC)MarlinkStrategicND1508/11NatSecResonantSciences,LLCJobyAviation,Inc.(NYSE:JOBY)Strategic$500M1608/12SpaceJarietTechnologies,Inc.CesiumAstroInc.StrategicND1708/12NatSecMaritimeAppliedPhysicsCorporationAEVEXCorp.(NYSE:AVEX)Strategic$582M1808/17NatSecEPIQDesignSolutionsLLCTTMTechnologiesNorthAmerica,LLCStrategic$1,100M1908/17NatSecFTSInternational,LLCNoblis,Inc.StrategicND2008/17NatSecTRSGlobalServices,LLCAlliedPowerGroup,LLCSponsorND2108/20NatSecJetAirWerks,LLCBarnesAerospace,Inc.StrategicND2208/25Space1AardvarkCesiumAstroStrategicND2308/27NatSecAtlanticAviationCorporationApolloGlobalManagement,Inc.(NYSE:APO)SponsorND2408/27NatSecValiantOmanOilfieldServicesLlcInspiritEquity,LLCSponsorNDND=notdisclosed,leftblankratherthanzero.Segmentclassifiesthetarget,nottheacquirer;Buyertypecountssponsor-backedplatformsandSPACsasSponsor.Jarietappearsinbothtrackersandiscountedonce.DEALMIXANDWHATTHEMONTHSAYSBYSEGMENTBYBUYERTYPEDisclosedvalueshowninsideeachbar.Nationalsecuritycarriedthevalue;spacecarriednoneofit.Seventeennationalsecuritytargetsaccountedfor$8,904Mofthe$9,284Mdisclosed.Thesevenspacedealsdisclosed$380M,allofittheBlackStarOrbitalSPAC.ThiswasthefirstmonthwithnodisclosedtermsforconventionalspaceM&AsinceJuly2023.CesiumAstroboughtupanddownitsownstack.1AardvarkforsatellitesoftwareandJarietforRFsemiconductors,supportingaplanned737-satelliteconstellationandfundedoffa$470Mraise.Jarietistheonetargetappearinginbothtrackers.Sponsorstook9of24,andonefirmtookfour.VeritasCapitalannouncedSteampunk,Bodycote,TrinityConsultantsandSaberPowerinsidefivedays.Veritasisnotinthe27-firmdry-powderuniverse;seethecoveragenoteonpage7.Fourofsevenspacetargetswerenon-US.UnitedKingdom(2),LuxembourgandIndia,againstaventuremonthinwhichNorthAmericatook94%ofspacecapital.Buy-sideandfund-sidepointindifferentdirections.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;SQAdvisorsspacetracker6

PRIVATEEQUITY·DRYPOWDER&COVERAGEAUGUST2026MID-MARKETDRYPOWDERMID-MARKETAUMLARGE-CAPTIERASSUMEDDEPLOYMENTRATE$24,396M$88,713M$53.8B27.5%Across27mid-marketfirmsAUMasof30-Dec-25VeritasCapital,trackedseparatelyIndustryblendof25–30%TOPTENBYESTIMATEDDRYPOWDER·AUMASOF30-DEC-25FirmDrypowder($M)AUM($M)VehiclesArlingtonCapitalPartners$18,1959$5,004J.F.Lehman&Company$9,00726$2,477TriveCapital$8,00211$2,201AEIndustrialPartners$7,72322$2,124OceanSoundPartners$6,72520$1,849BrightstarCapitalPartners$4,85019$1,334WashingtonHarbour$4,72563$1,299FalfurriasManagementPartners$3,71212$1,021NewSpring*$3,50029$962RenovusCapital*$2,4227$666TOPLTMTRANSACTIONACTIVITYFirmDeals(LTM)DisclosedvaluePrimarysectorfocusGodspeedCapitalManagement8NAFederalTech/MissionSolutions,Engineering/Technology,Space…ArlingtonCapitalPartners7$1.95B+deployed;$1.45Bexit…Engineering/Infrastructure,NavalDefenseServices,Nuclear…AEIndustrialPartners7$845M(Rocketdyne)Aerospace/SpacePropulsion,HVAC/CommercialServices,Aerospace…CenterGateCapital6NAIndustrialMaintenance,MedicalCompressionGarments,Pricing…FalfurriasManagementPartners6$557MinvestedHealthcare/Cyber/Food/Tech,Food&Beverage/Services,Packaged…MONTHLYACTIVITY·AUGUST2026FirmTransactionValue($M)SectorfocusMcNallyCapitalMajorityinvestmentinTENICAGlobalSolutions,aproviderofengineering,missionoperations,cybersecurity,and…NDNationalSecurity/IntelligenceJ.F.Lehman&CompanySaleofportfoliocompanyENTACTtoRidgemontEquityPartners;providerofenvironmentalremediationandgeotechnical…NDEnvironmental/Infrastructure…AEIndustrialPartnersAcquiredamajoritystakeinL3Harris'commercialspacepropulsion,power,andelectronicsbusinesses,rebrandedas…845SpacePropulsion/Aerospace&…BluestoneInvestmentPartnersPortfoliocompanyPreciseSystemsacquiredTernionCorporation,adeveloperofadvancedmodelingandsimulation…NDDefenseTechnology/Modeling&…ArlingtonCapitalPartnersPortfoliocompanyTRPInfrastructureServicesacquiredfiveroadwayinfrastructurecompanies—InterstateBarricades&…NDInfrastructure/RoadwaySafetyAUMisthefigureS&PCapitalIQcarriesoneachfirmprofile,sourcedfromFormADVandstatedasof30December2025unlessmarkedotherwise.Anasteriskindicatesafirmwhosemostrecentfilingpredatesthatdate.AdaggerindicatesafirmforwhichCapitalIQcarriesnoAUM,wherethefigureshownisthefirm’sowndisclosure.VehiclesisthenumberoffundsandpartnershipsCapitalIQtracksforeachfirm,includingformerandco-investmentvehicles,somanagersthatinvestthroughsingle-assetvehicleswillshowhighercounts.Drypowderisanestimateratherthanareportedfigure,calculatedasAUMmultipliedbyanassumed27.5%undeployedrate.Generalistfirmsareexcluded.SeverallargergeneralistmanagerswereactiveinthesectorduringAugust.VeritasCapital($53.8B),OakHillCapital($13.9B)andApolloGlobalManagementallinvestinspaceandnationalsecuritywithoutbeingexclusivetoit,sotheysitoutsidethemid-marketaggregateshownabove.VeritasCapitalalonemanagesroughlythreetimestheassetsofthelargestmid-marketfirmtracked,andincludingittogetherwithOakHillwouldraisetotaldrypowderbyaboutthreequarters.NoAUMfigureisshownforApollobecauseitisapubliccompanyanddoesnotfiletheFormADVdisclosureusedhere.SpaceventurefundssuchasSeraphim,SpaceCapitalandMarlinspikearealsoexcluded,becausetheydonotpursuecontrolbuyouts.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comSource:S&PCapitalIQ;firmdisclosures7

APPENDIX·INDEXCONSTITUENTS,DEFINITIONS&DISCLOSURESAUGUST2026TIER1·SUBSECTORS·THEINDEXSPINENATIONALSECURITYSPACEPrimes13names·7US/6intlLaunch&Access6names·3US/3intlLockheedMartin·RTX·NorthropGrumman·GeneralDynamics·Boeing·L3Harris·HuntingtonIngalls·Airbus·BAESystems·Thales·Safran·Leonardo·RheinmetallRocketLab·FireflyAerospace·VirginGalactic·Avio·ispace·AstroscaleDefenseElectronics&Components14names·allUSSpaceSystems&Manufacturing7names·4US/3intlTeledyne·Curtiss-Wright·MercurySystems·Kratos·AeroVironment·HEICO·TransDigm·Hexcel·Woodward·Moog·RedCat·Ondas·Karman·LoarHoldingsRedwire·VoyagerTechnologies·IntuitiveMachines·SidusSpace·MDASpace·AACClydeSpace·GomSpaceGov'tServices·Intel&Mission5names·allUSSatcomOperators11names·5US/6intlBoozAllenHamilton·CACI·Leidos·SAIC·ParsonsIridium·Viasat·EchoStar·Globalstar·ASTSpaceMobile·SES·Eutelsat·Telesat·Space42·SKYPerfectJSAT·OvzonGov'tServices·Technical&Infrastructure6names·allUSGroundSystems&Terminals5names·1US/4intlKBR·V2X·AECOM·Fluor·Amentum·ICFInternationalComtech·Gilat·Intellian·C-Com·BaylinTechnologiesNationalSecuritySoftware&AI3names·allUSEarthObservation&SpaceData8names·4US/4intlPalantir·C3.ai·BigBear.aiPlanetLabs·BlackSky·SpireGlobal·Satellogic·iQPS·Synspective·SatrecInitiative·ContecTIER2·CROSS-CUTTINGBASKETSRe-cutsofthesameconstituentpool,performanceonly.Abasketneverappearsinthevaluationtable,becauseitsmembersarealreadycountedthereundertheirsubsector.SQCoreNatSec30namesSQFrontierNatSec11namesSQCoreSpace24namesSQFrontierSpace13namesNationalsecuritynamesatorabove$10Bmarketcapor$2BLTMrevenue.Belowthatcut.IncludesthenamesformerlycarriedasSQDefenseTechDisruptors.Spacenamesatorabove$1Bmarketcapor$250MLTMrevenue.Thespacenamesbelowthatcut,whicharepre-scaleandhigh-beta.ThecomplementofSQFrontierSec.All30appearunderTier1above.MercurySystems·Kratos·AeroVironment·Hexcel·RedCat·Ondas·Karman·LoarHoldings·ICFInternational·C3.ai·BigBear.aiThecomplementofSQFrontierSpace.All24appearunderTier1above.VirginGalactic·ispace·SidusSpace·AACClydeSpace·GomSpace·Ovzon·C-Com·BaylinTechnologies·BlackSky·SpireGlobal·iQPS·SatrecInitiative·ContecDEFINITIONS&METHODSubsectormultiplesIndexperformanceUS-baseddefensetechDrypowderVenturecountingM&AsegmentMedianofconstituentmultiples,notanaggregate.NM=notmeaningful(negativeorimmaterialEBITDA).EV/Revenueistheprimarymetricforpre-profitsubsectors.Equal-weightedpricereturn,rebasedto100at31-Aug-25,ineachconstituent'slistingcurrency.Everypricefigureinthisdeck,acrossthesubsectortables,thebasketsandbothmoverstables,comesfromasinglemonth-endclosegridcoveringall78constituents,sothechartsandthetablesagreebyCompaniesheadquarteredintheUnitedStatesderivingamaterialportionofrevenuefromdefense,nationalsecurity,intelligenceordual-useconstruction.technology.Anestimate,notareportedfigure:disclosedAUMmultipliedbyanassumed27.5%undeployedrate,anindustryblendof25to30%.Generalistfirmsareexcluded.Roundsarecountedinthemonthannounced;disclosedamountsonly.Thedefenseandspacetrackersoverlap;aroundfoundinbothiscountedonce,atthefullerdisclosure.Classifiesthetarget,nottheacquirer.Satellite,launchandground-segmenttargetsareSpace.Everythingelse,includingdefense,federalIT,missionservicesandtheintelligencecommunity,isNationalSecurity.DATASOURCESS&PCapitalIQ—publiccompanyfinancials,valuationmultiples,transactionandsponsordata.spacefinancingsandspaceM&A,across300+companies.QuiltySpace—theIntelligenceLayerbehindthispublication:spaceindices,privatePitchBook/Crunchbase—early-stageventurerounds.Companyfilingsandpublicdisclosures—SECfilings,investorpresentations,pressreleasesandearningstranscripts.DISCLOSURESSecuritiestransactionsareconductedthroughAshtonStewart&Co.,Inc.,MemberFINRA/SIPC,Miami,FL.SouthwindQuiltyAdvisorsisaco-brandedadvisorycollaborationamongQuiltyAnalyticsLLCd/b/aQuiltySpaceandSouthwindCapital,LLC.Itisnotalegalentity,isnotabroker-dealer,andisnotaninvestmentadviser.MembersofSouthwindQuiltyAdvisorsareRegisteredRepresentativesofAshtonStewart&Co.,Inc.,andthoseservicesthataresecurities-relatedtransactions,requiredtobeperformedbyaregisteredbroker-dealer,areconductedthroughAshtonStewart&Co.,Inc.AshtonStewart&Co.,Inc.isnotaffiliatedwithSouthwindCapital,LLCorQuiltyAnalyticsLLCd/b/aQuiltySpace.“Southwind”andrelatedmarksareownedbySouthwindCapital,LLC.“QuiltySpace”andrelatedmarksareownedbyQuiltyAnalyticsLLCd/b/aQuiltySpace.The“SouthwindQuiltyAdvisors”compositemarkisusedunderlicensefromboth.Theinformationinthispublicationisforgeneralinformationalpurposesonlyanddoesnotconstituteanoffertosell,orasolicitationofanoffertobuy,anysecurity,norisitinvestment,legal,ortaxadviceorarecommendationofanysecuritiestransactionorinvestmentstrategy.Anyopinionsexpressedreflectourjudgmentasofthedateofpublicationandaresubjecttochangewithoutnotice.Pastperformanceisnotindicativeoffutureresults.NeitherSouthwindQuiltyAdvisorsnorAshtonStewart&Co.,Inc.providestaxorlegaladvice;prospectiveclientsshouldconsulttheirownlegal,tax,andfinancialadvisorsbeforemakinganyinvestmentortransactiondecision.SQADVISORS|Space&NationalSecurity|www.southwindquilty.comDataasof31-Aug-26·CapitalIQpull09/09/26·Prepared09/10/268